One satoshi for $1 dollar will occur someday - page 5.

exstasie

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Quote from: mu_enrico on February 10, 2020, 10:57:47 PM

I think 1 Satoshi equal to 1 USD can only happen if the USD becomes worthless.

Quite a lot of people around here share that opinion. Another subtle sign that Bitcoin has massive upside potential. Even most of the believers think the gains are really limited.

Due to Bitcoin's utter scarcity, we could reach some pretty insane valuations, if only for a limited period of time in a blow-off top. People tend to dismiss the idea of $1 million BTC because that would mean, for example, triple the market cap of gold. In truth, market cap is mostly irrelevant. It's all about market liquidity (or lack thereof).

buwaytress

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Yeah, I'm not one for hyperbole and fantasies set in a far off universe and time but I actually have not dismissed this reality as well. I come from a place that only got electricity and telephones in the 1990s but my parents, as close as possible to how you'd describe baby boomers are, today are already using digital money to pay for coffee and vegetables at the wet market with their phones. They may not be able to use Bitcoin yet, at least not the way I use it, and I won't expect them to, but if this is the development in money we're seeing after 30 years, I have little reason to doubt bitcoin will achieve ease of use beyond that in my lifetime.

I may be too old to enjoy $1 satoshi though, but I'm hoping to see 1 cent satoshi before my knees go!

butcherme

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Quote from: jossiel on February 10, 2020, 03:50:11 AM

1BTC = 100,000,000 satoshis

It will be $100,000,000 = 1BTC

It is gotta be a long journey until we will see that time happens.

It is possible but I agree that it would really be long journey from now.
To be honest I don't think that it would happen even in the next couple of decades.
Just think about what would happen in the market when that time comes?
I think it would be the highest price that it could get.

Reid

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How about 1 satoshi for a bus ride.
That will be better right?
Trying to convert it to USD just make me feel like it will always be the same thing until people find another option which is almost like bitcoin or better.
Worse, it is like we are talking bitcoin as the likeness of gold getting value for every chip of it. Which I don't think we will like at the end.
It will just be a store of value all over again.

mu_enrico

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OP, this topic is about speculation, not economics. People could speculate whatever price level they want; however, it is important to write about how you come up with the conclusion. Why? What's the reason? What has to happen?

I think 1 Satoshi equal to 1 USD can only happen if the USD becomes worthless.

I've reported this thread. Let's see what happens.

andamarina

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Maybe or maybe not, but maybe is possible in 20 years who know it.

20kevin20

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Quote from: Captain Corporate on February 10, 2020, 11:42:13 AM

The moment satoshi becomes 1 dollar (which might happen of course) there will be people using bitcoin everywhere, and I mean literally everywhere. In order for 1 satoshi to be equal to one dollar the price of per bitcoin has to be insane, that could only happen if people around the world all together starts to see bitcoin as a payment. And I don't mean like "oh a card company in japan that accepted in 260k stores just listed bitcoin as a payment" type of deal, I mean literally accepting bitcoin just like they accept cash, that type of adoption. We can be assured that something like that will not happen anytime soon, maybe one day it will happen but it will take a long time for it to happen, at least a decade long adoption increase could potentially reach us to that level.

Even if BTC would be used everywhere, it wouldn't possibly reach $100M.

According to rankred, there is about.. say approximately $40 trillion in the world, including physical and virtual fiat. $2.1 quadrillion is just too much and is most likely only possible in a Hungarian pengo-like situation of fiat inflation.

At that point, you could literally use dollar bills to wipe your ass. It would be worthless (it already is, but whatever)..

Betwrong

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Quote from: jossiel on February 10, 2020, 03:50:11 AM

1BTC = 100,000,000 satoshis

It will be $100,000,000 = 1BTC
~

Which means that the market cap would be $2×10¹⁵. This world doesn't have that much goods and services to support that market cap. We should try to stay realistic even in our dreams. Unless a hyperinflation happens, one satoshi will never be equal to 1 USD. And I wouldn't wait for a global economic crisis just to see 1 BTC at $100,000,000. I'd rather have $10k at the current conditions.

