$1,000,000 would kill bitcoin

[Sithara007]

Yes, there is such a flaw in Bitcoin that it has large commissions. But all this seems to me to be not so critical over time, and if you really exchange large amounts, this commission will not be Against this background, it will turn out to be big.

One of my transactions have been pending for the last 24+ hours and sometimes it really gets frustrating. I agree that for transferring large amounts, Bitcoin is very effective. But more than 99% of the users are not ultra-rich and they normally transfer coins worth $100 or even less. If they have to pay 5% or 10% of the total amount as the transaction fee, then it won't do much good to the future acceptability and adoption of Bitcoin.

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[Ris88]

Yes, there is such a flaw in Bitcoin that it has large commissions. But all this seems to me to be not so critical over time, and if you really exchange large amounts, this commission will not be Against this background, it will turn out to be big.

One of my transactions have been pending for the last 24+ hours and sometimes it really gets frustrating. I agree that for transferring large amounts, Bitcoin is very effective. But more than 99% of the users are not ultra-rich and they normally transfer coins worth $100 or even less. If they have to pay 5% or 10% of the total amount as the transaction fee, then it won't do much good to the future acceptability and adoption of Bitcoin.

Surely there will be a solution that will be used by most people, in fact there is ease to reduce your shipping costs, especially we change to make ETH or other coins and of course it will reduce shipping costs or fees when you pay for something in the restaurant, indeed many pros and counter when there is a prediction that says it will break at 1 million dollars in the price of bitcoin, at least we can assume that there are many ways to avoid withdrawal fees or shipping costs that will be more expensive ...

[simona11]

don't worry ;)https://goldcup.io/ru/pages/igrovye-avtomaty-cosmolot

[Duzter]

That's a very big price to reach, reaching such a value can be considered the beginning for the destruction of bitcoin. Even now governments stand against bitcoin for several reasons, in specific they aren't able to keep it under their control. When the value grows beyond the level automatically government governments will unite hands to keep it away from common usage which will surely lead to destruction.

[clair508]

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. 

Thats true.More higher the bitcoin goes more higher the fees will go.Not only that if bitcoin reach 100000 do you think they keep their bitcoin and waited? I don't think so.Also whales will sell their bitcoin.No more more HODL.Everyone will collect their money and leave.Bitcoin will be useless any more.Market will crash to the ground also that will be end of other cryptos too

[Khaos77]

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.

Sorry , just because btc makes some adjustments like fewer miners,
does not mean it can't die.

If it ever reaches the point that it becomes unprofitable for a extended length of time ,
where anyone mining it goes bankrupt, then game over.

The cost to maintain/secure BTC network is still insane compared to more energy efficient coins.
As long as BTC maintains a PoW design, it's has a finite product cycle.  IMO.

[killat]

I think this is very possible. People may not think it will be able to reach $100,000 or even close this this number but if you look at the charts, you can see that every time Bitcoin dropped by 85%, it would go up and exceed its previous ATH. It may not happen at the exact dates but I think it will happen. People would fomo in bitcoin as good news lands bringing the price up.

Charts data tell us about investor behaviour and their behaviour tend to be similar each time. Having said that, everything are just predictions and no one can be 100% sure that this will happen. History doesn't always repeat itself but following historical trends is better than just making random predictions.

[ralle14]

Thats true.More higher the bitcoin goes more higher the fees will go.Not only that if bitcoin reach 100000 do you think they keep their bitcoin and waited? I don't think so.Also whales will sell their bitcoin.No more more HODL.Everyone will collect their money and leave.Bitcoin will be useless any more.Market will crash to the ground also that will be end of other cryptos too

Most likely there would be people still holding even if it goes over $100,000. When Bitcoin was at its high last time there's people that held and even shared their losses, the same thing goes at a higher price. If there's a big run again many would sell their coins but not to the point where it would die. Imo it'll be similar to how low the price was last year.

[Getmon]

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 using your imaginative mind too hard. Here it is: Bitcoin going back to 1$ would definitely kill Bitcoin, even 100$.

I do not actually think that long-term in terms of Bitcoin's price. Plus, even if Bitcoin would reach $1,000,000, 1 sat is still less than a dollar.

