SATOSHI AS THE UNIT OF COUNT | Bitcointalksearch.org

SquirrelJulietGarden

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Quote from: CryptoHeadlineNews on November 11, 2024, 02:04:33 PM

For 1 Satoshi to be worth 1dollar, then it probably means that the price of Bitcoin needs to be approximately around $100,000,000 per BTC, because with the current rate of Bitcoin been value at $85,600 at the time of writing this post, then it means 1 Satoshi should be roughly around $0.000856 ($85,600/100,000,000 = $0.000856).

Some explanation is here too
Why is Bitcoin’s supply limit set to 21 million?

Quote from: m2017 on November 12, 2024, 11:34:49 AM

Considering the inflation that the dollar is subject to (the crazy printing press) and the deflationary model of the bitcoin (limited emission), this figure doesn't seem impossible. Not now, by the time the last bitcoin is mined or a little later.

I love bitcoin but it's too much in my opinion. Many years ago, theymos made his post with which he wrote that if Bitcoin hit a high price (I don't remember how much it is in theymos' example), some Bitcoin whales will have bigger capital than many national capital. It's too unrealistic.

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I hope that someday the time will come when 1 sat. will not be compared with anything else except the 1 sat. (1 sat. = 1 sat.).

1 satoshi = 1 satoshi.
1 bitcoin =1 bitcoin.

These simple facts are meaningful for people who want to exchange their bitcoin for other things, like real estate, luxury items, especially useless altcoins. If they exchange bitcoin to altcoin, they will see 1 bitcoin initially drops to 0.8, 0.5, 0.1 or 0.01 or less in BTC.

m2017

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Quote from: CryptoHeadlineNews on November 11, 2024, 02:04:33 PM

For 1 Satoshi to be worth 1dollar, then it probably means that the price of Bitcoin needs to be approximately around $100,000,000 per BTC, because with the current rate of Bitcoin been value at $85,600 at the time of writing this post, then it means 1 Satoshi should be roughly around $0.000856 ($85,600/100,000,000 = $0.000856).

Considering the inflation that the dollar is subject to (the crazy printing press) and the deflationary model of the bitcoin (limited emission), this figure doesn't seem impossible. Not now, by the time the last bitcoin is mined or a little later.

But I have a question: what is the point of comparing the bitcoin (satoshi) with the dollar? It is almost the same as trying to compare "warm" with "soft", because these are completely different financial instruments. One multiplies and becomes cheaper, and the other - decreases and becomes more expensive.

I hope that someday the time will come when 1 sat. will not be compared with anything else except the 1 sat. (1 sat. = 1 sat.).

SquirrelJulietGarden

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Quote from: EluguHcman on November 12, 2024, 03:45:35 AM

Your point is clear when referred a valuable comparison of Bitcoin and the fiats.

People need comparison to find which one is better, like comparison between Bitcoin and fiat currency, between Bitcoin and gold, for example.
The bullish case for Bitcoin is a long article, also a book if you want to buy it on Amazon, with many insights about Bitcoin including comparison between Bitcoin and fiat currency, gold.

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For the Satoshi, of course it is not a stable coin or token as the USDT.

People as participants like investors, traders in cryptocurrency market definitely dislike fiat currencies, but not all of them say "No" against stable coins. It's because they don't know about high risk of stable coins or they know of risk but ignore it.

PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

EluguHcman

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Quote from: Dunamisx on November 11, 2024, 02:04:02 PM

Quote from: rowtiz on November 11, 2024, 11:38:55 AM

Don't you think that bitcoin as a unit already has too high a value compared to fiat currencies? For example, in Philippine pesos 1 btc = 4 million pesos... do you see that in the future we will be comparing 1 satoshi = 1 dollar?

Maybe we don't even have to go by far in this, there is a simple example to make in clarifying to the rise in bitcoin value, which is the initial worth of bitcoin itself ever since it was launched to what it is now, there was upon a time bitcoin worth nothing, but now, it is what every other person is aiming to have, if satoshi could be a smaller unit of bitcoin an the market rises, then indirectly the value of satoshi must follow suite by rising with the same speed in value.

