The simple truth is.. - page 2. | Bitcointalksearch.org

Torque

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Quote from: NUFCrichard on May 04, 2017, 03:48:54 AM

It is kind of true. People looking to buy into bitcoin now will not want to buy $500 worth, meaning 0.33BTC.
They will want at least one whole Bitcoin. That isn't really viable for a lot of people though.

If you and everyone else keeps saying this to yourself, then you'll never get or understand what Bitcoin is now, or will be in the future. How do you think Bitcoin will survive in the future when it's exchange rate = $10K/btc, or $100k/btc? You think that will somehow prevent people from buying and using it? On the contrary, it will be the exact opposite.

Satoshi could have just as easily launched with 1 BTC as the cap, and there is still enough bitcoin for everyone in the world to buy and use it. The whole fkn point of having 8 decimal places, with room for 8 more with a single line of code change.

You obviously still don't get it.

People are not going to stop buying and using something nearly infinitely divisible, just because the single unit exchange rate is showing something more than they can afford. The amount of world merchant adoption will be the only measuring stick for any cryptocurrency's popularity and usage at world scale, not the exchange rate.

Bitcoin is not a form of "bling" and there are no bragging rights. It's simply money, to be saved and spent. You can buy any amount of it now, or in the future, no matter what the exchange rate is.

serjent05

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Quote from: mikenz on May 04, 2017, 03:40:24 AM

Quote

Stupidest. Thing. Evar. To. Say.

Right next to "Bitcoins are too expensive." Yeah, so are bars of gold, but that doesn't stop people from buying smaller amounts, or keep them from buying it at all.

I explain it to you in easy words you may capable to understand. The maximal nr if Bitcoin will be 21.000.000. The current nr of world population today is 7.502.189.056 (http://www.worldometers.info/world-population/)

Now the law of mathematics say: 7.502.189.056 is a bigger number than 21.000.000

If everyone would receive a fair share, that would be awesome 0.00279 BTC for everyone.

0.00279 Bitcoin does not equal to "a Bitcoin".

Therefore the simple truth is:

THERE ARE NOT ENOUGH BITCOINS FOR EVERYONE !!!

But there is enough satoshi for everyone Cheesy

. I guess having not enough bitcoin is not an issue but rather a strong feature of Bitcoin. This will make bitcoin price to increase due to the demand of people. And on the contrary not everyone will have personal computer and definitely not everyone are able to use a computer / gadget that is connected to internet. so I guess there is some discrepancy in the computation.

Slark

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Quote from: NUFCrichard on May 04, 2017, 03:48:54 AM

It is kind of true. People looking to buy into bitcoin now will not want to buy $500 worth, meaning 0.33BTC.
They will want at least one whole Bitcoin. That isn't really viable for a lot of people though.

How is that a problem again? If yhey have no fiat money to buy 1 BTC they will just buy half or 1/3 does that matter?
If you want to own a lot of coins then buy LTC wen it is still cheap, or better something like DOGE.
No one said that you need to have 1 full BTC or else your are not true bitcoin owner.

NUFCrichard

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It is kind of true. People looking to buy into bitcoin now will not want to buy $500 worth, meaning 0.33BTC.
They will want at least one whole Bitcoin. That isn't really viable for a lot of people though.

I feel lucky that I bought in the 2014 dip and have more or less held. I am not sure that the only way is up, but I am scared that if I sell, I will be left looking stupid when Bitcoin is worth $25k per coin!

How many of the total Bitcoin supply are actually available to buy anyway? I reckon way less than 1mil

mikenz

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Quote

Stupidest. Thing. Evar. To. Say.

Right next to "Bitcoins are too expensive." Yeah, so are bars of gold, but that doesn't stop people from buying smaller amounts, or keep them from buying it at all.

I explain it to you in easy words you may capable to understand. The maximal nr if Bitcoin will be 21.000.000. The current nr of world population today is 7.502.189.056 (http://www.worldometers.info/world-population/)

Now the law of mathematics say: 7.502.189.056 is a bigger number than 21.000.000

If everyone would receive a fair share, that would be awesome 0.00279 BTC for everyone.

0.00279 Bitcoin does not equal to "a Bitcoin".

Therefore the simple truth is:

THERE ARE NOT ENOUGH BITCOINS FOR EVERYONE !!!

LuanX3

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Well that is how it was designed! This was an intentional thing as bitcoin was somewhat patterned with gold where gold is easily mined at the start and gradually becomes harder but in the end, gold is also scarce at it is also finite. This is a truth we must face as well as, if there is no limit then it will just continue to produce more of it.

AjithBtc

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Quote from: cpfreeplz on May 03, 2017, 10:58:09 AM

Quote from: Torque on May 03, 2017, 10:37:48 AM

Other than to signify an exchange rate, a 'bitcoin' is simply an abstract unit of measure, and a pretty meaningless one at that.

Saying there are not enough bitcoins is like saying that there aren't enough bars of gold, or barrels of oil, for everyone in the world.

Stupidest. Thing. Evar. To. Say.

