Jack Dorsey, founder of Twitter (now X) and a long-time Bitcoin supporter, recently made waves by endorsing the Bitcoin Improvement Proposal (BIP 177) to rename the basic unit from "satoshis" to "Bitcoins." With over 1 million views on X, this proposal is dividing the community.
BIP 177: Redefining the Bitcoin Unit
The BIP 177 proposal, drafted by programmer John Carvalho – CEO of the Bitcoin software company Synonym – aims to change the way the amount of Bitcoin is displayed. Currently, 1 Bitcoin consists of 100 million satoshis (sats), named after the anonymous creator Satoshi Nakamoto. With Bitcoin's price currently exceeding 105,000 USD, many believe that using satoshis is no longer appealing for everyday spending.
BIP 177 proposes to call satoshis "Bitcoins" and a full Bitcoin will currently be referred to as "BTC". For example, 0.00002525 BTC will be displayed as ₿2.525, meaning 2.525 Bitcoins (around 2.66 USD at current prices). Carvalho explained to Decrypt: "BIP 177 is a sincere effort to avoid misunderstandings about Bitcoin, helping users better understand how it works." He emphasized that the current representation with 8 decimal places is confusing and leads users to think Bitcoin is based on the decimal system, while its ledger actually only uses whole units.
Jack Dorsey and Community Support
The person who once called Bitcoin's white paper "poetry," strongly supports BIP 177. He wrote on X: "Sats is a misleading term, hindering ordinary users from buying and spending Bitcoin." He expressed concern: "I am very worried that Bitcoin will not become money. It has to do that." Dorsey's support has skyrocketed interest in BIP 177, with posts reaching over 1 million views.
Bob Bodily, CEO of Odin.fun – the Bitcoin meme coin platform – also agreed: "Renaming satoshis to Bitcoins makes a lot of sense." He pointed out the issue of "unit bias," which helped the meme coin Solana grow as users could easily visualize the target price of 1 USD. Although he believes a BIP is not necessary to implement the change, Bodily thinks a passed BIP would make this more official and widespread.
Opposition and Challenges
Despite receiving support, it also faced opposition. Some argue that this change is confusing or obscures the narrative of Bitcoin's scarcity. Carvalho acknowledged on Decrypt: "This week there are more supporters, but there are also many defending 'sats' and opposing misleading rhetoric." He believes that loud opponents are trying to "rally the team" to show solidarity, but his proposal is entirely rational and difficult to refute.
Carvalho proposed a new symbol, like "BIT," for the new Bitcoin unit (i.e., the renamed satoshis). This idea aligns with discussions on social media about calling this unit "bits" or "bits of Bitcoin," which Dorsey also mentioned.
Impact and Future Prospects
If BIP 177 is widely adopted, Bitcoin could become more user-friendly for ordinary users, promoting everyday spending. With the current price of Bitcoin (106,213 USD, up 3.62% in 24 hours), along with crypto fund inflows reaching 3.4 billion USD in the past week and a forecast of accumulating 330 billion USD by 2029, this change could enhance liquidity and acceptance. Ethereum (2,500 USD) and other altcoins may also benefit from this trend.
However, in the next 1-2 years, the change needs to overcome opposition from the community and ensure it does not cause confusion about value. If successful, this will be a significant step towards Bitcoin becoming a true "currency."
Conclusion: Bitcoin Renaming – Bold Move or Risk?
The BIP 177 proposal, supported by Jack Dorsey, aims to rebrand satoshis as Bitcoins, creating an opportunity to bring Bitcoin closer to everyday users. Although controversial, this move could promote long-term acceptance and growth. With the strong potential of the cryptocurrency market, BIP 177 is a noteworthy idea, but consensus is needed to become a reality.
Risk Warning: Investing in cryptocurrency carries high risks due to price volatility and legal uncertainties. Please consider carefully before participating.
