# Bitcoin – Towards mass adoption with the introduction of a new unit of account. by christophe_dcy, august 2023 ## Introduction Since its creation, Bitcoin has revolutionized the global financial landscape by introducing a decentralized and digital alternative to traditional currencies. However, a huge part of the population doesn’t understand something as simple as its unit of account, the bitcoin, or its subdivision, the satoshi. How can we adopt a system if it’s not as intuitive as traditional currencies? **To make the switch from one currency to another smoother, they need to function in a similar way.** ### Regarding the "bit" Unit It should be noted that the technical community has already given names to certain subdivisions of a bitcoin. To designate 100 satoshis, the term “bit” has been established. However, there is no consensus or willingness to use this unit as the base unit, in which we should speak every day. **The term “bit” also poses a problem for the whole of the French-speaking world (and it is large and diverse), since it is a homonym of the vulgar word “bite”, which means “dick”. The term is therefore unusable in many parts of the world.** ### Introduction of the "nakamoto" Unit It is in all this context that the introduction of a new unit of account for the Bitcoin protocol is proposed, which we will call “nakamoto”, noted ℕk. With use, this currency would probably be abbreviated, for example, to “nakam”, “nakat” or even “nak”. Local variations could also occur, depending on the language used. **Provided that: 1 bitcoin = 100,000,000 satoshis,** **This new unit is defined as:** ***1 nakamoto = 100 satoshis*** ***so 1 bitcoin = 1,000,000 nakamotos*** *“Simplicity is the ultimate sophistication”*, said da Vinci. This simple division provides an elegant solution to three major problems that prevent most people from understanding this currency. ## 1. Clarification between Bitcoin and bitcoin One of the first barriers to mass adoption of this asset lies in the confusion between “Bitcoin” and “bitcoin”. The first, with a capital letter, refers to the protocol, the network, the system, while the second, without a capital letter, refers to the unit of account used on this system. **The same word designates 2 completely different concepts**, which doesn’t facilitate discussion and confuses new users and potential investors. By adopting the nakamoto unit, this confusion disappears: you no longer pay in bitcoin on Bitcoin, you pay in nakamoto on Bitcoin. Clearer, isn’t it? ## 2. Rationalization of Significant Digits The excessive number of zeros after the decimal point in the current Bitcoin system is unsustainable. It’s unreadable, discouraging for the non-initiated and can lead to errors during transactions. Is it really reasonable to display the price of a bagel as 0.00003400 BTC? Or even 3,400 satoshis? **By adopting the nakamoto, price readability is facilitated, by displaying a bagel at 34 ℕk, quite simply.** The nakamoto and the main fiat currencies would then be of the same order of magnitude: with $1 = 34 ℕk at present, and why not, with time, a move towards an exchange rate close to parity: $1 ≈ 1 ℕk. **By approaching the order of magnitude of the main traditional currencies, prices in nakamoto would thus be more natural and familiar to most consumers, facilitating adoption.** ## 3. Consistency with the International System In the current system, 1 bitcoin (btc) = 100 million satoshis (sat). This subdivision into 100 million is not intuitive at all. Why not used a multiple of 1,000 when designing the system? In other words: 1 btc = 1 million sat, or 1 btc = 1 billion sat? In the International System of Units (SI system), all prefixes (kilo, mega, giga, tera, ...) are multiples of 1000; there are none for 100 million. These multiples of 1,000 are commonly used: 1 km = 1,000 m, 1 tonne = 1,000 kg, 1 k$ = 1,000 $, 1 M$ = 1,000 k$. With the introduction of the nakamoto, for which 1 btc = 1,000,000 nakamotos, the Bitcoin protocol would respect the SI system by using multiples of 1,000. Furthermore, with 1 ℕk = 100 sat, Bitcoin follows the same principle as most fiat currencies, with 2 digits after the decimal point (1 dollar = 100 cents). This similarity encourages quicker understanding, making Bitcoin more accessible to a wider audience. Finally, achieving millionaire status (in ℕk) equates to owning 1 entire bitcoin. This merges the classic ambition of **“being a millionaire”** with the emerging desire to **“own a whole bitcoin”**. As a result, the two expressions are now synonymous. ## How do we make the Change? To adopt a new usage like this, there’s no need for a BIP (Bitcoin Improvement Proposal), i.e., an update of Bitcoin’s computer code. **Usage is what establishes the standard.** It’s up to the various players, developers and companies in the sector to introduce this possibility of displaying amounts in ℕk, in the same way as they allow users, in general, to alternate between displaying in bitcoin, satoshis, or fiat. This new unit of account will solve the problems of confusion, inconsistency and complexity that can hinder mass adoption. Let’s discuss, let’s debate, let’s evolve Bitcoin. ## Appendix [Appendix 1 - Between bitcoin and satoshi : nakamoto (table)](https://media.licdn.com/dms/image/D5622AQEaywYmbeO8bg/feedshare-shrink_2048_1536/0/1697590602136?e=1700697600&v=beta&t=hbBWLs0gw5oNL0ndpKjFv4cMpcA3k0Sj7SW-KeH4CrY) ![Syntax highlighting example](https://media.licdn.com/dms/image/D5622AQEaywYmbeO8bg/feedshare-shrink_2048_1536/0/1697590602136?e=1700697600&v=beta&t=hbBWLs0gw5oNL0ndpKjFv4cMpcA3k0Sj7SW-KeH4CrY) #35,329,073textInscription #25591#25,591png