Topic: What will happen when 1 satoshi is $ 1? - page 23. (Read 17286 times)
Since we know that this is just a very far speculation, I'll ride on it. For sure we will sell almost every coins that we had and it's like a gold mine that has unlimited supply of gold. And we are going to be freaking rich without doing something 1 satoshi will be small value to us but in real world that is already a big amount.
What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?
Another one of those interesting hypothetical question. So when 1 Satoshi = 1$ means 1 BTC would be $100,000,000(That's a 100 Million!) so basically anyone who owns just 1 bitcoin would be a millionaire, faucets probably won't exist unless another smaller unit of BTC is created. Sending smaller transactions would be a nightmare with the high fees. So 1 Sat= 1$ is really a good, it also has some cons but well who cares if you are millionaire. What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?
I will be a millionaire instantly and will go for political post in my country, financed so many people's campaign into power and will try to hijack the political structure and make Bitcoin our second national reserve currency in my country. The progress of Bitcoin means we are going to remain in power perpetually
That is mean bitcoin is too expensive for trading bitcoin to fiat currency,
so if 1 SAT is $1 the traders must use altcoins for trading to fiat currency.
The strong candidate replace trading digital coins to fiat currency is ETH,
only ETH that has big marketcap after bitcoin. https://coinmarketcap.com
so if 1 SAT is $1 the traders must use altcoins for trading to fiat currency.
The strong candidate replace trading digital coins to fiat currency is ETH,
only ETH that has big marketcap after bitcoin. https://coinmarketcap.com
If it is a problem to make changes in the coding section, they can solve with altcoins as you said.
There are two good answers on another subject similar to this one.
Currently you are not able to divide it beyond as satoshi is the smallest introduced unit. However, if it ever becomes needed, additional units could be added that are smaller than a single satoshi (e.g. 1 000 000 Laudas = 1 Satoshi). I don't think that it will come to that though.
As it is using an unsigned 64 bit integer to store the number of Satoshi's any extension to this would not at all be trivial (it would require quite a lot of code to be reworked and a huge amount of testing) so I can't see any such thing happening for many, many years (if ever).
Understand that it affects the entire system in regards to the txs (memory, protocol and storage). Perhaps people might recall the amount of work that was done to solve the Y2K problem?
(am guessing most here are too young to know about that - but it resulted in huge numbers of retired COBOL programmers coming out of retirement to earn huge amounts for a few years)
Those that say "Bitcoin's 8 decimal places can easily be extended" do not understand software engineering.
Understand that it affects the entire system in regards to the txs (memory, protocol and storage). Perhaps people might recall the amount of work that was done to solve the Y2K problem?
(am guessing most here are too young to know about that - but it resulted in huge numbers of retired COBOL programmers coming out of retirement to earn huge amounts for a few years)
Those that say "Bitcoin's 8 decimal places can easily be extended" do not understand software engineering.
If 1 satoshi is $1 I will be more happier because earning from faucet is now worth it and it now turn to be profitable effort of earning bitcoins. I will now be more agressive to run faucets if that would probably happened.
Do you honestly think that with there will be ever faucets which will offer you that $1 per claim and you will be able to earn bitcoin from it?Think again, it won't happen, not with dollar's current or similar purchasing power.
Some of the comments in this thread are detached from reality so much, it is not even worth to debunk them.
You guys have no regard to the simple law of economy, growing inflation of fiat vs. deflationary bitcoin potential.
In direct and simple words its far from reality and nearly impossible.
And lets assume that it really happened someday, then those who have holdings of BTC, they will get super billionaire
And lets assume that it really happened someday, then those who have holdings of BTC, they will get super billionaire
Bitcoin consider as risky investation also has unexpected currency so it's not impossible for bitcoin able to reach highest value compare other fiat currency.
For bitcoin holder , it will be a good news for us as it become the most success investation I've ever experience
For bitcoin holder , it will be a good news for us as it become the most success investation I've ever experience
If 1 satoshi is $1 I will be more happier because earning from faucet is now worth it and it now turn to be profitable effort of earning bitcoins. I will now be more agressive to run faucets if that would probably happened.
When a satoshi is worth $1, a bitcoin will be worth $100,000,000!
Yeah, exactly. If and when that happens, signature campaigns will be paying about 3-4 satoshis per week. Think about it. But we're nowhere near that, and I don't anticipate that happening in any of our lifetimes, and probably not even in our great-grandkids' life times either.
With 1 BTC = $100,000,000 that is far from reality. That is too much
and I think it will never happen in our lifetime. but what I am sure is that bitcoin price will continue to rise and it is favorable to all investors and trader alike. What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?
If there is a future that makes 1 satoshi equal to one dollar then we would neglect micro transactions. The current system is that it is not solely dependent on the price of bitcoin against dollar as i do not see transaction fees lowering any time soon as so the verdict is that we wont be able to send tiny amounts through bitcoin and that is the case even now as you are not able to send micro transactions as it is considered dust . What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?
