Bitcoin vs. Bits & The Legacy Financial System
Over the past few months I’ve been participating in the Bitcoin Foundation’s Financial Standards Working Group (as time permits). Below are my thoughts on ISO Standardization.
It seems there are two primary areas for standardization: 1) display unit user preferences, and 2) software modeling and communication.
Formatting numbers for users is technically trivial, and probably needs no standardization at this stage in Bitcoin’s growth; product designers are already well incentivized to offer users in-demand options and reasonable defaults for viewing balances. (Product design teams are also likely better equipped than us to answer those questions.)
On the other hand, communication between software packages is non-trivial and already causing problems in bitcoin implementations. Jeff Garzik’s thoughts here are very relevant
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