Thanks guys for the wonderful answers!
Let me ask you a few more questions if you don't mind. And again, I'm asking for the sake of wisdom and I don't mean disrespect to anybody.
Bitcoins are divisible to eight decimal places. When BTC become valuable enough people will stop trading in BTC and use mBTC (.001BTC). After that, they'll trade in Satoshis (0.00000001 BTC). There is no problem here
I know, but that doesn't solve the problem of the value, even if we start using satoshis. If the value of the total 21 millions is around 2 billions, that's not enough money for rich or banks to move their money over this currency, because there is not enough BTC to do that.
Or it could go the other way...... where 21 million bitcoins is worth a buck........
We hope not!
. . . if in any future, a 0,00000001 BTC = 1 cent, that would make the 1 BTC = $1 million and I don't see that possible . . .
And yet if bitcoin ever reaches mainstream use, this is exactly the sort of thing that will happen. Why don't you see it as possible?
Why do you? Honestly, I'd like to know. I just don't think is that possible because it has never happened with any other currency in the world (1 currency = $100,000), why would it happen to BTC? (I hope you are right
Lets say Bitcoin "only" rises to a monetary base of $10B USD equivalent with $100B in annual transactions making it larger (in terms of transaction value) than PayPal, Western Union, MoneyGram, GreenDot, Discover and Amex combined? Is that a failure? OH NOES Bitcoin out of nothing, became the largest money transfer system on the planet. Nope it didn't become the one world currency so lets pull the plug and mark it up as a failure?
Is the value of gold = combined sum of net worths of everyone in the world? Nope? I guess Gold as a mechanism for storing wealth has "failed" too.
How can you come up with $100B? is the 21 millions btc = $10B, why is $100B in annual transactions? Sorry, but I have no idea how that works.
I guess that even if all the money in circulation was traded for the 21 million bitcoins, 1 satoshi would still be worth less than what you can buy today with 0.001 USD.
Or, the other way around, if you want 2100000000000000 Satoshis * 0.001 USD = 2.1 trillion USD
There is more money in circulation than 2.1 trillion USD. Maybe something like 21 trillion, actually. So yeah, with 1 satoshi you would buy what you can buy now with 0.01 USD.
so, are you guessing that bitcoins can reach the ratio 1 BTC = $100,000?
Why similar idea is raised repeatedly and repeatedly. If at the very beginning Satoshi had decided the total supply as 21 billion BTC instead of 21M and started with 50k reward per block, the exchange rate today would be $0.014/BTC instead of $14/BTC. If he started with 21k BTC, the exchange rate today would be $14k/BTC. It's arbitrary.
But it seems more believable to see that a $0.014/BTC can reach a $10/BTC in the future than a $14/BTC becoming a $14000/BTC.
Again, it's just "hard" to believe that if you have a wallet of 10 BTC ($140 today), that can become (in the future) a $1,000,000
thank you all!
B.
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already?? I was using it for 4 days only O_O why is not mining at what it's supposed to?
