I will continue to convert fiat to bitcoin until my salary is all bitcoin. How about that?
Edit: This means I don't stop after 1200.
Topic: Who will fund BTC price above $1200+ ???? - page 3. (Read 8744 times)
yes I too believe in the psychological factor affecting the average joe in investing small amounts to just try out. And switching to mBTC would probably help a lot to move the bitcoins to higher levels.
A lot of people are confused by this, but the denomination is irrelevant. It is more like a big pie. You are buying a slice of that pie and if you had a small slice of pie no one would say "that is not a slice of pie, pie slices are big." It should not matter if you are buying BTC100 or BTC0.0001, it is still a slice of pie.
Well it is very relevant. The mass adoption depend mostly on that specific point.
People don't care about logic. They don't want the idea of a slice of a pie, they want a Bitcoin or 10 Bitcoins, something they can count with their damn fingers.
They can buy Satoshis instead, and feel very rich, if this is how it works
A lot of people are confused by this, but the denomination is irrelevant. It is more like a big pie. You are buying a slice of that pie and if you had a small slice of pie no one would say "that is not a slice of pie, pie slices are big." It should not matter if you are buying BTC100 or BTC0.0001, it is still a slice of pie.
Well it is very relevant. The mass adoption depend mostly on that specific point.
People don't care about logic. They don't want the idea of a slice of a pie, they want a Bitcoin or 10 Bitcoins, something they can count with their damn fingers.
I kinda think it's too late to change anything. Bitcoin is what has been advertised to regular people, not milibitcoins or anything similar. And bitcoin scarcity is what is being used as one of main bitcoin selling points, changing anything is pretty risky.
But it boggles my mind that people would really be so stupid, that not changing the unit would "stifle" growth. I find reading mBTC data from exchanges just hurts my eyes.....
I agree.
One thing I've noticed about myself is that I'm more cautious with my Litecoins than with my Bitcoins -- I think it's because 5 LTC feels like a lot but 0.18 BTC doesn't really (maybe a benefit for Bitcoin in certain industries [eg. gambling?]). There's something unsettling for me about me not having at least half a bitcoin. I couldn't imagine myself being content with 0.0025BTC but 25 mBTC doesn't sound too bad at all.
I think we should all move to nBTC that way the minimum amount is 10. Bitcoin would really take off then. Imagine! People could buy thousands of "shares" at a time for only one dollar! But best of all no one would ever have to own just one. The least you could own would be 10.
The effect on the market is undeniable. We would be the first currency/asset where we did not have a way to transact in units of the currency/asset !!!
No more mucking about with single digits. Double digits accounts and transactions for everyone!!!
The effect on the market is undeniable. We would be the first currency/asset where we did not have a way to transact in units of the currency/asset !!!
No more mucking about with single digits. Double digits accounts and transactions for everyone!!!
People are that stupid. 10-20 minutes of measured research would clear things up quickly. I'm not sure how many are prepared to do that. Observe what professional financial journalists often come out with.
Bitcoin could bypass consumption by the general public and head straight for institutional investment. It'll be fed back to people in a 'safer' form.
Where Bitcoin might falter is the gap between enthusiast/ early adopter territory and big finance. It'll take a handful of visionaries to bridge that gap. I think they're out there already.
Bitcoin could bypass consumption by the general public and head straight for institutional investment. It'll be fed back to people in a 'safer' form.
Where Bitcoin might falter is the gap between enthusiast/ early adopter territory and big finance. It'll take a handful of visionaries to bridge that gap. I think they're out there already.
Unit does need to change. Probably not yet though. But it does play an important role. For example, I'd rather pay $1000 for an ounce of gold than $1000 for 1/35 kg of gold. Even though it's the same thing, it has a psychological effect.
A lot of people are confused by this, but the denomination is irrelevant. It is more like a big pie. You are buying a slice of that pie and if you had a small slice of pie no one would say "that is not a slice of pie, pie slices are big." It should not matter if you are buying BTC100 or BTC0.0001, it is still a slice of pie.
You said it, it's about switching to smaller unit.
But it boggles my mind that people would really be so stupid, that not changing the unit would "stifle" growth. I find reading mBTC data from exchanges just hurts my eyes.....
Lets say there's a sell order for 1.0 BTC at $10,000 .....
Lets say 400 people purchase 0.0025 BTC.
Lets say they pay $25 for each 0.0025 BTC.
This would equate to 1 BTC and $10,000 total spent.
Would this activity cause BTC to be valued at $10,000? Or does it not work that way?
If not, I simply don't see how BTC is going to hit $10,000 .... purely from a trading perspective. People usually wont buy 0.0025 of a stock anyway.
Lets say 400 people purchase 0.0025 BTC.
Lets say they pay $25 for each 0.0025 BTC.
This would equate to 1 BTC and $10,000 total spent.
Would this activity cause BTC to be valued at $10,000? Or does it not work that way?
If not, I simply don't see how BTC is going to hit $10,000 .... purely from a trading perspective. People usually wont buy 0.0025 of a stock anyway.
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