Your point is clear when referred a valuable comparison of Bitcoin and the fiats.
Bitcoin was actually built in scratch of zero value while the US dollar was highily classified valuable but then, Bitcoin possing potential of valuabilities began to possess its valuables during when its widespread began to expand where adoptors were feasible to Invest on it.

Then it gradually was accumulating it values up to date that it is not just a currency but a valuable commodity that can be a hedge to store values. This means Bitcoin is not just a currency because it is versatile in values.
For the Satoshi, of course it is not a stable coin or token as the USDT.

The value of Satoshi today was as well valueless as Bitcoin was but as Bitcoin gathers it weights of higher price in values, so also Satoshi do pushes ahead to increase in values too.
Since Bitcoin volatility entries is unlimited in price, so also Satoshi can be unlimited in value which means in the future the Satoshi would as well be appreciated as Bitcoin because it has the potential on volatility increase.

odolvlobo

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Quote from: seoincorporation on November 11, 2024, 09:40:53 PM

To see 1 satoshi = 1 dollar will be really hard. for that 1 BTC would be worth 100,000,000 dollars. Simple as that.
reach that goal, or at least isn't that way today, maybe in the next 100 years could be possible. But no one knows.

If inflation goes to 10% and stays, then the dollar will drop to 1/1000 of its current value in 70 years, at which point 1 satoshi = 1 dollar, assuming the value of a satoshi doesn't rise. If its value continues to rise (in real terms), then parity will be sooner.

tbct_mt2

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Quote from: kotajikikox on November 12, 2024, 01:20:19 AM

It could be possible. Due to bitcoin's anti-inflation characteristics, we can only expect bitcoin to rise from here. Bitcoin is a good investment but we are also hoping it is more massively adopted as a currency instead of just everyone holding it. If bitcoin ends up being too high and we still use it as a currency it will be practical to still use bitcoin. So, yes it is possible that maybe we just use Satoshis as a whole instead of using decimals.

Many people think that Bitcoin is inflationary, that is not accurate.

Bitcoin is inflationary because with each Bitcoin block, we will have new bitcoins released to the circulating supply. This new bitcoin release only stop till 2140 year when all 20.99M bitcoins will be all mined and exist in circulation supply, also total supply.
How is the 21 million bitcoin cap defined and enforced?

Chance to rise more? Yes, there is a lot of chance and time for Bitcoin to grow up more.
The bullish case for Bitcoin.
https://www.amazon.com/Bullish-Case-Bitcoin-Vijay-Boyapati/dp/1737204118

kotajikikox

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Quote from: rowtiz on November 11, 2024, 11:38:55 AM

Don't you think that bitcoin as a unit already has too high a value compared to fiat currencies? For example, in Philippine pesos 1 btc = 4 million pesos... do you see that in the future we will be comparing 1 satoshi = 1 dollar?

It could be possible. Due to bitcoin's anti-inflation characteristics, we can only expect bitcoin to rise from here. Bitcoin is a good investment but we are also hoping it is more massively adopted as a currency instead of just everyone holding it. If bitcoin ends up being too high and we still use it as a currency it will be practical to still use bitcoin. So, yes it is possible that maybe we just use Satoshis as a whole instead of using decimals.

But anyway I think this is still far and we would also need to talk about the repercussions of using the term satoshis when bitcoin has carved its way into our society and is now much more well known. The community will have a harder time again to start explaining satoshis to people who do not understand bitcoin.

Hewlet

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Quote from: AVE5 on November 11, 2024, 01:49:24 PM

Quote from: rowtiz on November 11, 2024, 11:38:55 AM

Don't you think that bitcoin as a unit already has too high a value compared to fiat currencies? For example, in Philippine pesos 1 btc = 4 million pesos... do you see that in the future we will be comparing 1 satoshi = 1 dollar?

You're getting it wrong. Bitcoin is literally an asset as it's volatile and so potential it's for investment and source of income. So there's no way it can be compared to the fiats. You can only make it a comparison with any commodity that has potential of yielding increments of values such as trading or or investment commodities.
It's rather alternatively served as digital currency because it's a uniform value that can be served as global exchange for payments and services.
Satoshi is potential to surpass the US $ in years ahead since it's volatile.

