1 million dollars is out of reach for the average person.
Best buy these whole Bitcoins while you can.
Topic: The average person can never own a single Bitcoin - page 2. (Read 1373 times)
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I also see this psychological barrier people have. Unfortunately, a lot of people don't actually understand fractional or decimal values, sad but true. When they see it, all they think is that it's a tiny amount and that's about it. However, at the current bitcoin valuation of ~1225 it should not be that difficult to understand what 1mBTC is worth. As the value keeps rising, bitcoins will more likely be valued as mBTC uBTC and one day maybe even Satoshi, and bitcoins can be enumerated less than a Satoshi, so the true distributional supply could be infinite and is not limited to 21M. All it takes is proper communication and marketing so that psychological barrier for people is broken.
Coins are still being mined, although the block reward keeps decreasing, miners also get transaction fees, so the more transactions with fees there are per block, the more bitcoins have mined/changed hands. At some point, the miners will only be mining for tx fess, however, by the time that comes, they could well be earning more mining tx fess than the block rewards today.
Coins are still being mined, although the block reward keeps decreasing, miners also get transaction fees, so the more transactions with fees there are per block, the more bitcoins have mined/changed hands. At some point, the miners will only be mining for tx fess, however, by the time that comes, they could well be earning more mining tx fess than the block rewards today.
Ever heard of a Satoshi? A Satoshi is (currently) the smallest divisible unit of a bitcoin. It is 0.00000001 BTC. Enough for about each of the 7 billion people of earth to own 300,000. So, yeah, I think they thought of that.
So, 1 BTC = 100,000,000 Satoshis.
So, 1 BTC = 100,000,000 Satoshis.
This is starting te be noticed more and more as the price of bitcoin rises and diferent units like milibitcoins (0,001) or unibitcoins (0,000001) are gaining popularity.
Feel free to redirect me if this has been addressed before here; I'm still learning a lot about Bitcoin. From what I understand, it was designed so that there can be only 21 Million Bitcoins issued total. I have no idea if all the Bitcoins have been released, or if they're still being generated and slowly released, or how; I've heard a lot about Mining but I still don't understand if this generates new Bitcoins, lends mass-distributed processing power to manage the whole Bitcoin system in exchange for already-existing Bitcoins, some combination of those two or something else.
The fact of the matter is that because there are only 21 Million Bitcoins, and well over 6 Billion people on earth, then the average person can never own a single Bitcoin. I understand that Bitcoins can be divided up into tiny amounts (thousanths or millionths of a Bitcoin), but with the current price of the Bitcoin at well over $1100 USD and the fixed amount of only 21 Million Bitcoins, it means that a single, whole Bitcoin is out of reach for the vast majority of people.
I think this fact would potentially diminish the appeal and value of the Bitcoin for many people, as no one wants to own ten millionths of something. It's easy for someone to understand $1.25 or $120 or $565,900, but 0.004983 BTC is something else. People tend to struggle with small numbers; it takes a lot of mental energy for the average, not-mathematically-inclined person to count the number of decimal places after the decimal point and figure out "how many thousandths/millionths is this, etc?" Then converting that to dollars is another layer of mathematical effort.
I also have a feeling that people tend to dismiss the value of something when tiny numbers or units are associated with it. I work in a drug testing lab at a major biopharmaceutical manufacturer, and I often have a hard time explaining to my non-scientist friends and family how something as seemingly small and minute as a balance discrepancy of 1 milligram, or conductivity meter discrepancy of 5 microSiemens, or a UV detector being off by 10 nanometers, can lead to catastrophic product failure (and hundreds of thousands or even millions of dollars of drug or drug-ingredients going to waste). Medicine and pharmacology are just one of those fields where tiny values are critical; there are drugs where 1.5 mg does nothing, 2.0 mg will cure you and 2.5 mg will kill you.
The technical challenges of entering the world of Bitcoin are daunting enough for the average person, but I think this issue needs to be addressed as well for Bitcoin to have mass appeal; perhaps new, easy-to-understand units or valuation that equal some fraction of a whole Bitcoin (as in 100 _____ = 0.005 BTC, etc). What do you think?
The fact of the matter is that because there are only 21 Million Bitcoins, and well over 6 Billion people on earth, then the average person can never own a single Bitcoin. I understand that Bitcoins can be divided up into tiny amounts (thousanths or millionths of a Bitcoin), but with the current price of the Bitcoin at well over $1100 USD and the fixed amount of only 21 Million Bitcoins, it means that a single, whole Bitcoin is out of reach for the vast majority of people.
I think this fact would potentially diminish the appeal and value of the Bitcoin for many people, as no one wants to own ten millionths of something. It's easy for someone to understand $1.25 or $120 or $565,900, but 0.004983 BTC is something else. People tend to struggle with small numbers; it takes a lot of mental energy for the average, not-mathematically-inclined person to count the number of decimal places after the decimal point and figure out "how many thousandths/millionths is this, etc?" Then converting that to dollars is another layer of mathematical effort.
I also have a feeling that people tend to dismiss the value of something when tiny numbers or units are associated with it. I work in a drug testing lab at a major biopharmaceutical manufacturer, and I often have a hard time explaining to my non-scientist friends and family how something as seemingly small and minute as a balance discrepancy of 1 milligram, or conductivity meter discrepancy of 5 microSiemens, or a UV detector being off by 10 nanometers, can lead to catastrophic product failure (and hundreds of thousands or even millions of dollars of drug or drug-ingredients going to waste). Medicine and pharmacology are just one of those fields where tiny values are critical; there are drugs where 1.5 mg does nothing, 2.0 mg will cure you and 2.5 mg will kill you.
The technical challenges of entering the world of Bitcoin are daunting enough for the average person, but I think this issue needs to be addressed as well for Bitcoin to have mass appeal; perhaps new, easy-to-understand units or valuation that equal some fraction of a whole Bitcoin (as in 100 _____ = 0.005 BTC, etc). What do you think?
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