It’s Time to Admit It – There Are Only 2.1 Quadrillion Bitcoins
The post It’s Time to Admit It – There Are Only 2.1 Quadrillion Bitcoins appeared on BitcoinEthereumNews.com.
If the above statement offends you, you might not have read the Bitcoin source code. Follow Rizzo on X. https://x.com/pete_rizzo_/ Of course, I’m sure you’ve heard that there are 21 million bitcoin – and this is true, the Bitcoin protocol allows for only “21 million bitcoin” to be created, yet these larger denominations can be subdivided into 100 million sub-units each. Call them whatever you want, there are only 2.1 quadrillion monetary units in the protocol. This dollars and cents differential has long been the subject of debate – in the time of Satoshi, Bitcoin’s creator, the dual conventions, Bitcoin having both a bulk denomination, and a smaller unit, was not much of a concern. There were questions about whether the software would work at all, and bitcoin were so worthless, selling them in bulk was the only rational option. Rehashing this debate is BIP 21Q, a proposal to the Bitcoin users authored by John Carvalho, founder of Synonym, creator of the Pubky social media platform, and a tenured contributor whose work dates back to the days of the influential Bitcoin-assets collective. In short, the BIP proposes that network actors – the various wallets and exchanges – change how Bitcoin denominations are displayed, with the smallest unit of the protocol renamed “bitcoins,” as opposed to “satoshis,” as they have been commonly called. Here are the specifics of the BIP: Redefinition of the Unit: Internally, the smallest indivisible unit remains unchanged. Historically, 1 BTC = 100,000,000 base units. Under this proposal, “1 bitcoin” equals that smallest unit. What was previously referred to as “1 BTC” now corresponds to 100 million bitcoins under the new definition. Terminology: The informal terms “satoshi” or “sat” are deprecated. All references, interfaces, and documentation SHOULD refer to the base integer unit simply as “bitcoin.” Display and Formatting:…