Captain Corporate

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The moment satoshi becomes 1 dollar (which might happen of course) there will be people using bitcoin everywhere, and I mean literally everywhere. In order for 1 satoshi to be equal to one dollar the price of per bitcoin has to be insane, that could only happen if people around the world all together starts to see bitcoin as a payment. And I don't mean like "oh a card company in japan that accepted in 260k stores just listed bitcoin as a payment" type of deal, I mean literally accepting bitcoin just like they accept cash, that type of adoption. We can be assured that something like that will not happen anytime soon, maybe one day it will happen but it will take a long time for it to happen, at least a decade long adoption increase could potentially reach us to that level.

fudster

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Quote from: Timelord2067 on February 10, 2020, 10:38:28 AM

Quote from: Vishnu.Reang on February 10, 2020, 10:34:39 AM

Why don't you make some simple calculations before posting such outlandish claims? If the exchange rate climbs to $1 per Satoshi (or $100 million per BTC), then the total market capitalization of Bitcoin would be $1,800 trillion. The current global wealth is estimated at somewhere between $250 trillion and $300 trillion. Now you are claiming that the market cap of Bitcoin would be 6 times the global wealth.

Think BIG:

$1.8 Quadrillion.
(short form)

OHYA that's big. Its very possible. The adoption of of mobiles phones where we can assume everyone has wallets that works like Swiss banks, the price spike rate may be faster. 21M BTC is not enough for all the people in the world seeing some individuals today has more than 100K BTC in their wallets whiles some of us only have about 0.05 BTC as part of their retirement plan.

worle1bm

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Quote from: USBitcoinServices.Com on February 10, 2020, 02:01:35 AM

At some point in time, people will use every day satoshis as a unit of currency in order to buy things like vegetables, groceries in general.

Satoshis will become the new money standard in people's daily life. Thanks to the scarce 21 million BTC as a maximum supply of this blockchain.

The more the whole bitcoin unit keeps expanding its price, the more value a satoshi also will have. We can see this happening already with some mining companies, crypto casinos, bitcoin faucets providing each week fewer satoshis as a reward, and also we see people working for satoshis, in order to increase their satoshis/bitcoin balance!

Yeah, 1 sat = $1 and it will lead to anarchy. Whales who are holding 1000+ BTC will easily pay 1000 sats fees to confirm their transactions first. For them it would be just 0.000001% of their wealth. But what about late comers? They have to spend $1000 to send bitcoins. This will lead to complete breakdown of system. No body will be able to use bitcoin in routine, let alone the dream of buying coffee with bitcoin.

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Quote from: Vishnu.Reang on February 10, 2020, 10:34:39 AM

Why don't you make some simple calculations before posting such outlandish claims? If the exchange rate climbs to $1 per Satoshi (or $100 million per BTC), then the total market capitalization of Bitcoin would be $1,800 trillion.

And?
What might be the problem?

Quote

The Zimbabwean government stated that it would credit 5 US dollars to domestic bank accounts with balances of up to 175 quadrillion Zimbabwean dollars, and that it would exchange Zimbabwean dollars for US dollars at a rate of 1 USD to 35 quadrillion Zimbabwean dollars to accounts with balances above 175 quadrillion Zimbabwean dollars.

Now, if the US goes the same way as Zimbabwe, 1,8 trillion is nothing.
Or Venezuela style where 1 bolivar forte is 100,000,000 old bolivars (like satoshi) but it still takes 250k to make a $.
Of course, if that would happen we would all be f%$ that bad bitcoin would be irrelevant compared to the global economic disaster happening.

tomahawk9

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Quote from: USBitcoinServices.Com on February 10, 2020, 02:01:35 AM

At some point in time, people will use every day satoshis as a unit of currency in order to buy things like vegetables, groceries in general.

And what would happen to fiat currencies? Will they cease to exist? Or will they coexist along side BTC?

Quote from: USBitcoinServices.Com on February 10, 2020, 02:01:35 AM

Satoshis will become the new money standard in people's daily life.

I'm 120% sure that the governments around the world, bankers, and pretty much the world economy, will never let that happen. If you need someone to explain to you why exactly a centralized cryptocurrency won't ever become a global currency, you need to read a bit more.

Quote from: USBitcoinServices.Com on February 10, 2020, 02:01:35 AM

The more the whole bitcoin unit keeps expanding its price, the more value a satoshi also will have.

Well, since it's price will keep going up, doesn't it mean that BTC can be a profitable long-term investment? If so, wouldn't this outweigh the need of wanting to spend your precious satoshis? Roll Eyes

IMO majority of peple (crypto newcomers, regular folks, the average joe) will only look at BTC as an invesment rather than a medium of exchange (unless something drastic happens like retailers accepting btc as payment, but that's another debate). This isn't exactly what BTC was created for but it is what it is.

