Editorial 6 April 2018Dan Taylor
Instead of ‘Cash,’ use Bucks, Beans and Bits for Bitcoin BCH
A co-founder of the Tokyo Bitcoin Cash Meetup event has come up with a new suggestion for referring to fractions of Bitcoin Cash (BCH), in place of the current designation ‘bits.’
Ken Shishido made the comments towards the end of a presentation delivered at the Satoshi’s Vision Conference to an audience of cryptocurrency enthusiasts in Japan. In the alternative, he proposed the term ‘cash’, to refer to a specific fraction of BCH.
Under Shishido’s proposals, ‘cash’ would be the term given to units of one millionth of a BCH, a term he also posits as equivalent to 100 Satoshi.
A BUIP request has now been submitted by Shishido, which spells out suggested change in terminology, and his reasons for suggesting the change. Shishido said: “Bitcoin Cash strives for the worldwide adoption, and unit denomination and calculation must be easy for the average users for daily transactions—and, it needs to be differentiated from Bitcoin Core (BTC) to avoid confusion.”
“The “cash” denomination has been discussed and proposed by many people before. Authors of this BUIP take no credit for inventing the term. As BCH grows in price versus fiat currencies, it’s important to give users the ability to quickly and accurately calculate prices for transactions, savings and other economic activities,” he noted.
While the idea has found some pockets of support, particularly from those who feel there is a need for a more consumer-friendly denomination, not everyone is sold on the term ‘cash’.
For one thing, ‘cash’ is an uncountable noun, and the terminology creates several grammatical difficulties in application. This is not an easy taxonomy to use or say, and there are some obvious better alternatives.
It feels more comfortable to say “200 bucks” than “200 cash,” and the meaning is not as confusing in “bucks” as in “cash.” A simple formulation of, say, ‘Bucks’ (1/100th of a Bitcoin), ‘Beans’ (1/100th of a buck), ‘Bits’ (1/100th of a bean) and Satoshis (1/100th of a bit) could provide a more user-friendly alternative.
As well as providing the desired distinction from Segwit-Coin BTC denominations, the bucks, beans, bits and Satoshis structure makes far more sense, both grammatically and practically, to provide users with the functional denominations they require.
While Shishido’s BUIP may be along the right lines, it’s fair to say there’s still significant room for improvement.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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