U.Today – The company's board of directors discussed splitting the cryptocurrency 10-to-1 to make it more accessible to new investors, according to Mike Alfred's parody post. According to the tweet, this would bring the total amount of Bitcoin to 210 million coins and replicate recent stock splits by companies like Nvidia (NASDAQ:) and Chipotle (NYSE:).
For a split to occur, a hard fork or a network-wide consensus would be required, which would be virtually impossible given Bitcoin’s decentralized structure. However, the post was quickly exposed as a joke because BTC obviously doesn’t have a centralized directory.
By mentioning Tuur Demeester, a passionate Bitcoin maximalist known for his unwavering devotion to Bitcoin’s core principles, well-known trading veteran Peter Brandt added fuel to the fire. In a light-hearted gesture to the ridiculousness of the proposition, Brandt asked for opinions.
For several reasons, the idea of a Bitcoin split is absurd. First, since Bitcoin is a decentralized network, such a change would require broad agreement among miners, developers, and nodes.
Bitcoin’s value proposition as a scarce deflationary asset, which is essential to its appeal and utility, would also be drastically altered if its supply were to be changed in this way. Since failing to break above the $70,000 barrier, Bitcoin’s price has been fluctuating recently and is trading at $63,757. There has been a minor pullback 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 often pushes people to learn about the fundamentals of the digital asset market.
This article was originally published on U.Today
