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 5. (Read 4565 times)
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.
As of right now, it's not. Even with sub-digits. But whether it's enough is not even a concern if the whole world is to use it.
There are many issues that are prevalent right now and need immediate resolution (scalability, tx/s)
Adding a couple more sub-digits below satoshi is very easy. That should make it much easier if the time comes.
There are many issues that are prevalent right now and need immediate resolution (scalability, tx/s)
Adding a couple more sub-digits below satoshi is very easy. That should make it much easier if the time comes.
Present supply and demand suggests that Bitcoin currently easily fits the world.
But, I agree that the addition of satoshi descendants would easily make bitcoin fit if necessary.
I intend to be around in 2150 (or whatever) when Bitcoin mines its last.
As of right now, it's not. Even with sub-digits. But whether it's enough is not even a concern if the whole world is to use it.
There are many issues that are prevalent right now and need immediate resolution (scalability, tx/s)
Adding a couple more sub-digits below satoshi is very easy. That should make it much easier if the time comes.
There are many issues that are prevalent right now and need immediate resolution (scalability, tx/s)
Adding a couple more sub-digits below satoshi is very easy. That should make it much easier if the time comes.
It is NOT enought. It's all about perception, and bitcoin is perceived to be extremely expensive. In somewhat developed countries, the average joe might spend his whole wage to buy one bitcoin. In poor countries, people might need to save one year to buy one bitcoin. I know it can be divided, but so can be fiat. All about perception, and bitcoin is expensive. Given the curent amount of adoption, 21mil isn't nearly enough. I'd say atm ~100mil tokens are okay, in the future if adoption goes mainstream 1bil might be the next "okay-ish" amount. Because it's ALL about perception. People don't care tehy can buy 0.001 bitcoin. If they can't easily buy atleast 1, it'll be hard to convince them;
" 1. Hey, nice, you saved 300euros. Why don't you buy a a quarter of a bitcoin ?
2. What is bitcoin and why would i do that ?
1. Bitcoin is a digital currency, because it's cool.
2. But why does it cost so much ?
1. Because people believe it to be worth that much !
2. Well, it seems wayyy to expensive, i'll pass.
" 1. Hey, nice, you saved 300euros. Why don't you buy a a quarter of a bitcoin ?
2. What is bitcoin and why would i do that ?
1. Bitcoin is a digital currency, because it's cool.
2. But why does it cost so much ?
1. Because people believe it to be worth that much !
2. Well, it seems wayyy to expensive, i'll pass.
I can afford 1 bitcoin at current rates. I can't afford anything like 100,000 bitcoins. One satoshi costs USD $0.0000125077 - https://99bitcoins.com/satoshi-usd-converter/ = a little over a thousandth of a penny.
Buy what you can afford.
Look. If you can't afford the tiny fraction of a penny that a satoshi is worth, and if you can't afford to go to a faucet and get one free, you had better forget about Bitcoin, and start considering where you are going to get your next meal from, or even your next gulp of water.
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.
It is NOT enought. It's all about perception, and bitcoin is perceived to be extremely expensive. In somewhat developed countries, the average joe might spend his whole wage to buy one bitcoin. In poor countries, people might need to save one year to buy one bitcoin. I know it can be divided, but so can be fiat. All about perception, and bitcoin is expensive. Given the curent amount of adoption, 21mil isn't nearly enough. I'd say atm ~100mil tokens are okay, in the future if adoption goes mainstream 1bil might be the next "okay-ish" amount. Because it's ALL about perception. People don't care tehy can buy 0.001 bitcoin. If they can't easily buy atleast 1, it'll be hard to convince them;
" 1. Hey, nice, you saved 300euros. Why don't you buy a a quarter of a bitcoin ?
2. What is bitcoin and why would i do that ?
1. Bitcoin is a digital currency, because it's cool.
2. But why does it cost so much ?
1. Because people believe it to be worth that much !
2. Well, it seems wayyy to expensive, i'll pass.
" 1. Hey, nice, you saved 300euros. Why don't you buy a a quarter of a bitcoin ?
