vif4ke (OP)
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November 15, 2013, 11:09:40 AM |
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With all the speculation in BitCoin pricing, and the fact that there is a static amount said to be produced, (21 million), how will BitCoin mitigate being a currency that is accepted worldwide? Currently, the USA alone does about 1.2 trillion dollars of transactions. If the 21 million BTC were used in place of those dollars, each BTC would be worth around 60k USD. Is this correct?
Using the same logic, the world money market moves about 46,513,000,000,000 USD, which if the BTC market replaced, would make each BTC worth over 2,000,000.
Insights?
_V
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Birdy
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November 15, 2013, 11:13:42 AM |
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No, you are missing an important aspect: The number would be way lower based on Bitcoin as payment system. You can use the same Bitcoin multiple times to make a transaction.
But Bitcoin can also be used as store of value, therefore it will not be valued on that alone.
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Gator-hex
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November 15, 2013, 12:30:56 PM |
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With all the speculation in BitCoin pricing, and the fact that there is a static amount said to be produced, (21 million), how will BitCoin mitigate being a currency that is accepted worldwide? Currently, the USA alone does about 1.2 trillion dollars of transactions. If the 21 million BTC were used in place of those dollars, each BTC would be worth around 60k USD. Is this correct?
Using the same logic, the world money market moves about 46,513,000,000,000 USD, which if the BTC market replaced, would make each BTC worth over 2,000,000.
Insights?
_V
Each Bitcoin is 100,000,000 Satoshis that's 2.1 Quadrillion currency units! If BTC 0.00000001 (a Satoshi) ever equaled 1 cent then 1BTC would be worth $1,000,000.00 |
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exstasie
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November 15, 2013, 02:42:50 PM |
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With all the speculation in BitCoin pricing, and the fact that there is a static amount said to be produced, (21 million), how will BitCoin mitigate being a currency that is accepted worldwide? Currently, the USA alone does about 1.2 trillion dollars of transactions. If the 21 million BTC were used in place of those dollars, each BTC would be worth around 60k USD. Is this correct?
Using the same logic, the world money market moves about 46,513,000,000,000 USD, which if the BTC market replaced, would make each BTC worth over 2,000,000.
Insights?
_V
Each Bitcoin is 100,000,000 Satoshis that's 2.1 Quadrillion currency units! If BTC 0.00000001 (a Satoshi) ever equaled 1 cent then 1BTC would be worth $1,000,000.00 So what you're saying is...that you are speculating the value of 1btc to worth $1m dollars? |
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pokerFace2
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November 15, 2013, 03:03:06 PM |
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If the 21 million BTC were used in place of those dollars, each BTC would be worth around 60k USD. Is this correct?
You never exchange all BTC to USD. But if only few thousands BTC would be exchanged yearly, the price could be much higher. And it is not unreasonable when all trade will be done in BTC only and noone will feel need exchange for USD |
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Carlor
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November 15, 2013, 03:25:16 PM |
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I think it is possible for BTC's to be worth 100 million $ someday.
But I also think that 1 million $ will be worth shit if the US keeps digging their own grave...
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hope4me
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November 15, 2013, 03:32:03 PM |
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BitCoin will have ultimate value when will be preffered over gold by most, I mean when most gold owners will want exchange their gold for Bitcoin. And not unreasonable in future, because precious metals like Gold is inflationary comodity
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birkomester
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November 15, 2013, 03:48:15 PM |
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OFC it will worth
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mvidetto
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November 15, 2013, 04:25:16 PM |
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With all the speculation in BitCoin pricing, and the fact that there is a static amount said to be produced, (21 million), how will BitCoin mitigate being a currency that is accepted worldwide? Currently, the USA alone does about 1.2 trillion dollars of transactions. If the 21 million BTC were used in place of those dollars, each BTC would be worth around 60k USD. Is this correct?
Using the same logic, the world money market moves about 46,513,000,000,000 USD, which if the BTC market replaced, would make each BTC worth over 2,000,000.
Insights?
_V
Each Bitcoin is 100,000,000 Satoshis that's 2.1 Quadrillion currency units! If BTC 0.00000001 (a Satoshi) ever equaled 1 cent then 1BTC would be worth $1,000,000.00 I think this is why the main currency for bitcoin may have to move over to mBTC or something. I mean are normal people going to realize the difference between .00001 and .0001 bitcoins? |
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raskolnikovx
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November 15, 2013, 04:32:38 PM |
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BitCoin will have ultimate value when will be preffered over gold by most, I mean when most gold owners will want exchange their gold for Bitcoin. And not unreasonable in future, because precious metals like Gold is inflationary comodity
I dont see this happening soon ... |
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Peter Lambert
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November 15, 2013, 04:32:54 PM |
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With all the speculation in BitCoin pricing, and the fact that there is a static amount said to be produced, (21 million), how will BitCoin mitigate being a currency that is accepted worldwide? Currently, the USA alone does about 1.2 trillion dollars of transactions. If the 21 million BTC were used in place of those dollars, each BTC would be worth around 60k USD. Is this correct?
Using the same logic, the world money market moves about 46,513,000,000,000 USD, which if the BTC market replaced, would make each BTC worth over 2,000,000.
