If bitcoin becomes generally adopted, will 21million btc be enough for everyone? - page 2.

Mr.right85

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Quote from: franky1 on August 19, 2022, 06:06:18 PM

there are only 190,000 tonnes of gold
is that enough for everyone

answer of course yes. no one needs or wants a whole tonne.
no one needs a whole BTC

each btc can be divided into 100,000,000 parts (a sat)

same as how if 1btc is considered "a tonne" 1btc can be considered as 1000x of 0.001btc
where that 0.001btc is like 1kg
where 0.000,001btc is like 1gram

so if most people have devices or tooth filings to have a gram of gold.
with alot more to spare

each person can have 100sat
with alot to spare

I am out of smerit else, this analogy ought to have gotten a few even though it might have meaned nothing to you. Your response to this is precise and some worth speaks my mind in a way I won't have said it but surely, a lot better by using calculations and another relatively scares commodity.

In response to OP, if we try to quantify and value bitcoin based on its market price today, its surely not going to be enough but, there is no where in all of this where it becomes compulsory that everyone most own or use bitcoin.
The scarcity of bitcoin today is relatively due to it serving for a store of value as an asset which remains a shift from its original intent and this could change in years.

To a point where the least sat 0.0000001 could come with some actual value that could serve a great need. It's a phase and we are getting there, slowly but surely.

mindrust

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Quote from: Queentoshi on August 19, 2022, 05:03:02 PM

Do you think the world population was considered during the creation of bitcoins? Was the intention to create enough bitcoins that could serve the entire world population should it be generally adopted, since it is what we all hope for, can the 21 million bitcoins be enough for the entire world population if it is generally adopted? As at 2009 when cryptocurrency began use, the estimated world population was 6,898,305,908, Currently 2022, the estimated world population is now 7,975,105,156. That an estimated additional 1,076,799,248 persons in a space of 13 years. We know this number will not become smaller as the population will continue to increase regardless of setbacks in forms of the pandemic, war etc Will general adoption really work?

https://www.macrotrends.net/countries/WLD/world/population

You don’t have to own a whole bitcoin to be able to use it. You can own satoshis and still use bitcoin just fine. Bitcoin is highly divisible. So when the adoption grows, people will be using satoshis instead of whole coins. In fact, it is already happening. Lots of bitcoin users don’t have a bitcoin at all. Most users only own satoshis.

samuraijin

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Quote from: dansus021 on August 19, 2022, 09:06:01 PM

everyone already said it just like gold and can each person can hold couple of satoshi and that is very true
.

but the fact is that currently is very hard to collect even 1 btc Cheesy

because the price is crazy and the current circulating supply already scattered all over the place and the Dormant address still pretty much hold lot of coin and don't forget to people who lost their key or burned the btc so people will get less satoshi maybe 1 satoshi even worth a lot. the btc become like rare earth material

If the supply is truly distributed to everyone then of course the price of Bitcoin will increase sharply, but this is on the contrary the price of bitcoin continues to decline, what happens, if we have the determination to collect bitcoin you can play trading if you have capital or can visit freebitco.in to get some Satoshi, although it's quite a bit if you are patient to collect it then you will feel like getting 1 BTC in a year, that's if you are a patient person..

bittraffic

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All I can say is that 21M is not enough for everyone even if we make it 100M BTC it may still not be enough for everyone to have 1BTC. We believe crypto is for the unbanked but not everyone even have access to the internet. We could say the latecomers will have satoshis, it's still not going to make the wealth distribution fair.

They could just have the altcoins, they are not very expensive as of now or maybe meme coins make sense.

NotATether

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8 billion people, but about half of them are children so they would not get any money to begin with, for family reasons. So you're actually looking at just 4 billion people.

We don't actually know at which halvening will the current supply produce a value that's enough for the world economy. We can only find this out empirically, by going through each and every halvening in sucession.

