what does the value of bitcoin need to be to become a real possible currency?

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: mitsanaga on April 24, 2013, 07:57:18 AM

Quote from: DannyHamilton on April 20, 2013, 02:01:53 PM

- snip -
Final supply at block 6,930,000 when all bitcoins have been mined (Year 2140): 20999999.97690000

huh... well then. i must ask though, when did this change. because i remember reading a while back that it was to be finished in 2017.... it made me sorta wonder why everyone was so uppity about asics. but ya another 127 years should satiate the asic miners for a while.

It hasn't changed. That has been the inflation schedule since day one. Apparently what you read a while back was incorrect.

mitsanaga

member

Activity: 96

Merit: 10

Quote from: DannyHamilton on April 20, 2013, 02:01:53 PM

Quote from: mitsanaga on April 20, 2013, 04:30:35 AM

- snip -
I ask this because, it occures to me, that we are getting near the end of mining, for bitcoins at least... unless we somehow get to mine for more past 2017? max=21million.
- snip -

You are mistaken.

Current supply: 11,052,150 BTC (11 million)
Supply at block 420,000 (Year 2016): 15,750,000 (15 million)
Supply at block 630,000 (Year 2020): 18,375,000 (18 million)
Supply at block 840,000 (Year 2024): 19,687,500 (19.6 million)
Supply at block 1,050,000 (Year 2028): 20,343,750 (20 million)
Supply at block 1,260,000 (Year 2032): 20,671,875 (20.6 million)

and so on until...

Supply at block 6,720,000 (Year 2136): 20,999,999.97480001
Final supply at block 6,930,000 when all bitcoins have been mined (Year 2140): 20999999.97690000

huh... well then. i must ask though, when did this change. because i remember reading a while back that it was to be finished in 2017.... it made me sorta wonder why everyone was so uppity about asics. but ya another 127 years should satiate the asic miners for a while.

hashnash

newbie

Activity: 6

Merit: 0

It does not matter what the value is, what matters is its stability. If the exchange rate is too volatile, that will inhibit widespread adoption.

master.yoda

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Quote from: dragony on April 20, 2013, 04:57:55 AM

1000 and stable.. that's my opinion

Agreed 1000+ and stable, Bitcoin is as valuable as gold.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: coffeeandclove on April 20, 2013, 02:57:12 PM

It doesn't matter what price as long as it is stable...and that's never going to happen because apparently the amount of BTC out there is too small. So it will be used as a currency in the future but never widespread accepted.

2,099,999,997,690,000 ( 2.1 quadrillion ) units of currency aren't enough for stability? What amount are you suggesting is necessary for stability?

coffeeandclove

newbie

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It doesn't matter what price as long as it is stable...and that's never going to happen because apparently the amount of BTC out there is too small. So it will be used as a currency in the future but never widespread accepted.

digicoins

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It's not the value it's how many people are willing to use it and aceept it as a currency, not doing bad so far LOL

knedle

member

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I think that the answer is completely different. It doesn't matter what price bitcoin will have, but how fast this price will change. If it will change more than 5% per year, then it can't become wide used currency.
It needs stability and thats all.

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: mitsanaga on April 20, 2013, 04:30:35 AM

- snip -
I ask this because, it occures to me, that we are getting near the end of mining, for bitcoins at least... unless we somehow get to mine for more past 2017? max=21million.
- snip -

You are mistaken.

Current supply: 11,052,150 BTC (11 million)
Supply at block 420,000 (Year 2016): 15,750,000 (15 million)
Supply at block 630,000 (Year 2020): 18,375,000 (18 million)
Supply at block 840,000 (Year 2024): 19,687,500 (19.6 million)
Supply at block 1,050,000 (Year 2028): 20,343,750 (20 million)
Supply at block 1,260,000 (Year 2032): 20,671,875 (20.6 million)

and so on until...

