$1,000,000 would kill bitcoin

[Oceat]

Don't worry it won't happen these days and we could still enjoy the bullishness of it until we get old. Let them predict as much as they can since it will worry them if they keep thinking about the things that's not going to happen yet. And if Bitcoin even touches $100k that shouldn't be a problem since we already have whales who hold more than that, did you see any problem of it besides of the transaction fees?

[Vishnu.Reang]

We are a long way away from $1,000,000 per coin. Even $100,000 per coin may take many years, if it happens at all. Now lets imagine a scenario in which the exchange rate of BTC rises to $100K. The market cap will be somewhere in the vicinity of $2 trillion and the real market cap (i.e after deducting the "lost" coins) will be somewhere between $1.6 trillion and $1.7 trillion.

Do you really think that the governments around the world would allow this to happen? They will never allow a decentralized currency to become the third largest one in terms of circulation volume.

And the second issue is with BTC mining. Right now cryptocurrency mining uses as much as 2% of the total electricity generation in the world. If the prices rise to $100K (i.e by 10x), then this proportion can rise to 20%. Do you think that this is viable?

Note that I was just talking about the $100K scenario. I didn't even considered one where BTC costs $1 million apiece.

[Mastrhiggins]

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.  

you are bad at math, can't take you seriously.

[deisik]

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

Bitcoin is not going to be a means of exchange

It is more and more becoming a store of value (sort of "digital gold", as they say). Real physical gold is a lot more expensive in terms of transaction costs (actually, it is a real pain in the ass to move it around in any significant amounts), but does that make it irrelevant or just cheap (not even speaking of killing it)? Not in the least, apparently. So why should Bitcoin be different in this regard? The point to take away from this is, transaction costs are not very important for a store of value. Use altcoins if you need to minimize your transaction costs

[Welsh]

Despite all of us brushing this off like its nothing, and nonsense this was discussed at length a few years ago, and was a legitimate concern. Obviously, there's ways around it, and it appears that the majority of Bitcoin users are now aware of this fact. I still personally believe that Bitcoin isn't really meant for a micro transaction currency, and will be used mostly for moving high amounts eventually.

[Jet Cash]

I still personally believe that Bitcoin isn't really meant for a micro transaction currency, and will be used mostly for moving high amounts eventually.

I believe it was created by bankers as an experimental project. The idea was to tap the wealth of talent available in the "open source" communities, and to use this to finalise their ideas for the replacement of the debt laden fiat systems. The high transaction confirmation times, and the cap on the issued coins meant it would never become a volume service for daily transactions. They must be really pleased with the way it is providing them with a new source of massive wealth, as they remove coins from the available pools. They don't need to try to regulate Bitcoin, they just need to own most of the coins.

[Naida_BR]

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. 

Why would that kill Bitcoin?
I find it a perfect scenario to make Bitcoin as a digital asset that people will store value in it. The same as Gold is right now.
You just have to see it from another perspective. There are many use cases that bitcoin can cover.

[ralle14]

If we would see such a price like that in the future others might start to hate Bitcoin because they can't make transactions whenever they like but it's not going to kill Bitcoin. It would only encourage a lot of users to do their transactions off chain and Welsh is right, many know this problem and because of it there's some that are starting to provide this kind of feature from popular exchanges, online wallets and casinos.

[Wolfwar]

With such great prospects that say Almost all users of cryptocurrency, I am already thinking of mining and building my own Bitcoin mining farm.  Even today, the profitability of mining has doubled, and what will happen if Bitcoin really reaches 1,000,000 dollars?

[MIner1448]

it is only John Macafee who can dream of such a value of bitcoin, we understand that bitcoin will not cost such an amount, it is what should be the capitalization, an unthinkable amount.

[casperBGD]

it is questionable could BTC reach that value, it is another 100x rise, which has low probability, dough it is possible
but, i do not see BTC as highest ranking coin in the future, so in my view, it is hard to expect BTC on 1mUSD value, or even close

[betty11]

Even $100,000 would kill it.  If 1 sat (or even 100 sat) == $1 then the fees would grind the system to a halt.  The fees would be so high relative to the amount sent, that it wouldn't be worth it.  From an investment perspective 1 sat==1$ i

Actually, 1sat would be $0.001. and not $1 as you pointed out and 100sat would be $0.1 which is yet still very okay and reasonable when bitcoin hits $100k. And this will reach it in the future as more users and adoption comes.