2. What is bitcoin and why would i do that ?
1. Bitcoin is a digital currency, because it's cool.
2. But why does it cost so much ?
1. Because people believe it to be worth that much !
2. Well, it seems wayyy to expensive, i'll pass.
I can afford 1 bitcoin at current rates. I can't afford anything like 100,000 bitcoins. One satoshi costs USD $0.0000125077 - https://99bitcoins.com/satoshi-usd-converter/ = a little over a thousandth of a penny.
Buy what you can afford.
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Core dev leaves me neg feedback #abuse #political
I mean its only 21million btcand there are 6billion people in the world , how can it be enough
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 You are wrong. It is 0.00000001
It is NOT enought. It's all about perception, and bitcoin is perceived to be extremely expensive. In somewhat developed countries, the average joe might spend his whole wage to buy one bitcoin. In poor countries, people might need to save one year to buy one bitcoin. I know it can be divided, but so can be fiat. All about perception, and bitcoin is expensive. Given the curent amount of adoption, 21mil isn't nearly enough. I'd say atm ~100mil tokens are okay, in the future if adoption goes mainstream 1bil might be the next "okay-ish" amount. Because it's ALL about perception. People don't care tehy can buy 0.001 bitcoin. If they can't easily buy atleast 1, it'll be hard to convince them;
" 1. Hey, nice, you saved 300euros. Why don't you buy a a quarter of a bitcoin ?
2. What is bitcoin and why would i do that ?
1. Bitcoin is a digital currency, because it's cool.
2. But why does it cost so much ?
1. Because people believe it to be worth that much !
2. Well, it seems wayyy to expensive, i'll pass.
" 1. Hey, nice, you saved 300euros. Why don't you buy a a quarter of a bitcoin ?
2. What is bitcoin and why would i do that ?
1. Bitcoin is a digital currency, because it's cool.
2. But why does it cost so much ?
1. Because people believe it to be worth that much !
2. Well, it seems wayyy to expensive, i'll pass.
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 .
Of course it is. It's divisible 100m times and the value is relative.
Would be easy to add zeroes and continue fractional representation without any impact on value, too.
Would be easy to add zeroes and continue fractional representation without any impact on value, too.
I mean its only 21million btcand there are 6billion people in the world , how can it be enough
To elaborate on previous posts, it's not just about the denominations into satoshi either. When people talk about owning Bitcoin, they don't refer to it as "how many Bitcoin do you have". They say "how much Bitcoin do you have".When a government has fiat currency, it tries to keep the value similar and gradually inflate, despite an increase in productivity. The difference with Bitcoin is that it is a deflationary currency and the number of Bitcoins produced is set beforehand. This keeps it safe from government interference with money. With Bitcoin, the smallest denomination used can change as the price rises - all it would need is a rebranding, to bits for example. The great thing is that the value of the currency can actually be directly related to the productivity of the world economy. The number of Bitcoins is irrelevant just as how the UK pound used to have halfpenny and quarterpenny coins whereas the pound is now denominated into pennies.
This is a recurring topic. Usually bitcoin newbies can't grasp the idea that we are not using only 1 BTC as an unit.
Bitcoins are divisible down to 8 decimal places: 1 satoshi = 0.00000001 BTC
This is more than enough to provide 7 billions (or more people if necessary) with fracture of Bitcoin.
Bitcoins are divisible down to 8 decimal places: 1 satoshi = 0.00000001 BTC
This is more than enough to provide 7 billions (or more people if necessary) with fracture of Bitcoin.
I don't think 21 million bitcoins is really enough for the whole world because now we can't make sure that there is exactly 21 million of bitcoins that are circulating in the market because most of the early miners and investors already got a lot of bitcoin and limited supply for a currency is a down side because we don't have the same mindset so i think if 21 million will be on the market then there is still few people who will hoard and just keep their coins for a very long time and it will affect the market in terms of price but in then end it is a bad habit because that is how people will take advantage of manipulating the market because there is only limited supply.
