The Inevitability of Million Dollar Bitcoin

Iranus

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Quote from: RoooooR on December 24, 2016, 09:30:34 PM

When the enigmatic Satoshi Nakamoto gave birth to Bitcoin in January 2009, he had no idea of the cataclysmic, far-reaching repercussions of his innovative solution to the double-spend problem. Although he was neither a superstar programmer nor a superstar mathematician, he whipped up an idea that would change the world.

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 100,000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 100,000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

The rise of Bitcoin has been anything but steady and reliable, with the price leaping and plummeting seemingly on the whim of an unfavorable news report, a hacked exchange, an ugly theft, or some nasty news out of China. Nonetheless, the trend has been inexorably upwards, and there is no reason to believe this trend will change. Here’s why …

Full Article Here: https://darknetmarkets.com/inevitability-million-dollar-bitcoin/

It's all well and good for the price to rise by 100,000% if it's from practically nothing, but a rise to a million dollars is completely incomparable. By your logic the price could easily just rise by 100,000% again, as if the quantities of money involved stayed the same throughout, which is (obviously) an oxymoron.

Bitcoin's market cap is close to 20 billion dollars, so to rise to a million dollars it would have to be significantly closer to 20 trillion, which is more than the circulation in the US and many other countries put together. It's just ridiculous, especially with a blockchain that's currently not scaled or convenient.

lionheart78

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Quote from: beber456 on March 18, 2017, 12:03:18 AM

As you can see on https://bitcoinfees.21.co/ the fastest and cheapest transaction fee is 200 satoshis/byte for a median transaction size of 226 bytes, this results in a fee of 0,00045 btc...
so with a 1M dollar bitcoin median fee will be 450$ .... (today its 0.60$ and its already huge)

Definitely this is huge. You haven't added the rate increase of the transaction fee so it would be more than $450 if Bitcoin became 1 million dollar a piece. Probably if there is no change on the Bitcoin transaction fee protocols, we can see more than 1 BTC fee per transaction.

Honestly I can not see Bitcoin as $1m. Probably $50k is possible but definitely not 1 million USD.

Xester

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Quote from: RoooooR on December 24, 2016, 09:30:34 PM

When the enigmatic Satoshi Nakamoto gave birth to Bitcoin in January 2009, he had no idea of the cataclysmic, far-reaching repercussions of his innovative solution to the double-spend problem. Although he was neither a superstar programmer nor a superstar mathematician, he whipped up an idea that would change the world.

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 100,000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 100,000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

The rise of Bitcoin has been anything but steady and reliable, with the price leaping and plummeting seemingly on the whim of an unfavorable news report, a hacked exchange, an ugly theft, or some nasty news out of China. Nonetheless, the trend has been inexorably upwards, and there is no reason to believe this trend will change. Here’s why …

Full Article Here: https://darknetmarkets.com/inevitability-million-dollar-bitcoin/

Yes that is a fact that bitcoin was always in the move and its price is always climbing up. Though there are price deflation but bitcoin has managed to climb up and is already at One thousand Dollar value at this moment. There are many bad news in the industry such as disapproval of the etf and the ongoing problems on blocksize, slow transactions and high miner fees but bitcoin has seemed to move on amidst these problems. But I do hope that soon there will be a consensus so those problems will be taken care of and bitcoins value will again climb up high up to 3k dollars this year.

beber456

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As you can see on https://bitcoinfees.21.co/ the fastest and cheapest transaction fee is 200 satoshis/byte for a median transaction size of 226 bytes, this results in a fee of 0,00045 btc...
so with a 1M dollar bitcoin median fee will be 450$ .... (today its 0.60$ and its already huge)

iTradeChips

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the more adoption of bitcoin the higher the price will be. personally if i wanted bitcoin to be successful and viable, i will be more concerned about mass adoption rather than the price. price will depend on the scale of the global economy that adopts bitcoin and the total number of bitcoin. the real strength is the adoption and it will be the one that will lessen the volatility and increase stability in a continuous loop.