[Welsh]

There will always be ways to force it to be, the question is that something we should really even focus on or concern ourselves over?

Entirely depends on your goals. I haven't spent any Bitcoin in a very long time now, and mainly hoard it. I've continued to invest in it, but I'm by no means a trader. I believe Bitcoin to be more than something we hope will reach x amount and cash out for your fiat currency. The only thing I consider more valuable at this present moment is real estate just because I can currently use that for what I want too. Whereas Bitcoin still has its limitations in the modern world.

[Ucy]

Hmm , This is a very interesting observation.
This should just be a challenge to developers and not really a problem. I think it is something that can be solved easywith minor adjustment to the monetary unit

[XCANA]

It won't reach that Top .. ever.. so don't worry:)

Meet too, OP shouldn't worry about the price of Bitcoin killing Bitcoin itself. We shouldn't expect much lower fees whenever there's a small transaction. I hope thee price of Bitcoin surge  more unexpectedly. All we need is that, we should wait for the surge before checking.

[BADecker]

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.  

This is the exact point. We get into Bitcoin in part as an investment. The miners know this, so they raise the fees to control the price of Bitcoin, along with increasing their profits.

What? I thought Bitcoin was supposed to be decentralized. We don't need miners' fees at all. Miners mine, and get the bitcoins they mine. If that isn't enough profit for them, we need to forget bitcoin altogether, and let them sit with their stupid, worthless bitcoins, 'cause nobody will buy them.

All we are doing is gambling that this time the miners won't raise their fees like they did at the end of 2017 and the beginning of 2018. We forget, so we are at it again... letting the miners lure us into purchasing a bunch of bitcoins that they can quickly make worthless by raising fees.

There are still loads of investors out their who lost their shirts - life savings, the house, their business, etc. - because they thought that an investment in Bitcoin was worth something... in 2017. They have a little hope, now, with the new Bitcoin movement, that they will get their money back. But all the miners are doing is waiting to raise fees again.

Personally, I think it is time to sue the miners. I mean, if they sit on their hoard and don't sell, they won't be able to pay their electric bills for the mining. So, why screw the little guy, and make bitcoin into the "centralized" thing that Satoshi was trying to get away from?

If they do it again, we need to sue the pants off them. After all, they are wrecking the lives of a whole bunch of us when they mess with our investment like that.

[Vinalians]

I don't think it is a good idea to think about it right now. Things will change after a few weeks of increasing, there will be downtrend for sure but one thing I am sure about, they will make a way just to make things right. Developers will surely make a solution into it.
Bitcoin can probably hit that value but it will take a very long time for sure even the bulls will not stop. We are still in the way of getting the all time high value of it so it is not good idea to think about that problem right now.

[BADecker]

I don't think it is a good idea to think about it right now. Things will change after a few weeks of increasing, there will be downtrend for sure but one thing I am sure about, they will make a way just to make things right. Developers will surely make a solution into it.
Bitcoin can probably hit that value but it will take a very long time for sure even the bulls will not stop. We are still in the way of getting the all time high value of it so it is not good idea to think about that problem right now.

Why would there be a downtrend? I mean, really why?

When investments go up freely, without regulation, and anybody can easily get on board with Electrum if nothing else, once they hear from their friends that Bitcoin is going wild, fear of loss will make them get their BTC wallet.
The only thing stopping this will be if Bitcoin is regulated in some way.

Will all the results of this be good? Probably not. But the fiat banking Ponzi is near collapse, anyway. All that Bitcoin might do is speed it up a little... which is good, because the collapse won't be as bad if it happens this year, as what it will be if it happens next year.

[seoincorporation]

Satoshi Nakamoto could pay 5% of USA debt if bitcoin hit that price, just make the math, BTC1M * $1M

$1,000,000,000,000

while USA debt is 22,400,000,000,000

Source: https://www.usdebtclock.org/ 

[dmty.0809]

The more expensive the price of bitcoin, the more expensive the fee will be, as we eat at a restaurant spending $ 100, then the tax will feel great. So this is very reasonable.