We need to rethink the way we look at 1 BTC value...

[TryNinja]

It's still possible to have 1 full bitcoin, 3000$ isn't a huge amount, for poor persons too, they just need to save money to have this amount, it can take some time, but they can have that amount, in the future it will be more difficulty.
But I understand what you are saying, some persons don't have interest in bitcoin because they may not have 1 full bitcoin. In this case, these are fool persons that are losing a big opportunity in life to make their money price more.

Do you really think anyone experiencing difficulties and having almost no condition to survive would save $3000 to buy a virtual currency whose value may fall at any time? $3000 IS a huge amount of money, mainly in third world countries where people can't simply afford to stop eating to invest that amount of cash.

In Brazil, the minimum wage is equivalent to ~$285 dollars. So without considering all the monthly expenses and bills necessary to live, you would have to save your WHOLE salary for 10 months to buy 1 single Bitcoin. Of course that's the minimum and many people earn an amount above that. But this is just an example for you to understand how much a Bitcoin can be worth nowadays in other countries.

[1714519314]

1714519314

[JavaScriptus]

crypto currency will die soon, you guys will see...

[timerland]

OK, so now when a newbie looks at 1 BTC says: " I will never be able to own that! Too expensive!" - yes because people are willing to have 1 coin but how about if we make people understand that even owning 0.01 BTC can bring good wealth to their lives in the near future... I mean yeah it's great to own 1 BTC or more but that doesn't mean it's not great owning 0.1 BTC right?

No, not at all.

Owning 0.1 BTC probably puts you into the top 1% of all bitcoin holders actually.

The argument is the same though - people like whole numbers, and owning 1 bitcoin is something that is almost religious. The value of one bitcoin is definitely out of reach of many people right now and i can only think that it'll increase in the future by even more.

The value of 1 bitcoin should remain one bitcoin. But i believe the usage of the unit "bits" in exchanges and wallets will actually benefit the bitcoin ecosystem as it is easier to deal with large numbers than with decimal points all the time, and it makes you feel like you're owning a lot more bitcoin than just "1 btc". Even if it's psychological, it'll make a difference.

[ImHash]

You need to rethink yourself, since when 0.01 or even 0.1 could bring us wealth? you are living in a fantasy world.
Could you imagine a person holding even 10 bitcoins becoming rich in the future? I couldn't, if you want to get rich in future you need to have at least more than 50 bitcoins and stop fooling yourself.

[Scorpion]

I keep telling my friends this but they don't understand. They will always say it's too expensive as the price climbs week after week. I explained it in many ways like percentage change and denomination but they fail to understand. I am trying my best but it is a problem we should figure out and people think one way is to establish a smaller unit like the Satoshi or the Bit.

[Icon]

well the thing is people still compare earning ~ $3,000 to mining 1 BTC, there different. For example alt coin mining via gpu's, those coins are a billion time easier to mine vs mining BTC directly. Trade the alts for btc simple And there is a million alts coming out yearly. Why climb the mountain while you simply can go around it?

There is even a game to mine btc in well huc/btc



Icon


PS

Oh and don't forget about day trading on exchanges buy low sell high, more then 1 way to skin that cat.

[Wesimon]

Before I was really regretting of not knowing bitcoin earlier. I may have more than 1 BTC now.
But I have come to think of owning 0.1 btc now. Though its not the same as the value of 1 BTC but it is already a big amount. Still I am thankful that I am earning atleast 0.01 btc. Sooner or later, I will be able to earn higher than this.

[Soranith]

Those newbie are just a little confused or maybe doubtful they need to fully understand what is bitcoin all about and how bitcoin works. When I was a newbie, I too think the same way I thought owning 1 bitcoin would be very impossible for me and 0.1 is just too small. I did not know how the market works and nobody explained it to me. Those newbie just need a little push they need to research and they need people who will make them understand what is this all about.

[NeilLostBitCoin]

1btc on the future is way too high that a simple person cant own 1.

[reflector]

Those newbie are just a little confused or maybe doubtful they need to fully understand what is bitcoin all about and how bitcoin works. When I was a newbie, I too think the same way I thought owning 1 bitcoin would be very impossible for me and 0.1 is just too small. I did not know how the market works and nobody explained it to me. Those newbie just need a little push they need to research and they need people who will make them understand what is this all about.