rajasumi3

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million dollar for a bitcoin is inevitable absolutely ,mining is going on to its full stage ,and every country has supported it to its level and not banned it to any level .but one million dollar for a bitcoins is quite to happen,and i dont see this happening no matter what has happen in the 7 years.

beerlover

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Quote from: mrkevio on December 26, 2016, 04:31:22 PM

Quote from: thejaytiesto on December 25, 2016, 11:12:21 AM

Quote from: mrkevio on December 25, 2016, 02:45:40 AM

$1m for one BTC means one Satoshi to be equal to $0.01. It would be insane, but we still need time for that amount. I will keep one Bitcoin saved and will probably spend the rest of it. Sounds impossible, but it's probably as impossible at it seemed in 2009 for one BTC to ever reach $1200! And it happened, so I don't think it's really that hard to happen unless something bad happens to Bitcoin.

You should keep more than one as perpetual, never-selling cold storage long term holdings. Usually the magic number is 21 bitcoins because only 21 million bitcoins will exist which means 1 million people can ever hold 21 bitcoin, in practice less since a lot of bitcoins have been lost/will get lost.

Eventually 1 btc will make you rich but you dont want to wait that long, 21 is guaranteed richies in 10 years.

21BTC is an enormous amount for me. I don't know if I'll be able to achieve that, even in ten years or so. Because of the price increase, we will see smaller payments too, so getting to 21BTC will become even harder to get to. I'm trying my best to get to even one, ha ha! I

No doubt the since the price of the bitcoin’s price has become this high the payment have been decreasing which makes us more and more unable to reach our btc achievements, a few years ago when the bitcoin started 200 btc was achievable but right now I don’t think it is possible to earn that amount.

HappyLizard

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In the end, if BTC continues to grow, it MUST reach a point where the value is $1000000. I mean this assuming the value of $1million today. I expect long before BTC ever grows that much the actual USD will become worthless, dropping past the point where you'd have to pay a million or more to buy one BTC.

sportis

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Quote from: chesatochi on December 26, 2016, 07:02:10 PM

Quote from: OROBTC on December 26, 2016, 06:45:02 PM

Quote from: buwaytress on December 26, 2016, 03:59:24 PM

Quote from: beerlover on December 26, 2016, 01:10:48 PM

The supply of bitcoin is just too great for it to rise to such a high level, and it probably wouldn't happen as there will almost certainly be a coin that supersedes Bitcoin and has some kind of better encryption.
SHA256 will only be secure for a few more decades, so unless major work is done on the platform by then bitcoin may fall behind other coins.

This is someone who understands a little bit more about the incredible number of assumptions that are in place for a 1 milliom dollar bitcoin value!

Although to be fair, efforts to improve the platform and advance it technologically can only work to further boost the value of btc.

Yes, the above two comments seem the most realistic. There are too many variables (re the future) that we cannot know, including many variables that we cannot predict (similar to those trying to predict Black Swan events).

While my guess is that BTC will do great in the medium-term (say 3 - 5 years, maybe reach $10,000 or even $25,000), I would be reluctant to predict much further out than that. There is always the possibility of a better coin, even with Bitcoin's first mover advantage.

$1,000,000 per BTC, would that value be in hyper-inflated dollars?

I don't think the bitcoin can't reach 1000000$ in value Wink

. I think the next step for the bitcoin to continue to raise, more place will accept bitcoin, new services will emerge from the bitcoin entrepreneurs, easy to use for the average joe.

The price pumps lately because of the demonetization in India, the devaluation of yuan in China, the hyperinflation in Venezuela.

Even though I want a very high price of bitcoin I can understand that this an utopia. I definitely agree with chesatochi that there are reasons about the rapidly increasing price of bitcoin. Many people in the forum they see bitcoin as a god. This is not strange. Many gold miners in the past had the same dream too. Now, we see gold, silver, palladium and other precious metals as an asset for trading. But bitcoin has value for all the unique characteristics compared to fiat money. So we must grab the opportunity to buy our favorite things cheaper than we had to buy it some months ago.

smho_16

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Maybe it will not reach 1 mln dollar per bitcoin but surely in my view in a longer distant future(when we will all be dead in year 2100) I am pretty sure that bitcoin by then would be worth at least 100.000 USD per bitcoin. What is for sure is in our lifetime I don't think we will ever see such value for bitcoin.

