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Re: WILL BITCOIN BE ACCEPTED AS A MEANS OF TRANSACTION IN THE WORLD
by
DdmrDdmr
on 09/02/2021, 12:57:57 UTC
<...> if we do get that problem (where 1 sats is worth more than 1$), we can simply find new solutions. Like 2nd layer with pegged tokens, for example.
Theoretically, a smaller division than Sats could be implemented, if there is a concensus, which does not make it a trivial matter at all. Going over a thread on the matter ( Can bitcoin be divided beyond satoshis?), there’s a particular post that I like that highlights this:

As it is using an unsigned 64 bit integer to store the number of Satoshi's any extension to this would not at all be trivial (it would require quite a lot of code to be reworked and a huge amount of testing) so I can't see any such thing happening for many, many years (if ever).

Understand that it affects the entire system in regards to the txs (memory, protocol and storage). Perhaps people might recall the amount of work that was done to solve the Y2K problem?

(am guessing most here are too young to know about that - but it resulted in huge numbers of retired COBOL programmers coming out of retirement to earn huge amounts for a few years)

Those that say "Bitcoin's 8 decimal places can easily be extended" do not understand software engineering.

The lightning network does have further divisions (mSat -> 1/1000 of a Sat), which implies some considerations when closing the channels (read through The Lightning Network FAQ), but the solution should probably come from a concensus on the network protocol itself.