Can everyone in the world have bitcoin. - page 6.

Asiska02

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Quote from: Ruttoshi on August 20, 2023, 07:58:58 AM

I have been wondering as a newbie with little knowledge on bitcoin that how is it possible for everyone in the world to own some fraction of bitcoin with the limited number just like the way everyone is using fiat. Is it that these 21million bitcoin will be enought to serve the world with a total population of 8.1 billion because I know that we have whales who will buy a huge amount of bitcoin and just store it in their wallet without using it,

Bitcoin is not designed to be owned by everyone in the world. They are limited in supply but that doesn’t mean it will not go round the 8.1 billion population in the world if everyone decides to own a fraction of it. mBTC exists, which are smaller amount of BTC just like we have cents to dollars. If you own a 0.00000001 amount of BTC and can be amounted to a price, I think you’re already a owner of BTC in your possession.

Quote from: ZeeshanTrade on August 20, 2023, 08:43:20 AM

The answer to this question is of course No because older people don't know how to buy and sell Bitcoin they don't know what is crypto so this is impossible, also some people think that crypto is haram but in real crypto is halal. that are 2 big reasons and some are too much poor so they cant buy BTC.

Bitcoin is not limited to younger people only, even the older ones can own BTC and we’ve had of cases of such before. What matters the most is that they understand what bitcoin entails and how it functions, paying concern to their privacy and security of coin. I feel when they’re able to have total control of this, there age doesn’t matter anymore in owning Bitcoin. And I can’t imagine how poor someone can be that they can’t afford even a dollar worth of BTC if they really want to.

WatChe

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So the question posed by OP has already been answered in detail by many experts on this thread.
I was just thinking what price of bitcoin or Satoshi will be if everyone in the world is after bitcoin like there is demand for USD these days globally. Right now there is very controlled demand of bitcoin and still price is 26k$. The price of bitcoin will be very high if we have such situation.

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Quote from: Jawhead999 on August 20, 2023, 08:07:09 AM

21 Million Bitcoin is 2,100,000,000,000,000 and current world population is 8,100,000,000, it's mean each person can own 259,259 Satoshi in order to be distributed to every people. Can someone who have a faucet account and claim 1 Satoshi can be said as owning Bitcoin? although it's not actually you have that Bitcoin because there's a minimum amount to withdraw and other thing.

Theoretically everyone in the world can have Bitcoin.

I would say that even if you own a few satoshi you can still say you own bitcoin because satoshis are part of bitcoin. Technically satoshis are not even a real thing, they've been called like that to pay homage to Satoshi, but Satoshi himself never used that term, for him there were only fractions of bitcoin, that why I'm saying 0.001 bitcoin is still bitcoin for me.

m2017

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You yourself answered your question. There are a limited number of bitcoins (21 million), and there are only 8.1 billion people on the planet. This is simple math: btc is probably not enough for everyone. Moreover, part of bitcoin is irretrievably lost, and the other part is in storage with whales, which, in fact, makes not 21 million, but less, available to everyone. But part of bitcoin will be available to many, considering that BTC can be split up to sat.

In fact, the material world has limited resources and there have never been enough resources for everyone. All there is a certain deficit in some segments of the population. Based on this, then bitcoin is also limited in number and, therefore, no matter what you do, this digital resource will not be enough for everyone (a whole 1 BTC). Therefore, while there is an opportunity, need to get it, otherwise, when bitcoin is concentrated in the other hands, it will be much more difficult to acquire (with a limited sale of btc, sellers will overestimate the price tag).

qwertyup23

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Quote from: Ruttoshi on August 20, 2023, 07:58:58 AM

My question is that is it possible for everyone to have bitcoin with the number of limited supply of bitcoin ?

I mean, it is statistically possible but in order for this to happen, every person would own like a significantly small fraction of BTC (e.g. 0.000001 BTC) on their wallets which is not possible but definitely not feasible currently. In addition, lots of people lack the access to basic internet services which would render this plan impossible for the time being.

Even if there is a limited supply of BTC, this does not stop anyone from owning it. With forks happening (last fork happened 2017), the denomination of BTC being rewarded to miners gets smaller and smaller, which makes BTC more expensive as time passes by. This is also the reason on why it is heavily recommended for users to at least store some BTC for long-term to take advantage of this system.

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Quote from: Ruttoshi on August 20, 2023, 07:58:58 AM

I know that the reason why we need to tell people about bitcoin is to spread the awareness of bitcoin,so that more people will adopt bitcoin so that it can be recognised and use by everyone just the way fiat is used. This will make bitcoin value to increase due to its volatile nature and the price is been controlled by demand and supply. Bitcoin is limited in number as we all know that we only have 21million bitcoin.

