Will we see the day...

[deathcode]

where owning 1 BTC will mean that you're rich?

Rich: Having a great deal of money or assets; wealthy.

With only 21 million BTC, it's not hard to predict that owning 1 BTC would be extremely hard and the decimal places will start to matter more and more.

How far are we of days where 1BTC will mean you are rich? I don't want to translate into $$$ amounts because maybe in 50 years one million dollars is what 50,000 dollars is today so. I just use the word "rich"

[SgtSpike]

I am very doubtful.  I think BTC could eventually be worth several hundred or even $1,000, but I don't think it will ever be as widely used as a government-issued currency.

[Akka]

Haha, as always. Bitcoin Jumps a few dollars and this kind of threads are showing up.

Can't wait for the this is the End threads when it goes down a bit.

No, I really doubt it. I think a 1000 (nowadays value) is possible, but not in the next 10 Years.

Bitcoin will IMHO always be "border case" currency, used mainly by those that suffer restrictions from payment providers / governments.

It's about free money, not about creating a new financial elite. And IMO that's a good thing.

[Luno]

Haha, as always. Bitcoin Jumps a few dollars and this kind of threads are showing up.

Can't wait for the this is the End threads when it goes down a bit.

No, I really doubt it. I think a 1000 (nowadays value) is possible, but not in the next 10 Years.

Bitcoin will IMHO always be "border case" currency, used mainly by those that suffer restrictions from payment providers / governments.

It's about free money, not about creating a new financial elite. And IMO that's a good thing.

i guess Bitcoin will create it's own financial elite. When mining was in the reach of the many and prices low, everyone could get in with the hardware they had and get some.

ASICS will be for the few. The rest of us has to buy so normal market dynamics apply!

[RodeoX]

Grandpa, Is it true that you own a whole bitcoin?!? 

[Kupsi]

Look at the potensial in comparison to other data points in this brilliant article:

http://www.runtogold.com/2012/12/during-2012-fiat-currencies-and-gold-collapse-against-bitcoin/

[xxjs]

Grandpa, Is it true that you own a whole bitcoin?!? 

Not any more, I traded it for an oil tanker.

[evolve]

where owning 1 BTC will mean that you're rich?

no.

[mb300sd]

1, possibly
10, probably
100, definitely

[adamstgBit]

1, possibly
10, probably
100, definitely

I'm definitely going to be rich!

 

that is if smoking doesn't kill me b4...  

[nobbynobbynoob]

If the global bitcoin economy is roughly the size of Salt Lake City, there is a fair chance the exchange price will be well above $1000 per BTC in today's fiat terms. Mt Gox (if it's still going!) may quote prices per mBTC/BTM instead of per BTC.

Notice how all the online games have already standardised the BTM? Very forward-thinking. Bitcoin does not have to get anywhere close to critical mass to justify an exchange price above $1000. But we are a long way away yet, and as that guy at the '11 Bitcoin Conference pointed out, there are lots of serious payment systems used on smartphones and Bitcoin can only really go big when it penetrates that market. But Bitcoin does not necessarily have to get that big to justify a price of $1k/BTC. In five years, I'll hazard a guess that BTC1 will either be worth >>$1000 or pretty much nothing. But what do I know? It's pure speculation, by any of us. Look how Bitcoin has developed over the past four years, though...

[lebing]

If we are still using an exchange named after magic the gathering when the price is 1000usd to 1 btc

[nobbynobbynoob]

If we are still using an exchange named after magic the gathering when the price is 1000usd to 1 btc

LOL!

bitcointip lebing +BTC0,01

[flipperfish]

Will we see the day...

I think that depends on how old you are now. 

But seriously, I think it's possible within the next 20 years. The alterantive would imply IMO, that the fiat-system has been "fixed" (if that's even possible) or replaced by something else, which is regarded as more "fair".

[meebs]

Well, define currency? I hardly use paper "cash" nowadays, my ATM is my wallet.

USD, EUR, CAD etc etc...


1 USD = 1 USD, doesnt matter if it is pennies, nickels, a dollar bill or a debit card swipe.

That is why the method used to exchange USD is mostly irrelevant (except for security and convenience).

[nobbynobbynoob]

BTC1 = BTC1, no matter if it's two half-BTC inputs, a thousand mBTC inputs or 100 million one-satoshi inputs. Or even a CASASCIUS coin. Or a brainwallet.

That is why the method used to exchange BTC is mostly irrelevant (except for security and convenience).

[notme]

BTC1 = BTC1, no matter if it's two half-BTC inputs, a thousand mBTC inputs or 100 million one-satoshi inputs. Or even a CASASCIUS coin. Or a brainwallet.

That is why the method used to exchange BTC is mostly irrelevant (except for security and convenience).

I'm not sure 100 million inputs would fit in a block.  It would certainly require a very large fee.

[SgtSpike]

BTC1 = BTC1, no matter if it's two half-BTC inputs, a thousand mBTC inputs or 100 million one-satoshi inputs. Or even a CASASCIUS coin. Or a brainwallet.

That is why the method used to exchange BTC is mostly irrelevant (except for security and convenience).

I'm not sure 100 million inputs would fit in a block.  It would certainly require a very large fee.

New self-challenge: Create a transaction larger than 1MB.  See if Bitcoin network esplodes itself.

[notme]

BTC1 = BTC1, no matter if it's two half-BTC inputs, a thousand mBTC inputs or 100 million one-satoshi inputs. Or even a CASASCIUS coin. Or a brainwallet.

That is why the method used to exchange BTC is mostly irrelevant (except for security and convenience).

I'm not sure 100 million inputs would fit in a block.  It would certainly require a very large fee.

New self-challenge: Create a transaction larger than 1MB.  See if Bitcoin network esplodes itself.

+1

If it does I'm going to be sad for the role I played in its destruction.

[dancingnancy]

where owning 1 BTC will mean that you're rich?

Rich: Having a great deal of money or assets; wealthy.

With only 21 million BTC, it's not hard to predict that owning 1 BTC would be extremely hard and the decimal places will start to matter more and more.

How far are we of days where 1BTC will mean you are rich? I don't want to translate into $$$ amounts because maybe in 50 years one million dollars is what 50,000 dollars is today so. I just use the word "rich"

If it keeps going as planned, I don't believe 1 would necessarily make you "rich," but at the same time not entirely poor.  I think I saw a infographic somewhere stating for BTC to be 1% of the world economy, it would have to be priced around $10,000 for 1 bitcoin.  I'll try to find it again real quick.