Is 21million BTC really enough for the wole world?

n691309

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Quote from: yishak on March 14, 2017, 09:49:36 AM

I mean its only 21million btcand there are 6billion people in the world , how can it be enough

Bitcoin's decimals are enough for the current people's needs and bitcoin can be divided into more decimals and digits just only when to see this time to come, a satoshi worth very small now and when it becomes a dollar or so then I think the bitcoin devs will divide bitcoin further. At the moment I think that are enough, is the current fiat enough for the whole world? We should analyze and discuss from the other aspects.

Roboabhishek

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Quote from: yishak on March 14, 2017, 09:49:36 AM

I mean its only 21million btcand there are 6billion people in the world , how can it be enough

Yes this will be enough for everyone since no one will work everyone will try to spend btc but no one will accept them because there's plenty of it and will make the world lazy.
But luckily this will not happen.
As i said above you know what will happen anything like this happens.

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Quote from: ~Bitcoin~ on March 15, 2017, 12:07:35 AM

Actually even 1 satoshi can be spent and there will be 21 million x 10^8 Satoshi which i think will be more than enough for everyone. Also by the time when all bitcoin will be mined, world population may not remain 6 billion only. Wink

Probably not

r32godzilla

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Quote from: Aikonio on March 19, 2017, 01:06:36 PM

Quote from: Vaccinus on March 19, 2017, 12:33:36 PM

Quote from: digaran on March 19, 2017, 12:27:19 PM

When I was a noob around here I was wondering and asking the similar questions but now I know that not even 10% of all the people in the world will ever use bitcoin and decentralized cryptocurrencies in general, why? because they are fine with their fiat systems and have nothing to complain.

and we don't need that 7B people use bitcoin man, bitcoin can do fine with 10%, 10% is not a low amount it's a lot, 10% mean 700M people using bitcoin, can you image if an amount of people like these use bitcoin what would be the value? i think from 10k to 100k dollars

Oh, it would be very good if 10% of the world's population knew about bitcoin))
But, I agree with you - this will not happen. At this hour little people know about bitcoin and this is holding back the rapid growth of the price of this currency

We cannot expect that each and every person in the world will start using bitcoins in future but as the supply of bitcoin is limited and if demand goes higher then it will take price to next level in future and I think at this stage 21 million bitcoins are more then enough.

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Quote from: yishak on March 14, 2017, 09:49:36 AM

I mean its only 21million btcand there are 6billion people in the world , how can it be enough

Ofcourse this amount of bitcoin will be enough for the bitcoiners of the whole world and also for the newbies who will enter on the bitcoin job .
Here the amount of bitcoin is not a big matter because if the numbers of the bitcoin per user became down then surely the price of the bitcoin will increase , that will be solution for the limited supply of bitcoin .
So here all over it is not a big matter whether the 21 million bitcoin is limited supply in the bitcoin market .

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Quote from: Vaccinus on March 19, 2017, 12:33:36 PM

Quote from: digaran on March 19, 2017, 12:27:19 PM

When I was a noob around here I was wondering and asking the similar questions but now I know that not even 10% of all the people in the world will ever use bitcoin and decentralized cryptocurrencies in general, why? because they are fine with their fiat systems and have nothing to complain.

and we don't need that 7B people use bitcoin man, bitcoin can do fine with 10%, 10% is not a low amount it's a lot, 10% mean 700M people using bitcoin, can you image if an amount of people like these use bitcoin what would be the value? i think from 10k to 100k dollars

Oh, it would be very good if 10% of the world's population knew about bitcoin))
But, I agree with you - this will not happen. At this hour little people know about bitcoin and this is holding back the rapid growth of the price of this currency

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Quote from: digaran on March 19, 2017, 12:27:19 PM

When I was a noob around here I was wondering and asking the similar questions but now I know that not even 10% of all the people in the world will ever use bitcoin and decentralized cryptocurrencies in general, why? because they are fine with their fiat systems and have nothing to complain.

and we don't need that 7B people use bitcoin man, bitcoin can do fine with 10%, 10% is not a low amount it's a lot, 10% mean 700M people using bitcoin, can you image if an amount of people like these use bitcoin what would be the value? i think from 10k to 100k dollars

digaran

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When I was a noob around here I was wondering and asking the similar questions but now I know that not even 10% of all the people in the world will ever use bitcoin and decentralized cryptocurrencies in general, why? because they are fine with their fiat systems and have nothing to complain.

Zenithar

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Quote from: aardvark15 on March 18, 2017, 04:54:30 PM

Quote from: rajasumi3 on March 14, 2017, 01:06:41 PM

It is enough for it .it was planned very well and executes too .there are 8 units for satoshi .it is more than enough for some people .by the time the price of bitcoins would reach up to a maximum height .

Even though you can split a Bitcoin down to 8 decimal places, you can't really send just 1 satoshi. What would the fee be for that transaction? Even if the fee was 1 satoshi, the fee would be 100% of the transaction price. For that reason, we can't really say that we can break a Bitcoin down to that small of an amount.

yes that is really a big digit and we can have even a very small unit of it and that is the reason that i can say that the 21 millions is really a big amount for the world world

giveen

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Quote from: Rinder on March 17, 2017, 10:38:41 AM

Well the 21 bitcoins might be enought knowing the bitcoin price will keep raising over the years, but bitcoin were made for all, even not expecting such big sucess. Not all people do transactions online, soo bitcoin could handle a big part of those transactions, but with the high fees being charged bitcoin should become an option like gold, to store value.