I have been wondering as a newbie with little knowledge on bitcoin that how is it possible for everyone in the world to own some fraction of bitcoin with the limited number just like the way everyone is using fiat. Is it that these 21million bitcoin will be enought to serve the world with a total population of 8.1 billion because I know that we have whales who will buy a huge amount of bitcoin and just store it in their wallet without using it,just the way the rich men and politicians keep so much funds in their account or at home without spending it. I also notice that one country can't print the currency that the whole world is using but various countries printed their own currency. Another thing that I noticed so many investors prefer to holdli their bitcoin which might make it not sufficient for everyone.

My question is that is it possible for everyone to have bitcoin with the number of limited supply of bitcoin ?

You see what power hungry bastards runs the scene and you know you get played.

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Quote from: Ruttoshi on August 20, 2023, 07:58:58 AM

My question is that is it possible for everyone to have bitcoin with the number of limited supply of bitcoin ?

For a moment think that all the government of the world have declared that they will make bitcoin legal and all the people in the world can so transaction in bitcoin and they encourage everyone to buy bitcoin as future there will be only bitcoin as a medium of exchange / currency.

In such an ideal condition, when you will see the demand for bitcoin will be record high, still everyone can have hold of bitcoin because you do not need the whole bitcoin, you can accumulate Satoshi's, the smallest unit of bitcoin. Let's suppose a single Satoshi is then worth one dollar, or 5 dollar or even 10 dollars but still the whole world can have Bitcoin/Satoshi with them depending on how much fiat money they have to buy bitcoins.

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Theoretically, anyone in the world can own bitcoin, this is everyone's right, of course, but in practice there are many factors that affect the application of this matter realistically.

For example, there are many poor countries in the world that do not have electricity or the Internet, or that it exists, but it is very bad. People in these countries are very poor and do not find anything to eat, let alone own bitcoin.
Second: There are many people even in the developed world who have not heard of Bitcoin, and even if they hear about it, they do not believe in it and are afraid of owning it because they do not know the true value of Bitcoin and believe the lies of governments about Bitcoin.

So practically there are large enough amounts of bitcoin for all those who believe in privacy and decentralization and that bitcoin is a store of value.

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Quote from: Who is John Galt? on August 20, 2023, 10:31:11 AM

Quote from: Ruttoshi on August 20, 2023, 07:58:58 AM

My question is that is it possible for everyone to have bitcoin with the number of limited supply of bitcoin ?

There are more problems with how useful it will be to use such small amounts, given the transaction fees that are necessary to pay the work of the miners.

This is a valid point. Even if everyone own bitcoin in small amount, what is the purchasing power of the coin they own compared to how much they would pay for the transactions? Some units of bitcoin can afford to buy nothing in some countries. Until the price of bitcoin appreciates to the level where few sats have high value, we can not assume that it can be successfully owned by everyone on Earth. For now, Bitcoin is the currency of the rich because most of them care about privacy and freedom. A poor individual doesn't care about centralization or invasion of privacy.

Quote from: BD Crypto on August 20, 2023, 09:19:11 AM

Practically it's impossible to own Bitcoin by everyone because there are many barriers. If someone own few Satoshi it's still like owning Bitcoin. I don't think topic is useful and a matter of discussion but if would be better to discuss about maximizing Bitcoin adoption.
Why everyone can't have Bitcoin?
~snipped~

It might not be possible now but it could be achievable in the future. Most of these impediments you mentioned are valid but they are surmountable it will only take time. I know for now it is not visible, but if bitcoin becomes a globally acceptable currency, these impediments will be worked on by governments, organizations, and individuals. At this time people will be mandated to own it to engage in economic activities.

bittraffic

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Despite the act that everyone could just have a fraction of BTC, not everyone has access to the internet obviously not all will have BTC. Regular people today with access to the internet don't even have BTC for they rely solely on fiat. With BTC so high in price, they will be discouraged to buy but will think tokens will also go up like BTC which it won't.

Even some crypto users especially the ones who are into airdrops, most of them might just have altcoins.

Crypt0Gore

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Quote from: Jawhead999 on August 20, 2023, 08:07:09 AM

21 Million Bitcoin is 2,100,000,000,000,000 and current world population is 8,100,000,000, it's mean each person can own 259,259 Satoshi in order to be distributed to every people. Can someone who have a faucet account and claim 1 Satoshi can be said as owning Bitcoin? although it's not actually you have that Bitcoin because there's a minimum amount to withdraw and other thing.

Theoretically everyone in the world can have Bitcoin.

Wow, how can you be so sure that the world population is 8.1Billion? This is not accurate, the numbers of humans living on this earth is more than that, and no machine is capable of recording the exact number, there are loads of people that are living in the areas where there is no screening or counting for us to actually know their numbers, some are tribes that are not counted as part of the people living in the cities, because they are always in the jungle or the Amazon forest.

Every single person can't own Bitcoin, some will never be able to afford to buy It and some won't give a damn, even if it goes up to one million dollars they won't still care.