At the time of this writing, 1 satoshi is worth about USD $0.0000125028 according to https://99bitcoins.com/satoshi-usd-converter/.
One bitcoin = 100,000,000 satoshis - http://bitcoin.stackexchange.com/questions/114/what-is-a-satoshi.
When all 21 million bitcoins have been mined, there will be 2,100,000,000,000,000 satoshis. If the earth has 8 billion people at that time, this would give every person 262,500 satoshis on average.
We can work with that amount. There will always be the rich and the poor.
One bitcoin = 100,000,000 satoshis - http://bitcoin.stackexchange.com/questions/114/what-is-a-satoshi.
When all 21 million bitcoins have been mined, there will be 2,100,000,000,000,000 satoshis. If the earth has 8 billion people at that time, this would give every person 262,500 satoshis on average.
We can work with that amount. There will always be the rich and the poor.
Yes. The number of Bitcoins is not as important as the scarcity of Bitcoins. Since each Bitcoin can be divided into one million bits (1,000,000) or one hundred million Satoshi (100,000,000) I often try to compare bits against fiat currencies instead of entire bitcoins.
1 bit can be divided into 100 Satoshi and 1 Dollar, Euro, Pound, etc. can also only be divided into 100 cents/pence etc. so if we are to compare "equal units" against each other, I think it is better to view 21 million Bitcoins (21,000,000 BTC) as 2.1 billion bits (2,100,000,000 b) or even as 2.1 trillion Satoshi (2,100,000,000,000 s).
But what I think is most important to realize about Bitcoin is that it is the driving force behind what people are calling "currency competition" and we as people around the world are now far more able to choose what we believe provides us with the best utility
1 bit can be divided into 100 Satoshi and 1 Dollar, Euro, Pound, etc. can also only be divided into 100 cents/pence etc. so if we are to compare "equal units" against each other, I think it is better to view 21 million Bitcoins (21,000,000 BTC) as 2.1 billion bits (2,100,000,000 b) or even as 2.1 trillion Satoshi (2,100,000,000,000 s).
But what I think is most important to realize about Bitcoin is that it is the driving force behind what people are calling "currency competition" and we as people around the world are now far more able to choose what we believe provides us with the best utility
I mean its only 21million btcand there are 6billion people in the world , how can it be enough
How on earth will that be enough and that is the concern to be raised when discussion gets to a high level and there is need for massive adoption of bitcoin. This limitation to 21 million coins will serve as an impediment. Firstly, it will make the price to go beyond the reach of an average individual because will becomes so high to afford and secondly, when the maximum is eventually reached, miners fee will continue to skyrocket and by that it will discourage a lot of users.
1 Satoshi can values more than 1 currently cent. Probably the difficult would be to buy cheap things with BTCs, as 1 satoshi could value more than the price of cheap things like one fuit, one candy...
If that happens you sure won't see me complaining
We would all be ridiculous rich..
Surely it is. Each BTC has 100.000.000 of satoshis. 21.000.000 x 100.000.000 = 2.100.000.000.000.000 of satoshis, enough for all the world use it well. 1 Satoshi can values more than 1 currently cent. Probably the difficult would be to buy cheap things with BTCs, as 1 satoshi could value more than the price of cheap things like one fuit, one candy...
On my point of view, 21 million BTC is definitely enough for all the people around the globe. We must consider that some people are still not using BTC and some of them didn't even know that BTC exists. The supply will always be enough.
We can also look it at a different angle. If the BTC's supply is unlimited, we can say that its value will be zilch in the long run. So, it is a good thing that BTC has a limited supply. This will add more value to each part of it (satoshi, mBTC, etc).
We can also look it at a different angle. If the BTC's supply is unlimited, we can say that its value will be zilch in the long run. So, it is a good thing that BTC has a limited supply. This will add more value to each part of it (satoshi, mBTC, etc).
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