Square has launched an “ideas competition” to find a symbol for the Satoshi, the smallest exchangeable bitcoin (BTC) unit. At present, in fact, bitcoin has its own symbol but the Satoshi, equal to one hundred millionth of a bitcoin, does not have one yet.
The idea was launched on Twitter by D. Dickerson, who proposed a crowdsourcing campaign to find a symbol for the Satoshi. It was then taken up by Square, which invited users to send their own proposals, promising to retweet the preferred ones.
Dozens of proposals have already been sent and this initiative is already involving hundreds of Twitter users. One of the prevailing ideas so far is that the symbol should be based on the “@” sign, as an explicit reference to the Internet.
Many proposals are variations of the bitcoin symbol, while others were obtained by crossing the dollar symbol “$” with “@” to indicate the Satoshi as the preferred currency on the Internet. However, many maximalist bitcoiners did not like the reference to the US dollar.
Someone also proposed to take inspiration from the number 8, since bitcoin can be divided into eight decimals, as 1 satoshi is one hundred millionth of a bitcoin, 0.00000001 BTC.
Square is a payment app founded by Jack Dorsey, co-founder of Twitter and a great supporter of Bitcoin who recently launched a project dedicated exclusively to cryptocurrencies, Square Crypto.
The very same Square Crypto, obviously on Twitter, has made it known that:
“The product we’re focusing on is Bitcoin. It has been up and running for over 10 years… but there’s still a lot that needs to be done before we reach mass adoption”.
The aim, in fact, is to integrate a bitcoin payment system into Twitter, while also promote the mass adoption of BTC by developing new tools that are within everyone’s reach.