Topic: What if 1 satoshi worth more than 1 dollar? (Read 326 times)

Currently it is beyond our imagination to believe that one satoshi will be worth a dollar. 

If we are thinking about this, i would say that we are mostly over thinking and its not worth the time spend on almost impossible things at least for now.

then 1$ would have to be pretty worthless.

For 1 Satoshi to cost $1 simply means that 1 Bitcoin should be $100,000,000, which I'm sure will take a whole lot of time for this to be actualized, considering the current price of Bitcoin at $23,300 and it's fluctuating market nature affecting price to go up and down. But in such case, there will always be a way for Satoshi to be divided into small fraction just as it being the smallest divisible unit of Bitcoin for payment of goods and services less than a dollar using the lighting network

If the value of 1 satoshi were to become worth more than 1 dollar, it's possible that the bitcoin community would consider increasing the divisibility of the currency to allow for smaller transactions. However, this would likely require a change to the underlying code of Bitcoin and consensus among the community, so it's difficult to predict if this will happen. Another option could be for governments to adopt Bitcoin as a backing for their own currencies, providing more divisibility for everyday transactions. Ultimately, the future of Bitcoin and how it will handle small transactions is uncertain, but solutions are being discussed and explored.

Ditto mk4 (sub-satoshi payments have already been possible for years, no upgrade necessary) and pooya97 (the day 1 satoshi is 1 dollar is a day we should be worried about.

Today, 1 satoshi is already about 0.45 Nigerian naira, 3.5 Indonesian rupiah, and 10 Iranian rial, among others. These currencies, at some point recently enough, weren't so bad. I'm not even using examples of extreme hyperinflation-hit currencies.

I think we have plenty of Nigerians, Indonesians and Iranians who will tell you that can't buy anything these days.

I know, terrible comparison but you have to understand what you're imagining.

So, if I  got this right, that means we need 100 million dollars per bitcoin for this to happen? If that's the correct calculation then we d o not really need to worry about this right now. I understand that it is a thought experiment, but that doesn't mean that we should be calculating right now or forced to find a solution to it. Doesn't mean that it won't happen, but it is clear that we are talking about a whole different world than we live in right now when that happens.

It means that by that time we will have much more clear solutions to it because the world would have more options available at that point. I believe that this is an issue that will come with its solution in due time.

Expecting $1 for things when 1 Satoshi would cost $1 is ridiculous. How do you expect that the entire globe will stop when just Bitcoin is active? That won't take place, though. Everything will be upgraded if the 1 Satoshi price is increased to $1. There is nothing available for $1. For instance, I seldom ever see any goods priced at 1 in my nation. But before it happens, a long period will pass. As a result, Bitcoin should fork at that point to add more decimals. All miners should concur with that and take action.

every needs to realise

there is a corporate sponsorship happening where they have funded a PR firm to try to get the idea of breaking bitcoin to go viral
this is done by trying to convince idiots that breaking the units of bitcoin measure is harmless but needed..
trying to rally the community to to appear to want if via multiple newbie alt accounts..
and try to stroke idiots to sleep pretending its no harm..

they create new alt accounts to hide who is trying it but they keep trying it when their last topic of same ploy fails

..
here is the thing. we do not need to have more units of account on the blockchain.
creating more sharable units is the same as increasing the supply
also to give "more decimals" is not a simple task

in REAL  data hard fact code

everything on the blockchain is measured in satoshi's

EG block reward is actually
625000000 units
NOT
6.25 units

if they want 11 decimals

it requires changing the reward from
625000000  where 6.25btc is then math done at user display level of
units / 100,000,000
where it changes to
625000000000  where 6.25btc then math done at user display level of
units / 100,000,000,000

which means breaking the binary math of not just the supply but the halving cycle amounts and also the historic value vs future value of units

EG if a future 0.05btc in a 11 decimal system is
0.05000000000
satoshis immutable block reward of old stash of 50btc is 5000000000

which at data level old satoshi stash of 50btc
5000000000 units
is the same data length as 'new 11 decimal bitcoin" of 0.05btc
5000000000 units

I think if it happened that 1 satoshi was worth $1 then anything in this world would be easy to buy. But rather than referring to the exchange rate, in my opinion, if 1 satoshi is worth $ 0.10, it is enough to make all the people in the world equal to their degree of life. But it looks like this will be difficult to realize in time.