What is even wrong with you first of all bitcoin can't introduce anyone to online payments as it isn't even that famous and it isn't secure with all the risks online as you can't expect a newbie to know what is escrow and if the price fluctuates he may get scared. The best way to introduce someone to online transactions would be paypal as it is safe to purchase, we can actually contact paypal if any problem occurred.

bncbnc

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Quote from: Rinder on March 17, 2017, 10:38:41 AM

Well the 21 bitcoins might be enought knowing the bitcoin price will keep raising over the years, but bitcoin were made for all, even not expecting such big sucess. Not all people do transactions online, soo bitcoin could handle a big part of those transactions, but with the high fees being charged bitcoin should become an option like gold, to store value.

yes that is very right to say that its price will depend on the price of bitcoin, if the price of bitcoin is increasing then 21 million is enough for the world wold as people will be using its units and not the whole bitcoin.

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Quote from: yishak on March 14, 2017, 09:49:36 AM

I mean its only 21million btcand there are 6billion people in the world , how can it be enough

As likely mentioned already it is enough if we treat Bitcoin as an asset class and alt-coins or sidechains replace the usage of Bitcoin for p2p transactions and Bitcoin and the mining turns more towards b2b but divisibility works that way if we can increase the block size.

aardvark15

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Quote from: rajasumi3 on March 14, 2017, 01:06:41 PM

It is enough for it .it was planned very well and executes too .there are 8 units for satoshi .it is more than enough for some people .by the time the price of bitcoins would reach up to a maximum height .

Even though you can split a Bitcoin down to 8 decimal places, you can't really send just 1 satoshi. What would the fee be for that transaction? Even if the fee was 1 satoshi, the fee would be 100% of the transaction price. For that reason, we can't really say that we can break a Bitcoin down to that small of an amount.

BADecker

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At the rate Bitcoin is dumping as of this writing, there'll be about 21 million more bitcoins than needed.

Cool

mobilestrike

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Quote from: yishak on March 14, 2017, 09:49:36 AM

I mean its only 21million btcand there are 6billion people in the world , how can it be enough

The developers of bitcoin are much more brilliant and they have a good planning for internet currency in the form of bitcoin and they have decided their own calculation for that currency so that will be better. The other point is that bitcoin also have sub division so there are numerous in these 21 million bitcoins which will serve for the people of world.

Mikez

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Quote from: PokerFace3 on March 18, 2017, 03:04:20 PM

Quote from: iv4n on March 17, 2017, 11:03:50 AM

Nobody can say how much can worth that 21 million bitcoins, in this moment by the current price that is 2.52E10, for 10 years total worth of all bitcoin can be 3 times bigger then it is now. If bitcoin increase a lot, there will be enough for everyone, look how the bitcoins are distributed now, everyone can still earn or buy bitcoins, and many of the people here are holders. There will be enough bitcoins, milibitcoins, one day microbitcoins for every person in this world.

Indeed, there might seem that 21 million BTC is not enough to cover the whole needs of the world with the current price, but remember that the price of the bitcoin is always rising and the more people are going to use it the higher it gets and that means that if you need 0.1 btc to buy something in the future you will be using 0.0001 btc to buy the same thing.

Yeah and with limited supply of bitcoins and higher demand will help in taking price to extreme high level in future and once many people will start using bitcoin this amount would not be sufficient but its good that we have limited amount of bitcoins as it will make bitcoin more powerful currency in future.

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Of course, the richest 1% will own 50%+ of all bitcoins...

PokerFace3

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Quote from: iv4n on March 17, 2017, 11:03:50 AM

Nobody can say how much can worth that 21 million bitcoins, in this moment by the current price that is 2.52E10, for 10 years total worth of all bitcoin can be 3 times bigger then it is now. If bitcoin increase a lot, there will be enough for everyone, look how the bitcoins are distributed now, everyone can still earn or buy bitcoins, and many of the people here are holders. There will be enough bitcoins, milibitcoins, one day microbitcoins for every person in this world.

Indeed, there might seem that 21 million BTC is not enough to cover the whole needs of the world with the current price, but remember that the price of the bitcoin is always rising and the more people are going to use it the higher it gets and that means that if you need 0.1 btc to buy something in the future you will be using 0.0001 btc to buy the same thing.

iv4n

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Nobody can say how much can worth that 21 million bitcoins, in this moment by the current price that is 2.52E10, for 10 years total worth of all bitcoin can be 3 times bigger then it is now. If bitcoin increase a lot, there will be enough for everyone, look how the bitcoins are distributed now, everyone can still earn or buy bitcoins, and many of the people here are holders. There will be enough bitcoins, milibitcoins, one day microbitcoins for every person in this world.

Rinder

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Well the 21 bitcoins might be enought knowing the bitcoin price will keep raising over the years, but bitcoin were made for all, even not expecting such big sucess. Not all people do transactions online, soo bitcoin could handle a big part of those transactions, but with the high fees being charged bitcoin should become an option like gold, to store value.

Topic: Is 21million BTC really enough for the wole world? (Read 4565 times)