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Most likely yes, you will be millionaire by them.
People tend to forget how the halving in reqards affects price.
Currently with 25 btc per block, we have an average of 10% inflation
wich is considered A LOT for a normal fiat economy.
What causes bitcoin to not fall is the huge demand wich will continue to rise
dramatically, while the halving will greatly reduce the inflation rate in the following years.
So yes, you will be a millionaire. Bitcoin is the future.
And you're part of it.
Enjoy.
Looking forward to it  |
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If you did cash out a million dollars to your bank account, aren't there some legal/technical issues to consider, right?
Don't worry, I won't be cashing out. I'll be spending my bitcoins directly. |
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Bitcoin is already too big to fail, even without mainstream adoption it will still be used for porn, gambling, tax evasion, hiding money from divorce attorneys and a million other darknet uses....
That's what I think too but hopefully it transcends criminality because then price will hit full potential. |
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There's no way I'd keep them on an exchange! Friend of mine lost 70BTC on MtGox even though I was warning him for weeks beforehand. |
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OK guys and gals, I've 80 bitcoins (did have 410, but sold most to buy a house last September. Bad timing or what!)
Anyhoo, I'm sick of work and figure if bitcoins get to $15,000 I can retire.
When do you reckon that will happen?
On thursday. I think you toked too much of that weed tokeweed |
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re western union.
have you ever seen western union working in third world countries?. there actually provide something - they are not just middlemen taking a free margin. peer to peer is a catchy concept but it works fine if you have bitcoin and the other person wants bitcoin. once one or other turns it into fiat for example fees come into play. also bitcoin has a long way to go to get reputable exchanges etc. its time enough for the wider market place to adapt to its presence and lessen its impact.
re store of wealth - the price of bitcoin is about US$250. Can you tell me what share of that you believe to be is its store of wealth? I think its nil or close to it and the whole $250 is its speculated transactional value which I see declining to double figures
I know they are not just middlemen but they are middlemen who are unnecessary in the age of bitcoin. Even if you want fiat to bitcoin and back to fiat transactions which would require a bitcoin middleman they are still way cheaper than WU. But a point will come where people will be happy to hold on to bitcoin rather than change it back to fiat and no middleman is necessary. re store of wealth - the price of gold is about US$1100. Can you tell me what share of that you believe to be is its store of wealth? I think its nil or close to it and the whole $1100 is its speculated transactional value which I see declining to triple figures |
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IF you are sick of work, it means you are in the wrong line of work.
Really?! So you can't be sick of work as a concept. Human need a purpose to survive beside food and shelter. My purpose to survive is to have a good time. PARTY! |
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it can only go the moon if it gets an 1.extremely high transactional use and/or 2. gets a high stored value (like gold)
re 1 the first world countries (US for example) can already do all the transactions they need without bitcoin. It may well save fees but most people use credit cards for access to the credit so it will never really compete with visa etc. In the third world where bitcoin is touted as the saviour from western union type companies who charge higher handling fees most of that "fee' goes to pay for the final handover of the money eg having an office in the place. It provides the 'security" people need that they are to get their money easily, quickly and in their local currency. so I do not see western union under major threat. if they do see a threat to some market share they will react in some way that lessens bitcoins effect (and therefore uptake)
re 2 it could get some sort of stored value through the use of the blockchain but I see other ideas coming along (eg etherum) that may be better here- at the very least they will eat into bitcoins potential.
also the US dollar I understand moves about 10% per annum. Bitcoin rises and falls fast and in big chunks. Makes it great for speculators but terrifies the people who store things under the mattress as well as institutional investors. Until that stops there is not much chance people will value it as a store of wealth and the longer that goes on as other posters has said bitcoin may just become irrelevant except to the very few who love the concept of it for itself
Your 2 scenarios are reasons why bitcoin will succeed in my opinion. 1. Transaction fees are minimal with bitcoin. Credit cards cost retailers money and I'm taxed €50 a year for my credit card! Western Union need to make money. Cut them out of the equation and the only loser is Western Union which is already happening. 2. Think of it like gold only transportable so easily. Gold has value so why not bitcoin. Point made. I am not so sure. 1. I do not use a credit card as i do not want to pay the fees nor do I need the credit facility but I use a debit card that comes free from my bank. That allows me to do electronic transactions etc ie much of what bitcoin "offers'. So you can do the same and save €50 a year but presumably you want/need their funds (credit) part as well. re cutting western union out of the equation - there will always be a place for a western union type operation. Bitcoin will eat into their market but only at the edges. I also think by the time bitcoin becomes strong/large enough to compete with the likes of western unions it will carry some non mining costs that people will want payment for. ie if you want exchanges to be trustworthy they will have to have some sort of regulation and that brings with it compliance costs etc. 2. that something is easily transportable is a reason for adopting it and using it but does not make it inherently valuable. A lot of people have company credit cards which are paid off automatically and still require the €50 tax. Notwithstanding that, debit cards also incur that €50 annual tax. Damned if you do, damned if you don't. But you have got to agree that cutting the middleman i.e. Western Union helps everybody except Western Union. Why will there always be a place for Western Union? Why would bitcoin have any 'non mining cost' when it's peer to peer (no middleman taking his cut)? Gold has as no inherent value either. Only because it's rare. Bitcoin is also rare but far easier to transport so therefore in my opinion a better store of wealth. It's the internet baby! Prepare for BIG change. |
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it can only go the moon if it gets an 1.extremely high transactional use and/or 2. gets a high stored value (like gold)
re 1 the first world countries (US for example) can already do all the transactions they need without bitcoin. It may well save fees but most people use credit cards for access to the credit so it will never really compete with visa etc. In the third world where bitcoin is touted as the saviour from western union type companies who charge higher handling fees most of that "fee' goes to pay for the final handover of the money eg having an office in the place. It provides the 'security" people need that they are to get their money easily, quickly and in their local currency. so I do not see western union under major threat. if they do see a threat to some market share they will react in some way that lessens bitcoins effect (and therefore uptake)
re 2 it could get some sort of stored value through the use of the blockchain but I see other ideas coming along (eg etherum) that may be better here- at the very least they will eat into bitcoins potential.
