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Rikafip

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Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Right now, most people who want to get into crypto during this bottom-phase of the market but are still hesitant to buy bitcoin because they are going to see 0.0xxxxxxx on their screen and be dissatisfied most likely. Again, this is the behavior of an individual who is uninformed, or misinformed.

It is indeed a real problem now, and reason why many turn to altcoins, thinking that if they can't own 1 whole Bitcoin immediately, they should focus on something that they can own thousands or even millions.

Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Are end stage adopters going to be happy/proud/satisfied/well-off owning a few million satoshis? Will end-stage adopters own only thousands of satoshis? Mabey by that point people will disassociate the value of bitcoin:fiat and associate it to another form of value?

If it ever comes to situation like you described where bitcoin is used by billions of people and it become the real alternative to world's fiat cash, I see 1 satoshi being worth $1 and then I don't think it will be a problem at people people owning just a fraction of Bitcoin. By that time, people will move to smaller denominators anyway, and they won't see on their screen owning let's say 0.00000100 BTC but rather 100 satoshi or something along those lines.

Sanitough

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Quote from: mk4 on December 06, 2022, 11:45:03 PM

Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Right now, most people who want to get into crypto during this bottom-phase of the market but are still hesitant to buy bitcoin because they are going to see 0.0xxxxxxx on their screen and be dissatisfied most likely. Again, this is the behavior of an individual who is uninformed, or misinformed.

I already sound like a broken record at this point, but this is exactly why I think the Bitcoin community should move to a smaller denominator(like sats or bits) by default. Lot's of people are getting tricked into shitty bitcoin alternatives such as XRP/NANO/BCH/BSV.

They did it because they have no idea on the consequences of their actions, instead they believe that shitcoins with cheaper prices can be as much as profitable like bitcoin. And that’s how those uniformed newbies or the so called highly greedy investors resort into shitcoins seeing it could be good alternative to bitcoin. However, while others are reluctant to bitcoin, some have become more obsessed to obtain bitcoin that they buy it from time to time without taking glances to shitcoins.

kryptqnick

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The Internet adoption took decades, and if Bitcoin turns out to be like that, we might still get to the several billion users point. Smartphones, however, were adopted quite fast, so Bitcoin is already well behind on the adoption rate. I am not sure how adopted Bitcoin will become, and especially how often it will be used. I don't think it's an issue that people will have small parts of Bitcoin if mass adoption hits. After all, you can just switch to thinking of it in Satoshis, and be happy. And, of course, given that the distribution of wealth is very unequal, some will have sizeable amounts of BTC even if the price is $1 million or more per coin.

buwaytress

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I don't think it's as hypothetical a situation as you imagine. I did get into Bitcoin in 2016, so had about a year and a half to accumulate before Bitcoin reached ATH. But it wasn't like I was buying Bitcoin, merely getting paid in BTC. And if you're getting paid in it, you're selling most of it anyway (since it's your income). I was saving into the hundreds of thousands and millions -- was not at my dream 1 BTC by the time ATH hit.

Today, we're not too far away from post-2017 prices.

You can still adopt now as if you were 5 years early.

I do know potential investors seem to see fractions as a problem, but adopters aren't bound by that mindset, in my experience.

NotATether

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Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Many individuals during 2020-2021 put time, energy, and their savings into coins that are cheap in price but promise the same thing as something that already exists. Right now, most people who want to get into crypto during this bottom-phase of the market but are still hesitant to buy bitcoin because they are going to see 0.0xxxxxxx on their screen and be dissatisfied most likely. Again, this is the behavior of an individual who is uninformed, or misinformed.

Well would you rather have one zero or even more zeroes to the right of the decimal point in your balance?

That's the thing about common people. They think "surely this is the end" and then 4 years later we break new records.

CryptoHeadlineNews

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Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Right now, most people who want to get into crypto during this bottom-phase of the market but are still hesitant to buy bitcoin because they are going to see 0.0xxxxxxx on their screen and be dissatisfied most likely. Again, this is the behavior of an individual who is uninformed, or misinformed.

