Topic: WHY 21 MILLION BITCOIN CANNOT SERVE THE WHOLE WORLD - page 6. (Read 887 times)
For now the acceptance of bitcoin is lacking not its supply,we can discuss about the demand or shortage of bitcoin if there is any.Surely people will be using satoshi units over bitcoin if everyone adopted to crypto currency and bitcoin becomes mainstream currency.We also don't have to forget that we have some potential altcoins as well which can be used for crypto payments as well.
Now such ideas seem completely out of place (and time) as Bitcoin is not serving the world even in its present state. Sorry if this is not what you wanted to hear but it is better to see what is really going on, however unpleasant it might be. Other than that, what you suggest is what altcoins already do, effectively expanding Bitcoin's supply
There's no point in any of us guessing where it's going to end up. It's early days still and anything could happen. This current period is a phase that'll pass. There'll be many more users who'll find many more uses.
The most likely scenario for more units being needed is machine to machine lightning network type stuff. That might become a reality without it getting anywhere near replacing a fiat currency.
The price of a Bitcoin ever since it existed has clearly been on the rise. We are pretty close to the 21 million cap and when I mean "pretty close", it might take anywhere between a year to ten to reach the maximum supply and when this eventually happens, the price of a Bitcoin could possibly be so high that a satoshi could even be a worth a dollar.
When we talk of bitcoin supply, we look at it as 21 million bitcoin, and people wonder how that can serve the whole 7 billion population, but we forgot that there are smaller units of bitcoin, we have the mbtc, we have the ubtc and we have the satoshi, and i will like to talk on the satoshi which i believe needs to be expanded to really serve the current economy
These and similar thoughts had been mainstream here like 4-5 years ago
When people really believed that Bitcoin can substitute fiat currencies one day (and that day was not too far in the future) and seriously expressed concerns that Bitcoin's denomination won't suffice and thus should be expanded to, say, 16 figures after the decimal point (instead of outright increasing the total supply)
Now such ideas seem completely out of place (and time) as Bitcoin is not serving the world even in its present state. Sorry if this is not what you wanted to hear but it is better to see what is really going on, however unpleasant it might be. Other than that, what you suggest is what altcoins already do, effectively expanding Bitcoin's supply
And that is the more reason why we don't need to expand or increase the total supply.
The lower the supply, the higher the demand and that also means the higher the price of it. Another thing is that not a lot of people will be using Bitcoin since most of them will stick to the traditional payment method. Don't also forget that there are a lot of Bitcoins lost in the total supply, that means the total supply is not really 21 million by now.
The lower the supply, the higher the demand and that also means the higher the price of it. Another thing is that not a lot of people will be using Bitcoin since most of them will stick to the traditional payment method. Don't also forget that there are a lot of Bitcoins lost in the total supply, that means the total supply is not really 21 million by now.
You're only saying that we don't have enough bitcoin supply for everyone because you're fixing the price of a satoshi to a cent but that's not the case here. If everyone starts buying bitcoin and most people use them as a currency, the value of a satoshi should be more than a cent.
Not all 21 million bitcoins could be used by everyone but we still have enough for everyone because off chain you can still divide satoshi in to smaller units called millisatoshi.
Not all 21 million bitcoins could be used by everyone but we still have enough for everyone because off chain you can still divide satoshi in to smaller units called millisatoshi.
When we talk of bitcoin supply, we look at it as 21 million bitcoin, and people wonder how that can serve the whole 7 billion population, but we forgot that there are smaller units of bitcoin, we have the mbtc, we have the ubtc and we have the satoshi, and i will like to talk on the satoshi which i believe needs to be expanded to really serve the current economy.
SATOSHI,
This is the smallest units of bitcoin, and 1 bitcoin is equals to 100,000,000 satoshis, which means that the total satoshi that we have is 2100 thrillion satoshis.
The total circulating money of the world according to According to the Bank for International Settlements is 80 trillion dollars, the lowest denomination of usd is cent and 100 cent equals 1 dollar, so we have 8000 trillion cent circulating as money in the world, if satoshi is to be pegged to 1 cent and to be used as global currency, you see why it is necessary to have it expanded, because circulating money of the world will be short of about 5900 trillion satoshis.
SATOSHI,
This is the smallest units of bitcoin, and 1 bitcoin is equals to 100,000,000 satoshis, which means that the total satoshi that we have is 2100 thrillion satoshis.
The total circulating money of the world according to According to the Bank for International Settlements is 80 trillion dollars, the lowest denomination of usd is cent and 100 cent equals 1 dollar, so we have 8000 trillion cent circulating as money in the world, if satoshi is to be pegged to 1 cent and to be used as global currency, you see why it is necessary to have it expanded, because circulating money of the world will be short of about 5900 trillion satoshis.
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