Bitcoin value is seems around 3000$  for one bitcoin now. We can now buy the bitcoin with the 2 month of day salary. If anyone has been utilize the time before the last year halving means you have 10 bitcoins or more than that. You may hold the bitcoin, you will be seems to huge fund with you.

[xypos]

We already have units that are sub-bitcoins.

There is really no need to expand the bitcoin monetary supply just because the price has skyrocketed. We could always just add more decimal points to a bitcoin, and call the new units microtoshi, millitoshi etc. etc.

A lot of desktop wallets are already using uBTC and mBTC which i think is a step in the right direction because i don't know, holding 1000 mBTC just feels more substantial than holding 1 BTC, and 1 mBTC is closer to the value of $1, a unit that we are already used to using. It's all psycology, thereotically it shouldn't make a difference what unit we use but imo practically it does.

[Herbert2020]

well the thing is people still compare earning ~ $3,000 to mining 1 BTC, there different. For example alt coin mining via gpu's, those coins are a billion time easier to mine vs mining BTC directly. Trade the alts for btc simple And there is a million alts coming out yearly. Why climb the mountain while you simply can go around it?
There is even a game to mine btc in well huc/btc
Icon
PS
Oh and don't forget about day trading on exchanges buy low sell high, more then 1 way to skin that cat.

because the mountain is strong and won't be destroyed on your head while you are climbing it
but if you go around it (the route of altcoins) there is a high chance of avalanche and you getting buried under the dump. that is why people don't take the altcoin route, as for mining you still need cheap electricity and willingness to put a lot of pressure and work on your GPU

[franky1]

unlike the egyptians which measured gold in tonnes people now measure gold in counces and soon grams will become common.

as for the bitcoin world bits (100sats) will become common

You obviously forget about fees

And everyone else should always keep them in mind. Really, what's the purpose of 100 satoshi if it will remain dust even in the case these diamond crumbs cost a fortune (in dollars)? It's okay with the price going exponential but it is certainly not so good (mildly speaking) if the fees rise as fast or even faster. In fact, if they continue to grow, the available range for ordinary folks to buy in will be narrowing with each price rally. This is not a good thing. On the one hand, exchanges are setting lower limits for minimum orders, but, on the other hand, rising fees quickly make these orders meaningless

some exchanges are already moving to mbtc right now. then later drop again to ubtc(bits)

where the fee is 'commonly discussed' as ~1000bit($2) per tx, instead of 0.001btc(~$2)
meaning people in conversation and website/app display visualise it as ~1000bit($2) per tx, instead of 0.001btc(~$2)

the logic would be that if price goes up.. the 'unit of measure' for everything goes down.


then when lets say btc price goes to $20k
the fee becomes ~100bit($2) per tx, (0.0001btc~$2)


then when lets say btc price goes to $200k
the fee becomes ~10bit($2) per tx, (0.00001btc~$2)

if you think that if BTC went upto $20k people would spend $200 a TX... then you might aswell call bitcoin useless
no one would spend $200 a tx

[swogerino]

You can't do much with 100 satoshis even if the price go up to 100.000 or 1.000.000 dollars for a bitcoin. I think a more realistic view with the actual price and the trend that is looking it wants to go up for a newbie would be as the first step to own 0.01 bitcoin and then 0.10 bitcoin. If he is successful until here he can then start to rethink of how to get 1 bitcoin in his wallet. That is quite difficult but not impossible.

[lighpulsar07]

OK, so now when a newbie looks at 1 BTC says: " I will never be able to own that! Too expensive!" - yes because people are willing to have 1 coin but how about if we make people understand that even owning 0.01 BTC can bring good wealth to their lives in the near future... I mean yeah it's great to own 1 BTC or more but that doesn't mean it's not great owning 0.1 BTC right?

I agree with you if you can't afford a whole coin, then buy whatever you can afford. Exchanges allow to buy whatever amount of bitcoin we can afford so next time newbies tell you that you can't buy 1btc, because its expensive just tell them that you can buy a half or lower bitcoins.

[Catmony]

Its always better to hold any amount of bitcoin for future and if the amount is bigger it can give you more profit with every price pump. It is hard to collect free bitcoin these days but you can still buy bitcoin with your savings you have in your bank. Price can easily rise to above $10,000 per bitcoin within next few years so buying it at current rate could still be profitable.

