No Need For Buying A Whole Bitcoin: ‘Bits’ Might Get On Stage

No Need For Buying A Whole Bitcoin: ‘Bits’ Might Get On Stage

There are lots of newcomers in cryptocurrency industry who assume that bitcoin is too expensive for them to purchase. Sure enough, for the past week, its price has been swinging between margins of $13,000-$14,000, and it could seem prohibitive for lots of people. Mainly, it is desperate for those, who live in developing countries, thinking of fast enrichment while receiving $200 monthly salary. However, the thing is that it is just a kind of emotional hurdle that halts them. Indeed, there is no need to buy the whole bitcoin as you can purchase its third fraction or even a share of one percent.

Often, green investors turn their eye to altcoins. But should they just blink their eyes, bitcoin ilks will grow in price, overcoming the margin of $1,000, as recently did ethereum and dash. And the price, once again, seems unaffordable to them. Therefore, they come to cheaper alternatives, like Dentacoin or Dogecoin, whose price is sub-$1 but the market cap overcomes $1 billion for each. With the desire to own the entire unit, people create a pump in the value of cheap altcoins.

Our top trading bots

To withstand this jumble, a developer Jimmy Song offered to utilize bitcoin in “bits”, which is one one-millionth part of it. Publishing the standards proposal, he motivated BTC businesses, wallet providers, and exchanges to endorse the idea. Such standardization, Song believes, will push people to purchase the father of all cryptos more and make them slightly give up on technically weak altcoins.

Buying Bitcoin In Fractions

Currently, lots of new investors get scared of purchasing bitcoin fractions as, for example, the equivalent of $5 will look as 0.000345 bitcoin. That is more than confusing, but if we bought BTC in bits, as Song proposes, that would make 345 bits. Erik Voorhees, who is the co-founder and CEO of ShapeShift, the company, which endorses the developer’s offer, said:

"For whatever psychological reason, normal people have trouble understanding decimals and fractions. $0.002 is weirder than $200.00. For bitcoin to be a global, commonly used currency, it would certainly be helpful to have a denomination that allows people to express prices in integers (2,000 bits for a coffee) rather than a decimal."

According to Song’s belief, newcomers are not big fans of little amounts of BTC. Moreover, the developer banters bitcoin forks as they remove ‘unwanted’ decimal fractions.

Song is not the first one to offer such an adjustment, but his proposal may seem more relevant as it takes into account business needs, as ones of exchanges. Furthermore, his scheme can also be useful for other cryptos, e.g., ether.

Not Perfect?

Like any idea, Song’s proposal was partially met with backlash. Experts assume that there might be a lot of confusion unless all companies adopt the adjustment at a time, as they may think they earned gains or lost them. For instance, there is a possibility that there would be misunderstandings and bugs in case ‘bits’ become more popular. Nevertheless, it will be up to BTC market to endorse the new term or not.

Fetch.ai (FET) gains 43% after $150M development fund and Cosmos IBC announcement
Development across the cryptocurrency ecosystem continues to move forward despite the day-to-day whipsaw price movements and this progress is furthering...
Li Finance protocol loses $600,000 in latest DeFi exploit
The Li Finance swap aggregator has experienced a smart contract exploit leading to the loss of around $600,000 from 29 users’ wallets.The exploit took place...
What is Solana, and how does it work?
What is Solana?Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain. Created in 2017...
Bitcoin steadies as gold hits $2K, US dollar strongest since May 2020
Bitcoin (BTC) stayed near one-week lows on March 7 as a flight to safety among investors did the crypto markets no favors.BTC/USD 1-hour candle chart (Bitstamp)....
QR Assets launches DeFi ETF on Brazilian Stock Exchange
Brazilian crypto asset manager QR Assets has launched a decentralized finance exchange-traded funds, or DeFi ETF, on the Brazilian Stock Exchange.The DeFi...
Coinbase joins NGO's efforts using crypto to help Haitians impacted by earthquakes, civil unrest
Major crypto exchange Coinbase has given a $150,000 grant to Hope for Haiti as part of a pilot program aimed at providing financial assistance to Haitians...
Crypto predictions platform Polymarket fined $1.4M by CTFC
New York-based crypto predictions platform Polymarket has reached a settlement with the Commodity Futures Trading Commission (CFTC) to pay a fine of $1.4...
Kevin Durant’s new SPAC firm to focus on crypto and blockchain
Kevin Durant, a two-time NBA champion, has launched a special purpose acquisition company (SPAC) to look at collaborating with technology-driven businesses,...
Blockchain.com exchange debuts Bitcoin margin trading
Bitcoin (BTC) wallet and exchange platform Blockchain.com has announced the introduction of margin trading services.In a blog post issued on Tuesday, Blockchain.com...
Axie Infinity (AXS) gains over 45%, but ‘death cross’ fears persist
Axie Infinity’s native cryptocurrency, Axie Infinity Shards (AXS), bounced higher on Sept. 23 as the market’s focus shifted to its listing on two major...
PrimeDAO raises $2M to build cooperative platform for DAOs
PrimeDAO, a project seeking to facilitate greater coordination and cooperation between decentralized autonomous organizations (DAOs) in the DeFi sector,...
NFT company Recur reaches $333M valuation following Steve Cohen-backed fundraiser
NFT company Recur has seen its valuation swell to $333 million after concluding a successful investment round endorsed by billionaire Steve Cohen’s family...
Blockchain.com says ‘Goodbye Big Apple, Hello Miami!’
Major crypto solutions provider Blockchain.com is moving its U.S. headquarters from New York to  Miami in an attempt to spur aggressive growth over the...
New Australian Islamic finance DeFi platform is ‘guided by Sharia’
A team based out of Sydney, Australia is building what it claims is the world’s first “Shariah-guided” decentralized finance platform to navigate a course...
Coinbase delisting averted as German stock exchange resumes trading
The scheduled delisting of Coinbase shares from the German Deutsche Boerse stock exchange appears to have been averted. The platform announced on Wednesday...