Serious BTC question.

[buggrock]

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.

[InwardContour]

if the price gets high enough, it becomes normal to see it as mBits or mBTC. i don't really think that changes things much. if BTC is worth $1 million, then i suppose it makes sense to start seeing the unit as satoshi. 

[buggrock]

A lot of BTC exchanges only let you buy a WHOLE bitcoin

With these high prices, a lot of people will be priced out, or the price will have to come back down to affordable levels.

Yes, A few exchanges Ive noticed let you buy fractions of 1BTC, but alot of exchanges dont

[Rupture]

A lot of BTC exchanges only let you buy a WHOLE bitcoin
With these high prices, a lot of people will be priced out, or the price will have to come back down to affordable levels.

Yes, A few exchanges Ive noticed let you buy fractions of 1BTC, but alot of exchanges dont

Lolwut? Which exchanges do that? Even if that's true, just use a different exchange.

[pontiacg5]

Places will always have minimums, it just makes sense. As the value rises and stays there the minimum purchase amount will adjust, just as we are hoping the transaction fees adjust as well.

[mjc]

A lot of BTC exchanges only let you buy a WHOLE bitcoin

With these high prices, a lot of people will be priced out, or the price will have to come back down to affordable levels.

Yes, A few exchanges Ive noticed let you buy fractions of 1BTC, but alot of exchanges dont

That is absolutely NOT true.   I have never seen any exchange that requires whole BTC to be purchased.  Please identify just one.

Bitcoin is meant to be divisible down to 8 decimal places.  0.00000001 BTC = 1 Satoshi
https://en.bitcoin.it/wiki/FAQ#What_do_I_call_the_various_denominations_of_bitcoin.3F


This is exactly why there is a newbie jail.  It forces people to spend time really learning about Bitcoin before they are released into the rest of the forums.

[MicroGuy]

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).

Exactly. And this will help drive the next phase of evolution.

Once the people find out that there's more than one make and model they'll start buying cars from the other automakers.

[buggrock]

https://www.gldtalk.org/devteam/bubble.png

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).

Exactly. And this will help drive the next phase of evolution.

Once the people find out that there's more than one make and model they'll start buying cars from the other automakers.

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

Eloborate pls.

[buggrock]

A lot of BTC exchanges only let you buy a WHOLE bitcoin

With these high prices, a lot of people will be priced out, or the price will have to come back down to affordable levels.

Yes, A few exchanges Ive noticed let you buy fractions of 1BTC, but alot of exchanges dont

This is exactly why there is a newbie jail.  It forces people to spend time really learning about Bitcoin before they are released into the rest of the forums.

Pls do not LOL at me, and pls do not throw me in BTC jail.

Am just looking for a few answers and thought that this BTC forum will be supportive, especially to those of us who might be a little lost.

Its up to you VETERANS to keep teaching newbies, so they can become veterans and teach other newbies.

I believe "Understanding" the system is the only way BTC will thrive. So pls be respectful & supportive to everyones questions or concerns

[theecoinomist]

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?

Well, there's mBTC and uBTC aka Millies and Mickies.
Also you can break a bitcoin into 8 decimals, which makes it quadrillions of units. Saying bitcoin is expensive is a matter of perception and perspective, for instance it's pretty cheap compared to a $170.000 for a stock in Berkshire Hathaway

A lot of BTC exchanges only let you buy a WHOLE bitcoin

With these high prices, a lot of people will be priced out, or the price will have to come back down to affordable levels.

Yes, A few exchanges Ive noticed let you buy fractions of 1BTC, but alot of exchanges dont

No

[leoragraves666]

While btc is good, it has a long way to go til 1 mil/unit. At some point someone could make an upgrade if smaller units are needed. There is a lot of time to figure it out, and my opinion is that if we get to that number we will probably see Bitcoin 2.0 or something like that.

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.

[buggrock]

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?

