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July 04, 2013, 03:22:33 AM |
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People comment that bitcoin could one day be worth $100,000 apiece. Part of the reason why they justify this is because the coins are so divisible. Is the divisibility of a Bitcoin infinite? Or is it just the 6-8 decimal places I currently see displayed next to BTC price today?
Second question: Is the average person of the year 2020 really going to want to deal with tens, hundredths, thousandths, millionths of a decimal point when they're paying for things? It seems significantly more complicated, at least visually, than our current system. Im just thinking of the every day transaction for a hamburger 25 years from now. When you have to pay with .000098247161 BTC .... usability and user-friendly goes right out the door. I believe usability is important for the success of a currency. Just based on human psychology trends. And your average human being isn't really that smart. I think we all know that. Just go to Walmart sometime. Do you think Cousin Mark with the Mullet and No Fear sunglasses and Lynyrd Skynyrd T shirt is going to be able to figure out how much that sweet new huntin' rifle costs when it says B0.0000002948 ? Do you think he's going to be able to figure out how much money is in his bank account and compare the two? He'd sit there for 20 minutes counting decimal places and zeros, then give up and go home. Knowing how much money you have on hand at any given point is important. The average person isn't going to want to do the math, I don't think. I realize some of this could be automated, but still ...
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