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thirdprize (OP)
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June 25, 2019, 09:52:56 AM |
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Even $100,000 would kill it. If 1 sat (or even 100 sat) == $1 then the fees would grind the system to a halt. The fees would be so high relative to the amount sent, that it wouldn't be worth it. From an investment perspective 1 sat==1$ is a nice round number. From a users perspective, only being able to buy things divisible by 1$ is crap.
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ZenGo
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Activity: 14
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June 25, 2019, 10:27:23 AM |
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I think you have the numbers wrong. There are 100,000,000 satoshis in 1 BTC. That means BTC would need to hit $100,000,000 in order for 1 SAT to = $1.
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ethersalvation
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June 25, 2019, 10:28:26 AM |
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It won't reach that Top .. ever.. so don't worry:)  |
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ZenGo
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June 25, 2019, 10:36:12 AM |
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It won't reach that Top .. ever.. so don't worry:) It would put BTC's final MC at $2,100,000,000,000,000 (2.1 Quadrillion Dollars) which is like 25 times more than the total estimated amount of money in the world... Not sure we need to worry about this yet. |
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mk4
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Paldo.io 🤖
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June 25, 2019, 10:41:34 AM |
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As far as I know, with 2nd layer technologies, you can pretty much have lower denominations than a satoshi. So there's that. It's going to be very likely that pretty much everyone is going to use 2nd layer technologies for daily transactions anyway(in the future, that is), while using the main-chain for larger settlement transfers. Not sure we need to worry about this yet.
A bit too early that's for sure. There are smart people working on Bitcoin. Whatever problems arise, potential solutions will come. |
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Red-Apple
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June 25, 2019, 10:53:41 AM |
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when bitcoin price was below $1 the transaction fees were 0.01-0.001 bitcoin. then it was changed and the fees at some point were fixed at 0.0001 bitcoin and then it was again changed and the fees were 1 satoshi/byte.
with higher price the fee level will also decrease and you can start paying 0.5 satoshi/byte instead of 1 and lower as we go higher in price.
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--signature space for rent; sent PM--
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NeuroticFish
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Looking for campaign manager? Contact icopress!
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June 25, 2019, 10:57:59 AM |
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Even $100,000 would kill it.
Interesting that when the price is low everybody fears that the miners will not have enough revenue, so Bitcoin will die. Now the high price kills Bitcoin? Just because some just play around with a couple of Satoshi they want to send and it's expensive? Well, there's the option to consolidate the inputs, also for so small amounts (even if they may mean a dollar or two) maybe it would worth thinking twice if a transfer is really needed. And, also for small amounts, there's LN, with much lower fees, isn't it? |
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freedomgo
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June 25, 2019, 11:05:54 AM |
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It's not practical to use bitcoin with that kind of fee, maybe that time a Lightning Network will be very popular.
Using blockchain with high transaction fee is only good for huge transaction but to get a massive adoption, we want huge numbers of small money coming in.
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dothebeats
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Cashback 15%
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June 25, 2019, 11:34:53 AM |
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You can still further divide satoshis into an even lower number if it comes to that, and for sure it will take a long time before we even reached that figure, ever. For now, third-party solutions for network confirmations are around, but even that would be pretty detrimental for the fate of the miners if most people would choose to get their transactions off-chain. But then again, there'd be solutions to that if it ever comes to the said scenario, just like all the number of problems laid bare in front of us in the days.
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creeps
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June 25, 2019, 11:55:13 AM |
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It won't reach that Top .. ever.. so don't worry:) Don't put too much period on that because we don't know the future yet, bitcoin is good to surprise all those haters. I know it can't happen for the short term but who knows the moment we welcome the two decades of bitcoin with the most expensive price ever. Not sure we need to worry about this yet.
A bit too early that's for sure. There are smart people working on Bitcoin. Whatever problems arise, potential solutions will come. The excitement are on because the price are pumping, but if we saw another bear after this uptrend we might here news about dying bitcoin. This is normal in market prediction, we can go as high as we think in time. |
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partysaurus
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June 25, 2019, 11:55:51 AM |
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Even $100,000 would kill it. If 1 sat (or even 100 sat) == $1 then the fees would grind the system to a halt. The fees would be so high relative to the amount sent, that it wouldn't be worth it. From an investment perspective 1 sat==1$ is a nice round number. From a users perspective, only being able to buy things divisible by 1$ is crap.
if that happends im more afraid of the massive sell off , its going to push us down in a bear market once again, only if it grows slow and steady and not flying up this wont happend. |
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Dapper
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June 25, 2019, 12:27:36 PM |
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So it'll become difficult to move around... like bars of gold.
