What is the future of bitcoin? Commodity, currency or smth else? - page 4.

stompix

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Quote from: lenaza2022 on June 09, 2022, 09:15:39 AM

That 0.00000001 and that 1000000000 actually look like the same things now

Not at all!
First, at one point, you had 100 000 000 000 000 ZWL being worth 40 cents.
Now you have 1000 satoshi being worth 30 cents.
Far easier to deal with it.

Quote from: lenaza2022 on June 09, 2022, 09:15:39 AM

if that 0.00000001 is too expensive for FIAT users then FIAT will exist until this problem is solved. That is why meaning "affordable currency" may be in use.

Again, there is no such thing as affordable currency.
One piece of bread is more affordable than one if one costs 1$ and the other costs 2$ for the same weight.
You're comparing the base value of a denomination, which is irrelevant. If everyone would love affordable currencies why is nobody buying 1 billion bolivars or rials as reserves instead of 1 billion dollars? Because they are garbage, just like garbage, affordable but worth zero, just as much as you've paid for it.

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Quote from: lenaza2022 on June 09, 2022, 08:10:20 AM

It looks like any cryptocurrency will not be able to replace current FIAT because any of them is finite. "Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing. Now bitcoin is more like a reserved commodity for part of the population. Those who do not buy bitcoin will be able to use other cryptocurrencies. It seems that the currency that will be in circulation and will be affordable, that currency will have a chance to become the main cryptocurrency in the future.

We Bitcoin investors are happy that it’s not being replaced with FIAT.
We are really happy that it is being treated as an asset.
Due to this this treatment as a digital asset, we can make Bitcoins valuable.
And guess what, all the early investors who have bought Bitcoins in comparatively cheaper price will sell it in great profits.
This can be usually treated as their retirement plan.
So at last we are happy to see Bitcoins treated as valuable asset, and will love to see it being treated the same.

lenaza2022

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Quote from: stompix on June 09, 2022, 08:52:28 AM

Quote from: lenaza2022 on June 09, 2022, 08:10:20 AM

"Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing.

That worked wonders for both the Bolivar and the Zimbabwe dollar.
How many trillions of "money" you want?

That 0.00000001 and that 1000000000 actually look like the same things now

Quote from: stompix on June 09, 2022, 08:52:28 AM

Quote from: lenaza2022 on June 09, 2022, 08:10:20 AM

It seems that the currency that will be in circulation and will be affordable, that currency will have a chance to become the main cryptocurrency in the future.

This is a new one, an affordable currency.
The currency itself is a measure of wealth or purchasing power, you can't use the term affordable currency.
Is the Vietnamese dong affordable, yes it is compared to the British pound, you can have thousands of it but in the end with a single one you can't buy anything.

if that 0.00000001 is too expensive for FIAT users then FIAT will exist until this problem is solved. That is why meaning "affordable currency" may be in use.

Quote from: stompix on June 09, 2022, 08:52:28 AM

Quote from: lenaza2022 on June 09, 2022, 08:10:20 AM

Those who do not buy bitcoin will be able to use other cryptocurrencies.

This part is true, those who don't want to use bitcoins are free to use other cryptocurrencies, and nobody is forcing anyone to use Bitcoin.
Btw, it terra/luna affordable? Grin

The widespread use of bitcoin and other currencies leads to a change in the policy of the authorities regarding crypto and the development of tools for their use.

stompix

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Quote from: lenaza2022 on June 09, 2022, 08:10:20 AM

"Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing.

That worked wonders for both the Bolivar and the Zimbabwe dollar.
How many trillions of "money" you want?

Quote from: lenaza2022 on June 09, 2022, 08:10:20 AM

It seems that the currency that will be in circulation and will be affordable, that currency will have a chance to become the main cryptocurrency in the future.

This is a new one, an affordable currency.
The currency itself is a measure of wealth or purchasing power, you can't use the term affordable currency.
Is the Vietnamese dong affordable, yes it is compared to the British pound, you can have thousands of it but in the end with a single one you can't buy anything.

Quote from: lenaza2022 on June 09, 2022, 08:10:20 AM

Those who do not buy bitcoin will be able to use other cryptocurrencies.

This part is true, those who don't want to use bitcoins are free to use other cryptocurrencies, and nobody is forcing anyone to use Bitcoin.
Btw, it terra/luna affordable? Grin

lenaza2022

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Quote from: Lucius on June 09, 2022, 08:34:09 AM

It seems that you have to learn a lot, otherwise you will live in various delusions for a long time. One of these misconceptions is that many like you think that 21 million BTC (max supply) is something that will make it impossible for anyone who wants to use Bitcoin as a currency - and yet the truth is completely different. 1 BTC consists of 100 million satoshi = 0.00000001 which is quite enough for everyone who will ever want to use it.

Stop being carried away by some ideas that some other cryptocurrency will take over and that people will start using it en masse - there is a fiat for that, and unfortunately for you and all the rest of us it is in virtually unlimited quantities, so we will now suffer from inflation and recession precisely because of what you consider an advantage.

At the same time, this confirms that 0.00000001 is not very convenient for practical use in everyday life, and also that either Fiat or another cryptocurrency will exist firmly. Fiat will be strongly protected, inflation is inevitable in the near future. But even further 0.00000001 is not very convenient to use. Today, in the usual sense, prices vary from 0.01 - 1000000.

Lucius

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It seems that you have to learn a lot, otherwise you will live in various delusions for a long time. One of these misconceptions is that many like you think that 21 million BTC (max supply) is something that will make it impossible for anyone who wants to use Bitcoin as a currency - and yet the truth is completely different. 1 BTC consists of 100 million satoshi = 0.00000001 which is quite enough for everyone who will ever want to use it.

Stop being carried away by some ideas that some other cryptocurrency will take over and that people will start using it en masse - there is a fiat for that, and unfortunately for you and all the rest of us it is in virtually unlimited quantities, so we will now suffer from inflation and recession precisely because of what you consider an advantage.

mk4

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You're falling for the typical unit bias problem when it comes to cryptocurrencies. Not because bitcoin's unit price doesn't make it "expensive" and that most people wouldn't be able to use it.

Remember: bitcoin is highly divisible. At some point it's likely (and I freakin hope) that we would be using a smaller denomination as to make it easier for day-to-day transactions.

Quote from: lenaza2022 on June 09, 2022, 08:10:20 AM

Re: What is the future of bitcoin? Commodity, currency or smth else?

It doesn't need to be one or the other. It could be all those things at the same time.

On another note, this is one of the main reasons why I've been a heavy advocate for everyone to use sats by default instead of bitcoin lol.

lenaza2022

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It looks like any cryptocurrency will not be able to replace current FIAT because any of them is finite. "Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing. Now bitcoin is more like a reserved commodity for part of the population. Those who do not buy bitcoin will be able to use other cryptocurrencies. It seems that the currency that will be in circulation and will be affordable, that currency will have a chance to become the main cryptocurrency in the future.

Topic: What is the future of bitcoin? Commodity, currency or smth else? - page 4. (Read 751 times)