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Title: [Newbie Question ] Bitcoin Tx FEE's Post by: najzenmajsen on February 20, 2015, 05:00:36 PM Hey everybody , as we all know bitcoin is in my mind atleast pretty damn revelutionary but i've been thinking of smth. lets put a scenario , where the whole world starts using Bitcoin
the lowest amount of bitcoins you can have is 1 SAT ( correct ? ) my question being , if the whole world use it , and we get a market cap of 100 Trillion Dollars wouldnt this make even , the low txfee's we have today pretty damn high? lets say 1 sat = 10 dollars it would be pretty expensive. Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: nachoig on February 20, 2015, 09:37:01 PM Well, it depends:
1. Dollars from where? 10 dollars from Australia aren't the same 10 dollars from Hong Kong. Please, specify. 2. And at what inflation rate? 10 dollars from some country can buy a lot of things today, but absolutely none tomorrow. So, at this point, 10 dollars probably wouldn't mean an expensive transaction fee. Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: ajareselde on February 20, 2015, 09:46:51 PM Well, it depends: 1. Dollars from where? 10 dollars from Australia aren't the same 10 dollars from Hong Kong. Please, specify. 2. And at what inflation rate? 10 dollars from some country can buy a lot of things today, but absolutely none tomorrow. So, at this point, 10 dollars probably wouldn't mean an expensive transaction fee. he is trying to say that the very little amount as 1 satoshi may one day be too valuable for it to be used to pay the fee for transaction. While i dont believe it can any day become so expensive, you could just choose not to pay the fee for smaller amounts, or its possible that we will have option to choose some online account like coinbase, just to transfer bitcoins from 1 account to another through their software (without using blockchain transaction) cheers Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: nachoig on February 20, 2015, 10:15:10 PM Well, it depends: 1. Dollars from where? 10 dollars from Australia aren't the same 10 dollars from Hong Kong. Please, specify. 2. And at what inflation rate? 10 dollars from some country can buy a lot of things today, but absolutely none tomorrow. So, at this point, 10 dollars probably wouldn't mean an expensive transaction fee. he is trying to say that the very little amount as 1 satoshi may one day be too valuable for it to be used to pay the fee for transaction. While i dont believe it can any day become so expensive, you could just choose not to pay the fee for smaller amounts, or its possible that we will have option to choose some online account like coinbase, just to transfer bitcoins from 1 account to another through their software (without using blockchain transaction) cheers But if Bitcoin would have a 100 trillion dollars cap, it's probably 10 dollars woun't be really valuable. Dollar could "lose" a lot of "value" in this way, and 10 dollars would be just nothing. Like the 50 Argentine Australs ( http://en.wikipedia.org/wiki/Argentine_austral ) which I have here. In 1991 when the Convertibility Law was introduced, 50 ARA (which was originally a banknote) was the equivalentent to 0.005 USD (or 0.005 pesos after the re-introduction of the peso), so you couldn't even get a 1 centavo/penny coin with that banknote. Anyway: https://bitcointalk.org/index.php?topic=961757.0 Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: BitMos on February 20, 2015, 10:21:56 PM Hey everybody , as we all know bitcoin is in my mind atleast pretty damn revelutionary but i've been thinking of smth. lets put a scenario , where the whole world starts using Bitcoin the lowest amount of bitcoins you can have is 1 SAT ( correct ? ) my question being , if the whole world use it , and we get a market cap of 100 Trillion Dollars wouldnt this make even , the low txfee's we have today pretty damn high? lets say 1 sat = 10 dollars it would be pretty expensive. wrong, it's digital it can get at how many zero after that you can compute, close to infinity. meaning 8 decimal can be extended to 8^e, ie bitcoin can work with an infinite number of users, even with a 1mb block, pay enough get in. Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: ajareselde on February 21, 2015, 03:19:46 AM Well, it depends: 1. Dollars from where? 10 dollars from Australia aren't the same 10 dollars from Hong Kong. Please, specify. 