It wasn't meant to be global.
Only the off shoots known as altcoins were supposed to be the global currency.
Similar to how gold is not a currency and the masses get the dirty paper.
Topic: BTC has too few coins to function as a global currency. (Read 3220 times)
if the size of its blockchain is solved ,i suppose bitcoin can still scale the hurdle of transaction fees
I think transaction fee will be not be a big issue as miners can process transaction with even few satoshi fee if bitcoin price become 1000x than it is right now.
How is this still going? Check the link below and discover the infinite magic of decimals.
https://en.wikipedia.org/wiki/Decimal_mark
You will see that 1BTC is infinitely divisible and more than enough to replace all the worlds currencies. If you are still unclear then consider whether 1.00000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 1 is a big enough number.
If not, I can add more zeros. As many as you like.
https://en.wikipedia.org/wiki/Decimal_mark
You will see that 1BTC is infinitely divisible and more than enough to replace all the worlds currencies. If you are still unclear then consider whether 1.00000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000 1 is a big enough number.
If not, I can add more zeros. As many as you like.
Yup that is the point exactly I was talking about. 21,000,000 ain't enough too function as a glob currency not unless someone Quadrupled its quantity but doing that will decrease its value that I think it will be like valued as a regular fiat money. Also I am satisfied on the development of Bitcoin they are currently in.
We all know and believe that the future of bitcoin will reach a point that demand and supply will make the price, knowing that bitcoin has a limited supply i do believe the price will go up a lot, but the thing is when this will happen. I do believe bitcoin its ready and its already a global currency, the total coins into circulation are more then enought.
I agree with you. I think that the price will increase in thus BTC will become able to be global currency. About transaction fee OP was trying to say... I didn't think about it actually. I don't know: is 20 000 satoshi a fixed fee that can't be changed? If it isn't then 1 satoshi may become a new fee in the future.I think there is a problem BTC will face on its way to becoming global: different states will try to make it their. And I am thus not sure if BTC would be able to stay independent.
We all know and believe that the future of bitcoin will reach a point that demand and supply will make the price, knowing that bitcoin has a limited supply i do believe the price will go up a lot, but the thing is when this will happen. I do believe bitcoin its ready and its already a global currency, the total coins into circulation are more then enought.
yes it does have low amount of total coins but that is being pre fixed by satoshi . i think there must be either a reason or satoshi himself never imagined that bitcoin will became so much popular
BTC has too many decimal houses to make it work as a global currency. 100.000.000 satoshis are 1 BTC. And each satoshi can values more in the future if Bitcoin price rises a lot. It's possible to introduce many people using Crypto-Currency and making many transactions at same time without problem. It was very well developed, don't worry about it.
No bitcoin has 210000000000000 Satoshi which is more than enough for whole world. And each person could hold more than 100 Satoshi at a time. And when there will be crisis then obviously price will rise up and we will have a time when we will use Satoshi instead of bitcoin. So then there would be no crisis of bitcoin.
lol that is too many zeros in there to be too few to function as glbal currency 2 100 000 000 000 000. That is how it look if we took the satoshi unit as 1 measurement. Now thell me is it still too few? I think no. And the number is just fine to be use as global currency. It was planned ahead of time.
if the size of its blockchain is solved ,i suppose bitcoin can still scale the hurdle of transaction fees
No bitcoin has 210000000000000 Satoshi which is more than enough for whole world. And each person could hold more than 100 Satoshi at a time. And when there will be crisis then obviously price will rise up and we will have a time when we will use Satoshi instead of bitcoin. So then there would be no crisis of bitcoin.
Yes, as pointed out, its possible to add additional places past the decimal point if necessary in the future.
Each coin would be worth a lot of money for this to be needed,
but it may be necessary if BTC is still being used in ten or twenty years from now.
Each coin would be worth a lot of money for this to be needed,
but it may be necessary if BTC is still being used in ten or twenty years from now.
I know first argument will be that it is divisible to a million trillion satoshi.
(but what is the fee to send 1 satoshi ?
)
This debate has been around for ages. I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?
---
1. Satoshi designed Bitcoin to eventually become a deflationary currency.
https://www.quora.com/Why-is-Bitcoins-cap-set-at-circa-21-million-coins-and-not-more-or-less
(but what is the fee to send 1 satoshi ?
)This debate has been around for ages. I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?
---
1. Satoshi designed Bitcoin to eventually become a deflationary currency.
https://www.quora.com/Why-is-Bitcoins-cap-set-at-circa-21-million-coins-and-not-more-or-less
Well actually bitcoin can be further broken down if needed, there can be more than 8 places after the decimal if required, simple
sorted "next question" lol 
When I calculate correctly every person on this world could own 260000 staoshis in average, if all bitcoins were mined and the world population is about 8 billion people.
That does not sounds much at first, but of course a satoshi would be worth much more than today, lets say one dollar.
When a transaction has fees of 10000 satoshis, who would pay that?
Nobody I guess. That's why I say there are way too less satoshis to make bitcoin function as a global currency.
I do think that bitcoin needs to have more bitcoin if they want want to act as an global currency because they will not make it with the amount that exist now. That does not sounds much at first, but of course a satoshi would be worth much more than today, lets say one dollar.
When a transaction has fees of 10000 satoshis, who would pay that?
Nobody I guess. That's why I say there are way too less satoshis to make bitcoin function as a global currency.
I believe that if more bitcoin will appear that the value is also going to drop.
21 million x 100,000,00 = 210,000,000,000,000
I think these much bitcoin is enough for all. we are not. going to build money building rather we will use it for transaction and that's a great number to function as global currency and not all people will use it.
I think these much bitcoin is enough for all. we are not. going to build money building rather we will use it for transaction and that's a great number to function as global currency and not all people will use it.
I also think that if Bitcoin wants to become bigger in the future they need to release more Bitcoin in to the world because otherwise people will not be able to make use f it.
Bitcoin will then stay on the same level and I think that it needs to become bigger.
Bitcoin will then stay on the same level and I think that it needs to become bigger.
You do realise that numbers are infinitely divisible.
1 bitcoin is enough for the world if you add enough digits after the decimal point.
I also think that if Bitcoin wants to become bigger in the future they need to release more Bitcoin in to the world because otherwise people will not be able to make use f it.
Bitcoin will then stay on the same level and I think that it needs to become bigger.
Bitcoin will then stay on the same level and I think that it needs to become bigger.
Bitcoin won't remain known as whole units - it will be units such as millibits and nanobits which become the norm
I think bitcoin would still function, with 21 million coins potentially would still work IMO, Even with the fees as 0,001 BTC you can send satoshi's, Also the fees are not static and I think the voluntary default fees might be lowered.
... my own concern is not the 21 million amount but the miners and the transaction fees, I read how the Rothchids took over the bank of England and this kind of move is possible in future if care is not taken
How? Jump to: