Serious BTC question.

[MicroGuy]

So are you suggesting that everybody will just hop over to a different cryptocurrency.

Eloborate pls.

I think what we will see is a recognition first by consumers that alternatives exist, then a demand for these alternatives, then an integration of these alternatives into the existing Bitcoin merchant POS systems. Like Visa, Mastercard, and Discover, people will use different coin payment methods via a common POS device. As this process evolves, capital will begin spilling over into the altcoin sector and a healthy competition will develop between currencies.

[buggrock]

Now am beginning to see how the whole entire thing is suppose to work.

Very Interesting and Smart

[marcotheminer]

As soon as bitcoin rises to a high value we will refer to smaller units. However currently many refer to them wholy or as mbtc

[Anon136]

Now am beginning to see how the whole entire thing is suppose to work.

Very Interesting and Smart

it is an amazing invention. dont be discouraged by the rude people. let us know if you have any more questions. it is a lot to try to wrap ones head around.

[Thenen]

Now am beginning to see how the whole entire thing is suppose to work.

Very Interesting and Smart

In a way, but look up for selfish miner. There is always some loophole for anything...

[BurtW]

Now am beginning to see how the whole entire thing is suppose to work.

Very Interesting and Smart

In a way, but look up for selfish miner. There is always some loophole for anything...

Why on Earth would you send a newbie off on a tangent like "selfish miner" a totally esoteric theoretical non issue.

buggrock:  if you have any other questions just let us know and ignore the noise.

BTW:  the easiest way to think about Bitcoin is that in almost all respects it is the opposite of your standard government/central bank issued fiat currency.  A good example is the decimal point.  Coffee used to cost $0.10 a cup, then $1.00 a cup and will one day cost $10.00 a cup.  Up to this point this is all you have known and it seems "natural".  Bitcoin just goes the other way, the first pizza cost 10,000 BTC but now you can buy a few pizzas for just 0.1 BTC.  See the decimal point just moves the opposite direction.

[romerun]

good news is it's the best time to buy, now that it's so close to become mainstream, and will still grow exponentially in the next few years,

prior this, btc could be 0, no ones know for sure, early adopters had lost hard drives, or bought the pizza for 10k coins,

[buggrock]

I've been hearing about BTC for over 3 years . I regret that I waited so long to learn it. But It sounded complicated so I never really took the time to really understand how it works.

Am assuming that if I had that problem with its complexity. Thousands of other people might be turned off by its complexity as well .

Its up to everyone on this board to really help out any NEW people who are lost, and have questions, because its complexity will discourage some,  like I was.

Now that I have patiently taken some time to read, and as questions about it. I have better understanding, and feel cormftable now.

I have already opened an account with coinbase and will be purchasing my BTC soon.

Thanks to everyone . Youve been really helpful

[bronan]

The only important point for me is that if bitcoin gets a value of say 10.000 dollar do we still have to pay the ridiculous high fees for transactions ....
If i get payed now say 0.001 btc or i have to pay that amount i have to pay the same amount on fee .... how you would see that in the future if bitcoin really would pass the 1 million each.
At this point its already annoying while the value is just hovering around $400.

[Anon136]

To make an analogy, if bitcoin was a car you now have learned how to drive it. If you want to take the next step and learn how the car actually works, this is probably the best resource for that. http://www.youtube.com/watch?v=Lx9zgZCMqXE of course you dont need to know how a car works inorder to drive it so its totally up to you.

[DannyHamilton]

The only important point for me is that if bitcoin gets a value of say 10.000 dollar do we still have to pay the ridiculous high fees for transactions ....
If i get payed now say 0.001 btc or i have to pay that amount i have to pay the same amount on fee .... how you would see that in the future if bitcoin really would pass the 1 million each.
At this point its already annoying while the value is just hovering around $400.

The fee used to be 0.001 BTC.

When the exchange rate reached $30, the fee was reduced to 0.0005 BTC.

When the exchange rate reached $200, the fee was reduced to 0.0001 BTC.

The developers are already working on designing a dynamic fee calculation that changes automatically based on current mining and transaction conditions.  If they don't get that new design completed before the exchange rate exceeds a few thousand USD, I'm sure it will be lowered to a new fixed rate.

[DeathAndTaxes]

The only important point for me is that if bitcoin gets a value of say 10.000 dollar do we still have to pay the ridiculous high fees for transactions ....
If i get payed now say 0.001 btc or i have to pay that amount i have to pay the same amount on fee .... how you would see that in the future if bitcoin really would pass the 1 million each.
At this point its already annoying while the value is just hovering around $400.