2double0

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Quote from: avatar_kiyoshi on December 27, 2016, 03:12:32 PM

That's the spirit, OP. But...

Quote from: Pursuer on December 27, 2016, 10:57:22 AM

when thinking about how much price of bitcoin has gone up, it seems like a correct conclusion to say bitcoin price will be some crazier number in the future like 10K, 1Mil,... but when you think more about it you can see that some prices are still only crazy such as 1million. it is even impossible to get there. and even if someday that becomes a possibility that some day is way into the future and after way more changes in adoption.
so I think it is best if we stick to the facts and start talking about more realistic numbers such as $5000

I would agree with this, don't much expecting if the adopters will be more 20% of this planet population. The people is already planted mindset that "do not break the rules", means the government totally successful to control people since elementary school.
Although the government recently have an open innovation, like blockchain technology, it's just open to make a copy and use it for create their own currency, so people mostly will not familiar what a first thing behind that technology.

Governments can neither buy your freedom nor they can take it away, you are your own well-wisher and know very well what you want to do with your life because you are completely independent. They might plant it out, but just see the number of increasing users being added daily to the bitcoins' users list which is making it a possibility to let everyone see $1000 once again. So, when this has become possible which people were saying, that it will never go $1000 again, why not a million?

avatar_kiyoshi

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That's the spirit, OP. But...

Quote from: Pursuer on December 27, 2016, 10:57:22 AM

when thinking about how much price of bitcoin has gone up, it seems like a correct conclusion to say bitcoin price will be some crazier number in the future like 10K, 1Mil,... but when you think more about it you can see that some prices are still only crazy such as 1million. it is even impossible to get there. and even if someday that becomes a possibility that some day is way into the future and after way more changes in adoption.
so I think it is best if we stick to the facts and start talking about more realistic numbers such as $5000

I would agree with this, don't much expecting if the adopters will be more 20% of this planet population. The people is already planted mindset that "do not break the rules", means the government totally successful to control people since elementary school.
Although the government recently have an open innovation, like blockchain technology, it's just open to make a copy and use it for create their own currency, so people mostly will not familiar what a first thing behind that technology.

RealBitcoin

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It wont be, because Bitcoin will have more competitors. Even now Bitcoin is less than 90% of market dominance, by the time Bitcoin goes global, every country will have a government cryptocurrency, so Bitcoin will never have global 80% market dominance.

At best BTC will have 5-10% of the GWP, and that is a very generous estimation!

Pursuer

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Where is my ring of blades...

when thinking about how much price of bitcoin has gone up, it seems like a correct conclusion to say bitcoin price will be some crazier number in the future like 10K, 1Mil,... but when you think more about it you can see that some prices are still only crazy such as 1million. it is even impossible to get there. and even if someday that becomes a possibility that some day is way into the future and after way more changes in adoption.
so I think it is best if we stick to the facts and start talking about more realistic numbers such as $5000

davis196

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Quote from: RoooooR on December 24, 2016, 09:30:34 PM

When the enigmatic Satoshi Nakamoto gave birth to Bitcoin in January 2009, he had no idea of the cataclysmic, far-reaching repercussions of his innovative solution to the double-spend problem. Although he was neither a superstar programmer nor a superstar mathematician, he whipped up an idea that would change the world.

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 100,000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 100,000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

The rise of Bitcoin has been anything but steady and reliable, with the price leaping and plummeting seemingly on the whim of an unfavorable news report, a hacked exchange, an ugly theft, or some nasty news out of China. Nonetheless, the trend has been inexorably upwards, and there is no reason to believe this trend will change. Here’s why …

Full Article Here: https://darknetmarkets.com/inevitability-million-dollar-bitcoin/

We don`t need a million dollar bitcoin price.The price doesn`t matter for btc adoption.

