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Author Topic: What if 1 satoshi worth more than 1 dollar?  (Read 325 times)
el kaka22
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February 02, 2023, 08:35:23 PM
 #21

So, if I  got this right, that means we need 100 million dollars per bitcoin for this to happen? If that's the correct calculation then we d o not really need to worry about this right now. I understand that it is a thought experiment, but that doesn't mean that we should be calculating right now or forced to find a solution to it. Doesn't mean that it won't happen, but it is clear that we are talking about a whole different world than we live in right now when that happens.

It means that by that time we will have much more clear solutions to it because the world would have more options available at that point. I believe that this is an issue that will come with its solution in due time.

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February 02, 2023, 08:38:47 PM
 #22

Ditto mk4 (sub-satoshi payments have already been possible for years, no upgrade necessary) and pooya97 (the day 1 satoshi is 1 dollar is a day we should be worried about.

Today, 1 satoshi is already about 0.45 Nigerian naira, 3.5 Indonesian rupiah, and 10 Iranian rial, among others. These currencies, at some point recently enough, weren't so bad. I'm not even using examples of extreme hyperinflation-hit currencies.

I think we have plenty of Nigerians, Indonesians and Iranians who will tell you that can't buy anything these days.

I know, terrible comparison but you have to understand what you're imagining.

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February 02, 2023, 08:45:59 PM
 #23

If the value of 1 satoshi were to become worth more than 1 dollar, it's possible that the bitcoin community would consider increasing the divisibility of the currency to allow for smaller transactions. However, this would likely require a change to the underlying code of Bitcoin and consensus among the community, so it's difficult to predict if this will happen. Another option could be for governments to adopt Bitcoin as a backing for their own currencies, providing more divisibility for everyday transactions. Ultimately, the future of Bitcoin and how it will handle small transactions is uncertain, but solutions are being discussed and explored.
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February 02, 2023, 09:46:17 PM
 #24

As we know Bitcoin was made for cash payments in the world. It’s system is designed and updated to perform over hundred years. Thus, one day with dollar inflation (if it still exists) and bitcoin desinflation, 1 satoshi or 0,00000001 BTC would has 1 dollar price or more. So, how to buy a item that cost less than the 1 satoshi price, considering that it is the smallest division (the BTC atom) of the bitcoin?

For 1 Satoshi to cost $1 simply means that 1 Bitcoin should be $100,000,000, which I'm sure will take a whole lot of time for this to be actualized, considering the current price of Bitcoin at $23,300 and it's fluctuating market nature affecting price to go up and down. But in such case, there will always be a way for Satoshi to be divided into small fraction just as it being the smallest divisible unit of Bitcoin for payment of goods and services less than a dollar using the lighting network

 
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February 02, 2023, 10:53:14 PM
 #25

then 1$ would have to be pretty worthless.

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February 03, 2023, 06:45:01 PM
 #26

Why solve a problem that hasn't arisen yet?

1BTC = ~23100$.  
It turns out, $1 = 0.000231BTC at the moment.

For $1 to be equal to 1 satoshi, 1BTC needs to be worth 100mln. $.
 
I think it's too early to ask such questions, to put it mildly. BTC still has a very long way to go before reaching such levels.

Currently it is beyond our imagination to believe that one satoshi will be worth a dollar. 

If we are thinking about this, i would say that we are mostly over thinking and its not worth the time spend on almost impossible things at least for now.

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