Right next to "Bitcoins are too expensive." Yeah, so are bars of gold, but that doesn't stop people from buying smaller amounts, or keep them from buying gold at all.

Yup. Literally everyone in the world can afford a satoshi or even (wow!) 100 Satoshis. No one is THAT poor. Although some people may not be able to afford a computer/phone with Internet so I guess in that case they would never have bitcoins.

As the entire earning chances and the usage is through computer, smartphones with the help of internet people who can't afford it will never get an opportunity to own a few Satoshi. Though the availability of coins is limited the affordability is high as it has got denomination from much lower scale.

Meuh6879

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Quote from: mikenz on May 03, 2017, 07:35:07 AM

THERE ARE NOT ENOUGH BITCOINS FOR EVERYONE !!!

cpfreeplz

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Quote from: Torque on May 03, 2017, 10:37:48 AM

Other than to signify an exchange rate, a 'bitcoin' is simply an abstract unit of measure, and a pretty meaningless one at that.

Saying there are not enough bitcoins is like saying that there aren't enough bars of gold, or barrels of oil, for everyone in the world.

Stupidest. Thing. Evar. To. Say.

Right next to "Bitcoins are too expensive." Yeah, so are bars of gold, but that doesn't stop people from buying smaller amounts, or keep them from buying gold at all.

Yup. Literally everyone in the world can afford a satoshi or even (wow!) 100 Satoshis. No one is THAT poor. Although some people may not be able to afford a computer/phone with Internet so I guess in that case they would never have bitcoins.

BrewMaster

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Quote from: Torque on May 03, 2017, 10:37:48 AM

Other than to signify an exchange rate, a 'bitcoin' is simply a unit of measure, and a pretty meaningless one at that.

Saying there are not enough bitcoins is like saying that there aren't enough bars of gold, or barrels of oil, for everyone in the world.

Stupidest. Thing. Evar. To. Say.

Right next to "Bitcoins are too expensive." Yeah, so are bars of gold, but that doesn't stop people from buying smaller amounts, or keep them from buying it at all.

well, for now people are measuring things with "bitcoin" and there aren't enough of that "unit" for everyone. soon they'll realize this and become like those drawings and start measuring things with "uBTC" then that won't work either then they start smaller and smaller and finally "Satoshi".

Kprawn

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Don't Worry, be Happy! .... I will just shift some digits and create some more. Roll Eyes

.... At least there will be enough Satoshi's for everyone. Grin

To really think about it, MANY of us will not own a single Bitcoin in the near future.... because most people will start selling at $5000/BTC or at

$10 000/BTC ..... and the big guns in the markets will buy up most of the coins. Owning a Bitcoin will be a luxury. Wink

JL421

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So first of all we can't blame satoshi nor the system he created because his pure motive to start something like bitcoin was to introduce an alternative to gold. Does gold have unlimited supply = No right so therefore why would you expect bitcoin to have unlimited supply. And also the whole world is also not aware of bitcoin so supply for everyone wouldn't be useful at all

Torque

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Other than to signify an exchange rate, a 'bitcoin' is simply an abstract unit of measure, and a pretty meaningless one at that.

Saying there are not enough bitcoins is like saying that there aren't enough bars of gold, or barrels of oil, for everyone in the world.

Stupidest. Thing. Evar. To. Say.

Right next to "Bitcoins are too expensive." Yeah, so are bars of gold, but that doesn't stop people from buying smaller amounts, or keep them from buying gold at all.

bamboylee

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Not everyone will use it anyway, so it will just be fine. And scarcity drives the price higher so benefit for bitcoin adopters. And you do not need to have a complete bitcoin. If the price keeps on going up, a few bits will be good enough someday.

Gloober

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Quote from: FlamingFingers on May 03, 2017, 08:40:54 AM

Let's presume that when 21 millions of bitcoin have been mined, Bitcoin price would be $100,000 each. So even 10bits (which is a very small amount of bitcoin – 0.00001BTC) of Bitcoin would be worth $1 at that time, hence, the 21-million coins would be enough for everyone, but we are not going to be there soon, worry not.

This is true. We, as Bitcoin users, got a long way to go before all the Bitcoins will be mined. Would be nice to teach our next generation about Bitcoin and pass it over to them.

FlamingFingers

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Let's presume that when 21 millions of bitcoin have been mined, Bitcoin price would be $100,000 each. So even 10bits (which is a very small amount of bitcoin – 0.00001BTC) of Bitcoin would be worth $1 at that time, hence, the 21-million coins would be enough for everyone, but we are not going to be there soon, worry not.

RoommateAgreement

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Bazinga!

it is too soon, people still don't get it. well some might but majority still don't really understand how scarce bitcoin is!

i keep telling my friends that there are very small amount of bitcoins available compared to the population of the whole world but they take it as a joke. some of them have come back recently with the rise and thought more about what i once told them but most of them are still in denial.

spiderbrain

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You're not wrong =)

mikenz

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THERE ARE NOT ENOUGH BITCOINS FOR EVERYONE !!!

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