Topic: A Deep Dive Into Bitcoin's Scarcity - page 3. (Read 548 times)

This is old news. The problem here is that most people don't really care since they are not interested in BTC or the crypto world in general which is something that needs to change with time through mainstream adoption.

Not an easy task, but definitely possible through regular developments(LN etc).

under the hood (code level, not user intrface) the code has units of account(sharable split units) called satoshis.
the code shows balance as satoshis and its the upfront user interface that basket it up into groups called bitcoins

there are 2,100,000,000,000,000 sharable units currently
under the assumption of this. the bitcoin halving events would end new unit creation in ~2140

however some bitcoin devs want to split up the units of account by a further 1000x called millisats. meaning more units of account can be shared out

i know many people will say 'but there will still be only 21m btc because each btc is no longer
100,000,000 sats
but
100,000,000,000 millisats
also by having more dvisions, this would allow more 'coin creation (and thus more halving events) to occur meaning coin creation would continue for a dozen+ more years ()

it becomes the same deception of having a crate of sliced banana. where each crate had 10,000 slices. to later have 100,000 slices carried in a truck thats 10x larger to hold larger crates. but then saying theres still the same number of crates in the truck
even though theres now more slices per crate to feed more banana lovers

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its like gold.
centuries ago they would say there are only 180,000 tonnes of gold. meaning only 180,000 rick greeks, pheroahs and kings can own a tonne

then they started breaking it up into KG bars and the socio-economic minds then started talking about how 180million rich people can own a KG of gold (less people mention the tonne number)

then they started breaking it up into 1oz coins and the socio-economic minds then started talking about how 6.3biillion people can own a 1oz of gold (less people mention the tonne or kg number)

so now we are in a situation where everyone probably has a bit of gold in their house whether they know or care about it. it maybe jewellery or circuitry. but these days just 'having gold' lost its elitist/scarce appeal

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if btc went to $1m a coin. and people spending smaller amounts daily like $10 they wont say they are spending 0.00001btc
instead they would say they are spending
10bits or 1000sats or 1million msats.. making talking about it in terms of BTC(like gold tonnes) would not be common terminology

and with everyone able to own some bits,sats or msats it wont seem so scarce

I know that Bitcoin is becoming increasingly scarce so I always try to own lots of Bitcoin before I can't hold it in the usual way. Become a Bitcoin owner before you can hold it. Become one of the world's Bitcoin owners.

scarcity is an illusion in today's marketing world, it's a fugezi which doesn't exist but it is created by marketing campaigns so that people rush to buy that product. Diamond and Gold are excellent example of this! However, let's not go back to history and focus on today's marketing pattern for mobile phones. Mobile makers like Samsung and Xiomi has started this trend of flash sale where the latest piece of their hardware will be available for a very very limited time and the total numbers are also limited - we all know the result! They are selling millions of pieces within 30 minutes of window period.

While all these are fake scarcity, the scarcity of bitcoin is very very real! 21 million is the total number out of which close to 4 million is lost. Even after tough resistance from several regulatory agencies, bitcoin is growing stronger! But if we are able to scale up the adoption rate, it will be hard to find a single person holding even half bitcoin! We are indeed running through an opportunity period!

Interesting point. I do get the point of scarcity, along with the law of supply and demand. It's actually informative,  maybe that's one of the reasons why most people, especially who are seeing this kind of potential in bitcoin is hoarding bitcoin. A lot of people believe that bitcoin is still undervalued, and take note that we are still far from mass adaptation. As mass adaptation occurs, the supply of bitcoin will be scarce, applying the law of supply and demand, the  value of bitcoin will be massive.

I have been always telling my fellow bitcoin investor friends. Bitcoin is scarce!. And it is scarcer than we think.

We mined 17.5 BTC up to the present. 1m BTCs is in Satoshi's account. 4m BTCs is lost.

Grasping this scarcity may help why BTC is still undervalued!

From the article below;

If you own just a single bitcoin, only 17 million other people will ever have as much as you.

We have never had true scarcity until now, and because of that, it's a concept that's hard to grasp.

Furthermore, and scaling up a little,  let's assume bitcoin manages to hit critical mass, and everyone on the planet tries to grab a piece of the action. There would only be 0.003 BTC for each person…


Check the article below;
https://www.chepicap.com/en/news/8455/a-deep-dive-into-bitcoin-s-scarcity.html