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sent from my X6
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BrewMaster
Legendary
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Activity: 2114
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There is trouble abrewing
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June 25, 2019, 12:36:15 PM |
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OP's statement is based on his assumption that bitcoin doesn't change at all. but the truth is that bitcoin of today is not like the bitcoin of early days and it won't be the same in a couple of years too. the fundamentals stay the same but the details change to match the need of that time and keep the network healthy.
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There is a FOMO brewing...
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funchiestz
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June 25, 2019, 12:57:17 PM |
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Even $100,000 would kill it. If 1 sat (or even 100 sat) == $1 then the fees would grind the system to a halt. The fees would be so high relative to the amount sent, that it wouldn't be worth it. From an investment perspective 1 sat==1$ is a nice round number. From a users perspective, only being able to buy things divisible by 1$ is crap.
As long as we look at Bitcoin for $, we will always be the loser. We should look at how Bitcoin integrates into our lives rather than USD value. Because the USD value sometimes increases and sometimes falls. However, Bitcoin and Blockchain continue to integrate into our lives day by day. |
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o_e_l_e_o
In memoriam
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Merit: 18512
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June 25, 2019, 01:20:28 PM |
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As far as I know, with 2nd layer technologies, you can pretty much have lower denominations than a satoshi. Correct. The base unit in Lightning is already a millisatoshi (msat), or 0.001 of a satoshi. So even if one satoshi = $1 (which as pointed out above, would result in the marketcap of bitcoin being around 25 times higher than the amount of broad money in the entire world), you would still be able to divide down to the equivalent of 0.1 of a cent (which is obviously more divisible than fiat). And this is without even mentioning that fees on Lightning are generally a fraction of what they on chain. |
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Jet Cash
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https://JetCash.com
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June 25, 2019, 01:36:31 PM |
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The beauty of Bitcoin is that it is self adjusting, and it reacts to market forces. This means that it will never die. It won't even die when all of the available miners' rewards have been allocated. The higher the price, the more stable it will become in my opinion.
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Offgrid campers allow you to enjoy life and preserve your health and wealth. Save old Cars - my project to save old cars from scrapage schemes, and to reduce the sale of new cars. My new Bitcoin transfer address is - bc1q9gtz8e40en6glgxwk4eujuau2fk5wxrprs6fys |
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Iceblast
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June 25, 2019, 02:12:28 PM |
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It's not practical to use bitcoin with that kind of fee, maybe that time a Lightning Network will be very popular.
Using blockchain with high transaction fee is only good for huge transaction but to get a massive adoption, we want huge numbers of small money coming in.
Lightning network can be used as an option that can decorate bitcoin transactions. but for small networks there is no need to do this because don't think because of costs |
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BrewMaster
Legendary
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There is trouble abrewing
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June 25, 2019, 02:16:31 PM |
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As far as I know, with 2nd layer technologies, you can pretty much have lower denominations than a satoshi. Correct. The base unit in Lightning is already a millisatoshi (msat), or 0.001 of a satoshi. So even if one satoshi = $1 (which as pointed out above, would result in the marketcap of bitcoin being around 25 times higher than the amount of broad money in the entire world), you would still be able to divide down to the equivalent of 0.1 of a cent (which is obviously more divisible than fiat). And this is without even mentioning that fees on Lightning are generally a fraction of what they on chain. lets not get carried away though. we still have a very long way to go before we can even begin to think about splitting bitcoin into units smaller than 1 Satoshi. so far the smallest regular transaction paying the smallest fee is paying a total of a little less than 200 satoshi which is still 200 times more than the smallest unit which means we have 200 units to go before we reach the base unit. |
There is a FOMO brewing...
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mk4
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Paldo.io 🤖
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June 25, 2019, 02:32:13 PM |
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The excitement are on because the price are pumping, but if we saw another bear after this uptrend we might here news about dying bitcoin.
Bitcoin... dead? I wonder where (and how many times) I've seen this before.. https://99bitcoins.com/bitcoin-obituaries/ |
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valentin68
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June 25, 2019, 02:46:27 PM |
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When Bitcoin has been invented in 2010, the intent was that the price of 1 Satoshi will be 1 USD somewhere in 2040 to 2070.
This will happen in approx 30 years from now, and the price of 1 Bitcoin will be approx 100 000 000 USD (that is 100 million USD).
1 000 000 would not kill the bitcoin, it is very probable that the price of 1 Bitcoin somewhere in 2023 will be 500 000 to 700 000 USD.
This will be the next bitcoin 20x price increase (in 2023), and very probable the next increase after this (30x) will happen in 2030.
Thus in 2030 it is very probable that the price of 1 bitcoin will be approx 10 000 000 USD/1 Bitcoin.
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