How many people are owning Gold today? I have never invested in Gold before and I don't care about having some Gold locked up in my basement because I don't see any reason why, it's not as if I will die because I don't have some Gold, it's the same with Bitcoin, it's not a do or die.

Eternad

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Quote from: Ruttoshi on August 20, 2023, 07:58:58 AM

My question is that is it possible for everyone to have bitcoin with the number of limited supply of bitcoin ?

It's possible if we are just considering the supply since Bitcoin has a smaller unit called Satoshi and a Satoshi is Bitcoin too so if the quantity is just the issue that might be insufficient to the total population in the world then it's not a problem since there's tons of Satoshi on the 21Million supply of Bitcoin.

The problem is how the rest of the world will have Bitcoin. Even USD as use for global currencies is not well distributed to all the people. Bitcoin is more complicated since it needs internet in able to use it while some developing country still don't have this kind of technology.

Who is John Galt?

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Quote from: Ruttoshi on August 20, 2023, 07:58:58 AM

My question is that is it possible for everyone to have bitcoin with the number of limited supply of bitcoin ?

You have already been correctly told that the number of fractional parts of a bitcoin satoshi enough to theoretically have enough for all the inhabitants of our planet, at least in a small amount. But in fact, there are no insurmountable technical problems in dividing satoshi into even smaller fractions, and thus everyone may well have enough bitcoin. There are more problems with how useful it will be to use such small amounts, given the transaction fees that are necessary to pay the work of the miners.

blockman

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First thing, we will never see the time Bitcoin finally hits the last supply of 21 millionth Bitcoin. You may be lucky to witness that approximately 100+ years from now on but mortality rate is increasing and that's why I am saying that we will never see that day.

Quote from: Ruttoshi on August 20, 2023, 07:58:58 AM

My question is that is it possible for everyone to have bitcoin with the number of limited supply of bitcoin ?

Yes, with the tiniest decimals that it can be for one to own it then it's very possible. And that's going to be more possible when the value or price of Bitcoin get higher, there will be more fractions that can be shared to everyone and not everyone is going to be on this investment so there's a lot to be shared for everybody.

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I doubt it is possible for everyone in the world to have BTC.
Firstly, it is a digital currency and am very certain most civilizations till date still lack in technology device that would enable them own BTC or cryptocurrency.
Secondly, it boils down to individual choice, and a person can decide not to own any.
Thirdly, even if there are those that have the technological device, they might not have the time or trust anyone broker to help them invest in it.
Furthermore, there are if not more than 8billion people on the planet with just 21million BTC in view, it doesn't even begin to add up as to how each person can own even a fraction of Satoshi.

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Of course it can, but it won't be equally owned it will probably be more below the fraction of bitcoin or satoshi.
Currently the circulation of bitcoin in the market is 19.4 million and if you want to see the circulation of bitcoin in the full market if not mistaken in 2140.

Quote from: taufik123 on August 20, 2023, 09:51:14 AM

But everyone can definitely have it, but of course, it will not be evenly distributed.
Remember that not everyone likes Bitcoin and many are also against Bitcoin.
The main reason is that Bitcoin is high-risk, high volatility which makes prices go up and down quickly.

Yes, it's true, not everyone will like it, it will be pros and cons.
The same thing with gold, not everyone owns it but many believe in gold because of its stability.
Volatility cannot be eliminated in the bitcoin market, some people are still afraid of this.

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Quote from: jrrsparkles on August 20, 2023, 09:34:02 AM

-snip-
But as you said its not practically possible since most of the Bitcoins are already under the control of a small number of people. Well, its same for the all monetary system which is top 1% own 90% of assets of the world.

In addition to being under the control of a small number of people, some Bitcoins are also no longer accessible because the user has died and does not give access to anyone or those who have lost the seed phrase.

The number of Bitcoins that can no longer be done is certainly quite a lot, this will make Bitcoin even more scarce and circulation will not be full of 21 million.

But everyone can definitely have it, but of course, it will not be evenly distributed.
Remember that not everyone likes Bitcoin and many are also against Bitcoin.
The main reason is that Bitcoin is high-risk, high volatility which makes prices go up and down quickly.

Mate2237

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I don't think everyone in the world can have bitcoin since bitcoin operation is different from the fiat currencies. Bitcoin is a digital base currency and in some countries most in Africa illiteracy is very high so those people that cannot read and write can not use bitcoin but the awareness will be given to all but not all can use bitcoin because for them the uses of bitcoin will be too complicated.

Bitcoin evangelism is good but those who are illiterate can not be learn because they have not went to the four corners of formal education to learn read and write. And I don't think the limited number of bitcoin has anything to do with the world population. Satoshi Nakamoto knew all that before limiting it to that number. It is possible if the total number is utilized but everyone can not have it.

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