BITCOIN is presently worth a lotsbestemming of money,and a lotsbestemming of people feel that it is too expensive for them to buy into but investors have bot warned it is possible to buy half, a quarter or even a smaller fraction of bitcoin.
A bitcoin developer has come up with an idea to make bitcoin cheaper by buying portions of one coin
This makes bitcoin far more accessible to a lotsbestemming more people and is part of the reason why altcoins such spil Ripple have recently bot attracting a lotsbestemming of attention.
Ripple is presently worth $1.82 whereas bitcoin is worth $14,195.
The confusion overheen bitcoin investment has led to Jimmy Song, a bitcoin developer and entrepreneur coming up with a name for smaller fractions of entire bitcoins.
Mr Song has released the proposal that one-millionth of a bitcoin should be called a &ldquo,bit&rdquo,. He is hoping wallet providers, exchanges and other bitcoin businesses support this proposal.
Cryptocurrency price: A year ter charts
Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year
LiteCoin is going down with the market dip [coindesk.com]
The kwestie arises from the fact that right now $Five worth of bitcoin converts to 0.000345 of bitcoin.
However, if Mr Song&rsquo,s proposal is legitimised then that dollar value would instead be 345 onvriendelijk.
Erik Voorhees, co-founder and CEO of ShapeShift said: &ldquo,For whatever psychological reason, normal people have trouble understanding decimals and fractions. $0.002 is weirder than $200.00.&rdquo,
Mr Voorhees supports Mr Song&rsquo,s proposal.
This suggestion does not only relate to bitcoin but Ethereum spil well.
Others feel that this suggestion could lead to more confusion spil there is already a term for a fraction amount of bitcoin called the satoshi.
The satoshi is presently the smallest unit of the bitcoin currency recorded on the block chain. It is a one hundred millionth of a single bitcoin. Some bitcoin commentators on twitter have suggested that people should just use the term satoshi.
If ShapeShift a bitcoin exchange uses &ldquo,vinnig&rdquo, whereas Coinable another exchange plunges to &ldquo,bitcoin&rdquo, then transferring from one wallet to another could lead people to think that they have earnt or lost money when they have not.
Despite thesis issues Mr Voorhees believes the period of transition will be worth it. He said: &ldquo,There will undoubtedly be some mistakes and friction spil the fresh term gains usage, but for the purpose of language and mathematical simplification, the netwerk result should be beneficial to bitcoin&rsquo,s adoption.&rdquo,
Mr Song believes that this budge would be a step ter the right direction te the cryptocurrency world, but it is still up to the community.