also the US dollar I understand moves about 10% per annum. Bitcoin rises and falls fast and in big chunks. Makes it great for speculators but terrifies the people who store things under the mattress as well as institutional investors. Until that stops there is not much chance people will value it as a store of wealth and the longer that goes on as other posters has said bitcoin may just become irrelevant except to the very few who love the concept of it for itself
Your 2 scenarios are reasons why bitcoin will succeed in my opinion. 1. Transaction fees are minimal with bitcoin. Credit cards cost retailers money and I'm taxed €50 a year for my credit card! Western Union need to make money. Cut them out of the equation and the only loser is Western Union which is already happening. 2. Think of it like gold only transportable so easily. Gold has value so why not bitcoin. Point made. |
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by the way things are, I see most are just trying to cash out with their current bitcoin since they sense the value will drop again.
I say hold, and then sell it when there is a bitcoin event that holds that certain price.
I don't think I'll ever sell my bitcoins. I'll just buy stuff with them. |
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I think you could be technically a millionaire - have a million dollars. Don't think you would be able to retire on it though - maybe buy a nice house and be sure you won't die of starvation  I have the nice (it's ok  )house. And I can always eat roadkill. |
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Won't it cost FB to process the transfer from your debit/credit card? Eventually they will accept bitcoin as they will not have to pay any transaction fee.
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I don't think many people realize just how much money already exists.
To give you an idea: the ECB is creating between now and next 2 year 1000 billion Euro out of nothing, thats 1e12 euros. All this only will cause some minor inflation of some percentagepoints.
As a comparison in 2 years time about 2.6 million btc are created. Divide those 2 and you get a really big number of euros per bitcoin.
This is just to show what could happen if bitcoin would be accepted as a curreny next to the euro or usd. The value would rise immensly (and not to 100k, but to several million per btc).
Will this happen? Or will the btc value just linger or go to zero ? Nobody can tell you.
For me the main reason for a rise would be some external event triggering this: major European country going bust, even events with Greece or end of Eurozone could make things moving VERY quickly.
If that happens the financial world could shift enourmous amounts of money very quickly. I think now several of them are just slowy accumulating in case of.
To be able to absorp the rise, the bitcoin protocol needs to be readyto play in the major leage and lots of development still needs to be done. But I think that is coming along nicely.
So yes I think 100 bitcoin will be a lot of money. It will in fact be a huge amount of money. When is difficult to predict.
Also when btc starts rising it will be immensly difficult to keep all that 100 btc together. There's just no way somebody can keep his nerves when seeing btc rise to 1000, then a few thousand, and so on.
Everybody will be tempted to sell off some (or even a major part) of it.
We've seen that happen in the rise from 0.01 to 30 and then again from 2 to 1000.
As for the value of the bitcoin being a too large number (it IS a psychological barrier if the value would be several 1000 or 10000 or 100000). You can allways revert to using the unit of mBTC, µBTC or even 1 Satoshi)
I think the same. I think a major financial meltdown will precipitate a huge bitcoin price explosion. And I think that is inevitable. Several million per bitcoin? Now that would be cool. ;-) |
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What people aren't realizing is that if you do become a Millionaire in Bitcoin, the second you cash out you will have to pay a 40% capital gains tax, which will leave you with only $600k. Socialism FTW!
anyone who ends up with over a million or several million $ worth of btc could easily fly to switzerland or the emirates or china etc or wherever there is no or very little tax to be paid trying to bring the cash back home would be stupid though so i would probably live in an alternative country than give up half my money for tax .......... A million isn't really enough to do much these days. 5 million is probably barely enough if you live frugally* and you are single. If you have a family, you'll probably need 20M+. *Frugally, in the context of being upper-class. No $1000 bottles of wine everyday, no caviar and truffles with wagyu everyday, no vacation villas around the world, etc. $5m and live frugally? Over 40 years (assuming I die at 82) that's $2400 a week. That is far from frugal my friend! |
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What people aren't realizing is that if you do become a Millionaire in Bitcoin, the second you cash out you will have to pay a 40% capital gains tax, which will leave you with only $600k. Socialism FTW!
I won't cash out. I'll just spend my bitcoins. |
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You will definitely be a millionaire by 2020 if you manage to still hold your coins.
I believe I will be too but it's nice to have validation from others |
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Buying 3 more bitcoins now. I'd rather have bitcoins now than euros.
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A1. I'd imagine they'll be closer to $1000 by the end of the year.
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you'll be rich
don't let money change you
He's already rich if he can afford buying 100BTC. At least in my view. I'd be happy to have 10. I'm not rich. I didn't buy the 100 bitcoins for $25,000. I first bought €100 worth of bitcoins @ $1 each and bought more gradually after that. The most I ever had was 430 bitcoins but sold 330 of them to help buy a house. |
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