I’ll preface this by saying that, because of the social issue this is not going to be easy to implement. To be specific, if bitcoincash.org does not adopt this, then it will not be adopted broadly. Most people consider bitcoincash.org to be the ‘official’ website, and therefore they will not implement changes unless it is implemented there first. So for this reason, if you support this proposal, please make your voice heard.
- Make the standard denomination to ‘bit’ instead of Bitcoin Cash/BCH.
- Make the ticker for Bitcoin Cash ‘BIT’ and have it valued at 1/1,000,000 Bitcoin Cash.
- ‘Bit’ is a single syllable word that is easy to pronounce by essentially culture in the world.
- ‘Bits’ are what digital things are made of.
- ‘Bit’ already has an association with money.
- ‘Bit’ means a piece of something.
- ‘Bit’ can be used as symbol with ‘ƀ’ or in short-hand as ‘b’, i.e. 2000 bits = 2000b
- ‘Bit’ is already a part of the word ‘Bitcoin’.
- ‘It functions extremely well in terms of grammar.
- ‘Bit’ only has three letters.
- ‘Bit’ is already in use and is very familiar to a large portion of the Bitcoin community.
- ‘Bit’ is used perfectly fine in the french language already.
Why 1/1,000,000 Bitcoin Cash and why the ‘BIT’ ticker?
- People consistently claim that Bitcoin (Cash) is ‘expensive’. This is non-sensical but extremely important. If they feel it is expensive they are unlikely to buy it and then get involved.
- If people buy $20 worth of BIT they will receive 16,000BIT i.e. 16,000 bits, i.e. 16,000b. This feels like they got a lot of something. Compare this to 0.016BCH, which feels like they got hardly anything.
- The BIT ticker fits with the ‘bit’ denomination. In fact there is no way to read it wrong or misunderstand it as it is the full word.
- ‘BIT’ is a part of the words ‘Bitcoin Cash’.
- People are not easily able to grasp very small numbers. ’10b’ is much easier to understand and type than ‘0.00001BCH’.
- Many people new to Bitcoin Cash do not understand that you can buy/use less than 1BCH.
- When using bits and sats (satoshis), the value is mapped to 100 sats = 1 bit. This is what many countries are already familiar with. e.g. 100 cents = 1 dollar.
- We will never have to change this again. If we set this as a standard now, we are ready to be THE global currency.
- The BIT ticker is currently unused.
- The BCH ticker was actually given to us by Core trolls just like the ‘bcash’ name. The only reason it got adopted was because BCC was already used by Bitconnect.
- Instead of having to spell out the letters when spoken i.e. with BCH = ‘bee see haych’ you can simply say ‘bit’ with BIT.
So how do we make this happen?
- The first thing that needs to happen is that you need to show your support below in the thread.
- You need to share this thread on social media and show your support there.
- You need to contact the wallets and ask them to make this the standard.
- You need to contact the protocol development teams and ask them to make it the standard.
- You need to support the change to this standard on bitcoincash.org once a pull request has been made.
- You need to start using the term bits as much as possible.
- I will speak to as many industry leaders as possible and ask for their support.
- The miners do not need to support this standard but it would help if it had their backing.
- (This is the hard bit) Once all of the above is done, we need to get every single exchange onboard with the change.
- We set a date for the change, I propose 1st August 2018, Bitcoin Cash Independence Day.
- We get very loud on social media and make sure every single participant in the ecosystem is fully aware of the new change.
- Celebrate, we just made history.
If the community supports this proposal, I will personally work very hard to get the major players onboard with it. From what I have seen so far, bits already has very significant support. I think there are a few parties that may be a little difficult to convince, but I hope when they see how strong the community support is for this, then they will get behind it.
Hey, I could also be completely wrong, and no one wants this. At the end of the day, this is all completely voluntary, but it doesn’t mean we can’t all volunteer to implement excellent standards. Put your thoughts below.