Is 21million BTC really enough for the wole world? - page 4.

Nekutasa

full member

Activity: 182

Merit: 100

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

It can be more than enough because the truth of the matter is that not everyone uses bitcoin. Not everyone needs bitcoin. And not everyone needs to have X amount because there's only 21 million. (I.e.) The homeless people in the streets dont have money... while it may be a nice gesture not all people share/donate or are obligated to share/donate their money...

I understand that there is a limited supply but not everyone has the use for them or even knows what they are so I think the bitcoin community is in a good position because we dont have to worry about not having enough

sotoshihero

hero member

Activity: 850

Merit: 504

Quote from: Stedsm on March 14, 2017, 01:23:13 PM

The total market cap is not enough to cover the whole population of the world, but that doesn't mean that it will get out of the game after getting the last bitcoin mined, but in fact, this would mean that the prices will go high like crazy and the coins will be spread in users at their least denomination, may be during that time, even an mBTC would cost more than $100.

I agree that it is not enough. 21,000,000 BTC to the whole population, it will make bitcoin more expensive in my opinion. BUt if it is billions then, then i think it is easy to get one in whole number.

Juggy777

hero member

Activity: 2646

Merit: 686

Definitely more than enough, op. I think you should know not all the coins have been mined as of now. So if you are wondering what will suddenly happen, then there yet time as there are yet coins to be mined. Then there are already the existing coins that are in the market and they will be rotating around as people will need them for Fiat. So at a given time every one will have what they can buy, for eg so much Fiat in the world, yet only few have all of it, and the rest scramble to get it. But yet it's enough. So I really don't see any need for worry over the number of Bitcoins in the system.

socks435

legendary

Activity: 2072

Merit: 1030

I'm looking for free spin.

In my own i think it will be still enough bitcoin because we are not relaying the number how many bitcoin is..
We are just relaying on demand and supply if more people are using bitcoin and buying it since its in demand the price of bitcoin will increase its value..
So i think that amount will be enough bitcoin for us..

shinratensei_

legendary

Activity: 3374

Merit: 1035

Leading Crypto Sports Betting & Casino Platform

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

It's really enough because every people will not have a big part of the bitcoin, if you can see the other person is buying a gold and you will find he will buy gold with miscellaneous heavy. And every people will get a little part of bitcoin. And every satoshi will have a high value in the future. don't forget 1 btc = 100,000,000 satoshi

Pearls Before Swine

sr. member

Activity: 1190

Merit: 306

Yes it's enough. And even if it weren't enough, anyone who wants to use crypto has tons of other altcoins to choose from. Some of them work even better than bitcoin itself.

batang_bitcoin

hero member

Activity: 3080

Merit: 603

Just like a small $1 paper, when you bought something that is worth centavo then it will be divided into portion. Just like in bitcoin, a person doesn't really need to have the whole bitcoin for buying a cheap or something that is worth buying for only 0.005 BTC it will be divided into portion. But not all people in the world, will be engaging with bitcoin and if all 21 million coins are mined, the price will increase. It will depend on supply and demand.

pokerplayer

newbie

Activity: 52

Merit: 0

Quote from: iqlimasyadiqa on March 14, 2017, 05:18:03 PM

The smallest count in bitcoin is satoshi. I think in the future people will be getting used to satoshi, so long as it surely bitcoin prices will have a very high value.

I think that this cant be true because bitcoin price have less and less speed growing so bitcoin will maybe not worth even more than 15000$ so there is no reason for use satoshi often.

iqlimasyadiqa

legendary

Activity: 1596

Merit: 1011

The smallest count in bitcoin is satoshi. I think in the future people will be getting used to satoshi, so long as it surely bitcoin prices will have a very high value.

giveen

hero member

Activity: 826

Merit: 1004

Are you ok or you simply joking around, you have forgotten that bitcoin was introduced to replace gold. Does gold have unlimited supply 'no' then whh would bitcoins have.
Plus if there would be sufficient bitcoins for the whole world then it would just be a fiat.

pokerplayer

newbie

Activity: 52

Merit: 0

Yea it will probavbly be enought funds to cover all transactions via bitcoin cryptocurrency which we really need for future payments with so low fees and great business future Cheesy

bamboylee

hero member

Activity: 1148

Merit: 504

It is not like each person will be owning one btc each. At most, only a part of the population will have bitcoin in their wallet. And bitcoin can be divided into units, it the smallest so far, satoshi. 1 bitcoin is 100million satoshi. So we have 21M by 100M satoshi to be used by bitcoiners. I think that is more than enough.

