How divisible are bitcoins and other market/economic questions

[Gopher09]

Satoshi told us to move the decimal place 3 places! 

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.

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[ranlo]

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).

[redwhitenblue]

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]

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

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.

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.

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.

[Ron~Popeil]

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]

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.

[ShakyhandsBTCer]

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. 

[sashapan]

Eventually at most only 21 million coins for 6.8 billion people in the world if it really gets huge.

But don't worry, there are another 6 decimal places that aren't shown, for a total of 8 decimal places internally.  It shows 1.00 but internally it's 1.00000000.  If there's massive deflation in the future, the software could show more decimal places.

If it gets tiresome working with small numbers, we could change where the display shows the decimal point.  Same amount of money, just different convention for where the ","'s and "."'s go.  e.g. moving the decimal place 3 places would mean if you had 1.00000 before, now it shows it as 1,000.00.

      It's space      I don’t know why .... but it seems to me that Satoshi himself is watching this contest  10th anniversary art contest, 10 years the forum is a significant event! did anyone have such thoughts?