Once we do identify an equilibrum though, I'm of the opinion we should hardfork and shut the halvenings off before they become destructive.

Gyfts

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There could literally be one Bitcoin in the entirety of existence, mined in fractions. The finite number of Bitcoin doesn't actually matter. Same principle of supply and demand would apply to any number of coins as long as the supply is fixed. There would just be a greater value attributable to a smaller fraction of coin. Owning a whole Bitcoin doesn't actually mean anything, your purchasing power is what matters. If you own 1/1000000th of a Bitcoin with only 1 BTC in circulation, but that fraction of coin allows you the same purchasing power as 200 kg. gold, then does it matter how small that fraction is?

dansus021

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everyone already said it just like gold and can each person can hold couple of satoshi and that is very true
.

but the fact is that currently is very hard to collect even 1 btc Cheesy

because the price is crazy and the current circulating supply already scattered all over the place and the Dormant address still pretty much hold lot of coin and don't forget to people who lost their key or burned the btc so people will get less satoshi maybe 1 satoshi even worth a lot. the btc become like rare earth material

tranthidung

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Farewell o_e_l_e_o

To answer this question, you should read

How is the 21 Million Bitcoin Cap Defined and Enforced?

Creating more Bitcoin in total supply does not create value and reduce the total supply does not automatically result in higher value. You can find altcoins with less than 21M in total supply but they don't have higher value than Bitcoin.

I mean

Inflation: Increasing total supply ~ value decrease
Decrease supply like some altcoins # value increase

blue Snow

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Quote from: Queentoshi on August 19, 2022, 05:03:02 PM

Do you think the world population was considered during the creation of bitcoins? Was the intention to create enough bitcoins that could serve the entire world population should it be generally adopted, since it is what we all hope for, can the 21 million bitcoins be enough for the entire world population if it is generally adopted?

Why do they think bitcoin is for all populations?, what do they attention?

I know what they mean, they want to introduce something which is more better than bitcoin with only 21 Millions supply, but they always forget that supply will always be enough if split into another units like cents, grams, and satoshi.

For now, we look
1 bitcoin = ...
same as gold, long time ago,,,
1-kilogram gold = ...

but as time as go on
Now, people make calculation
1 Gram gold =..
So, for bitcoin Next 10-20 years we can see,
1 satoshi = ...

Understand?

bitmover

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Quote from: Queentoshi on August 19, 2022, 05:03:02 PM

. We know this number will not become smaller as the population will continue to increase regardless of setbacks in forms of the pandemic, war etc Will general adoption really work?

https://www.macrotrends.net/countries/WLD/world/population

People can use satosbis, and even sub satoshis.

Fractions of a Satoshi are already in reality in lightning network. A simple fork would make this a reality in on chain transactions, if necessary

It is not necessary now.

sheenshane

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franky1

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there are only 190,000 tonnes of gold
is that enough for everyone

answer of course yes. no one needs or wants a whole tonne.
no one needs a whole BTC

each btc can be divided into 100,000,000 parts (a sat)

same as how if 1btc is considered "a tonne" 1btc can be considered as 1000x of 0.001btc
where that 0.001btc is like 1kg
where 0.000,001btc is like 1gram

so if most people have devices or tooth filings to have a gram of gold.
with alot more to spare

each person can have 100sat
with alot to spare

Queentoshi

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Do you think the world population was considered during the creation of bitcoins? Was the intention to create enough bitcoins that could serve the entire world population should it be generally adopted, since it is what we all hope for, can the 21 million bitcoins be enough for the entire world population if it is generally adopted? As at 2009 when cryptocurrency began use, the estimated world population was 6,898,305,908, Currently 2022, the estimated world population is now 7,975,105,156. That an estimated additional 1,076,799,248 persons in a space of 13 years. We know this number will not become smaller as the population will continue to increase regardless of setbacks in forms of the pandemic, war etc Will general adoption really work?

https://www.macrotrends.net/countries/WLD/world/population

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