BitcoinPanther

hero member

Activity: 1918

Merit: 564

Definitely with the number given by Danny Hamilton, Bitcoin is more than enough for the whole world. There are plenty of "pico-bits" to be distributed to the population so we do not have to worry it. The only problem here is that does every one can afford Bitcoin, once people around the world accepted it?

DannyHamilton

legendary

Activity: 3528

Merit: 4945

OP is mistaken about the quantity.

It is not exactly 21 million bitcoins. That is just an approximation.

The exact number of units that the protocol is designed to release is:

2,099,999,997,690,000 satoshi.

That's two quadrillion, ninety-nine trillion, nine hundred ninety-nine billion, nine hundred ninety-seven million, six hundred ninety thousand satoshi.

It will be easy for off-chain accounts to subdivide beyond that. It is entirely possible that, for off-chain accounts, you could transact in pico-bitcoins. In that case you would have

20,999,999,976,900,000,000 pico-bitcoins (lets give them a slang name of picobits) to work with.

That's twenty quintillion, nine hundred ninety-nine quadrillion, nine hundred ninety-nine trillion, nine hundred ninety-six billion, nine hundred million picobits.

Creepings

sr. member

Activity: 546

Merit: 257

Yes it is not enough thats why it need to be circulated. But if you think of it, many users now have bitcoin and they are wanting to earn more than asking if the 21 million bitcoin is enough.
With its current price, I think it is really enough.

anavuajna

full member

Activity: 210

Merit: 100

Quote from: Pettuh4 on March 14, 2017, 01:37:30 PM

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

I think you should look beyond the numbers( i.e. The number of bitcoins) and rather look out for the of Bitcoin because if Bitcoin gains more value, say 1 BTC is equivalent $10k, it can be easily shared amongst the entire 6 billion people.

But there is no guarantee that all people will use bitcoin. Remain those who do not trust cryptocurrency. I think that even if everyone learns about bitcoin, then it will be used only 1/4 part

xskl0

sr. member

Activity: 378

Merit: 260

Bitcoin SV is Bitcoin

1 satoshi is enough for the whole world

Mometaskers

hero member

Activity: 1764

Merit: 584

I believe it's enough. It can be divided into much smaller units than say, a dollar. Even if the price hits $2000, that really won't be a problem as far as transactions are concerned. You can just opt to send smaller denominations. Of course if a satoshi ever hit prices like $100 that might not make it suitable for microtransactions anymore but that wouldn't mean it would be useless. You can just use it as a store of value then. When all the bitcoins have been mined out the price would reflect the market demand. Contrast this with fiat where gov't dictate how much is in circulation.

ImHash

hero member

Activity: 924

Merit: 506

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

Instead try other alt coins then if you feel 21M is not enough, yet that should be a good indicator for inevitable price increase so stop thinking and start accumulating.

Quote from: vnvizow on March 14, 2017, 12:11:16 PM

Well its smallest denominations aren't 1 bitcoin, it's one satoshi which if I'm not wrong is 0.0000001 bitcoin. The core team could move that a few decimals back too if needed but as of now 21 million is more than enough

Core dev will do no such a thing, changing the 21M will require changing the entire already locked and time stamped and stored block chain. protocol won't allow such a change in the source code unless you don't want to consider the old block chain as valid/creating a new coin.

Quote from: jonald_fyookball on March 14, 2017, 01:12:19 PM

You are wrong. It is 0.00000001

Roll Eyes

Nice you just added one -0- to correct him here you go your Nobel prize Cheesy

BillyBobZorton

legendary

Activity: 1204

Merit: 1028

It's not that hard to understand. I don't get why some people have such big problem trying to get this.

The price goes higher with demand, so smaller amounts are traded, that's all man, where is the fucking problem?

The entire economy could be run under 1 BTC alone, it would just mean satoshis are worth a ton more, and we can add more digits.

Topic: Is 21million BTC really enough for the wole world? - page 4. (Read 4589 times)