No.  The min fee has been reduced 3 times by a factor of 1000x since Bitcoin began.  Today it is 0.1 mBTC (0.0001 BTC or ~$0.04 per KB).  To avoid high fees try to avoid dealing with sites that payout tiny amount of Bitcoins (i.e. 0.000001 BTC).  Fees in Bitcoin are based on transaction SIZE not value.   Sites which payout dust are creating a scenario where spending that dust is either impossible or prohibitively epxensve.  They know this and rely on lack of knowledge by noobs to continue to operate.

[Gator-hex]

But at what point can the AVERAGE person even afford  to buy 1 BTC. Not too many If the price of 1 BTC keeps going up ($600usd and higher).

Would it make any difference to your perception

if instead of BTC 1 = $460

we said 100,000,000 Satoshi = $460

$460 to become millionare, seems cheaper now?

And you don't have to "buy" BTC, just sell something and say "accepting Bitcoin"

[JTrain_51]

If bitcoins get to a price of lets say 10k then people will be buying but will only be buying .1 or lower

[BitcoinAddicts]

Everything I have read/ heard about BTC is pretty good, a digital currency that can be used for any transactions.

I keep reading/hearing that the price of BTC can go up dramatically (Million per BTC). We can all assume thats why the prices keep rising (alot of us are just speculating).

But at what point can the AVERAGE person even afford  to buy 1 BTC. Not too many If the price of 1 BTC keeps going up ($600usd and higher).


The BTC ecosystem sounds contradictory. On one hand everybody says cryptocurrency will take over the world, but on the other hand, not to many people can even afford 1 BTC. How can it take over?

Theres 21 million BTC that could be created, but at what price point does 1 BTC get to expensive. Am assuming thats where 1 BTC gets broken down and people just start buying  Satoshis instead of WHOLE bitcoins.

If BTC gets to expensive and people just start buying satoshis;  I guess the price of 1 BTC could be 1 million dollars, only if 1 satoshi = 1 dollar. B

Correct me if am wrong, am just trying to understand the "thought" system here.

Its possible that 1 statoshi is 1 dollar in future, hopefully government don't start freezing account related to it..

[Anthony Di Iorio]

I've been hearing about BTC for over 3 years . I regret that I waited so long to learn it. But It sounded complicated so I never really took the time to really understand how it works.

Am assuming that if I had that problem with its complexity. Thousands of other people might be turned off by its complexity as well .

Its up to everyone on this board to really help out any NEW people who are lost, and have questions, because its complexity will discourage some,  like I was.

Now that I have patiently taken some time to read, and as questions about it. I have better understanding, and feel cormftable now.

I have already opened an account with coinbase and will be purchasing my BTC soon.

Thanks to everyone . Youve been really helpful

It's rare to find someone that doesn't have the "I'm kicking myself.."  Bitcoin story. Some of then are quite tragic. However I love hearing them, and I love hearing the enthusiasm when I ask people at the meetups I attend "what's your interest in Bitcoin? It's usually a pretty cool story.  

Glad to have you on board. I'm a firm believer thats its up to the earlier adoptors to expedite the growth of tools and explanations so they are simple enough for a large majority to grasp.

I love explaining to those who have just experienced the "Bitcoin spark".  That's when the light turns on,  and the "Bitcoin stare of confusion" disappears to be replaced by the "Bitcoin stare of fascination"  Next thing you know they're quitting their jobs and being sucked into the Bitcoin void,  where they eat,  sleep and breath Bitcoin.  My wife tells me I talk Bitcoin in my sleep. I believe her.

[Anthony Di Iorio]

Now am beginning to see how the whole entire thing is suppose to work.

Very Interesting and Smart

You've taken the red pill.  Enjoy the ride.

[totemITnow]

Its possible that 1 statoshi is 1 dollar in future, hopefully government don't start freezing account related to it..

The price would need to be 100.000.000 USD / BTC - obviously will never happen.
And you can exchange BTC on localbitcoin, so no freezing bank account

[whitemage]

Its possible that 1 statoshi is 1 dollar in future, hopefully government don't start freezing account related to it..

The price would need to be 100.000.000 USD / BTC - obviously will never happen.
And you can exchange BTC on localbitcoin, so no freezing bank account

But you can withdraw cash using localbitcoin right? you still have to transfer it to your bank or something...

[Jochen]

I see it this way.. Nobody exactly knows where the bitcoin is going.. It can crash.. Or it can make u very rich.
U can lose small/medium(depends) or win big on long term. The odds are in your favor.
Enjoy the ride and hope for a good ending  . U can also put your money aside and take back a piece of your investment when the bitcoin growns. So you don't need to worry to lose a big investment and your remaining bitcoins are still in the market then.

Grtz