BTC has too few coins to function as a global currency.

[arcanaaerobics]

If 1 satoshi = 1 dollar so 1 bitcoin = 100.000.000 dollars
Multiply for 21.000.000 bitcoins = 2.100.000.000.000.000 dollars

Yes, it can raise a lot and stay with a low fee(1sat-1usd)

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[davis196]

I know first argument will be that it is divisible to a million trillion satoshi.
(but what is the fee to send 1 satoshi ?   )

This debate has been around for ages.  I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?

---
1. Satoshi designed Bitcoin to eventually become a deflationary currency.
https://www.quora.com/Why-is-Bitcoins-cap-set-at-circa-21-million-coins-and-not-more-or-less

 
 

21M bitcoins are enough for a global currency,i guess.

Bitcoin will never be the ONLY global currency.It will be just  one of the global currencies.

Don`t rely on Quora answers.I ask questions there and only the spammers answer.

[franky1]

OP you need to realise

the fee today is due to only 2million users. and the limited capacity of such.
but if we had 7billion users and the capacity was widened to allow it, then the fee would be lower.

EG lets imagine the fee was ~ 1cent and measured as sat
this would mean a 'bit' (100sat is $1)
2,100,000,000,000,000 sats
2,100,000,000,000,000 cents
21,000,000,000,000 dollars

yep 21 trillion dollars
where in the decades to achieve the utopian goal of one world currency (not gonna happen so relax)
peoples mindsets and buying decisions change.

EG $1 today buys 0.66% of a loaf of bread.

in future. 1bit = 10 loaves of bread. people dont rush to spend funds every day repeatedly. worrying when the next meal will come from..
instead they spend less often and stock up on weeks/months of groceries. knowing they still have extra funds to live happy worry free lives

[amacar2]

21 million may not be enough if we consider price remain same till that time however it is for sure bitcoin price should be really high due to high marketcap to become global currency so that even 1 satoshi fee could be enough for miners to accept transaction. I don't think fee will be bigger issue in those days also.

[spartak_t]

the fee today is due to only 2million users.

I don't think that this is true. The number of unique BTC addresses currently is about 500k, so I'd say that not more than ~100-150k people are actually using Bitcoin.

[~Bitcoin~]

the fee today is due to only 2million users.

I don't think that this is true. The number of unique BTC addresses currently is about 500k, so I'd say that not more than ~100-150k people are actually using Bitcoin.

Actually where we can see this data like total number of unique bitcoin address generated till now? Any source or tool? this could be very helpful

[spartak_t]

the fee today is due to only 2million users.

I don't think that this is true. The number of unique BTC addresses currently is about 500k, so I'd say that not more than ~100-150k people are actually using Bitcoin.

Actually where we can see this data like total number of unique bitcoin address generated till now? Any source or tool? this could be very helpful

There you go: https://blockchain.info/charts/n-unique-addresses

[franky1]

the fee today is due to only 2million users.

I don't think that this is true. The number of unique BTC addresses currently is about 500k, so I'd say that not more than ~100-150k people are actually using Bitcoin.

alot of people have funds in third parties like exchanges which hold hundreds of thousands of peoples funds in only a couple addresses.(cold wallet reserves)
EG just a couple addresses can represent million users funds combined.

oh and by the way there are 250,000 MERCHANTS. before you even start counting users.

[spartak_t]

the fee today is due to only 2million users.

I don't think that this is true. The number of unique BTC addresses currently is about 500k, so I'd say that not more than ~100-150k people are actually using Bitcoin.

alot of people have funds in third parties like exchanges which hold hundreds of thousands of peoples funds in only a couple addresses.(cold wallet reserves)
EG just a couple addresses can represent million users funds combined.

oh and by the way there are 250,000 MERCHANTS. before you even start counting users.

Maybe you're right, but the number of the BTC daily transactions never exceeded 300k. I am sure that millions of people know about Bitcoin, but I'm not sure if millions are using it.

[Digitalbitcoin]

I think bitcoin is prime currency in all altcoins. In future most of transactions will be done in alternative coins so capping of bitcoin with 22 billion bitcoin will be not an issue.

According current consideration price of bitcoin will climb so much higher in coming years.

[Senor.Bla]

the fee today is due to only 2million users.

I don't think that this is true. The number of unique BTC addresses currently is about 500k, so I'd say that not more than ~100-150k people are actually using Bitcoin.

alot of people have funds in third parties like exchanges which hold hundreds of thousands of peoples funds in only a couple addresses.(cold wallet reserves)
EG just a couple addresses can represent million users funds combined.

oh and by the way there are 250,000 MERCHANTS. before you even start counting users.