Well, we'll cross the bridge when we get there. Oh no, wait, we definitely cannot arrive at such bridge. We are already walking dead by that time! 

[spadormie]

You have a point. I do think that this will be the downfall of bitcoin's image in investors. A lot of investors does not support the big fee in transactions especially those traders. I suppose that we do really need the developed LN and segwit that time. It might help.

[fenican]

Bitcoin $1,000,000 is very plausible in the coming decades. That would put its total market cap, once all coins are minted, at 21M * 1M = $21T which should be on par with the total supply of US dollars.

The guy who said "21 quadrillion" can't do math. 12 zeros is a trillion, not a quadrillion.

[o_e_l_e_o]

The guy who said "21 quadrillion" can't do math.

Nobody said 21 quadrillion.

The figure that was mentioned was 2.1 quadrillion, which was in response to the claim that 1 sat = 1 dollar, in which case the calculation is 21M bitcoins * 100M satoshi per bitcoin, which is indeed 2.1 quadrillion dollars. This figure could only be reached if either bitcoin becomes the singular global currency, or the dollar hyperinflates and collapses.

[Dontme]

I think even $50,000-$100,000 it would kill bitcoin. I mean if people filled their bags with bitcoin now while it is still low, they will surely sell it with 5x-10x the price.

[BitBustah]

The average person in the world can't afford 1 bitcoin.  It is a big mental barrier that 1 "coin" is worth over ten thousand dollars since mbtc and other smaller denominations are yet to receive mass adoption.  The fees are worrying but if that is someone's main concern there are many altcoins to choose from.

[btc78]

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. 

Lol even till our generation gone 1sat=1$ won’t happen because bitcoin need to first reach a hundred million value and that won’t happen until the end of the world lol that’s a total BS idea

The average person in the world can't afford 1 bitcoin.  It is a big mental barrier that 1 "coin" is worth over ten thousand dollars since mbtc and other smaller denominations are yet to receive mass adoption.  The fees are worrying but if that is someone's main concern there are many altcoins to choose from.

Absolutely mate,it is very impossible that every people in the world can even hold 1btc each and also impossible because bitcoin has limited volume

[ethereumhunter]

I think even $50,000-$100,000 it would kill bitcoin. I mean if people filled their bags with bitcoin now while it is still low, they will surely sell it with 5x-10x the price.

Yes, that is why people now are buying a large amount of bitcoin because they don't want to miss the chance to sell it 5 times from the buy price. They want to make a big profit of bitcoin later, and they can wait for a while because they know, and they believe that bitcoin will increase higher in the future. But I cannot imagine if bitcoin price will rise and hit $1,000,000, what will happen later, and that is a big mystery for us.

[metalglowd]

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.

But this fixed price is only a fee withdraw from a certain exchange, besides the fee also changes. If it is a fixed fee for all, then it is certain that the Miner will also suffer a loss. Fixed only applied to exchange, but let the miners decide

[btcjoe99]

I do economically and technically not see how any price would kill Bitcoin

[BADecker]

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/ 

The national debt is a farce. Nobody is associated with it except government. If government and the banks collapse, people will still go on just as they have been. Talk that the national debt is a debt of the people to ... whom... is just talk that keeps the banking system going.

When the collapse comes, bitcoiners might be way out ahead of everyone else, because, bitcoin won't collapse when the banks and government do.

[shoreno]

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.

But this fixed price is only a fee withdraw from a certain exchange, besides the fee also changes. If it is a fixed fee for all, then it is certain that the Miner will also suffer a loss. Fixed only applied to exchange, but let the miners decide

not only on an exchange but there are some wallets that offers fix fees  . gambling sites also offer fix fees but overall that still depends on the price of the coin  .  miners wont loose because they can still decide if they will mine your transaction or not but most of the time they will only prioritize transaction with a high fees .

when bitcoin price was below $1 the transaction fees were 0.01-0.001 bitcoin

thats too much of a fee  . when btc is below 1usd the fee should be around 0.00000001 or lower but now that btc is expensive  , most fees are set to 0.0001 and higher depending if on its priority   . high priority transaction cost more   .  mid priority cost medium and slow is the cheapest but it can take a long time  .