|
wtfvanity
|
 |
February 26, 2013, 02:43:39 PM |
|
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. |
WTF! Don't Click Here
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
|
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
Piper67
Legendary
 Offline
Activity: 1106
Merit: 1001
|
|
February 26, 2013, 02:57:21 PM |
|
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
Legendary
Offline
Activity: 2408
Merit: 1121
|
|
February 26, 2013, 03:48:30 PM |
|
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...  |
fortitudinem multis - catenum regit omnia
|
|
|
|
BIGMERVE
|
|
February 26, 2013, 07:48:57 PM |
|
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? |
|
|
|
|
|
GIANNAT
Legendary
Offline
Activity: 1038
Merit: 1000
Bitcoin entrepreneur and Pro Trader
|
|
February 26, 2013, 08:07:41 PM |
|
Keep dreaming
|
|
|
|
Bit_Happy
Legendary
Offline
Activity: 2100
Merit: 1040
A Great Time to Start Something!
|
|
March 03, 2014, 05:46:48 AM |
|
This topic was started on February 25, 2013, and what a year it was. |
|
|
|
|
porcupine87
|
|
March 03, 2014, 10:48:11 AM |
|
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 |
"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
|
|
|
the_poet
Legendary
Offline
Activity: 1137
Merit: 1035
Bitcoin accepted here
|
|
March 03, 2014, 03:40:08 PM
Last edit: March 03, 2014, 03:54:46 PM by 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.  |
Under construction.
|
|
|
|
Sindelar1938
|
|
March 03, 2014, 04:23:39 PM |
|
$ 10k would work for me as a start!
|
|
|
|
cosmofly
Full Member
Offline
Activity: 532
Merit: 100
PrimeDAO - An Adoption Engine for Open Finance
|
|
March 03, 2014, 04:25:21 PM |
|
The total of all world currency is about $21trillion.
That means the price could go up to $1million for each bitcoin.
Never |
|
|
|
|
pbody
|
|
March 04, 2014, 02:41:39 AM |
|
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
Legendary
Offline
Activity: 2282
Merit: 1050
Monero Core Team
|
|
March 04, 2014, 03:56:37 AM |
|
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? |
|
|
|
|
