BItcoin: The path to $10,000,000 ten million dollars per coin

[dimastegar]

Bitcoin is designed to be more scarce every single day while the population is almost required to increase its demand. Why? Because people will have to sell their failed fiduciary currencies per Bitcoin. The current financial system failed already and people will realize that Bitcoin is the only system to reset everything. Governments will try to create their centralized cryptocurrencies that will fail like the fiat due to hacks and the fact that people will prefer to use Bitcoin. Bitcoin is a blackhole that is swallowing every single fiat bill. 10 million dollars per coin is probably too conservative. People who dont own Bitcoin now will have to own in it later. Those who are acummulating BTC right now will be the richest people in the world. Bitcoin should hit that price in the next 10 years and there is nothing that could stop it.

10 million dollars is not a small amount of money. I can't imagine how and what would happen if Bitcoin was valued at 10 million dollars. We can be optimistic. but we also have to be realistic. Do not make your optimism as speculation in the future, you must think rationally according to measure.

[franky1]

Does it matter "how" Bitcoin's on-chain utility is used? The Lightning Network still requires on-chain transactions.
..
Maybe. But I personally would never trade my Bitcoins for shitcoins just for "transacting".
..
Who said you can't make on-chain transactions with Bitcoin anymore?

devs are already doing the fake cries of
the need to raise onchain fee's under the pretense that miners need it
the need to keep baseblock low to keep the fee competition
the need to only increase if LN needs require it

meaning they want to bloat blocks with LN contracts and only scale onchain when LN starts running into issues with broadcasts


just remember if it costs $20 to use bitcoin. but other non blockchains and other blockchains can do it for $0.10 or $0.000001 people wont consider it beneficial to spend $20, unless that $20 represents many months of many transactions aggrgated (for anything apart from LN r-org contracts)

devs also want LN to not be a daily close/open. but a monthly-6monthly close-reopen contract broadcast
meaning instead of putting pocket change in for planning just a week of coffee convenience they want people to put in a months salary/half a years salary to cover any possible payment needs and also have reserves for others to use for their routes going through

as for the crapcoins. yea there are thousands of crap coins people have and can create for free and have no purpose.
but if people are finding it costing $20 to re-org a LN contract (onchain broadcast) of can do the same for 10cents on litcoin.
people will start to give litecoin the usefulness factor and people would rather have 150ltc rather than 1btc, which after all would end up being ~ same $$$$$
and knowing they are not spending $20 per LN funds re-org

do you think merchants would like to receive btc. to know it would cost them $20 later to 'cash out' of LN.. or would they flip to something like ltc knowing it would later cost them $0.10 to 'cash out' of LN
..
i would go into more details of LN's limitations both in tech, in ecomonics and in usefulness.. but ill save that for another post
but the summary is bitcoins blockchain should remain useful for normal transaction utility. and not just become a institutional vault that only exchanges and businesses handle

[Darooghe]

I think to reach $1 million there could be truly extraordinary growth in demand, probably caused by a worldwide lack of faith in fiat or some other major event. but even in the absence of much growth, if Bitcoin remains the premier cryptocurrency, then I'd expect the value to continuously rise in real terms because BTC is highly deflationary. so I wouldn't be surprised to see $19,000 again within a year or two, but I'm not sure about growth to $1 million in the next couple of decades at least. the fact is that most people are fine with using things like credit cards, bank auto payments, bank-linked payment apps, etc.

[jostorres]

Of course Bitcoin will grow, but that amount you have mentioned I think it's too much, ten million dollars in ten years? Price will grow but your estimate is too high and I don't really think it will reach that in a space of ten years.
I know for sure that the government will always try to have control on bitcoin, and will fight against it if things are not in their favor. There will definitely be a disagreement among them, because someone them will be in support of Bitcoin while others are not.

Predictions I have seen is that Bitcoin will reach $500,000 to $1,000,000 in the next ten years and not up to the rate you have mentioned. I know for sure that one day the price of Bitcoin will go that high but the time is not now. That is why we should make sure of holding Bitcoin in our wallet as much as we can afford to risk, because a time will come when it will replace gold.