Timelord2067

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Quote from: Vishnu.Reang on February 10, 2020, 10:34:39 AM

Why don't you make some simple calculations before posting such outlandish claims? If the exchange rate climbs to $1 per Satoshi (or $100 million per BTC), then the total market capitalization of Bitcoin would be $1,800 trillion. The current global wealth is estimated at somewhere between $250 trillion and $300 trillion. Now you are claiming that the market cap of Bitcoin would be 6 times the global wealth.

Think BIG:

$1.8 Quadrillion.
(short form)

Vishnu.Reang

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Why don't you make some simple calculations before posting such outlandish claims? If the exchange rate climbs to $1 per Satoshi (or $100 million per BTC), then the total market capitalization of Bitcoin would be $1,800 trillion. The current global wealth is estimated at somewhere between $250 trillion and $300 trillion. Now you are claiming that the market cap of Bitcoin would be 6 times the global wealth.

Timelord2067

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Quote from: LoyceMobile on February 10, 2020, 10:08:42 AM

Someday? It can be today! Anyone can buy 1 satoshi from me for a dollar!

You beat me to saying that!

In any event, as one person has already pointed out the Lightning Network deals in fractions of a satoshi. Some exchanges are already permitting trading to occur to on hundredth of a satoshi in bitcoin (as opposed to other alts) - the eight decimal places can shift one way or the other with consensus. I suspect Satoshi created eight decimal places to enable users to get used to having such small fractions, but envisaged even smaller units would follow wide acceptance.

Twenty-one Million Bitcoins Divided by Seven billion people is roughly BTC 0.003 for every person on the planet.

A while ago there was a 21 BitCoin Club being one-millionth of the total number of BitCoins that will become available. I'm not even sure it still exists (they may have cashed in already).

The Sceptical Chymist

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Quote from: jossiel on February 10, 2020, 03:50:11 AM

It is gotta be a long journey until we will see that time happens.

Yep--and I wouldn't say it's out of the question that bitcoin could hit $100mil but that isn't likely to happen in our lifetimes, and it would certainly depend on bitcoin's prospects for long-term survival. There's no guarantee that bitcoin is even going to exist 10-50 years from now, nor that it's going to keep increasing in value.

I'd be ecstatic if bitcoin got to $15k this year and maybe back to its ATH at some point next year. I'm not going to hold my breath for the whole 1 sat=$1 thing, because I think that's a pipe dream.

LoyceMobile

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LoyceV on the road. Or couch.

Someday? It can be today! Anyone can buy 1 satoshi from me for a dollar!

avikz

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Quote from: USBitcoinServices.Com on February 10, 2020, 02:01:35 AM

At some point in time, people will use every day satoshis as a unit of currency in order to buy things like vegetables, groceries in general.

Satoshis will become the new money standard in people's daily life. Thanks to the scarce 21 million BTC as a maximum supply of this blockchain.

The more the whole bitcoin unit keeps expanding its price, the more value a satoshi also will have. We can see this happening already with some mining companies, crypto casinos, bitcoin faucets providing each week fewer satoshis as a reward, and also we see people working for satoshis, in order to increase their satoshis/bitcoin balance!

It sounds vastly unrealistic! If Satoshi value reaches to that level and if the world mass starts using bitcoin for their daily use - just imagine the number of transactions the network will have to handle! At the current state, bitcoin network is simply not capable of handling such volume! I am not being pessimistic here but realistically thinking the situation!

FanatMonet

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Quote from: Saisher on February 10, 2020, 06:10:50 AM

Quote from: jossiel on February 10, 2020, 03:50:11 AM

1BTC = 100,000,000 satoshis

It will be $100,000,000 = 1BTC

It is gotta be a long journey until we will see that time happens.

If this happen John Mcafee will be so proud that it reaches 1 million dollar per Bitcoin but I doubt John Mcafee will ever to see this price happen or even people of this generation, the most that I can see of Bitcoin Price in my lifetime could be $200 k but it could happen 30 to 40 years from now.

If science makes a couple of breakthroughs, at the level of the discovery of antibiotics, then perhaps one of us will be able, in theory, to see such a price.
The main question is, is if 1 bitcoin worth $ 100 million, then how much will 1 burger cost at that time in dollars? ten? fifty? 100? 1000?

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