But that's the fact about this digital currency called "Bitcoin", because a time is coming in the future when people will wish they had own that mini fraction of it when the price goes times five or ten, because that's the same way many neglected it back then in 2010 to 2015 when it had little but no value, not until today that everybody now wish they knew of it before. But moreover, this bear market is a second chance for many to dip into what Bitcoin has to offer, that is, for those who will grab this golden opportunity

franky1

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ok lets play it out

the median US bank account has $4,500

there are 21,000,000btc
which is: 21,000,000,000,000 bits
which is: 2,100,000,000,000,000 sats

if 1 billion people had even split
there are 0.021btc each person which represents $4500
which is: 2,100,000 bits each person which represents $4500
which is: 210,000,000 sats each person which represents $4500

meaning 1btc is $214,285
and 1bit is $0.21
and 1sat is $0.0021

what people will do is not cry that they cant own "whole bitcoin" because just like gold no one cares to own "whole tonne" instead they trade and use "bits"(gold ounces) and "sats"(gold grams)

Lucius

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Quote from: Little Mouse on December 07, 2022, 01:06:16 AM

Many people now cherish having at least 1 BTC. Other day, I read a thread where OP was looking for having at least 1 BTC.

At a time when the price of BTC was much lower than today, many people tried to be part of the 21 BTC club, that is, to own that number of BTC for the obvious reasons that that number is somehow symbolic. Today, the goal for many is to have at least 1 BTC, and I think that is not something unattainable if we are ready to accept that it happens over a slightly longer period of time.

Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Right now, most people who want to get into crypto during this bottom-phase of the market but are still hesitant to buy bitcoin because they are going to see 0.0xxxxxxx on their screen and be dissatisfied most likely. Again, this is the behavior of an individual who is uninformed, or misinformed.

Numbers are always important to people and their presentation greatly influences how people experience certain things. When we take the example of Bitcoin and some alternatives that used its name (forked coins) then we could see that there were a lot of examples where the investor decided to buy some round number of coins instead of 0.00xxxx BTC. I personally don't see a problem in that, because such decisions should always be left to the individual, no matter how wrong it seems to some of us.

Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Are end stage adopters going to be happy/proud/satisfied/well-off owning a few million satoshis?

We don't know what such a distant future brings us, but if the price of 1 BTC is x50 higher than today, the majority will have to settle for having at least one million satoshis or even less. Even today, some feel good and proud that they have reached that goal -> Today I become a Satoshi millionaire

Aanuoluwatofunmi

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Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

The amount of people who own the private keys to a crypto wallet, particularly bitcoin, exceeds 4 billion. Bitcoin has become the alternative to world's fiat cash.

To me that's why i will insist on saying that bitcoin is only permitted to be accountable for those investors having their coins in their personal wallet and not an exchange wallet, this should be the basic standard to set for those using bitcoin from other cryptocurrencies, there's no mistake be it small when it was been said that bitcoin is yours whenever you have it with you in the wallet which the common slogan for not your keys not your coins set in very importantly.

Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

The price of Bitcoin is definitely higher than it is now.

That is right and is one of the expectations to have when you're dealing with a volatile digital currency like bitcoin in this case, the $68k all time high will soon get another one ahead of it after halving which we are expecting another bullrun sooner in 2024, but not until then we should expect a high volatility in bitcoin which the investors should take note by now in other to help them with their kind of strategies to trade or invest with bitcoin for profitability.

mk4

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Quote from: rat03gopoh on December 06, 2022, 11:52:10 PM

Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

The year is 21xx.
The amount of people who own the private keys to a crypto wallet, particularly bitcoin, exceeds 4 billion.

Not sure about that statistic, maybe it's a bit logical to calculate the number of privatekeys that have been generated through wallets.

It's technically not possible to calculate how many privatekeys have been generated because you can even generate a privatekey offline. The only possible way(as far as I know) is to have a count of how many bitcoin addresses has had at least a single inbound transaction.

Quote from: hZti on December 07, 2022, 01:19:38 AM

Don't you think this will come on its own when people choose so. For example in blue wallet you can already set the default denomination how you like. People will just set it to what is the most practical for them. Maybe we need this option also at some exchanges.