[Wind_FURY]

Does it matter "how" Bitcoin's on-chain utility is used? The Lightning Network still requires on-chain transactions.
..
Maybe. But I personally would never trade my Bitcoins for shitcoins just for "transacting".
..
Who said you can't make on-chain transactions with Bitcoin anymore?

devs are already doing the fake cries of
the need to raise onchain fee's under the pretense that miners need it

Miners don't need it? What do you want miners to do, altruistic mining?

the need to keep baseblock low to keep the fee competition

Keeping blocks small was because of other technical reasons, node-centralization is one of them.

the need to only increase if LN needs require it

Wrong. The need to only increase it IF the network needs it. It doesn't today.

meaning they want to bloat blocks with LN contracts and only scale onchain when LN starts running into issues with broadcasts

"They" want? How do "they" do it? Point a gun to out heads?

just remember if it costs $20 to use bitcoin.

When?

[VDraci]

Pardon me if i am not making sense, last bullrun bitcoin faced a issue and that is transaction costs, which surge up as well but if bitcoin did manage to hit 10m per coin how much will cost to send that? The problem of bitcoin is its transaction fee honestly

[Wind_FURY]

Pardon me if i am not making sense, last bullrun bitcoin faced a issue and that is transaction costs, which surge up as well but if bitcoin did manage to hit 10m per coin how much will cost to send that? The problem of bitcoin is its transaction fee honestly

"IF".

Bitcoin will not hard fork to change the rules, risk a chain-split, risk dividing the community again, simply because of some people's assumptions.

[patroncito]

Pardon me if i am not making sense, last bullrun bitcoin faced a issue and that is transaction costs, which surge up as well but if bitcoin did manage to hit 10m per coin how much will cost to send that? The problem of bitcoin is its transaction fee honestly

"IF".

Bitcoin will not hard fork to change the rules, risk a chain-split, risk dividing the community again, simply because of some people's assumptions.

That's true, I am wondering what would be the level of desperation from banks left in the system, governments and fudsters once Bitcoin reach 10 millions per coin. People will just don't use the current system anymore and only use Bitcoin.

[isaac_clarke22]

I wish they could read it like that but meh. We're like crazies from them in the end and they think that being regulated or covered by the government is equivalent to sure protection and safety of their money.
They aren't aware that it is pretty much exploitable by hackers and it isn't gonna be that much impossible work for them.
Pretty much there would be rain of regrets after the train ran to that price mark, OP.

[Dabs]

While you guys are debating, I sent a transaction to myself for only 2 cents, and the value of the whole transaction was only a couple hundred dollars.

It's usable for now, but it was never designed for the typical coffee transaction.

[patroncito]

While you guys are debating, I sent a transaction to myself for only 2 cents, and the value of the whole transaction was only a couple hundred dollars.

It's usable for now, but it was never designed for the typical coffee transaction.

Actually it was designed to include micotransactions.
https://cointelegraph.com/news/could-bitcoin-solve-the-problem-of-ad-blocking

Due to Bitcoin’s low transactional fees, it would be ideal for microtransaction payments for viewing sites on the internet.
There are multiple startups in the cryptocurrency community who are looking to see widespread implementation.

Due to the self-imposed limits on the bitcoin blocksize and blockspeed,
the microtransaction utility of bitcoin was lost to high transaction fees.

Bitcoin Devs took it upon themselves to destroy bitcoin's ability to process micro-transactions affordably so they could force the community on to the 3rd party offchain network know as Lightning Network, where middle men again rule the system and satoshi dreams destroyed.

The reason , your fee was only 2 cents and went through , is because currently almost no one is using it.
The minute people actually start using it even a little, blocks fill up and fees skyrocket.
IE:
https://arstechnica.com/tech-policy/2017/12/bitcoin-fees-are-skyrocketing/

Bitcoin network has struggled to process more than four transactions per second.

