1 sats = 1 BTC? Highlighting an important topic to understand Web3-crypto
#Bitcoiners debate a major branding shift, potentially the most crucial of all. 📌 Renewed momentum is behind a years-old idea: rebranding satoshis (sats) as bitcoins and calling today’s BTC what it technically is 100 million sats, or a “megabitcoin.” Inspired by BIP177, this movement argues that making 1 satoshi = 1 bitcoin could improve Bitcoin’s user experience and perception, especially for newcomers. Under this proposal: - 1 BTC would be renamed 1 megabitcoin. - 1 sat would simply be 1 bitcoin. - Prices would shift accordingly (e.g., coffee = 5,000 bitcoins, not 5,000 sats).
Advocates argue the change would: - Fix unit bias (“I can’t afford a whole BTC!”). - Make microtransactions feel more natural (“Send 250 bitcoins” is easier than “Send 250 sats”). - Reframe Bitcoin as more accessible to the masses. They also discuss its importance in making Bitcoin more usable as a currency vs just a store of value. Using Bitcoin as a currency signals real demand and creates a network effect, strengthening the Bitcoin network and giving miners more incentives. Jack Dorsey, co-founder of Twitter and CEO of Block Inc., recently supported Bitcoin Improvement Proposal 177 (BIP177): “Bitcoin Improvement Proposal 177 (BIP177) simplifies the confusing concept of sats for new Bitcoin users. Bits of Bitcoin are better, and Bitcoin itself is the best.” ⚠️ Why It Matters: The proposal aims to simplify Bitcoin transactions and make them more intuitive: - Reduces cognitive load by displaying amounts without decimals (e.g., ₿1230 instead of 0.00001230 BTC) - Addresses unit bias, making Bitcoin more accessible to newcomers - Enhances usability across platforms and applications The impact is significant: - The bull case is tied to the unit bias, making Bitcoin more investable at lower numbers. - Owning 10,000 of something is more enjoyable than 0.1, and as Bitcoin’s value increases, a $5,000 investment will yield a smaller fraction of a Bitcoin. - If Bitcoin is $500k, paying $5,000 for 0.01 Bitcoin is less appealing than having 1M sats. However, the store of value narrative is impacted. Bitcoin feels stronger as its value increases, and this narrative is affected by the unit bias change. The bear case is that the unit bias switch harms the store of value narrative. While the proposal may not be implemented soon due to its monumental nature, it’s a necessary discussion. I believe a unit bias change will occur in the next 5-10 years. Time will tell…
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Upload Time Calculation: The time required to upload 1 TB at a speed of 253 Mb/s can be calculated as follows:
1. The total data size in bits is determined by converting 1 TB to terabits, then to megabits, and finally to bits. Since 1 TB = 8 Tb and 1 Tb = 1000 Gb, and 1 Gb = 1000 Mb, and 1 Mb = 1000 Kb, and 1 Kb = 1000 b, the total data size is calculated as 1. TB x 8 bits/byte x 1000 GB/TB x 1000 MB/GB x 1000 KB/MB × 1000 B/KB = 8 x 1012 bits.
2. The upload speed is given as 253 Mb/s. This is equivalent to 253 × 10° bits/s.
3. The total time in seconds is calculated by dividing the total data size by the upload 8 x 1012 bits speed: ~ 31620.55 seconds. 253 × 106 bits/s
4. The time in hours is found by dividing the seconds by 3600 (seconds per hour): 31620.55 s ~ 8.78 hours. 3600 s/hr
Internet Speed Assessment An upload speed of 253 Mb/s is considered very fast for typical internet usage. This speed allows for rapid uploading of large files, smooth video conferencing, and efficient cloud backups.
Final Answer It would take approximately 8.78 hours to upload 1 TB at a speed of 253 Mb/s. This upload speed is considered very fast. If the speed was in MB/s, it’d take only about an hour to upload 1 TB.