We won't get any success from it if it's optional. A lower denomination should be by default, and people should be able to change it if they wanted the bigger BTC denomination.

hZti

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Quote from: mk4 on December 06, 2022, 11:45:03 PM

Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Right now, most people who want to get into crypto during this bottom-phase of the market but are still hesitant to buy bitcoin because they are going to see 0.0xxxxxxx on their screen and be dissatisfied most likely. Again, this is the behavior of an individual who is uninformed, or misinformed.

I already sound like a broken record at this point, but this is exactly why I think the Bitcoin community should move to a smaller denominator(like sats or bits) by default. Lot's of people are getting tricked into shitty bitcoin alternatives such as XRP/NANO/BCH/BSV.

Don't you think this will come on its own when people choose so. For example in blue wallet you can already set the default denomination how you like. People will just set it to what is the most practical for them. Maybe we need this option also at some exchanges.

Kakmakr

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I think a lot depends on the value of those Satoshis, because it will not be nice if those Satoshis are still valued at a fraction of a cent. We are hoping that the value of Bitcoin will increase over time and that the price will be less volatile, because we want people to use it as a Currency first and then as a Store of Value. Wink

So, for this to happen.... we first have to make sure that there are a more even distribution of Satoshis between people and not a high concentration of bitcoins for Bitcoin Whales only. Roll Eyes

joniboini

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Quote from: rat03gopoh on December 06, 2022, 11:52:10 PM

Not sure about that statistic, maybe it's a bit logical to calculate the number of privatekeys that have been generated through wallets.

I'm pretty sure this is just a hypothetical scenario from OP, you can replace the number with 1 billion or 40 billion, the point is the number of users who uses Bitcoin is way larger than now and most of them probably don't own 1 BTC or even 0.1 BTC.

Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Are end stage adopters going to be happy/proud/satisfied/well-off owning a few million satoshis? Will end-stage adopters own only thousands of satoshis? Mabey by that point people will disassociate the value of bitcoin:fiat and associate it to another form of value?

If Bitcoin is as mainstream as you imagined it to be, I think most of us will be happy even if we don't own 0.1 BTC. There's no need to feel shame just because you own a thousand satoshis if they are worth millions. I don't think we will see fiat die completely and be replaced with other currencies, so I think BTC:fiat won't be gone either. However, I can see BTC being used as the standard instead since fiat is inflationary and so prone to failure (like Bolivar, for example). No reason not to be happy if that is the case.

Little Mouse

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Many people now cherish having at least 1 BTC. Other day, I read a thread where OP was looking for having at least 1 BTC. If BTC goes in such a huge spike, I'm sure people will someday cherish holding 100 mBTC at least. According to your prediction/assumption on the total holder of 4 billion, everyone will have less than half mBTC on average. Won't that make 100 mBTC a dream?

rat03gopoh

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Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

The year is 21xx.
The amount of people who own the private keys to a crypto wallet, particularly bitcoin, exceeds 4 billion.

Not sure about that statistic, maybe it's a bit logical to calculate the number of privatekeys that have been generated through wallets.

Quote

the rest of the world will naturally adopt.

Adoption in various places means it is legalized by the government? People's concern was that at that time the legality of certain conditions, such as bitcoin, could be transacted through a wallet issued by the government. That is, the distribution of bitcoins only circulates between centralized services.
On the other hand, the use of bitcoin on-chain does not allow saving on transaction costs, especially micro payments, assuming 1sat is equivalent to $ 1.

Quote

Are end stage adopters going to be happy/proud/satisfied/well-off owning a few million satoshis?

The much-discussed future prediction, "you'll own nothing and will be happy"

mk4

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Quote from: SeeBiscuit on December 06, 2022, 11:31:21 PM

Right now, most people who want to get into crypto during this bottom-phase of the market but are still hesitant to buy bitcoin because they are going to see 0.0xxxxxxx on their screen and be dissatisfied most likely. Again, this is the behavior of an individual who is uninformed, or misinformed.

I already sound like a broken record at this point, but this is exactly why I think the Bitcoin community should move to a smaller denominator(like sats or bits) by default. Lot's of people are getting tricked into shitty bitcoin alternatives such as XRP/NANO/BCH/BSV.

SeeBiscuit

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Twenty One Million

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