If US dollar inflation is so big that 1 USD becomes smaller than 1 satoshi, then there won't be many goods left that cost less than 1 dollar. We already have something similar in the world - Venezuelan Bolivar which is worth less than 1 satoshi, and there's nothing in this world that is being sold for 1 Bolivar or less. People in Venezuela carry large stacks of Bolivars with them when they go shopping.

1 Satoshi becoming a too big unit of account is such an unlikely scenario that we should all stop even thinking about it.

To put it in context, 1BTC has to be equal to $100,000,000 (100 million) for the value of 1 sat to be a dollar, that is a crazy increase from the current price and would require a ridiculous influx of money into the bitcoin market, making it a problem that would not arise in the next 100 years.

In the hypothetical situation that this does happen, the solution of changing a bit of the protocol and making it more divisible to allow for smaller units, this would both make smaller transactions possible onchain and also make the asset more available.

- Jay -

Well, we cant rule out the possibility of things in the crypto space, if not, I was going to say that its likely not possible for bitcoin to become so expensive that 1 satoshi (which is the smallest unit of bitcoin ) would worth $1 or more , it is indeed possible but maybe likely never happen, most especially, in our time.
That is, if this is going to happen, it may not happen while majority of us are still alive, it will take a very long time.

And if eventually this happens, like others have said about being able to send a millisatoshi through the bitcoin lightening network, another idea or solution is that, i believe that even at that time, bitcoin wont be the only currency available to transact with, there will be other options out there, one can easily convert their 1 satoshi bitcoin into another smaller currency and pay through that, that is like another crypto currency that is cheaper than bitcoin.

Yes bro you get the point ,
Therefore crypto developers, launch stable coins but their reliability is not safe and secure then BTC Now we need to wait for price factor and i am confident that in coming years we see 1 satoshi equal to 1 dollar because of worldwide inflation is rising and different countries accepting bitcoin one by one .

20 years ago, $1 means a lot but now after the pandemic and massive QEs globally, $1 means nothing.

It is a continuation of decrease of The US. dollar purchasing power because of inflation many years and it only becomes worse since pandemic outbreak. If you think of pandemic and consequent QEs, it is a very unfortunate rare chance with which we can see a reveal of hidden fact after many decades.

https://www.visualcapitalist.com/purchasing-power-of-the-u-s-dollar-over-time/

Since pandemic, the purchasing power has been decreasing more quickly and seriously.

After all, you thought of something, so I appreciate it a lot. But the truth is that your suggested solutions are irrelevant to the situation. No one is going to do an upgrade because of that, and if an upgrade would happen, who will champion it? And do you think government care so much about Bitcoin to the point of working on your second suggested solution?

Well, if 1 satoshi reaches $1 which I don't think is feasible soon, it would only increase the transactional cost, nothing else would be affected.

Since we are talking about the bitcoin and cryptocurrencies market everything can be possible and we can't say if one satoshi will be worth more than one dollar or not because we know the inflation rate is rising every year and us dollar is losing it value against many assets an in other hand bitcoin price is bullish in long term, so that's possible. But even if this happens one day I guess people will start using other smaller current units instead of satoshi and even if that's necessary we will have an upgrade on the bitcoin core project for that.

I even thought if inflation was so high at that time and if the dollar was most affected at that time.. then that means the price of goods and services will be very high. which means there will be no more items priced under $1. because inflation is an increase in the price of goods and services that takes place continuously within a certain period of time( sourch). So it is certain that if one day there is inflation in the dollar and it occurs 1 satoshi = $ 1 dollar then surely at that time the price of goods will soar due to inflation in the dollar itself. so there will likely be no more items selling for under $1.

Whenever $1 = 1 satoshi you won't have to worry about buying anything for $1 or less as such a product will not exist.