There are still big problems that stop mass btc adoption and there`s are no solutions.

topesis

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Quote from: aso118 on December 25, 2016, 12:20:31 AM

Quote from: RoooooR on December 24, 2016, 09:30:34 PM

The notion of million-dollar Bitcoin may seem damnably unrealistic, but consider that the cryptocurrency that was trading for pennies in 2009 has now soared to almost $1000 USD. From a dollar to a thousand dollars is a 1000% rise. From a thousand dollars (its current price) to 1 million dollars is also a 1000% rise. Bitcoin has a proven track record of this magnitude of appreciation.

From a dollar to a thousand dollars is not a 1000% rise, it is a 1000x rise (more like a 100,000% rise)
The problem with that analogy is that you are ignoring the base effect. In percentage terms, it is very easy to increase by a large percentage when the initial value is small. There will be hundreds of alt coins which would have increased by the same percentage. But as the market capitalization grows, repeating the increase becomes very difficult.

Yes, I agree with you on this, for 10cent to turn to $1 is easier than for $1 to $10, though both have thesame profit percentage, It is human psychology. $1 million will make most people of this forum instant million but I don't see it happening, $10,000 at most

encantado

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This is a good read,this is the best time to hoard as many bitcoin as possible,that article says a lot,unless paypal and all the other payment processor change,their direction,we will see Bitcoin price soar.
I'm glad to be in Bitcoin I'm sure I'm not yet late although Bitcoin is at $900 .

Huge Black Woman

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Shint, if this here ever hitsa one milly, imma buy me a house! No joke. Liitebylittle I'm becoming a bitcoin BALLER.

chesatochi

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Quote from: OROBTC on December 26, 2016, 06:45:02 PM

Quote from: buwaytress on December 26, 2016, 03:59:24 PM

Quote from: beerlover on December 26, 2016, 01:10:48 PM

The supply of bitcoin is just too great for it to rise to such a high level, and it probably wouldn't happen as there will almost certainly be a coin that supersedes Bitcoin and has some kind of better encryption.
SHA256 will only be secure for a few more decades, so unless major work is done on the platform by then bitcoin may fall behind other coins.

This is someone who understands a little bit more about the incredible number of assumptions that are in place for a 1 milliom dollar bitcoin value!

Although to be fair, efforts to improve the platform and advance it technologically can only work to further boost the value of btc.

Yes, the above two comments seem the most realistic. There are too many variables (re the future) that we cannot know, including many variables that we cannot predict (similar to those trying to predict Black Swan events).

While my guess is that BTC will do great in the medium-term (say 3 - 5 years, maybe reach $10,000 or even $25,000), I would be reluctant to predict much further out than that. There is always the possibility of a better coin, even with Bitcoin's first mover advantage.

$1,000,000 per BTC, would that value be in hyper-inflated dollars?

I don't think the bitcoin can't reach 1000000$ in value Wink

. I think the next step for the bitcoin to continue to raise, more place will accept bitcoin, new services will emerge from the bitcoin entrepreneurs, easy to use for the average joe.

The price pumps lately because of the demonetization in India, the devaluation of yuan in China, the hyperinflation in Venezuela.

OROBTC

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Quote from: buwaytress on December 26, 2016, 03:59:24 PM

Quote from: beerlover on December 26, 2016, 01:10:48 PM

The supply of bitcoin is just too great for it to rise to such a high level, and it probably wouldn't happen as there will almost certainly be a coin that supersedes Bitcoin and has some kind of better encryption.
SHA256 will only be secure for a few more decades, so unless major work is done on the platform by then bitcoin may fall behind other coins.

This is someone who understands a little bit more about the incredible number of assumptions that are in place for a 1 milliom dollar bitcoin value!

Although to be fair, efforts to improve the platform and advance it technologically can only work to further boost the value of btc.

Yes, the above two comments seem the most realistic. There are too many variables (re the future) that we cannot know, including many variables that we cannot predict (similar to those trying to predict Black Swan events).

While my guess is that BTC will do great in the medium-term (say 3 - 5 years, maybe reach $10,000 or even $25,000), I would be reluctant to predict much further out than that. There is always the possibility of a better coin, even with Bitcoin's first mover advantage.

$1,000,000 per BTC, would that value be in hyper-inflated dollars?

Topic: The Inevitability of Million Dollar Bitcoin (Read 2425 times)