That is mean bitcoin is too expensive for trading bitcoin to fiat currency,
so if 1 SAT is $1 the traders must use altcoins for trading to fiat currency.
The strong candidate replace trading digital coins to fiat currency is ETH,
only ETH that has big marketcap after bitcoin. https://coinmarketcap.com
so if 1 SAT is $1 the traders must use altcoins for trading to fiat currency.
The strong candidate replace trading digital coins to fiat currency is ETH,
only ETH that has big marketcap after bitcoin. https://coinmarketcap.com
When a satoshi is worth $1, a bitcoin will be worth $100,000,000!
Yeah, exactly. If and when that happens, signature campaigns will be paying about 3-4 satoshis per week. Think about it. But we're nowhere near that, and I don't anticipate that happening in any of our lifetimes, and probably not even in our great-grandkids' life times either.
wow , its amazing .
so people keeping their bitcoin will be rich in future
but maybe it cost a long time for making 1 satoshi became $1
so people keeping their bitcoin will be rich in future
but maybe it cost a long time for making 1 satoshi became $1
I am not gonna argue whether bitcoin's price will reach that point when $1 will be equal to 1 Saotshi.
Most of you keep forgetting about one major detail. Price won't skyrocket to that level during next 5 or 10 years.
We might not even see that spike during our lifetime. It could happen in distant future though.
You know what inflation of dollar is? Since year 1913 cumulative rate of inflation of USD is 2352.9%
Inflation in recent years is even higher, so the real question here should be - what will you be able to buy for $1 dollar in distant future?
Future $1 will probably have purchasing power of today's 1 cent.
Most of you keep forgetting about one major detail. Price won't skyrocket to that level during next 5 or 10 years.
We might not even see that spike during our lifetime. It could happen in distant future though.
You know what inflation of dollar is? Since year 1913 cumulative rate of inflation of USD is 2352.9%
Inflation in recent years is even higher, so the real question here should be - what will you be able to buy for $1 dollar in distant future?
Future $1 will probably have purchasing power of today's 1 cent.
What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?
If a satoshi reached that value, unlikely but it is a possibility, then the code could be changed to add even smaller units, we could have mSatoshis which will be the 1/1000 of a satoshi the same way we have mBTC or even lower units if it was necessary. What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?
This is something that is highly unlikely till to impossible that could ever be happened. However, if for any reason the bitcoin will be so expensive in the future then there is no case to be made any transactions because the transaction fees will also be very expensive. There is chance that probably we will face the exacerbation of the deflation phenomenon and according to what Keynes said 'Inflation is unjust and deflation is inexpedient. Of the two perhaps deflation is … the worse;'
Can you explain your thoughts please?
Fees are generally a percentage of the total. That percentage wouldn't change as the value goes up.
So if you're happy paying 40 satoshi per byte today, you'll be happy to pay it tomorrow or the next day or when a satoshi is $1.
Fees are generally a percentage of the total. That percentage wouldn't change as the value goes up.
So if you're happy paying 40 satoshi per byte today, you'll be happy to pay it tomorrow or the next day or when a satoshi is $1.
Right now we have transaction fees of about 40 satoshis per byte.
A transaction has an average size of 250 Bytes, as far as I can remember.
If you combine those two numbers you get 10000 satoshis transaction fees.
And if 1 satoshi would equal 1 dollar, that would be 10000dollars transaction fees.
I think I would not pay that.
A transaction has an average size of 250 Bytes, as far as I can remember.
If you combine those two numbers you get 10000 satoshis transaction fees.
And if 1 satoshi would equal 1 dollar, that would be 10000dollars transaction fees.
I think I would not pay that.
I think that thing will never ever happen.We all know that bitcoin is making a trend in our todays generation because of its extremely high price being a crypto currency but 1 satoshi to 1$ would notbe possible.And we all know that there is a market cap inbitcoins and i think it is not possible to go over the market cap i think that will result to something bad
I don't think satoshi's such an increased value. If such a growth happens sure most of us will become rich. The faucets sites will be encountering high traffic and can see people using faucets more than our forum.
Yes, this sounds just impossible to see such high price for Satoshi and Bitcoin. But in the case if bitcoin will be totally adopted as payment instrument and become like international payment - I think in this case Satoshi can cost much higher than now. Bitcoin is limited by 21 millions and this money will not be enough for all people on the Earth to be used, so to be used and to be enough for almost everybody bitcoin has to cost a lot; to people make payments just by satoshies or mBTC.
I like that thread to read it. It is possible that it happen that 1 satoshi reach to $1 it will take some time but if we continue to support bitcoin then one day it will happen. But there is a question in my mind that what will then happen about the fees? At that time then the fees will be highest or it will come to lower according to our normal finance system?
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