I guess you're the one that's getting it all wrong or you're just carried away by the whole Bitcoin price speculation thing that has almost blinded the majority to forget what Bitcoin was created for at the start. Bitcoin is not just an asset that's known for it increase in value overtime. Apart from that, Bitcoin is designed to serve as a potential payment option for users accross the world which literally means that Bitcoin has the ability of performing the same kind of role fiat performs most expecially relating to it usage as a medium of payment.

It is because of these that we have smaller units of Bitcoin that's known as the Satoshi which makes it easier to quantify Bitcoin in smaller units. Maybe because of the way a lot of people are currently investing in Bitcoin and holding it rather than trading it the narrative might have changed a little but the fact is that, for the transactional usage of Bitcoin, the sats still serves as the a good and considerable unit.

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With the rapid increase in Bitcoin's value, the fact that 1 BTC now equals millions of pesos does make it seem out of reach for many people. However, that's actually one of the reasons why the satoshi could become more relevant in the future. If Bitcoin continues to appreciate, smaller units like satoshis might become the standard for everyday transactions. In that sense, we could eventually see 1 satoshi equating to a dollar or even more. It’s all about making Bitcoin more practical as a currency, and that may involve thinking in smaller units as the value of BTC rises.

hd49728

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Quote from: rowtiz on November 11, 2024, 11:38:55 AM

Don't you think that bitcoin as a unit already has too high a value compared to fiat currencies? For example, in Philippine pesos 1 btc = 4 million pesos... do you see that in the future we will be comparing 1 satoshi = 1 dollar?

satoshi is a basic smallest unit of bitcoin, before Lightning Network was launched and bitcoin has smaller units than satoshi, it's millisatoshi.

[Did you know?] Bitcoin Table of Units

I only use three units: bitcoin, satoshi and milli-bitcoin, and I don't use none of other units in settings of my Bitcoin wallets.

pooya87

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Doesn't really matter though because any decent wallet software and any decent online service such as exchanges support representing the values in different units including satoshis. So if anyone thinks bitcoin unit is too big, or just doesn't like it then they can easily change that representation.

I personally use both, usually use bitcoin unit for payment amount and satoshi for fees (tx fee, trade fee, etc.) and trade profit specially if the trade volume and profit/loss was small Roll Eyes

Easteregg69

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It depends on scarcity. 100 dollar per sats is not unrealistic.

Tell me. What's with the captcha? You opt on it? It's insane!

seoincorporation

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To see 1 satoshi = 1 dollar will be really hard. for that 1 BTC would be worth 100,000,000 dollars. Simple as that.

And is hard to imagine bitcoin at that price, even if there is no top, we are talking about 100 million each coin, i don't think there is enough money on the market to reach that goal, or at least isn't that way today, maybe in the next 100 years could be possible. But no one knows.

reagansimms

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Quote from: rowtiz on November 11, 2024, 11:38:55 AM

Don't you think that bitcoin as a unit already has too high a value compared to fiat currencies? For example, in Philippine pesos 1 btc = 4 million pesos... do you see that in the future we will be comparing 1 satoshi = 1 dollar?

Bitcoin continues to show its quality as one of the best Cryptocurrencies ever, several important moments have occurred on its journey so that it can break its own record by printing a new ATH. The price traded today shows how important it is to own Bitcoin in the future, now almost most retail investors are starting to pay attention to Bitcoin because the potential for price increases is very large. The uniqueness of Bitcoin which can be divided into small units (Satoshi) makes it very easy for anyone to have it, the increase in greater adoption will be more widespread in the future, the price will slowly increase, although we never know when 1 Satoshi is worth $1, but the direction towards it has already begun.

Darker45

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We use the unit that's most practical to us. Bitcoin and Satoshi aren't the only units available for Bitcoin. Using those in between like mBTC or uBTC are probably more convenient when dealing with smaller amounts. There's even a unit smaller than the Satoshi on Lightning. MilliSatoshi or mSat is a hundredth of a Satoshi.

1 Sat to 1 dollar will come, eventually. We're getting there. For now, a dollar is equivalent to 1,100 Sats. Soon, it's going to be 3 digits already.