2. And at what inflation rate? 10 dollars from some country can buy a lot of things today, but absolutely none tomorrow. So, at this point, 10 dollars probably wouldn't mean an expensive transaction fee. he is trying to say that the very little amount as 1 satoshi may one day be too valuable for it to be used to pay the fee for transaction. While i dont believe it can any day become so expensive, you could just choose not to pay the fee for smaller amounts, or its possible that we will have option to choose some online account like coinbase, just to transfer bitcoins from 1 account to another through their software (without using blockchain transaction) cheers But if Bitcoin would have a 100 trillion dollars cap, it's probably 10 dollars woun't be really valuable. Dollar could "lose" a lot of "value" in this way, and 10 dollars would be just nothing. Like the 50 Argentine Australs ( http://en.wikipedia.org/wiki/Argentine_austral ) which I have here. In 1991 when the Convertibility Law was introduced, 50 ARA (which was originally a banknote) was the equivalentent to 0.005 USD (or 0.005 pesos after the re-introduction of the peso), so you couldn't even get a 1 centavo/penny coin with that banknote. Anyway: https://bitcointalk.org/index.php?topic=961757.0 Its a pretty impossible scenario to imagine, for bitcoin to have 100 trillion usd market cap. I doubt it will ever be so significant to reduce value of usd or eur , for that matter. Anyways, as someone allready mentioned, it seams that u can set the tx fee under 1 satoshi, so theres your answer op, nothing to worry about. As bitcoin usage increases, there may be many more issues, but almost nothing is hard coded, and bitcoin can be modified to embrace any changes it may need in future. cheers Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: funtotry on February 21, 2015, 03:21:11 AM If we reached the point where 1 satoshi was a considerable amount of money (more than a couple cents) there would probably be some adjustment to the protocol to increase decimal places. Also the fees would be either removed or also increased decimal place if we reached that much.
Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: nachoig on February 21, 2015, 04:33:28 AM Its a pretty impossible scenario to imagine, for bitcoin to have 100 trillion usd market cap. I doubt it will ever be so significant to reduce value of usd or eur , for that matter. Anyways, as someone allready mentioned, it seams that u can set the tx fee under 1 satoshi, so theres your answer op, nothing to worry about. As bitcoin usage increases, there may be many more issues, but almost nothing is hard coded, and bitcoin can be modified to embrace any changes it may need in future. cheers No, this wouldn't reduce the value of the US dollar or the euro. But at this point, 10 USD can have the purchase power of 0.5 USD today. This is possible if the US dollar goes to another century and lose 95% of its purchasing power again, like happened in the last 100 years. BTW, 100 trillion USD is more than the entire worlds's GDP (75 trillion USD). Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: desertfox470 on February 21, 2015, 04:48:02 AM From what I have always understood although I could be wrong is that the tx fee can be changed if the market cap rises really high. I may be wrong, but I remember someone telling me that a couple months ago.
Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: sifter on February 21, 2015, 06:25:54 AM From what I have always understood although I could be wrong is that the tx fee can be changed if the market cap rises really high. I may be wrong, but I remember someone telling me that a couple months ago. Even if the tx is changed, It is still very expensive since the value would be so high. Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: ranochigo on February 21, 2015, 06:51:59 AM From what I have always understood although I could be wrong is that the tx fee can be changed if the market cap rises really high. I may be wrong, but I remember someone telling me that a couple months ago. Even if the tx is changed, It is still very expensive since the value would be so high. Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: Muhammed Zakir on February 21, 2015, 06:57:45 AM From what I have always understood although I could be wrong is that the tx fee can be changed if the market cap rises really high. I may be wrong, but I remember someone telling me that a couple months ago. Even if the tx is changed, It is still very expensive since the value would be so high. I like how their assumptions. As always, we can decrease the recommended fee. If somehow BTC value hits it, I wonder what BPB gonna do. He will be the ~4-5k x Trillionaire. ;D -MZ Title: Re: [Newbie Question ] Bitcoin Tx FEE's Post by: Brewins on February 22, 2015, 05:24:10 AM From what I have always understood although I could be wrong is that the tx fee can be changed if the market cap rises really high. I may be wrong, but I remember someone telling me that a couple months ago. yes it can be, but now below 1 satoshi, and that is the point of the topic |