Bitcoin Forum

Everything I have read/ heard about BTC is pretty good, a digital currency that can be used for any transactions.

I keep reading/hearing that the price of BTC can go up dramatically (Million per BTC). We can all assume thats why the prices keep rising (alot of us are just speculating).

But at what point can the AVERAGE person even afford  to buy 1 BTC. Not too many If the price of 1 BTC keeps going up ($600usd and higher).


The BTC ecosystem sounds contradictory. On one hand everybody says cryptocurrency will take over the world, but on the other hand, not to many people can even afford 1 BTC. How can it take over?

Theres 21 million BTC that could be created, but at what price point does 1 BTC get to expensive. Am assuming thats where 1 BTC gets broken down and people just start buying  Satoshis instead of WHOLE bitcoins.

If BTC gets to expensive and people just start buying satoshis;  I guess the price of 1 BTC could be 1 million dollars, only if 1 satoshi = 1 dollar. B

Correct me if am wrong, am just trying to understand the "thought" system here.

if the price gets high enough, it becomes normal to see it as mBits or mBTC. i don't really think that changes things much. if BTC is worth $1 million, then i suppose it makes sense to start seeing the unit as satoshi.  :)

A lot of BTC exchanges only let you buy a WHOLE bitcoin

With these high prices, a lot of people will be priced out, or the price will have to come back down to affordable levels.

Yes, A few exchanges Ive noticed let you buy fractions of 1BTC, but alot of exchanges dont

Lolwut? Which exchanges do that? Even if that's true, just use a different exchange.

Places will always have minimums, it just makes sense. As the value rises and stays there the minimum purchase amount will adjust, just as we are hoping the transaction fees adjust as well.

That is absolutely NOT true.   I have never seen any exchange that requires whole BTC to be purchased.  Please identify just one.

Bitcoin is meant to be divisible down to 8 decimal places.  0.00000001 BTC = 1 Satoshi
https://en.bitcoin.it/wiki/FAQ#What_do_I_call_the_various_denominations_of_bitcoin.3F


This is exactly why there is a newbie jail.  It forces people to spend time really learning about Bitcoin before they are released into the rest of the forums.

https://www.gldtalk.org/devteam/bubble.png


Exactly. And this will help drive the next phase of evolution.

Once the people find out that there's more than one make and model they'll start buying cars from the other automakers.

So are you suggesting that everybody will just hop over to a different cryptocurrency.

Eloborate pls.

Pls do not LOL at me, and pls do not throw me in BTC jail.

Am just looking for a few answers and thought that this BTC forum will be supportive, especially to those of us who might be a little lost.

Its up to you VETERANS to keep teaching newbies, so they can become veterans and teach other newbies.

I believe "Understanding" the system is the only way BTC will thrive. So pls be respectful & supportive to everyones questions or concerns

Well, there's mBTC and uBTC aka Millies and Mickies.
Also you can break a bitcoin into 8 decimals, which makes it quadrillions of units. Saying bitcoin is expensive is a matter of perception and perspective, for instance it's pretty cheap compared to a $170.000 for a stock in Berkshire Hathaway



No

While btc is good, it has a long way to go til 1 mil/unit. At some point someone could make an upgrade if smaller units are needed. There is a lot of time to figure it out, and my opinion is that if we get to that number we will probably see Bitcoin 2.0 or something like that.

For the AVERAGE person (99% of the people), the working class.

Thats not being realistic.

I understand we all hope that cryptocurrency will  make us all a hefty profit, if it becomes mainstream.

But how will it become mainstream if the AVERAGE person cannot afford it.

That's the million dollar BTC question.

In no way am I bashing BTC. I am a speculator  myself.  Just want to understand it a little better.

Your question doesn't make any sense.

That's like saying, how will U.S. currency ever become mainstream if the AVERAGE person cannot afford to acquire one million?

If the average person cannot afford one bitcoin, then the average person can use millibitcoins for daily commerce.

If the average person cannot afford one millibitcoin, then the average person can use microbitcoins for daily commerce.

If the average person cannot afford one microbitcoin, then the average person can use nanobitcoins for daily commerce.

I just didn't understand it. I got it now.

Thanks Danny, and everyone else.

I've noticed quite a few new-ish people that think that 1 bitcoin is the smallest unit. I wonder how much of an issue this is for perception. I'd have to think that for smaller transactions, we'd eventually have to switch to a smaller unit, like mBTC and so on.

Really?  Every exchange I've used allows me to buy less than a BTC.I doubt bitcoins will reach 1 million within our lifetimes, unless every single government decides to invest some money into it lol. 

Agreed, the naming convention is quite unfortunate. To avoid discouraging new users, millibitcoins should be renamed to bitcoins.

Also, since btc can't be printed like paper money, and old "notes" can't be taken out of circulation, at some point there won't be enough btc left, since most of them will be "lost" in some forgotten wallets. So the concept is good, it just needs some tweaking. Also don't expect 1 mil, since there is no chance in this world that goverments would replace their currency with one universal.

Even if 99% of Bitcoins lost, the remainin 1% is more than enought for Bitcoin to work.

Why do you need a whole Bitcoin?  A Bitcoin is simply a unit.  The price of gold is about $38,000,000 per ton.  Can you buy a ton of gold?   Could you buy a smaller amount of gold?


There are 100,000,000 satoshis per bitcoin.  So if 1 BTC = $1M USD then 1 satoshi = $0.01.   BTW I personally don't think Bitcoin will reach a price of millions of even hundreds of thousands of dollars per BTC but if it did 8 digits is enough to keep the value of 1 satoshi relative low.