The cost to complete a Bitcoin transaction has skyrocketed in recent days.
A week ago, it cost around $6 on average to get a transaction accepted by the Bitcoin network.
The average fee soared to $26 on Friday and was still almost $20 on Sunday.

Bitcoin transaction fees are only affordable, if no one hardly ever uses it.
Send Greg Maxwell, a big thank you for fucking up bitcoin micro-transactions utility.  

FYI:
https://www.blockchain.com/explorer?view=btc_averagefee
Current average fee is 89 cents.

Also segwit activated on August 24, 2017.
As you can see their were skyrocketing fees only a few months later.
Segwit fixed Nothing as far as real onchain scaling goes.

**********WRONG**********

Bitcoin was designed to work as a blackhole. It is about to "swallow" the whole financial system as we know it. Bankers, central bankers , fudsters like khaos 77, Jamie Dimon, Donald trump, petter Schiff and Xi jing pin will have to use Bitcoin after all fiat become worthless. 44,000 bitcoins were moved on sunday for only 0.33 cents fee.

[franky1]

core are happy that bitcoin is only capable of handling either
600k people daily use
1.2m users every other day use
4.2m people weekly use
13m people monthly use

core doesnt want it to be for microtransactions nor for daily use. they have been very clear on their direction
core doesnt need to hold a gun up to people.. core are the gun controllers. they just prevent releasing guns for people to use against cores plans

core are not even giving users a choice no more.
they can slide in upgrades without the need for users to opt-in to activate it
they can mandate a ban on anyone that opposes a controversial upgrade
they simply just dont release code that opposes their own view
they dont accept nodes that oppose their view

core are literally telling people they are a central point. a CORE of the network. THE reference.
thy have mis-used and nearly abolished the consensus of fair open decentralised rule decision changes by avoiding the byzantine generals problem by not allowing anyone else to be a general and treating other dev teams that want to be equal power decentralised generals as the enemy
bitcoin is just soldiers following one generals orders now. and all opposition to the single general is deported to other networks



bitcoin just like fiat is not too big to fail, but my mind is to not even get it to that point of failure that i see core taking it with their remarks that bitcoin is just an experiment, a beta test, and how they feel that blockchains cant cope.
i am trying to remind people that bitcoin should go back to a more diverse node set and to give users the true consensus ability and to not be just sheep to core who want to take bitcoin down the wrong direction

other crap coins have gained popularity due to cores narrow minded process. and if core keeps strangling bitcoin. developer talent, and then merchants and then users will shift away from bitcoin and start to use other networks.. and slowly drop bitcoin

so if bitcoin is to head on a path to $10m/btc then something needs to be done to re-decentralise, re byzantine general diversity the network and scale bitcoin ONCHAIN to keep it desirable, innovative, functional and in demand

[Dabs]

I have nothing against GMax... Microtransactions were not part of the design, go look up satoshi's posts in this forum. There are ways to do the "vending machine" transactions tho and it was probably another off-chain solution back then. You could send value down to the satoshi, but wasn't meant to send only just 1 satoshi.

I read ars for other non-bitcoin news.

You don't have to use core. You can fork your own if you don't like the rules or the protocol. You'll probably end up with something like Bcash or BSV tho.

[hirngespenst]

I have no doubt that Bitcoin has this potential to be a 10 Million USD priced coin, but I am sure it won't happen. Because powerful countries won't let this happen easily, they will try to control the crypto market harder and even I don't want to see Bitcoin at 10M USD, 100K USD will be more than expected! If bitcoin starts growing like heavily, the world will recognize it and maybe they will endorse this great technology, but they will make stop it if the price cross 50-100K USD!

[franky1]

You don't have to use core. You can fork your own if you don't like the rules or the protocol. You'll probably end up with something like Bcash or BSV tho.

typical response of a centralised preferer
'if you dont like cores decisions you can f**k off to an altcoin'

totally missing the point that no one should have to fork off to other networks if core makes bad decisions.
core should only make changes if the community come to a concensus without forking

if something is controversial instead of forking people off. devs should re-address their proposal and find a compromise and features the community can consent to
bitcoin has lost its consent to upgrade. and become a deport opposition and upgrade without consent. which is not a byzantine generals solution bitcoin solved

[Velkro]

Those who are acummulating BTC right now will be the richest people in the world.