Silberman

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Quote from: rowtiz on November 11, 2024, 11:38:55 AM

Don't you think that bitcoin as a unit already has too high a value compared to fiat currencies? For example, in Philippine pesos 1 btc = 4 million pesos... do you see that in the future we will be comparing 1 satoshi = 1 dollar?

Use whatever unit that makes you easier to visualize the value of bitcoin, I often use the mBTC to have a more relatable unit of account which currently sits at 86 dollars, so it is easier to understand the value of bitcoin for me this way, however assuming the price of bitcoin keeps increasing and we get to a point of one satoshi being worth the same as one dollar, I cannot help but wonder if at that stage a dollar still buys what it buys today or if inflation has reduced its purchasing power greatly? If this is the case then we may still not need to do anything about it.

odolvlobo

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In my opinion, the max number of bitcoins was set too low.

The problem is that if Bitcoin gains worldwide adoption, then the value of a satoshi will be high enough such that fractions of a satoshi would be necessary for everyday trade, but Bitcoin does not support that. Imagine that there are no fractions of a dollar and everything must be priced in whole dollars.

Now, this problem has occurred in the past and people found ways around it. For example, the term "pieces of eight" comes from the fact that the old Spanish dollar could be physically split into 8 pieces, giving rise to $0.25 being referred to as "2 bits" in the U.S. and the cheer, "two bits, four bits, six bits, a dollar, ...".

It has been stated that fractional satoshis can be implemented in Bitcoin with a soft fork, so I guess that will be the solution. Or maybe fractional satoshis in Lightning and other protocols will be sufficient.

Regardless, the easy solution would have been to increase the max number of bitcoins by a factor of 1000 or so (up to 92 billion), but that ship has sailed.

Also, this has nothing to do with the value compared to other currencies because their values trend to 0, and they will be irrelevant in the end.

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cout << "Bitcoin";

Quote from: rowtiz on November 11, 2024, 11:38:55 AM

Don't you think that bitcoin as a unit already has too high a value compared to fiat currencies? For example, in Philippine pesos 1 btc = 4 million pesos... do you see that in the future we will be comparing 1 satoshi = 1 dollar?

CryptoHeadlineNews has performed the necessary calculations, and i believe that you've seen how far bitcoin needs to grow before it's least unit(1sats) can be compared with a dollar. I can't see that happening in the future because i'm not from the future, and i don't think any of us here comes from the future either. We are in the present, and i want to believe that we've all been enjoying the past few days. The only thing we can all certainly guranatee is that bitcoin will continue to grow. We are currently waiting to see bitcoin hit $100K(maybe in the next few weeks if possible), but thinking about $100M that can give us a $1 equivalent when compared to its least unit(1 sats) is very far from my imagination.

Edited:
I'm not saying that it's impossible, but believe me when i say that it's going to take yearsss..., with some 50/50 doubt of possibility.

Aanuoluwatofunmi

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Quote from: rowtiz on November 11, 2024, 11:38:55 AM

Don't you think that bitcoin as a unit already has too high a value compared to fiat currencies?

Bitcoin currently of if high value, not to even talk of now that we are on the bullrun and having all time high, which is another significant example to show that bitcoin is ever increasing in value.

Secondly, we could see to the rate of bitcoin adoption as an ever increasing demand, because people have now realized more unique importance of bitcoin in the financial sector and want to be part of this freedom it give as well as profitability when invested.

CryptoHeadlineNews

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Quote from: rowtiz on November 11, 2024, 11:38:55 AM

Don't you think that bitcoin as a unit already has too high a value compared to fiat currencies? For example, in Philippine pesos 1 btc = 4 million pesos... do you see that in the future we will be comparing 1 satoshi = 1 dollar?

For 1 Satoshi to be worth 1dollar, then it probably means that the price of Bitcoin needs to be approximately around $100,000,000 per BTC, because with the current rate of Bitcoin been value at $85,600 at the time of writing this post, then it means 1 Satoshi should be roughly around $0.000856 ($85,600/100,000,000 = $0.000856).

NOTE
100,000,000 satoshis (sats) are in one Bitcoin. Which also means that one satoshi represents 0.00000001 BTC, technically, making it the smallest possible unit of bitcoin.

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