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Author Topic: What will happen when 1 satoshi is $ 1?  (Read 16793 times)
LibreMan
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February 27, 2017, 06:23:25 AM
 #1

What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?
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February 27, 2017, 06:33:08 AM
 #2

What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?
In my opinion it will not happens .
Because about  100000 satoshi is equal to 1$ then you can think that if it will happen only when the price of bitcoin increase about one lakh time the current price . Which is Impossible for about 10-20 years .
But.if it would be then surely we will restricted to make transaction of minimum 10$ with 0.25satoshi fee of transaction


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February 27, 2017, 06:34:07 AM
 #3

Oooh, good question!

When a satoshi is worth $1,  a bitcoin will be worth $100,000,000!

The second question I cannot answer, but I'm sure some other bloke here can!

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February 27, 2017, 06:47:33 AM
 #4

i will waiting for this and i am sure that we all here is the multi millionaire because we have much of bitcoin in our wallet. maybe it could be happen but not in short time, we need more than 20 years to see this thing is happen. but still its really worth to waiting this and maybe our grant children that will see this price.

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February 27, 2017, 06:55:26 AM
 #5

I don't think satoshi's such an increased value. If such a growth happens sure most of us will become rich. The faucets sites will be encountering high traffic and can see people using faucets more than our forum.

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February 27, 2017, 06:59:26 AM
 #6

That means a holder of one bitcoin will be a billionaire in dollars. For me personally I pray that should happen as I will automatically because a billionaire in dollars.  I doubt if this is possible in the next 50 years to come an by then I believe satoshi and others cryptographers will update the blockchain for a cent like value. I really wish this happen.

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February 27, 2017, 07:15:56 AM
 #7

If this is something I am curious about, can bitcoin core software be modified?
Because there are less money than 1 dollar. For example, when a product costs 50 cents, how will a person buy it?
Perhaps we need smaller units than 1 satoshi?
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February 27, 2017, 07:17:11 AM
 #8

What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?

I guess, what will happen is really awesome, because 1 satoshi is 1 dollar oh come on, it is the thing that we are always dreaming to happen, and making something like this is really unforgettable. And I'm sure that many people will turn on doing bitcoin because it is an instant money, though it is going to take some time before it came true, many consequences bitcoin must experience first before reaching something like this, and for this thing to happen in the future, we must support bitcoin no matter what.

   
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February 27, 2017, 07:22:04 AM
 #9

What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?

what you are asking has been asked and discussed a thousand times, next time try searching first.
this scenario is not going to happen for many years, if it happens at all.
and in case something like that happened the code can be modified to have units smaller than satoshi. and with a fork the problem can be solved.
bitcoin core is a wallet, what needs to change in this hypothetical scenario is the bitcoin protocol.

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February 27, 2017, 07:27:52 AM
 #10

What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?

I guess, what will happen is really awesome, because 1 satoshi is 1 dollar oh come on, it is the thing that we are always dreaming to happen, and making something like this is really unforgettable. And I'm sure that many people will turn on doing bitcoin because it is an instant money, though it is going to take some time before it came true, many consequences bitcoin must experience first before reaching something like this, and for this thing to happen in the future, we must support bitcoin no matter what.

In general, everyone looks at the monies. Yes, if 1 satoshi is 1 dollar we are all rich.
But what I want to know is the technical part of the thing. Because such a situation will bring some problems with it.
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February 27, 2017, 07:32:01 AM
 #11

What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?

what you are asking has been asked and discussed a thousand times, next time try searching first.
this scenario is not going to happen for many years, if it happens at all.
and in case something like that happened the code can be modified to have units smaller than satoshi. and with a fork the problem can be solved.
bitcoin core is a wallet, what needs to change in this hypothetical scenario is the bitcoin protocol.

That's what I wanted to learn. So this kind of update does not affect the bitcoin's working system, right?
I am new to bitcoin and mind other questions are coming.
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February 27, 2017, 08:04:38 AM
 #12

What will happen if a satoshi is equal to $1? We're gonna be rich! But why not? Bitcoin has a limit of 21 million only(if im not mistaken). There billions of people around the world. If massive adoption occurred. Theres a possibilty we can achieve that price because the demand and the supply could determine what will be the price of bitcoin.

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February 27, 2017, 08:05:04 AM
 #13

There are extra digits that can be used, so if 1 satoshi was worth $1, something that would only happen if extreme hyperinflation takes hold, then 1/100ths of a satoshi could be used.

Like I say, 1 satoshi will never be worth even close to a 2016 $1, so will never need to be split. If inflation does mean that a satoshi is worth $1, then $1 will buy you nothing, so there will be no need to split it.
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February 27, 2017, 08:14:36 AM
 #14

What will happen if a satoshi is equal to $1? We're gonna be rich! But why not? Bitcoin has a limit of 21 million only(if im not mistaken). There billions of people around the world. If massive adoption occurred. Theres a possibilty we can achieve that price because the demand and the supply could determine what will be the price of bitcoin.
Although it's impossible because if that would happen so, Bitcoin's value would become hundred thousand dollars, however it's just imagination. If that happen so, transaction in blockchain would increase, resulting of increasing fees that would descourage businesses to use bitcoin as their means of payments since it would requires huge amount of fees.

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February 27, 2017, 08:33:36 AM
 #15

this is fiction, it's absurd, will never be such a thing happens, the value of Bitcoin has great influence to real currency, countries will not let that happen, because if it that happens, the value of the currency will once again lost, the economic crisis happened, the whole world will fall into unrest. the purpose of the appearance is to reduce economic damage when a crisis occurs, it is not allowed to cause the opposite

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cparsley
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February 27, 2017, 08:41:44 AM
 #16

The only way I see a single satoshi being one dollar, is if we're all in a post apoloclyptic world nuked to death.

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February 27, 2017, 08:59:48 AM
 #17

Right now we have transaction fees of about 40 satoshis per byte.
A transaction has an average size of 250 Bytes, as far as I can remember.
If you combine those two numbers you get 10000 satoshis transaction fees.
And if 1 satoshi would equal 1 dollar, that would be 10000dollars transaction fees.
I think I would not pay that.

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February 27, 2017, 09:00:04 AM
 #18

What if bitcoin gains much more value than you anticipate? So what happens when 1 satoshi reaches the price of 1 dollar?
What kind of arrangement is made if payment is requested as Cent? Can the bitcoin core be modified?

I find it as SF, to see 1 satoshi = 1$. However, let's see what can be done with part II:

Just think of GOLD. If you have a piece of gold and want to trade if for something else, you have 2 options:
* trade your gold for $ then buy the other thing for $
* add more things to your basket until you reach the value of your gold.

If/when Bitcoin will reach the point from your assumption, it will cease to be a coin. It will be too big/too expensive to be a coin. It will remain, however, a store of value.

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February 27, 2017, 09:26:03 AM
 #19

The answer would be that I will be a Billionaire, even if I hold the Bitcoins which I have in my wallets right now. I don't think that Bitcoin will ever reach that point. If it does then it will not be a coin, it will become an asset for people to store their money in bulk.


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February 27, 2017, 09:30:53 AM
 #20

This situation won't happen. You will be rich ofcourse if you have many satoshis. If 1 satoshi worth $1 then it means some bad economic crisis happen that made value of currency worthless. This is just a hypothetical situation but i feel dizzy thinking how much the transaction fee would cost.

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