Reddit Crypto Community Proposes New Fractional-Bitcoin Symbols to Standardize Satoshis
Over the past week or so, members of the r/bitcoin subreddit have been working overtime to present the world with new community backed symbols for ‘Satoshi’ — the smallest divisible unit of Bitcoin (BTC).
For those of our readers who might not be aware, a single Bitcoin can potentially be divided into a staggering 100 million individual satoshis.
As is quite obvious from the name, the unit has been named after the pseudonymous creator of Bitcoin ‘Satoshi Nakamoto’. Nakamoto was active within the crypto scene till around 2010, after which he shut down all communication channels that had previously been used to get in touch with him.
However, more than 10 years after Bitcoin was first released for commercial utilization, many backers of the flagship cryptocoin are now working to create a dedicated ‘Satoshi symbol’.
Why The Need For A Satoshi Symbol?
While the design for the Bitcoin logo has never been called into question, over the past few days a number of crypto enthusiasts have taken to social media platforms such as FB, Twitter since they believe that the satoshi sub-unit should have its very own symbolic representation.
Over the past few months, Bitcoin has been hovering around the $3,700 mark— which essentially means that in order to talk about small sums of BTC it is best suited for an individual to make use of the Satoshi metric. To give y’all an example of its usefulness, we can see that at the time of writing this article, a single US dollar is worth 27,000 Satoshi or 0.00027 BTC.
Lastly, it is also worth remembering that a large number of cryptocurrency exchanges and wallet providers also like to make use of ‘Satoshi’ when talking about transaction fees instead of using fractional values of BTC. As a result of all this, it is being argued that ‘satoshi’ too should have its dedicated symbol— much like its fiat counterpart ‘the cent’.
So What Do The Suggestions Look Like
As the new-age saying goes ‘The internet never lets you down’, we can see that since the launch of the aforementioned campaign, a Twitter user by the name of @hodlnaut created the first set of designs related to the satoshi symbol. These designs went viral and subsequently resulted in many other Reddit users too creating their own symbols.
Satoshi unit symbol
— hodlonaut🌮⚡🔑 (@hodlonaut) February 20, 2019
As was to be expected, one of the most common themes that were found to thread across all of the symbols was the use of a large ‘S’ followed by other stylistic designs that were used to surround the letter.
Some Of The Most Popular Logos Include:
(i) u/bitficus proposed a straightforward symbol that was not only concise but also quite effective in its presentation. As can be seen below, the logo consists of the letter S fused with a reversed @ symbol.
However, some Redditors have criticized this design for being too similar to the symbol that is used to represent the US Dollar.
Image courtesy of Reddit.
(ii) Another popular design that seems to have caught the attention of the Bitcoin community at large was the one sent in by u/greeniscolor. As can be seen from the image below, the symbol makes use of a style that is quite similar to that of BTC’s existing logo.
As with the previous option, this symbol includes a capital ‘S’ that is interspersed with two parallel lines at the center of the letter.
Image courtesy of Reddit.
In closing out this piece, it is worth mentioning that since Bitcoin is completely decentralized, the currency’s online community may never be able to come to a consensus regarding the design of the Satoshi symbol.
If that wasn’t enough, if a symbol is actually decided upon, it also needs to be accepted in Unicode— so that it can be used freely across the internet. To this effect, it should be remembered that the current BTC symbol only came into being after being rejected a couple of times between 2011 and 2014.