U.Today – The Board of Directors of discussed splitting the cryptocurrency 10 to 1 in order to make it more accessible to new investors, according to Mike Alfred’s parody post. According to the tweet, this would raise the total quantity of Bitcoin to 210 million coins and replicate recent stock splits by businesses like Nvidia (NASDAQ:) and Chipotle (NYSE:).
A hard fork or network-wide consensus would be needed for a split, which would be practically impossible given Bitcoin’s decentralized structure. Nevertheless, the post was rapidly exposed as a joke because BTC obviously does not have a centralized board.
By tagging Tuur Demeester, a passionate Bitcoin maximalist renowned for his unshakable devotion to Bitcoin’s fundamental principles, well-known trading veteran Peter Brandt added some fuel to the fire. In a lighthearted gesture to the ridiculousness of the proposal, Brandt asked for opinions.
For a number of reasons, the idea of a Bitcoin split is absurd. First off, because Bitcoin is a decentralized network, such a change would require broad agreement from miners, developers and nodes.
The value proposition of Bitcoin as a scarce deflationary asset, which is essential to its allure and usefulness, would also be drastically altered by changing its supply in this way. Since failing to break through the $70,000 barrier, the price of Bitcoin has been fluctuating recently, trading at $63,757. There has been a small retreat as the price action indicates that traders are not as confident.
One way or another, a little trolling for Bitcoin newbies never hurts, as it quite often pushes people into educating themselves about the foundations of the digital assets market.