I think what we will see is a recognition first by consumers that alternatives exist, then a demand for these alternatives, then an integration of these alternatives into the existing Bitcoin merchant POS systems. Like Visa, Mastercard, and Discover, people will use different coin payment methods via a common POS device. As this process evolves, capital will begin spilling over into the altcoin sector and a healthy competition will develop between currencies.

Now am beginning to see how the whole entire thing is suppose to work.

Very Interesting and Smart

As soon as bitcoin rises to a high value we will refer to smaller units. However currently many refer to them wholy or as mbtc

it is an amazing invention. dont be discouraged by the rude people. let us know if you have any more questions. it is a lot to try to wrap ones head around.

In a way, but look up for selfish miner. There is always some loophole for anything...

Why on Earth would you send a newbie off on a tangent like "selfish miner" a totally esoteric theoretical non issue.

buggrock:  if you have any other questions just let us know and ignore the noise.

BTW:  the easiest way to think about Bitcoin is that in almost all respects it is the opposite of your standard government/central bank issued fiat currency.  A good example is the decimal point.  Coffee used to cost $0.10 a cup, then $1.00 a cup and will one day cost $10.00 a cup.  Up to this point this is all you have known and it seems "natural".  Bitcoin just goes the other way, the first pizza cost 10,000 BTC but now you can buy a few pizzas for just 0.1 BTC.  See the decimal point just moves the opposite direction.

good news is it's the best time to buy, now that it's so close to become mainstream, and will still grow exponentially in the next few years,

prior this, btc could be 0, no ones know for sure, early adopters had lost hard drives, or bought the pizza for 10k coins,

I've been hearing about BTC for over 3 years . I regret that I waited so long to learn it. But It sounded complicated so I never really took the time to really understand how it works.

Am assuming that if I had that problem with its complexity. Thousands of other people might be turned off by its complexity as well .

Its up to everyone on this board to really help out any NEW people who are lost, and have questions, because its complexity will discourage some,  like I was.

Now that I have patiently taken some time to read, and as questions about it. I have better understanding, and feel cormftable now.

I have already opened an account with coinbase and will be purchasing my BTC soon.

Thanks to everyone . Youve been really helpful

The only important point for me is that if bitcoin gets a value of say 10.000 dollar do we still have to pay the ridiculous high fees for transactions ....
If i get payed now say 0.001 btc or i have to pay that amount i have to pay the same amount on fee .... how you would see that in the future if bitcoin really would pass the 1 million each.
At this point its already annoying while the value is just hovering around $400.

To make an analogy, if bitcoin was a car you now have learned how to drive it. If you want to take the next step and learn how the car actually works, this is probably the best resource for that. http://www.youtube.com/watch?v=Lx9zgZCMqXE of course you dont need to know how a car works inorder to drive it so its totally up to you.

The fee used to be 0.001 BTC.

When the exchange rate reached $30, the fee was reduced to 0.0005 BTC.

When the exchange rate reached $200, the fee was reduced to 0.0001 BTC.

The developers are already working on designing a dynamic fee calculation that changes automatically based on current mining and transaction conditions.  If they don't get that new design completed before the exchange rate exceeds a few thousand USD, I'm sure it will be lowered to a new fixed rate.

No.  The min fee has been reduced 3 times by a factor of 1000x since Bitcoin began.  Today it is 0.1 mBTC (0.0001 BTC or ~$0.04 per KB).  To avoid high fees try to avoid dealing with sites that payout tiny amount of Bitcoins (i.e. 0.000001 BTC).  Fees in Bitcoin are based on transaction SIZE not value.   Sites which payout dust are creating a scenario where spending that dust is either impossible or prohibitively epxensve.  They know this and rely on lack of knowledge by noobs to continue to operate.

Would it make any difference to your perception

if instead of BTC 1 = $460

we said 100,000,000 Satoshi = $460

$460 to become millionare, seems cheaper now?

And you don't have to "buy" BTC, just sell something and say "accepting Bitcoin"

If bitcoins get to a price of lets say 10k then people will be buying but will only be buying .1 or lower

Its possible that 1 statoshi is 1 dollar in future, hopefully government don't start freezing account related to it..

It's rare to find someone that doesn't have the "I'm kicking myself.."  Bitcoin story. Some of then are quite tragic. However I love hearing them, and I love hearing the enthusiasm when I ask people at the meetups I attend "what's your interest in Bitcoin? It's usually a pretty cool story.  

Glad to have you on board. I'm a firm believer thats its up to the earlier adoptors to expedite the growth of tools and explanations so they are simple enough for a large majority to grasp.

I love explaining to those who have just experienced the "Bitcoin spark".  That's when the light turns on,  and the "Bitcoin stare of confusion" disappears to be replaced by the "Bitcoin stare of fascination"  Next thing you know they're quitting their jobs and being sucked into the Bitcoin void,  where they eat,  sleep and breath Bitcoin.  My wife tells me I talk Bitcoin in my sleep. I believe her.

You've taken the red pill.  Enjoy the ride.

The price would need to be 100.000.000 USD / BTC - obviously will never happen.
And you can exchange BTC on localbitcoin, so no freezing bank account

But you can withdraw cash using localbitcoin right? you still have to transfer it to your bank or something...

I see it this way.. Nobody exactly knows where the bitcoin is going.. It can crash.. Or it can make u very rich.
U can lose small/medium(depends) or win big on long term. The odds are in your favor.
Enjoy the ride and hope for a good ending  ;). U can also put your money aside and take back a piece of your investment when the bitcoin growns. So you don't need to worry to lose a big investment and your remaining bitcoins are still in the market then.

Grtz