Maybe you're right, but the number of the BTC daily transactions never exceeded 300k. I am sure that millions of people know about Bitcoin, but I'm not sure if millions are using it.

it is not that relevant if 200,000 or 2 million or even 20 million people use it. the point was that if bitcoins user base grows significantly we can expect a price increase and we will be able to lower the fee. 

[outatime1]

Another limitation is that there are many bitcoins that have been lost and can't be recovered. So there will never be 21 million bitcoin because of the lost ones and there will continue to be more that are lost. I think there will be other altcoins that will need to be used along with bitcoin because bitcoin will gradually become more rare and possible very expensive.

[Kprawn]

I know first argument will be that it is divisible to a million trillion satoshi.
(but what is the fee to send 1 satoshi ?   )

This debate has been around for ages.  I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?

---
1. Satoshi designed Bitcoin to eventually become a deflationary currency.
https://www.quora.com/Why-is-Bitcoins-cap-set-at-circa-21-million-coins-and-not-more-or-less

 
 

21M bitcoins are enough for a global currency,i guess.

Bitcoin will never be the ONLY global currency.It will be just  one of the global currencies.

Don`t rely on Quora answers.I ask questions there and only the spammers answer.

The point is, there will never be 21M bitcoins for people to use in every day trade. The +/- 1 000 000 bitcoin are already out of circulation.

Add to this the huge amount of coins that are currently hoarded in cold storage to keep them secure, and you are left with very little

coins in circulation. Further add to that, the fact that MANY of the coins still need to be mined. 

[bitdumper]

i do not think so i think bitcoin has a perfect unit fraction which is 21million btc and every btc can be devided upto 0.00000001btc so its a huge huge container to keep everyone connected as not everyone will fall under btc

[Senor.Bla]

I know first argument will be that it is divisible to a million trillion satoshi.
(but what is the fee to send 1 satoshi ?   )

This debate has been around for ages.  I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?

---
1. Satoshi designed Bitcoin to eventually become a deflationary currency.
https://www.quora.com/Why-is-Bitcoins-cap-set-at-circa-21-million-coins-and-not-more-or-less

 
 

21M bitcoins are enough for a global currency,i guess.

Bitcoin will never be the ONLY global currency.It will be just  one of the global currencies.

Don`t rely on Quora answers.I ask questions there and only the spammers answer.

The point is, there will never be 21M bitcoins for people to use in every day trade. The +/- 1 000 000 bitcoin are already out of circulation.

Add to this the huge amount of coins that are currently hoarded in cold storage to keep them secure, and you are left with very little

coins in circulation. Further add to that, the fact that MANY of the coins still need to be mined. 

one million more or less will not change the outcome of this debate. either it is enough or not. if you think everybody will use it and only it, then bitcoin in its current form will not do. even with 210 million. but i do not think that everybody worldwide will only use bitcoin and surly not overnight. so if we were getting close to this point we would find a solution or switch to another coin.

[bitbunnny]

I don't think that limited number of coins is anw obstscle for Bitcoin to be a global currency. People all around the world are now using Bitcoin, doesn't that make it global currency already? I know that Bitcoin has some limitations to become fuly equal to fiat currencies but I think that we don't have to worry that it isn't global.

[FLoving]

For that I have a simple answer that is with the passing of time the fees of miners are reducing so I think the fees for transaction will also be reduced, If it is not happening then it would have to happen. and the other point is that if the value will increase much higher at the time when everyone will adopt bitcoin then the miners will be paid according to their work that will be lesser for a satoshi.

[a7mos]

bitcoin cant be a global currency right now because of the small block size that is already full now with the current few users. it is now about the coins number.

[MingLee]

I know first argument will be that it is divisible to a million trillion satoshi.
(but what is the fee to send 1 satoshi ?   )

This debate has been around for ages.  I was wondering if there is a lists of essays/blogs/threads that eloquently sum up the situation?

---
1. Satoshi designed Bitcoin to eventually become a deflationary currency.
https://www.quora.com/Why-is-Bitcoins-cap-set-at-circa-21-million-coins-and-not-more-or-less

 
 

With enough divisibility there would be no issue with "how much should I send as a fee" and it would be a non-argument. Assuming 1 Bitcoin is divisible to 12 places, you would be able to make every Bitcoin worth ~$100m and still have 1 satoshi be $0.01. iirc. Some numbers like that. Also effectively replaces the current value of the monetary system.

As for resources to use to learn more about this, I have no idea. I don't know how many exist.

[OROBTC]

...

There's plenty of Bitcoin (and will be for many, many years).  Just like there is plenty of gold.  They both share that and other traits they. 

When people say "There is not enough gold to back the US  dollar."

or

"There's not enough Bitcoin to function as a major currency."

they do not understand that there is always enough gold and BTC, at the right price.