Topic: will the bitcoin reach $1000 one day...? - page 106. (Read 112632 times)

It is quite possible. Innovations and an increase in adoption rates will make it go up and the creation of additional bitcoins will make it go down depending on the miners liquidation rates.

When people start using it in every day life, it will worth more than $1000. Depends on how money people use it.  

Honestly, I expect Bitcoin to survive longer than that website 

It certainly could reach high value... However, in gentle words of Robert Crumb, wishing won't make it happen. The only way it could happen is if enough people invest their time, work, and money into the system. Now, you could just sit on your ass and wait for others to break sweat, or you could get to work.
Can you code? Can you manage a project? Can you talk? Can you teach? Can you sell stuff? Do you drink coffee? Do you paint? Are you a lawyer? A drug dealer? Planning a vacation? There is room for Bitcoin everywhere. Work on it. Ask your local shop to accept coins. Help them set it up. Risk portion of your savings. Design solutions.  Spend your coins. Earn them. Trade them. Give them away. 

What about in the next 5 years?

http://betsofbitco.in/item?id=1240

When you look at the mtgox order book, it would only take about $20 million to push it over $1000. Admittedly, there would be huge selling pressure at such a price.

If the USD price gets that high why does it really matter as you would be able to purchase most items in Bitcoin directly.

I sure as fuck hope so, but probably not.

Bitcoin could certainly reach more than $1000 one day.

Who knows what you can buy with $1000 one day... maybe a tin of dog food...


ya.ya.yo!

Bitcoin will almost certainly hit $1000 within 2 years, a lot sooner if the Winklevoss ETF is approved.

Although there are 11.43 million bitcoins in existence the pool of available bitcoins is much much smaller.  This creates a situation where additional capital invested will increase the market cap of bitcoins to the magnitude of total bitcoins in existence / bitcoins available for purchase.  I think people would be surprised at what a $1mil injection of cash would do to the price of bitcoins.

Yes, unless something replaces bitcoin first.

I think it will its only a few years old and it has already reached
More than $200 per bitcoin. I think it could be worth more than that someday but if it reached 1000 I would sell all of mine.

Between the infrastructure being built in the space, new/larger players entering, and the security of the network growing at an exponential rate with all the new ASICs coming online, $1k doesn't seem so far off.

Possibly, but I wouldn't bet for it happening in the next 2-3 years. Supply is still strong until another reward halving or two.

It's quite unpredictable if it will at this point.

I dont believe so.  I think Bitcoin will eventually level from another 6months to a year of volitility.  Regulation and hostile attacks on the credibility of the coin will derail its rise to the $1000 mark.  If, and a big if, it manages to push through these two barriers, then I would say it will get close, but no cigar...

from the looks of it now, No. But you never know.

I'm definitely keeping 1BTC in cold storage hoping for the day it tops $1K USD!

Yes, a confirmation could take a average of ten minutes, so in low trust situations, this would take about ten minutes instead of a few seconds (still way faster than other methods). However, exchanges are very unlikely to try to pull double-spend attacks against each other, and can (and already do) use so-called "green addresses" to send BTC back and forth, which are addresses publicly known to be used by exchanges and considered to be trustworthy.


It's quite unlikely that it would drop so much in such a short span of time. Possible, but unlikely. And these fluctuations are only going to decrease and the total "market cap" or bitcoin goes up, since it would take proportionally larger trading sums to move it by the same percentage amount. As for exchanges, you would only need one to convert to BTC, and one to convert from BTC. One other benefit over PayPal is that you don't have to worry or care about which system the other person is using. I.e., if we use PayPal, we both have to use PayPal, and submit to their restrictions and fees. If we use Bitcoin, you can use MtGox, I can use Coinbase, and we don't care about what the other person uses, and can switch from whatever we use should we find fees or restrictions too inconvenient.



The fees are, as of yet, not mandatory. Most "normal" transactions can go through just fine without a fee (normal as in average size without small amounts lumped in). If you send an unusual transaction without a fee, such as one comprised of many inputs (say 10x 0.1BTC to send someone a single BTC), or include some extra code in the transaction, sometimes it may take longer for a transaction to be included in a block. If fees are included, they are typically less than a penny, so it's still not much of an issue.
As for it being only able to carry a bitcoin, that's not entirely true as well. Rather, that Bitcoin doesn't necessarily have to be a bitcoin currency. Check out http://www.whyisn'tbitcoinworthless.com (same as in my sig) for some examples of what else the bitcoin protocol can be used for (specifically Colored Coin, digital contracts, and notarization by including a time-stamped hash of documents in transactions).

Adding nothing to the discussion here, but I'm pretty new to this forum and the maturity from most and level of debate is pretty awesome.

The example of using as a replacement for international payment seems to have one "buy" and one "sell"
of a Bitcoin in the middle. My simplistic understanding is that neither of these will be done in seconds
with the need for confirmations. I thought I'd read that it was minutes, and could approach an hour.
Maybe that's still faster than other methods. Isn't there also the usual bid/ask cost at each end of
the whole transaction? In other words, I start with $100, and by the time it goes through the buy/sell
process, it's not even $90 at the other end. Is that completely out of line? I have zero experience with
international transactions beyond the usual currency exchange at both end of an international trip, and there
were plenty of losses along the way. In those days you always wanted to minimize the total number
of exchanges, and well as try and come back to the States with as little non-USD as possible.

The idea of Bitcoin as protocol is an interesting one though it can only carry Bitcoins, and it's not
entirely loss-less as I understand. Isn't there a small "fee" levied somewhere along the line for the
transmit?