A flaw in bitcoin, if it became widely adopted 21m bitcoins, 7b people on planet - page 4.

ATguy

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Quote from: jacobmayes94 on December 02, 2015, 03:21:46 PM

The fact it can be spent in any denomination is good, but it seems quite bizarre. Unless its just how my mind works.

Not just your mind but it is how every human mind works. I mean because there are total 2.100.000.000.000.000 of Satoshis available, human mind needs something more managable which can be understood better, so 21 million Bitcoins and each Bitcoin containing 100 million smallest units called Satoshi can do this trick.

xyzzy099

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Quote from: jacobmayes94 on December 02, 2015, 03:27:42 PM

2,099,999,997,690,000... an insane number. Sorry if I seemed stupid it was a curious question and I do find that currently I need a minimum spend before one can send coins with the current wallet client... Id bet widespread adoption would change the whole dynamic of transaction fees and the like? Especially if people were not owning whole bitcoins, the transaction fee would become more noticeable and would need to be adjusted? Sorry if I seem dumb on this front its been a curious thing for me its a psychological thing about having 1 complete bitcoin, or is that just the way the wallet reads it out as in 1.xxxxxxxxxx so its kinda deceiving... Everyone only having 0.xxxxxxxxx would seem odd

Now you've explained that to be, so the actual form of the currency is measured in the smallest units, not the 'BTC' measurement which kinda was psychologically deceiving!

Jacob

The standard Bitcoin Core wallet has an option that can set the display units to be a) whole bitcoins, b) milli-bitcoins, or c) micro-bitcoins. I'm sure other wallets have such an option also.

AgentofCoin

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This is a non-issue compared to other potential problems with Bitcoin/bitcoin.

Just like how in other countries where there is inflation (or hyper inflation), they change the prices up when needed,
the same will happen with bitcoin in the future, we will just go in reverse and prices would go down.

Edit: also to add to the above comments, with Bitcoin/bitcoin,
my understanding is we can go even below a satoshi, if that is ever really needed.
So we could always add more zeros to the end and are not limited to the "2,099,999,997,690,000" number.

jacobmayes94

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2,099,999,997,690,000... an insane number. Sorry if I seemed stupid it was a curious question and I do find that currently I need a minimum spend before one can send coins with the current wallet client... Id bet widespread adoption would change the whole dynamic of transaction fees and the like? Especially if people were not owning whole bitcoins, the transaction fee would become more noticeable and would need to be adjusted? Sorry if I seem dumb on this front its been a curious thing for me its a psychological thing about having 1 complete bitcoin, or is that just the way the wallet reads it out as in 1.xxxxxxxxxx so its kinda deceiving... Everyone only having 0.xxxxxxxxx would seem odd

Now you've explained that to be, so the actual form of the currency is measured in the smallest units, not the 'BTC' measurement which kinda was psychologically deceiving! Should have done the math and checked how many satoshis there could be : )

Jacob

Holliday

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Quote from: https://en.bitcoin.it/wiki/Bitcoin

There are a maximum of 2,099,999,997,690,000 Bitcoin elements (called satoshis), which are currently most commonly measured in units of 100,000,000 known as BTC.

I think there are plenty of units to go around.

jacobmayes94

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Well this is what I want to discuss, what are peoples thoughts on it. The fact it can be spent in any denomination is good, but it seems quite bizarre. Unless its just how my mind works. The fact they can be spent in any denomination is a good thing, I am just curious and it is the only flaw I can see when it comes to widespread adoption. Not counting coins slowly 'lost' over time if people lost their private keys, etc and coins already lost to such a thing. Which over time, would bring the supply down even further.

More curious to see other community members thoughts on this aspect of bitcoin. The tight supply would keep them valuable of course, meaning it is worth something but I am more curious that's all on other people's takes on these limitations. Been bugging me for weeks now so needed to put it out there : )

Holliday

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Why does everyone need a whole Bitcoin?

jacobmayes94

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This is not a flame or diss at bitcoin, but it is something I can't get out of my mind. I love bitcoin, and would love to see traditional banks loose their grip. But its one teeny flaw, that I am not sure how it would be addressed short of a hard fork.

7 + billion people on the planet, of which most of those handle a currency of some description.

21 million bitcoins. Would mean that if it became widespread no one human could ever have a 'full' coin but it could be spent in smaller denominations.

Discuss. I feel this is an interesting issue I am curious to hear others opinions on.

Quite a blunt topic I know, but I am insanely curious on this one.

Jacob

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