Supply at block 6,720,000 (Year 2136): 20,999,999.97480001
Final supply at block 6,930,000 when all bitcoins have been mined (Year 2140): 20999999.97690000

Kaiji

full member

Activity: 140

Merit: 100

Hoist the Colours

Comes down to more widespread use online. When you can purchase anything online with it and online jobs pay in bitcoins then it becomes "legitimate" to people who doubt it. As for me I see it as a real currency already.

solex

legendary

Activity: 1078

Merit: 1006

100 satoshis -> ISO code

Bitcoin needs an ISO currency code to reach its full potential value-wise!

https://bitcointalksearch.org/topic/vote-iso-currency-code-bringing-bitcoin-into-the-mainstream-financial-markets-149150

naphto

sr. member

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Merit: 250

Quote from: powerofthenet on April 20, 2013, 05:27:52 AM

It's not as much about the price as about adoption. If many merchants accept bitcoins, the price goes up automatically. So it's not the price that drives "realness" of bitcoin, but the other way around.

This

JaneY

newbie

Activity: 10

Merit: 0

The importance is stability, and I don't mean staying the same but being predictable. If I know Bitcoin will be worth $200 next month, and $300 the month after, and then worth $1400 in a years time, without much volatility then its a good thing. People need to now what bc is going to be worth or at least that its going to inrease

l008com

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Merit: 10

Quote from: mitsanaga on April 20, 2013, 06:29:54 AM

Quote from: powerofthenet on April 20, 2013, 05:27:52 AM

It's not as much about the price as about adoption. If many merchants accept bitcoins, the price goes up automatically. So it's not the price that drives "realness" of bitcoin, but the other way around.

ya but you need to have it hit a high mark... like $1000 so that even the biggest wigs can look at it and go "I WANT"

not sure how people feel about that, but the big corps aren't going away... any time soon that is.

I don't get this logic at all. The "exchange rate" has nothing to do with adoption. The more popular it gets, the more merchants will want to accept it. I don't see how the USD exchange rate will affect adoption in any way? That said, one thing that will help adoption is a stable exchange rate, not this craziness we have now.

mitsanaga

member

Activity: 96

Merit: 10

Quote from: powerofthenet on April 20, 2013, 05:27:52 AM

It's not as much about the price as about adoption. If many merchants accept bitcoins, the price goes up automatically. So it's not the price that drives "realness" of bitcoin, but the other way around.

ya but you need to have it hit a high mark... like $1000 so that even the biggest wigs can look at it and go "I WANT"

not sure how people feel about that, but the big corps aren't going away... any time soon that is.

powerofthenet

newbie

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Merit: 0

It's not as much about the price as about adoption. If many merchants accept bitcoins, the price goes up automatically. So it's not the price that drives "realness" of bitcoin, but the other way around.

dragony

full member

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Merit: 100

1000 and stable.. that's my opinion

jasonmaar

newbie

Activity: 12

Merit: 0

Bitcoin is bitcoin because it's bitcoin.

That's the simple answer, almost redundant but too.

Value of BTC is based on the fact that it's an anon-crypto currency with high variance, unpredicable variations, and, well I at least believe to some extent--a health extent

, a ton of "Tom Clancy"-esque Currency Ponzi schemes due to the nature of BTC's orgins and progressions

mitsanaga

member

Activity: 96

Merit: 10

Alright, so like the subject line say's: what does the value of bitcoin need to be to become a real possible currency?

I ask this because, it occures to me, that we are getting near the end of mining, for bitcoins at least... unless we somehow get to mine for more past 2017? max=21million.
So what do you all feel should be the final worth of the bitcoin (1.00BTC)?

I figure it should reach a figurative max of $1000, making the total bitcoin value 21,000,000,000.

but what if it goes higher? does anyone have anything to say on this, because on a few forums they talk about things like $40,000,000,000,000 and that is with them already splitting it into 8 decimal points. (0.00000001)/$?.

what if it goes higher?

Topic: what does the value of bitcoin need to be to become a real possible currency? (Read 885 times)