Well, there's mBTC and uBTC aka Millies and Mickies.
Also you can break a bitcoin into 8 decimals, which makes it quadrillions of units. Saying bitcoin is expensive is a matter of perception and perspective, for instance it's pretty cheap compared to a $170.000 for a stock in Berkshire Hathaway

For the AVERAGE person (99% of the people), the working class.

Thats not being realistic.

I understand we all hope that cryptocurrency will  make us all a hefty profit, if it becomes mainstream.

But how will it become mainstream if the AVERAGE person cannot afford it.

That's the million dollar BTC question.

In no way am I bashing BTC. I am a speculator  myself.  Just want to understand it a little better.

[DannyHamilton]

But how will it become mainstream if the AVERAGE person cannot afford it.

Your question doesn't make any sense.

That's like saying, how will U.S. currency ever become mainstream if the AVERAGE person cannot afford to acquire one million?

If the average person cannot afford one bitcoin, then the average person can use millibitcoins for daily commerce.

If the average person cannot afford one millibitcoin, then the average person can use microbitcoins for daily commerce.

If the average person cannot afford one microbitcoin, then the average person can use nanobitcoins for daily commerce.

[buggrock]

But how will it become mainstream if the AVERAGE person cannot afford it.

Your question doesn't make any sense.

That's like saying, how will U.S. currency ever become mainstream if the AVERAGE person cannot afford to acquire one million?

If the average person cannot afford one bitcoin, then the average person can use millibitcoins for daily commerce.

If the average person cannot afford one millibitcoin, then the average person can use microbitcoins for daily commerce.

If the average person cannot afford one microbitcoin, then the average person can use nanobitcoins for daily commerce.

I just didn't understand it. I got it now.

Thanks Danny, and everyone else.

[MAbtc]

I've noticed quite a few new-ish people that think that 1 bitcoin is the smallest unit. I wonder how much of an issue this is for perception. I'd have to think that for smaller transactions, we'd eventually have to switch to a smaller unit, like mBTC and so on.

[specgamer]

A lot of BTC exchanges only let you buy a WHOLE bitcoin

With these high prices, a lot of people will be priced out, or the price will have to come back down to affordable levels.

Yes, A few exchanges Ive noticed let you buy fractions of 1BTC, but alot of exchanges dont

Really?  Every exchange I've used allows me to buy less than a BTC.I doubt bitcoins will reach 1 million within our lifetimes, unless every single government decides to invest some money into it lol. 

[raspcoin]

I've noticed quite a few new-ish people that think that 1 bitcoin is the smallest unit. I wonder how much of an issue this is for perception. I'd have to think that for smaller transactions, we'd eventually have to switch to a smaller unit, like mBTC and so on.

Agreed, the naming convention is quite unfortunate. To avoid discouraging new users, millibitcoins should be renamed to bitcoins.

[leoragraves666]

Also, since btc can't be printed like paper money, and old "notes" can't be taken out of circulation, at some point there won't be enough btc left, since most of them will be "lost" in some forgotten wallets. So the concept is good, it just needs some tweaking. Also don't expect 1 mil, since there is no chance in this world that goverments would replace their currency with one universal.

[MargaretsDream]

Also, since btc can't be printed like paper money, and old "notes" can't be taken out of circulation, at some point there won't be enough btc left, since most of them will be "lost" in some forgotten wallets.

Even if 99% of Bitcoins lost, the remainin 1% is more than enought for Bitcoin to work.

[DeathAndTaxes]

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?

Why do you need a whole Bitcoin?  A Bitcoin is simply a unit.  The price of gold is about $38,000,000 per ton.  Can you buy a ton of gold?   Could you buy a smaller amount of gold?

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.

There are 100,000,000 satoshis per bitcoin.  So if 1 BTC = $1M USD then 1 satoshi = $0.01.   BTW I personally don't think Bitcoin will reach a price of millions of even hundreds of thousands of dollars per BTC but if it did 8 digits is enough to keep the value of 1 satoshi relative low.