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

[countryfree]

There could be only one BTC and it would be enough. The average human would only get a tiny fraction of it, but it would be fine. Just like Earth. There's only one Earth, with the average guy only owning a few square meters.

[Herbert2020]

and yes i have seen bitcoin hard fork at least once in the past and it has had so many changes and so many forks if that is the only thing you could come up with.

Any sources to support that claim?
..

there is always a debate in bitcoin about everything, even about what we should call hard fork or soft fork. what i had in mind was bip50

also a good read: https://bitcointalk.org/index.php?topic=702755.0
https://bitcointalk.org/index.php?topic=538491.0

[dranster]

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

 
 

If thats your lame reason, it only takes a single HF to increase the amount of coins

[asriloni]

and yes i have seen bitcoin hard fork at least once in the past and it has had so many changes and so many forks if that is the only thing you could come up with.

EDIT: OP, if Bitcoin reaches $5k or $10k its market cap will be equal to a small country's GDP. I think that's enough to call it success.

Totally the equaling btc into the small country's GDP is already enough for call bitcoin is a success? I don't think if that is can be an important measure the success bitcoin or not.

[Carlsen]

When I calculate correctly every person on this world could own 260000 staoshis in average, if all bitcoins were mined and the world population is about 8 billion people.
That does not sounds much at first, but of course a satoshi would be worth much more than today, lets say one dollar.
When a transaction has fees of 10000 satoshis, who would pay that?
Nobody I guess. That's why I say there are way too less satoshis to make bitcoin function as a global currency.

[Pursuer]

When I calculate correctly every person on this world could own 260000 staoshis in average, if all bitcoins were mined and the world population is about 8 billion people.
That does not sounds much at first, but of course a satoshi would be worth much more than today, lets say one dollar.
When a transaction has fees of 10000 satoshis, who would pay that?
Nobody I guess. That's why I say there are way too less satoshis to make bitcoin function as a global currency.

not everybody in the world is supposed to have bitcoin!
and this will never happen either. you have to always think based on some reality. and for the realistic number of people who will ever use bitcoin, I say it is more than enough coins.

and if needs be, this number can be increased if the lack of enough coins were felt.

[Senor.Bla]

When I calculate correctly every person on this world could own 260000 staoshis in average, if all bitcoins were mined and the world population is about 8 billion people.
That does not sounds much at first, but of course a satoshi would be worth much more than today, lets say one dollar.
When a transaction has fees of 10000 satoshis, who would pay that?
Nobody I guess. That's why I say there are way too less satoshis to make bitcoin function as a global currency.

the fees would go down in such a case. maybe even to 1 sat. but there are other problems.
if you assume 1 sat = $1 then we have a problem when buying products cheaper then $1. so lets say 1 sat = $0.01 = 1 cent. this would mean every person would have the equivalent of $2600. and obviously this is not enough, but this will not happen anyway.

[spartak_t]

There are literally millions of people who does not know how a $ bill looks like (and EURO/GBP/CNY/whatever for that matter), so I won't bother with such calculations.

[Senor.Bla]

There are literally millions of people who does not know how a $ bill looks like (and EURO/GBP/CNY/whatever for that matter), so I won't bother with such calculations.

There are literally millions of people who does not know how a bread/clean water/education/housing looks like, so I won't bother with such calculations.
check your privilege! bitcoin might not be able to be used by all, but you are way off here.

[ice098]

There are literally millions of people who does not know how a $ bill looks like (and EURO/GBP/CNY/whatever for that matter), so I won't bother with such calculations.

There are literally millions of people who does not know how a bread/clean water/education/housing looks like, so I won't bother with such calculations.
check your privilege! bitcoin might not be able to be used by all, but you are way off here.

You are right! Lot of 3rd world country out there and doesnt know what is technology! Bitcoin might not able to be used by every one ! We should accept it! But the thing is if becomes famous then we are lucky! It is okay that it is not used by every one but as long as a high price! Then its good.

[spartak_t]

There are literally millions of people who does not know how a $ bill looks like (and EURO/GBP/CNY/whatever for that matter), so I won't bother with such calculations.

There are literally millions of people who does not know how a bread/clean water/education/housing looks like, so I won't bother with such calculations.

You don't say?

check your privilege! bitcoin might not be able to be used by all, but you are way off here.

I did that long time ago. Bitcoin will never be used by all. My point was that such comparisons are unnecessary. Currently Bitcoin needs two things:

1. To survive.
2. To be better adopted.

[Senor.Bla]

There are literally millions of people who does not know how a $ bill looks like (and EURO/GBP/CNY/whatever for that matter), so I won't bother with such calculations.

There are literally millions of people who does not know how a bread/clean water/education/housing looks like, so I won't bother with such calculations.

You don't say?

check your privilege! bitcoin might not be able to be used by all, but you are way off here.