Wishful thinking sadly. It isn't so simple as that.
Bitcoin have qualities of infinite rising value, but will it happen? Hard to say now, its still can be manipulated easily by wealthy people/companies if they wish. Slowly buying Bitcoin off market is simplest precaution of it becoming insanely expensive in future. For Warren Buffet fund or Facebook money or even google money it would be tiny tiny tiny sideproject to do (buying bitcoin steadily but slowly that noone notice). It wouldn't change their finance as companies/personas at all.

[patroncito]

I have no doubt that Bitcoin has this potential to be a 10 Million USD priced coin, but I am sure it won't happen. Because powerful countries won't let this happen easily, they will try to control the crypto market harder and even I don't want to see Bitcoin at 10M USD, 100K USD will be more than expected! If bitcoin starts growing like heavily, the world will recognize it and maybe they will endorse this great technology, but they will make stop it if the price cross 50-100K USD!

Your theory is valid, BUT they did not wait for the price to

get to the USD 10 million level to try to "stop" price and

network growth. They are trying so hard to do it since

Bitcoin was $50 dollars....and you know what? THEY

HAVE FAILED.

That is why they are so desperate using the mainstream

media and paid fudsters in all forums telling people all

sorts of lies like Bitcoin is a scam, a ponzi scheme, is going

to zero, and a bubble over and over and over again.

Banks, governments and wealthy individuals are losing the

war against bitcoin. They know what is coming

[elisabetheva]

I seriously admire your optimism.. $10,000,000 per bitcoin? I am usually an optimist but my imagination doesn't stretch that far, a hundred thousand dollars is somehow believable but I doubt it would ever get to a stage where a single bitcoin would be worth that much especially considering the fact that different countries would be launching their own Cryptocurrencies in the nearest future.

It seems like what you say that really admires the perception that bitcoin can reach $ 10,000,000. but maybe I will also be very much in agreement with you will question, is it possible can happen? I doubt that because the value is too fantastic and we know that big investors also always play in it and manage all bitcoin movements. if it's a matter of fact there will be a new rival for bitcoin, of course I'm not too worried, all keep coming back that bitcoin is still king.

[carlisle1]

thats very exaggerated mate,i support bitcoin and had trusted for years i even hold amount longer but looking for 10 million dollars a piece?

i am enough with 100k$ and thats more than better to expect.

[waitforme]

I can't believe bitcoin will hit the $ 10 million mark for every Bitcoin. If that happens, the dollar must have terrible inflation. Look at the fact that Bitcoin does not bring much technology achievements and only 1mb of capacity for 1bitcoin. So Bitcoin has no application value beyond payment. Currently, I only want Bitcoin to surpass $ 20,000 in the next 3 years.

You would have said the same when it fell from 30 to 2 dollars. It hit $20,000 a couple of years later

BIG DIFFERENCE between those events...  Virtually no one knew about the bitcoin mania back then, the whole world knows about Bitcoin now, and its still headed down.  The Bitcoin bubble is popping, and Bitcoin is going down to its intrinsic value of near zero.

All pyramid schemes, manias and bubbles pop.  The only thing that gives Bitcoin value is what some greater fool will pay for it.

Hard Facts

The number of people interested in the bitcoin exchange rate has greatly decreased. Bitcoin is no longer as popular as it used to be. In 2017 Bitcoin increased its value by up to 20 times. That's an unthinkable number, for sure a certain group of people had a very thorough plan to manipulate the exchange rate. Anyway, everyone has faith in the market and often pours money into it to keep Bitcoin's exchange rate stable above $ 3,000. Anyway, from $ 20,000 to $ 7000 is more comfortable than the loss of other altcoins.