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Author Topic: Bitcoin is the main World currency. Forget About The $ Dollars And € Euros.  (Read 835 times)
xhomerx10
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February 08, 2017, 06:02:07 PM
 #21

Given that the minimum transaction size is 547 satoshis or 0.00000547 BTC,  there would be a theoretical maximum of 3,839,122,486,289 units of Bitcoin available for spending

the minimum amount of bitcoin to send has changed a couple of times but last time i checked it was 5 thousand something (5400?) satoshi

also to my knowledge this minimum changes based on price of bitcoin and it is there to prevent spamming of 1 satoshi transactions. in other words in a world where everyone is spending bitcoin, price is much higher and if we are about to spend all the units available this minimum will be 1 satoshi (the samallest amount)
this makes the maximum theoretical amount equal to 2,100,000,000,000,000 (ignoring all the lost coins)

 My understanding is that this minimum you speak of is set by miners using the fee-filter which can be altered without making changes to Core.


what i am talking about is called "Dust" and it is set in the protocol (although i am not sure whether or not miners can change it though!) but wallets will reject it.

it has changed a lot, and i am not so sure how it is calculated right now it has changed quite a bit (https://github.com/bitcoin/bitcoin/pull/2760) but i think it is now a different way and it is based on minrelaytxfee not a fixed number!

https://github.com/bitcoin/bitcoin/blob/master/src/policy/policy.h#L43-L48

and i guess you were right about the 547 (or 546 satoshi according to this topic: https://bitcointalk.org/index.php?topic=1214993.0;all)

 Well thanks for looking into that.  I was unable to find a reference to the minimum transaction before I had to run some errands so I was beginning to wonder if I hadn't made something up! Wink

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February 08, 2017, 06:07:56 PM
 #22

What would happen if everyone would use only bitcoin as main currency?
What do you think?

I think this statement is wrong both now and in the future. Bitcoin is not the main world currency and will not be the main world currency. We probably won't be able to forget about the dollars and the euros anytime soon. What Bitcoin is, however, is a solid implementation of blockchain technology that enables us to send cryptographically secure peer to peer transactions. That in itself is something very neat to have, and something marvelous to build upon.
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February 08, 2017, 06:12:57 PM
 #23

What would happen if everyone would use only bitcoin as main currency?
What do you think?

I think this statement is wrong both now and in the future. Bitcoin is not the main world currency and will not be the main world currency. We probably won't be able to forget about the dollars and the euros anytime soon. What Bitcoin is, however, is a solid implementation of blockchain technology that enables us to send cryptographically secure peer to peer transactions. That in itself is something very neat to have, and something marvelous to build upon.

I agree, bitcoin maybe have the highest price value currency but it will never be  the main world currency.  Bitcoin might be the main alternative currency because if ever nation will shift to another currency it will be the currency that they have created.

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