Why solve a problem that hasn't arisen yet?

1BTC = ~23100$.  
It turns out, $1 = 0.000231BTC at the moment.

For $1 to be equal to 1 satoshi, 1BTC needs to be worth 100mln. $.
 
I think it's too early to ask such questions, to put it mildly. BTC still has a very long way to go before reaching such levels.

Realistically speaking, the day that 1 satoshi becomes equal to 1 dollar is the day that you can not buy anything with a dollar because of its inflation (unlimited fiat supply), similarly you won't be able to buy anything with a satoshi either.

But if something like that ever happens, we could have a hard fork to change some of the consensus rules regarding the supply and divisibility. A simple shift right one or two positions could be enough and UInt64 used for amounts already has some higher empty bits.

#2 can not happen since you can never mix centralization (fiat) with decentralization (bitcoin).

I somewhat agree with what you said, in fact, it also occurred to me that one day it is possible that 1 satoshi will be equal to 1$, it may be very impossible for this to happen, but many impossible things in bitcoin are not expected by the crowd around the world.

I know that others can relate to what I'm saying, and maybe others don't agree with what I'm talking about, but I know that most people in the crypto industry are saving bitcoin for a good future.

1 satoshi equals to $1, when will it happen?

In either two scenarios
When Bitcoin has very good growth by massive adoption and attract massive new capital flows into Bitcoin market.
When fiat currencies have massive hyper inflation like another pandemic, world war whatever which forces government to print more fiat currencies globally.

We know governments and central banks don't stop their inflationary works so it is not Bitcoin responsibility to have a smaller denomination when 1 satoshi = $1.

Governments create inflation and they create new nominations for their fiat currencies like from 100 to 1,000 10,000 100,000 500,000 and maybe in future 1,000,000 currency note.

[Did you know?] Bitcoin Table of Units
Bitcoin unit converter

1. We could already have lower denominations through Lightning. Though this problem is just so far in the future that I shouldn't think we should be thinking about it today. So much things to prioritize.

2. Government's going back to an asset-backed money is next to impossible knowing how much power they gained through the current fiat system.

Precise. Thank you!

Both of them aren't a good solution because, the option one is Bitcoin fork while the option two is centralized shitcoin. Bitcoin fork isn't a real Bitcoin anymore since you've change the consensus and the protocol, while centralized shitcoin is really a worst enemy of a real Bitcoin.

I wouldn't worry to much if 1 satoshi is worth more than 1 dollar, because it just proving Bitcoin is expensive and they need to have more money in order to buy Bitcoin. Also you're possible to send Millisatoshi in Lightning network, maybe in the future we will use Lightning network more widely than the Bitcoin on-chain network.

Hi,

As we know Bitcoin was made for cash payments in the world. It’s system is designed and updated to perform over hundred years. Thus, one day with dollar inflation (if it still exists) and bitcoin desinflation, 1 satoshi or 0,00000001 BTC would has 1 dollar price or more. So, how to buy a item that cost less than the 1 satoshi price, considering that it is the smallest division (the BTC atom) of the bitcoin?

The way I see it today, this problem could have two solutions:

1. An upgrade making BTC having more divisible units. I think this is difficult because the bitcoin community has to change the original design of the project. And Satoshi Nakamoto must had thought that this day would come, was itentional the ideia that 1 satoshi could value the price of a expensive itens without the option of a pay back? We have to think that the purpose on the subject of bitcoin’s whitepapper mention the words cash payments, so bitcoin was design to it.

Or

2. Governments make it’s coins starts to being backed in bitcoin. Thus it’s coins and money could be more divisible and it would be a integrative way of the two systems. This way could be more easy to change and modify as soon as needed without any change in the original bitcoin’s system. However, people are going to not moving satoshis in the Bitcoin network, using the governmental network to pay things that cost less than 1 satoshi with payback.

Today bitcoin is saw too as a value reseve over time (as gold) but the bitcoin originally was design to cash payments. So what do you think if the day the 1 satoshi has the price of expensive things? How to make a payback?

Thank you