Will 1 Bitcoin will Reach 1 million usd one day?

[firstlast]

If bitcoin reaches a million I will eat my bitcoins

[john641]

It will reach a million its only a matter time.

[Flashman]

Think of it this way if you like....

21 million bitcoins shared between earth's population = about 0.003 bitcoins each. (In the near term say 0.002) so amount of bitcoins needed to be richer than 99% of the world is 0.3 BTC, now imagine bitcoin has become widely accepted and used, you are the 1% with 0.3 coin. The bottom of the 1% club begins at about $500,000 dollars today. Therefore when bitcoin is widely enough used, a whole one should be solidly worth one million.

[vipgelsi]

No but I'm hoping for $10,000

[bitpop]

50k will be enough for me

[Shepherd]

No it will never happen because the usd will disappear before that.

[Bitcoin Magazine]

no.  not with transaction fees the way they are. nobody is gonna spend $100 to transmit $0.25 worth for a stick of gum.  something will have to change

maybe a cryptocurrency designed for smaller amounts?  or a transaction fee Bitcoin.  like for example WHY are there transaction fees in the first place. 

[Kiki112]

one day perhaps, in 20-30 years

[bryant.coleman]

21 million bitcoins shared between earth's population = about 0.003 bitcoins each. (In the near term say 0.002) so amount of bitcoins needed to be richer than 99% of the world is 0.3 BTC, now imagine bitcoin has become widely accepted and used, you are the 1% with 0.3 coin. The bottom of the 1% club begins at about $500,000 dollars today. Therefore when bitcoin is widely enough used, a whole one should be solidly worth one million.

For your calculations to make sense, Bitcoin should be the only measurement of net worth in the world.

When we say about the richest 1%, we take in to account all their assets, and not only the hard cash. Worth can be in real estate, equities, bullion.etc.

[Holdaaja]

no.  not with transaction fees the way they are. nobody is gonna spend $100 to transmit $0.25 worth for a stick of gum.  something will have to change

maybe a cryptocurrency designed for smaller amounts?  or a transaction fee Bitcoin.  like for example WHY are there transaction fees in the first place. 

Actually fees have been reduced at new 0.9 version, before they were 0.0001 now it is only 0.00001 if I remember correctly.

[BunsenBurner]

no.  not with transaction fees the way they are. nobody is gonna spend $100 to transmit $0.25 worth for a stick of gum.  something will have to change

maybe a cryptocurrency designed for smaller amounts?  or a transaction fee Bitcoin.  like for example WHY are there transaction fees in the first place. 

Actually fees have been reduced at new 0.9 version, before they were 0.0001 now it is only 0.00001 if I remember correctly.

That is just the relay fee indeed. 

[Holdaaja]

no.  not with transaction fees the way they are. nobody is gonna spend $100 to transmit $0.25 worth for a stick of gum.  something will have to change

maybe a cryptocurrency designed for smaller amounts?  or a transaction fee Bitcoin.  like for example WHY are there transaction fees in the first place. 

Actually fees have been reduced at new 0.9 version, before they were 0.0001 now it is only 0.00001 if I remember correctly.

That is just the relay fee indeed. 

What other fees is there? Nothing I think.

[BunsenBurner]

no.  not with transaction fees the way they are. nobody is gonna spend $100 to transmit $0.25 worth for a stick of gum.  something will have to change

maybe a cryptocurrency designed for smaller amounts?  or a transaction fee Bitcoin.  like for example WHY are there transaction fees in the first place. 

Actually fees have been reduced at new 0.9 version, before they were 0.0001 now it is only 0.00001 if I remember correctly.

That is just the relay fee indeed. 

What other fees is there? Nothing I think.

Though the info on wiki is out of date, it still answers your question "what is relay fee?"
FYR: https://en.bitcoin.it/wiki/Transaction_fees#Relaying

[BunsenBurner]

Actually fees have been reduced at new 0.9 version, before they were 0.0001 now it is only 0.00001 if I remember correctly.

Let me quote part of the release note of 0.9.0.
https://bitcointalk.org/index.php?topic=522014.0

Transaction Fees
----------------

This release drops the default fee required to relay transactions across the
network and for miners to consider the transaction in their blocks to
0.01mBTC per kilobyte.

Note that getting a transaction relayed across the network does NOT guarantee
that the transaction will be accepted by a miner; by default, miners fill
their blocks with 50 kilobytes of high-priority transactions, and then with
700 kilobytes of the highest-fee-per-kilobyte transactions.

The minimum relay/mining fee-per-kilobyte may be changed with the
minrelaytxfee option. Note that previous releases incorrectly used
the mintxfee setting to determine which low-priority transactions should
be considered for inclusion in blocks.

The wallet code still uses a default fee for low-priority transactions of
0.1mBTC per kilobyte. During periods of heavy transaction volume, even this
fee may not be enough to get transactions confirmed quickly; the mintxfee
option may be used to override the default.

[bryant.coleman]

^^^^  Is there a way to know what will be the approx. size of a transaction? (in KBs). I have read a post here about someone who paid 0.90 BTC for relaying a transaction.

[C.Steven]

^^^^  Is there a way to know what will be the approx. size of a transaction? (in KBs).

It depends on the number of inputs and outputs.
http://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending

[bryant.coleman]

^^^^  Is there a way to know what will be the approx. size of a transaction? (in KBs).

It depends on the number of inputs and outputs.
http://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending

Why can't the Blockchain.info add a tool to calculate the transaction fee?

[jodybay]

yes it will son

only in your wildest dream

[C.Steven]

^^^^  Is there a way to know what will be the approx. size of a transaction? (in KBs).

It depends on the number of inputs and outputs.
http://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending

Why can't the Blockchain.info add a tool to calculate the transaction fee?

No idea.
The latest bitcoin-qt 0.9.0 already adds the coin control function, and you can choose the inputs and see the approximate tx size immediately.

So, I guess it is not really "can't" but blockchain.info decides not to add such tool for some reasons.

[tskweres]

Will 1 Bitcoin will Reach 1 million usd one day? What is your opinion?

It certainly has the potential to, but then ask yourself, what will 1 USD be worth one day?

We may come to a point where we're no longer comparing it to the dollar, but something else....

Lots of factors at play