[Kakmakr]

it'll happen on its own. when BTC reaches 100.000$ or 1.000.000$ we'll only use satoshis as the unit

We might even see smaller units than a Satoshi, if we reach that stage. You have to remember that we dealing with programmable currency here. The Bitcoin community might decide to sub-divide a bitcoin into smaller pieces 0.000000001 and call the smaller units Nakamoti's. ^smile^ Bitcoin can be changed to suit our changing needs over time and that is what is making it special. OP is 100% correct, we should forget about dealing with only Bitcoin, but rather focus on educating people about bits and Satoshi's and later Nakamoti's ^smile^

[deisik]

unlike the egyptians which measured gold in tonnes people now measure gold in counces and soon grams will become common.

as for the bitcoin world bits (100sats) will become common

You obviously forget about fees

Fees are completely irrelevant to this in every possible way.

They have no relation to whether someone is considering buying 1 BTC or 1,000,000 "bits".
Of course, a "Bitcoin", is just 100,000,000 spendable units.  If the Bitcoin price were $100,000 for example, they'd be spending 1000 bits when they spend $100.  That makes way more sense than spending 0.001 BTC, which is annoying to deal with and for people to get their head around when they're used to spending fiat currency

I think I have explained it pretty well

Now you may want to try to explain it as well how people are going to spend 1000 bits if transaction fees would to half (or more) of that value. At first, you make a theoretical inference (claiming that fees have "no relation to whether someone is considering buying 1 BTC or 1,000,000 bits"), and then you proceed to a practical question of spending 1000 bits totally ignoring the implication that you may not be able to spend that amount due to insane fees

[UCHCHILD]

I agree with the OP because having small value as 0.01 can make you rich in the future because the value is totally increasing every now and then. Not olny having 1 btc can make you rich in the future invest only as much as you can because it can make you more richer just keep your coin in your wallet, accumulating 1 btc is not a joke it is too big but it is not bad to dream having 1 bitcoin in the wallet dream only the thing you can have.
So for me 0.01 or 0.10 is enough for investment at the moment it is the only thing I can manage to have in my wallet now.

[deisik]

unlike the egyptians which measured gold in tonnes people now measure gold in counces and soon grams will become common.

as for the bitcoin world bits (100sats) will become common

You obviously forget about fees

And everyone else should always keep them in mind. Really, what's the purpose of 100 satoshi if it will remain dust even in the case these diamond crumbs cost a fortune (in dollars)? It's okay with the price going exponential but it is certainly not so good (mildly speaking) if the fees rise as fast or even faster. In fact, if they continue to grow, the available range for ordinary folks to buy in will be narrowing with each price rally. This is not a good thing. On the one hand, exchanges are setting lower limits for minimum orders, but, on the other hand, rising fees quickly make these orders meaningless

some exchanges are already moving to mbtc right now. then later drop again to ubtc(bits)

where the fee is 'commonly discussed' as ~1000bit($2) per tx, instead of 0.001btc(~$2)
meaning people in conversation and website/app display visualise it as ~1000bit($2) per tx, instead of 0.001btc(~$2)

the logic would be that if price goes up.. the 'unit of measure' for everything goes down.


then when lets say btc price goes to $20k
the fee becomes ~100bit($2) per tx, (0.0001btc~$2)


then when lets say btc price goes to $200k
the fee becomes ~10bit($2) per tx, (0.00001btc~$2)

if you think that if BTC went upto $20k people would spend $200 a TX... then you might aswell call bitcoin useless
no one would spend $200 a tx

Honestly, I don't understand your arithmetic

You talk about some bits (10 bit, 100 bit, etc), and as I understand it, you refer to some fractions of Bitcoins (like ubtc, or microbtc, i.e. 1 millionth of 1 bitcoin). So far so good, but you may have to explain why you expect that with Bitcoin price rising further, the fees are going to remain the same in dollar terms (which is what your "calculations" basically seem to come down to)? Whenever I see their size recommended somewhere, the question is always about setting the fee in satoshi per byte. In this way, I think I can safely assume that they will remain the same in Bitcoin terms, i.e. they will rise linearly with Bitcoin price rising (if mining paradigm doesn't change, of course). Moreover, recently we have seen the fees skyrocketing on their own, even in Bitcoin terms. For a few years the fee per transaction had been more or less about 10k satoshi, now it is closer to 100k satoshi (~2 dollars)