Bitcoins price can go up to $1million

[wtfvanity]

If bitcoins reached $1 millions what would happen to the transaction fee. 0.0005 of 1,000,000 is 300. That would be a large fee.

The current fee prevents dust spam. If the value of bitcoins were to increase such a large amount, the fee would also change.

[Piper67]

If bitcoins reached $1 millions what would happen to the transaction fee. 0.0005 of 1,000,000 is 300. That would be a large fee.

300 is NOT a large transaction fee if you're sending 1,000,000 securely around the world.

[TraderTimm]

If bitcoins reached $1 millions what would happen to the transaction fee. 0.0005 of 1,000,000 is 300. That would be a large fee.

300 is NOT a large transaction fee if you're sending 1,000,000 securely around the world.

Quite right - I wouldn't consider a 0.0003% fee 'large' to send that much to someone else. Now, to get that kind of balance in the first place...

[BIGMERVE]

If bitcoins reached $1 millions what would happen to the transaction fee. 0.0005 of 1,000,000 is 300. That would be a large fee.

300 is NOT a large transaction fee if you're sending 1,000,000 securely around the world.

But doesn't the transaction fee stay the same no matter how large or small the transaction?

[wtfvanity]

But doesn't the transaction fee stay the same no matter how large or small the transaction?

No.

https://en.bitcoin.it/wiki/Transaction_fees

[GIANNAT]

Keep dreaming

[Bit_Happy]

This topic was started on February 25, 2013, and what a year it was. 

[porcupine87]

This topic was started on February 25, 2013, and what a year it was. 

We do not need many of such years to get to $1m

[the_poet]

The total of all world currency is about $21trillion.
That means the price could go up to $1million for each bitcoin.

If that was the case, 1 satoshi would equal 1 penny and uBTC would become the new unit (for example 1.63 uBTC = $1.63). Not bad.

[Sindelar1938]

$ 10k would work for me as a start!

[cosmofly]

The total of all world currency is about $21trillion.
That means the price could go up to $1million for each bitcoin.

Never

[pbody]

The total of all world currency is about $21trillion.
That means the price could go up to $1million for each bitcoin.

Never

Outright impossible. At least not as long as governments exist.

[ArticMine]

The value of all CURRENCY is closer to $5T putting an upper limit on value of about $240,000 USD (circa 2010) per BTC.   Bitcoin replaces cash not fractional reserve account balances.  Using global M0 is the apples to apples comparison.

...

So what does this have to do with the OP point?
While the global money supply can (and probably will) inflate that would only increase the nominal PRICE not the VALUE.  If the money supply doubles over the next hundred years then one would expect the price of BTC to also double but then again so would the price of everything else.  If Bitcoin replaced all currency globally (not a scenario I find likely but good as an upper limit) we would expect the price to be on the order of $240,000 when measured in 2010 dollars.

I have to disagree with Bitcoin replacing the M0 vs M1 or even M1+ part of M2 in fiat. There is a very important difference with Bitcoin the risk of a fractional reserve is very much higher that with a modern fiat such as USD largely because there is no central bank print more money in order to bail out a "to big to fail bank". Furthermore the deflationary nature of Bitcoin very much increases the risk of a lender that is short defaulting. Now one should ask the following question from anyone who has moved between fiat and Bitcoin: Was the fiat that was spent to purchase Bitcoin come from cash under the mattress (M0) or did it come from chequeing accounts (M1), saving accounts, money market funds etc. (M2) or even credit cards or lines of credit (M3)? A similar argument can be made for sales of Bitcoin for fiat.

On the other hand were the BTC on deposit with an institution running a Bitcoin fractional reserve that did not go bust?