Insights?
_V
You are comparing apples and oranges. For the USD you are taking the volume of money moved, and for bitcoins you are taking the total money supply. The M0 (total money supply) of the USD is currently about 3 trillion dollars. So if bitcoins becomes as big as the USD is now in terms of money supply then you could expect about 142000 (2013 USD) per bitcoin. However, because of the way bitcoin works as both a payment and assets system, you could expect bitcoin to more closely resemble the M2 money supply, which for USD is almost 11 trillion USD, which would be about 520000 (2013 USD) per bitcoin. But if you think about the way bitcoins can be used as a hard asset for savings, they may take over the role of gold, at 1300 USD per ounce and an estimated 4 billion ounces, that would give about 250000 (2013 USD) per bitcoin. Add them together and you get something like 770000 (2013 USD) per bitcoin. |
Use CoinBR to trade bitcoin stocks: CoinBR.comThe best place for betting with bitcoin: BitBet.us |
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tspacepilot
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I may write code in exchange for bitcoins.
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November 15, 2013, 04:43:42 PM |
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Geez I hope you guys are right about this.
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Gator-hex
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November 15, 2013, 04:44:15 PM |
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With all the speculation in BitCoin pricing, and the fact that there is a static amount said to be produced, (21 million), how will BitCoin mitigate being a currency that is accepted worldwide? Currently, the USA alone does about 1.2 trillion dollars of transactions. If the 21 million BTC were used in place of those dollars, each BTC would be worth around 60k USD. Is this correct?
Using the same logic, the world money market moves about 46,513,000,000,000 USD, which if the BTC market replaced, would make each BTC worth over 2,000,000.
Insights?
_V
Each Bitcoin is 100,000,000 Satoshis that's 2.1 Quadrillion currency units! If BTC 0.00000001 (a Satoshi) ever equaled 1 cent then 1BTC would be worth $1,000,000.00 I think this is why the main currency for bitcoin may have to move over to mBTC or something. I mean are normal people going to realize the difference between .00001 and .0001 bitcoins? We will buy items in Satoshis (in honor of the Bitcoin currency inventors name). Intstead of selling something for $1.00, you would ask for 100 Satoshi. |
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Gator-hex
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November 15, 2013, 04:59:07 PM |
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Geez I hope you guys are right about this.
It's wild speculation, nobody knows the future, so don't invest more than you can afford to lose. There's a lot of powerful people still behind the debt money system who could put the kibosh on all this!  |
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mvidetto
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November 15, 2013, 09:54:59 PM |
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In general, people don't really know anything. So don't believe half the shit on this forum basically, it's all written for people's own good...
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CoinGeneral
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The General
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November 15, 2013, 10:43:57 PM |
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I think it is possible for BTC's to be worth 100 million $ someday.
In truth 1 BTC will be worth $99999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999999 So buy now! True story  No I'm not being serious, I just thought Carlor's comment was very stupid so I decided to parody it |
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Carlor
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November 16, 2013, 12:57:20 PM |
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I think it is possible for BTC's to be worth 100 million $ someday.
In truth 1 BTC will be worth ... No I'm not being serious, I just thought Carlor's comment was very stupid so I decided to parody it I have some "1 Billion Deutsche Reichsmark" bills here from the 20ies. This might have been just enough to buy butter. Do you think the almighty Dollar is unfailing? Just read the news and compare the US financial politics with some events in the past and you might be able to see, that the Dollar is about to fail. |
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CoinGeneral
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November 21, 2013, 06:56:31 PM |
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I think it is possible for BTC's to be worth 100 million $ someday.
In truth 1 BTC will be worth ... No I'm not being serious, I just thought Carlor's comment was very stupid so I decided to parody it I have some "1 Billion Deutsche Reichsmark" bills here from the 20ies. This might have been just enough to buy butter. Do you think the almighty Dollar is unfailing? Just read the news and compare the US financial politics with some events in the past and you might be able to see, that the Dollar is about to fail. That's saying IF USD fails. IF it does and it becomes super inflated, then possibly 100 million in the future will be worth pennies today. But saying that the USD stays afloat, it won't reach freaking $100 MILLION. That's ridiculous. |
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Carlor
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November 21, 2013, 07:38:46 PM |
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I think it is possible for BTC's to be worth 100 million $ someday.
In truth 1 BTC will be worth ... No I'm not being serious, I just thought Carlor's comment was very stupid so I decided to parody it I have some "1 Billion Deutsche Reichsmark" bills here from the 20ies. This might have been just enough to buy butter. Do you think the almighty Dollar is unfailing? Just read the news and compare the US financial politics with some events in the past and you might be able to see, that the Dollar is about to fail. That's saying IF USD fails. IF it does and it becomes super inflated, then possibly 100 million in the future will be worth pennies today. But saying that the USD stays afloat, it won't reach freaking $100 MILLION. That's ridiculous. I think it is possible for BTC's to be worth 100 million $ someday.
But I also think that 1 million $ will be worth shit if the US keeps digging their own grave... Never said that 1 btc will be worth what 1 million dollar is worth today. |
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