Bitcoin Forum
September 28, 2016, 12:01:26 AM *
News: Due to DDoS attacks, there may be periodic downtime.
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2]  All
  Print  
Author Topic: How divisible are bitcoins and other market/economic questions  (Read 9864 times)
Gopher09
Newbie
*
Offline Offline

Activity: 19


View Profile
May 21, 2014, 05:33:58 PM
 #21

Satoshi told us to move the decimal place 3 places!  Cheesy

Exactly . Bits is stupid. Greek prefixes are stupid.
Just move the decimal. 3 places bitcoins revalue at 50 cents each, and the total number available goes up from 21 million to 21 billion.

Easy.

You don't need to rename or make new units and confuse the fuck shit out of everyone in the world.
You smart guys like the Greek prefixes and all that ...I know ... I get it , but if you want bitcoins to be successful , you better think about the dumbest person you know , and figure out the best way to handle it from their perspective.

I mean shit, try telling the average mcdonalds burger flipper you want to rename cents to uDollars and call 1000 dollars a mega dollar , and 100 dollars a centadollar, and 10 cents a decadollar or whatever , yeah I know I used the wrong prefixes, but that doesn't matter because either way their head is gonna explode.
Make sure you back up your wallet regularly! With Bitcoin-Qt, it needs to be backed up at least as often as every 100 transactions (both sends and receipts) or new addresses.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
ranlo
Legendary
*
Offline Offline

Activity: 1232


View Profile
May 21, 2014, 05:36:39 PM
 #22

Bitcoins are divisible by 100. So when you generate ฿50.00, you are getting 5000 bitcoin cents.

The New Liberty Standard Exchange Rate includes an explanation of how it is calculated. BlueSky, how much are you willing to sell your bitcoins for and how much are you willing to pay for someone else's bitcoins?

Bitcoins can be lost, but for the foreseeable future there will continue to be more than enough bitcoins available to keep playing the game.

Each person is their own bank. Although I suppose that if a friend of mine wanted to buy some bitcoins and didn't have a computer or Internet, I wouldn't mind keeping track of their balance.

Divisible by 100? No. Divisible by 100 million (100,000,000). You can send 0.00000001 BTC.

The dwindling supply won't be much of an issue because at some point we'll just be using 0.00000010 BTC instead of 1 mBTC, for example (assuming the supply ever got small enough to warrant that).

❘|❘ ICONOMI  Fund Management Platform
  LINK TO ICO | LINK TO DISCUSSION























Earn Devcoins by Writing
redwhitenblue
Member
**
Offline Offline

Activity: 105


View Profile
June 02, 2014, 04:04:35 AM
 #23

You can divide BTC up to 8 digits. You can in theory send 0.00000001 BTC to someone.

This can potentially be changed in the future if it is determined that the price of BTC is too high. This could be done via a hard fold in the BTC protocol.
Harley997
Sr. Member
****
Offline Offline

Activity: 266


View Profile
June 09, 2014, 04:06:20 AM
 #24

Quote
How divisible are bitcoins? Can I divide a bitcoin? as in could I spend 0.5 or 0.01 of a bitcoin?

You can divide bitcoins into up to 8 decimal places

Quote
What about dwindling supply?

n/a - the supply is bitcoins are increasing as miners are mining more coins. This will stop eventually however with bitcoin divisible as per above (and the code could be changed to make it more divisible this is not an issue.

Quote
What about the need for banks?

Bitcoin is designed to be decentralized, taking away the need for banks. You will not receive any interest on your funds, however today, most people do not receive any interest once bank fees are taken into consideration.

Quote
How are BC's valued(this is more of a question for NewLibertyStandard)?

By the market the same way any other asset/investment is valued. Buyers and sellers meet (electronically) to determine a fair price.

▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
PRIMEDICE
The Premier Bitcoin Gambling Experience @PrimeDice
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Ron~Popeil
Sr. Member
****
Offline Offline

Activity: 364


View Profile
June 09, 2014, 05:00:36 AM
 #25

You can divide BTC up to 8 digits. You can in theory send 0.00000001 BTC to someone.

This can potentially be changed in the future if it is determined that the price of BTC is too high. This could be done via a hard fold in the BTC protocol.

I hope I am still around when that happens. I am in my thirties now so I might even still be young enough to enjoy it.
Harley997
Sr. Member
****
Offline Offline

Activity: 266


View Profile
June 10, 2014, 02:11:18 AM
 #26

You can divide BTC up to 8 digits. You can in theory send 0.00000001 BTC to someone.

This can potentially be changed in the future if it is determined that the price of BTC is too high. This could be done via a hard fold in the BTC protocol.

This would likely not happen for a very long time as eventually the "law of large numbers" will come into play.

If the market cap of BTC were to reach $80 trillion (close to the world GDP of around 97 trillion) then one satochi would be worth around $1 (without taking into consideration additional coins mined between now and then). The problem with this equation is that it is not realistic to think the market cap would get anywhere near this much.

▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
PRIMEDICE
The Premier Bitcoin Gambling Experience @PrimeDice
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
ShakyhandsBTCer
Sr. Member
****
Offline Offline

Activity: 448


It's Money 2.0| It’s gold for nerds | It's Bitcoin


View Profile
June 13, 2014, 03:36:32 AM
 #27

Bitcoins are divisible by 100. So when you generate ฿50.00, you are getting 5000 bitcoin cents.

The New Liberty Standard Exchange Rate includes an explanation of how it is calculated. BlueSky, how much are you willing to sell your bitcoins for and how much are you willing to pay for someone else's bitcoins?

Bitcoins can be lost, but for the foreseeable future there will continue to be more than enough bitcoins available to keep playing the game.

Each person is their own bank. Although I suppose that if a friend of mine wanted to buy some bitcoins and didn't have a computer or Internet, I wouldn't mind keeping track of their balance.

Divisible by 100? No. Divisible by 100 million (100,000,000). You can send 0.00000001 BTC.

The dwindling supply won't be much of an issue because at some point we'll just be using 0.00000010 BTC instead of 1 mBTC, for example (assuming the supply ever got small enough to warrant that).

The time I had spent on faucets allow me to know that this is not 100% true. The current protocol is setup so that the minimum size of a TX is (I believe) 5860 satachis. I may be wrong on the exact number but I am sure it is around that amount. If the price of BTC were to get high enough then this would probably be changed. 
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!