I did that long time ago. Bitcoin will never be used by all. My point was that such comparisons are unnecessary. Currently Bitcoin needs two things:

1. To survive.
2. To be better adopted.

your previous comment sounded a lot like: there are pore people and i do not care about them or want them to use bitcoin. they are not my problem.
bitcoin was not made to end world poverty, but saying you are at the longer end of the stick so you do not care is part of the problem.

[spartak_t]

your previous comment sounded a lot like: there are poor people and i do not care about them or want them to use bitcoin. they are not my problem.
bitcoin was not made to end world poverty, but saying you are at the longer end of the stick so you do not care is part of the problem.

No, my previous comment sounded like: Bitcoin will never be used by the world's entire population so why bothering doing such calculations?

I live in a country, which many people doesn't even know where it is located and moreover - a big part of the (hypocrite) world consider it as a 3rd world country.

I would never ever mock with poverty.

[erikalui]

The supply of bitcoins is limited and it will never even become a global currency is there are millions of coins in supply. There are too many currencies to worry about the future of only bitcoins and since the price of bitcoins is never predictable and satoshi price depends on it, the transaction fee doesn't matter. Currently, 1 satoshi doesn't value even one cent just like $0.000001 USD has no value. If tomorrow the price of bitcoin is valued as high as a six figure amount, then we could see 1 satoshi also being valued else now it's no point to even send anyone such a small amount.

[RodeoX]

two things i got to say to this:
1) fees will change with price. and it has already changed a lot of times
2) it has been said before and i say it again if 1 satoshi has a value in fiat then bitcoin can be divided into a smaller amount (0.1, 0.01 satoshi)

RU that thick?  Do you ever see BTC hardforking:?  Please take a moment to stabs your self in the eyes.

OKAY
you buffoon!

2,100,000,000,000,000 coins available

yet...
I can not send 10 coins because the fee is 10,000 coins.

Get it .. yet?

so side chains fill the gap ... discus

[img] fish picture[ /img]

No, I do not get it.
Herbert2020's answer was correct. In fact the bitcoin system would work if there were only 1 coin. 21 million is an arbitrary number and bitcoin can be divided far beyond a Satoshi. Think of the pool of bitcoins as a pie cut into 21million slices. If more guests want pie then you cut ever smaller pieces.
As far as the Tx cost, well that changes with the price of bitcoin. I think I used to pay 0.1BTC to send money. Now that seems like a lot because the price is no longer $.75/coin. As the price went up the fee denominated in BTC has dropped and I'm paying less than 0.00063BTC now. If each Satoshi were worth $1 then you would likely be paying less than 0.000000001BTC

[Hazir]

And i have had many times where i wanted to send small amounts but couldn't afford it..

I don't want to suggest that but we have some services which allow us to send fee-less tranaction alredy - Xapo for example.
We are far from reaching point where bitcoin could be even remotely considered as substitute to FIAT, being global currency is like a dream for Bitcoin.

Plus, it is not like we are stuck forever with current bitcoin code, protocol can be upgraded when needed. The current fee system will be sufficient for many, many years.

[susila_bai]

And i have had many times where i wanted to send small amounts but couldn't afford it..

I don't want to suggest that but we have some services which allow us to send fee-less tranaction alredy - Xapo for example.
We are far from reaching point where bitcoin could be even remotely considered as substitute to FIAT, being global currency is like a dream for Bitcoin.

Plus, it is not like we are stuck forever with current bitcoin code, protocol can be upgraded when needed. The current fee system will be sufficient for many, many years.

I think above this quote , it is clearly given details about how the transaction fees is changing according to the price. and i also accept that if wanted to use small amounts of bitcoin to send then better to use online web wallets like xapo , coinbase which are sending the coins without fees, but keeping high amount of bitcoins on this exchange is not recommended.

[groll]

I was thinking that bitcoin is divisible and composes of 100M satoshi but it was already part of your question.  It is really hard to think now to answer your question.  I think if bitcoin become a global currency, the developer of bitcoin, the programmer Mr. Satoshi would do some additional bitcoin to meet the demand and needs of its million users.  The 21M btc surely cannot cover up if the whole world will use it.

[traderethereum]

There could be only one BTC and it would be enough. The average human would only get a tiny fraction of it, but it would be fine. Just like Earth. There's only one Earth, with the average guy only owning a few square meters.

i agree with this, there are no other bitcoin that would be as bitcoin. maybe other altcoins will follow the increasing of the price but the altcoin can not replace bitcoin.

i think bitcoin not really show the high potential so we don't know yet what is the full benefits of bitcoin so there are many people in the world that still afraid that they can get scammed by bitcoin.

[Daniel91]

I don't think that is important how much Bitcoins exist in the world.
In fact, it will be even better than we have less bitcoin available.
In such way, value of Bitcoin will increase and we will have profit from it
Bitcoin is already global currency and people from all over the world can buy, sell or keep Bitcoins in their wallets.
If demand for Bitcoin will be high, its price will also increase a lot, and this price will become to high for average users.
So, don't worry about it, free market will regulate everything.