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Author Topic: Bitcoin 21 Million Fixed Supply Question?  (Read 139 times)
very_452001
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September 27, 2021, 06:09:42 PM
 #1

Yeah I know 1 bitcoin can be divided into 8 decimal places to lowest 0.00000001 Sat.

It Bitcoin becomes world reserve currency then is there enough 'SATS' to go around?


Question on Meme coins they are Dogecoin & Shiba Inu:

Dogecoin has over a Trillion supply!

Shiba Inu has over a Quadrillion supply!!!

Do these meme coins can also be divided into 8 decimal places and if so then why on earth would these meme coins would allow that? I don't understand? A Quadrillion supply is not enough for everyone in this planet without the need to divide 1 Shiba Inu further down? Like 0.00000001 Shiba Inu coin  Shocked
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September 28, 2021, 12:40:39 AM
 #2

It Bitcoin becomes world reserve currency then is there enough 'SATS' to go around?

No, your last explanation is the answer. After all, bitcoin was not created to be a reserve currency and is difficult to become due to various factors other than a fixed supply. Gold (on which fiat is minted) is more worthy of being a reserve currency than USD, but that doesn't happen either.

Do these meme coins can also be divided into 8 decimal places and if so then why on earth would these meme coins would allow that? I don't understand? A Quadrillion supply is not enough for everyone in this planet without the need to divide 1 Shiba Inu further down? Like 0.00000001 Shiba Inu coin  Shocked

As long as the identity of the meme coin founders is known, they can change anything to redenominate the unit. However, governments around the world will surely have a compelling and slightly ridiculous reason to the public why it should memecoins.

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September 28, 2021, 02:22:37 AM
 #3

It Bitcoin becomes world reserve currency then is there enough 'SATS' to go around?
This is what's going on to drive the price up. When there's low supply, demand will rise. That's just the reason to why BTC has reached higher highs continuously from the pandemic up to now. A lot of people now understand why it's necessary.

Do these meme coins can also be divided into 8 decimal places and if so then why on earth would these meme coins would allow that? I don't understand? A Quadrillion supply is not enough for everyone in this planet without the need to divide 1 Shiba Inu further down? Like 0.00000001 Shiba Inu coin  Shocked
I think it's better to understand what it was created for and how it can be used in our lives. Do you think everyone needs at least 1 coin to survive or something? I don't think everyone would want that.

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September 28, 2021, 02:51:08 AM
 #4

It Bitcoin becomes world reserve currency then is there enough 'SATS' to go around?
It's enough, if all of populations wanna try to adopt bitcoin. 1 bitcoin means 100 millions satoshi and 21 millions x 100 millions satoshi could become the total satoshi to be divided by total population which was around 8 billion at this moment.


Do these meme coins can also be divided into 8 decimal places and if so then why on earth would these meme coins would allow that? I don't understand? A Quadrillion supply is not enough for everyone in this planet without the need to divide 1 Shiba Inu further down? Like 0.00000001 Shiba Inu coin  Shocked
it can be divided, i guess all of cryptocurrency can be divided into the small decimal. The total supply that owned by meme coins were more than enough to be divided by total population.

Almost all of cryptocurrencies can be divided into the small amounts of token.


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September 28, 2021, 02:55:02 AM
 #5

It is not really an interesting question. Can you even imagine the developers of Dogecoin and Shiba Inu thinking of the possibility that their meme coins are going to be become a world currency? The world is not too stupid as to decide these shitcoins will be adopted as the global currencies.

But what is the problem if a single Doge or Shib is still divisible? It makes things more convenient. If the whole world will be using these coins it is best that they be divisible into much smaller units. The human population is always rising.

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September 28, 2021, 03:08:50 AM
 #6

But what is the problem if a single Doge or Shib is still divisible? It makes things more convenient. If the whole world will be using these coins it is best that they be divisible into much smaller units. The human population is always rising.
making the unit smaller can be more convenient, but the quadrillion supply is already oversupply for everyone. Anyway Im not gonna think of thr possibility these memecoin could be used as world reserved, likely impossible. Maybe bitcoin could be on that aspect but these shitcoin for that? Nah! Not gonna happened. Even its handled by a famous philanthropist Elon Musk many will disagree to it.

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September 28, 2021, 03:16:50 AM
 #7

Yeah I know 1 bitcoin can be divided into 8 decimal places to lowest 0.00000001 Sat.

It Bitcoin becomes world reserve currency then is there enough 'SATS' to go around?


Question on Meme coins they are Dogecoin & Shiba Inu:

Dogecoin has over a Trillion supply!

Shiba Inu has over a Quadrillion supply!!!

Do these meme coins can also be divided into 8 decimal places and if so then why on earth would these meme coins would allow that? I don't understand? A Quadrillion supply is not enough for everyone in this planet without the need to divide 1 Shiba Inu further down? Like 0.00000001 Shiba Inu coin  Shocked

If I understand you properly, you ask if it is possible to buy not one shiba, but a part of one. And actually yes, you can buy 0.5 shiba for example. I don't know why it is so, as for me it is really unnecessary, but it doesn't prevents us. What comes to Bitcoin, it is essential for it to be divided, as not everyone can afford one bitcoin, so you are to buy a smaller part of one.

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September 28, 2021, 03:33:09 AM
 #8

If the above all assumptions are true then we do not need to worry about limited supply or quadrillion supply because in both the cases the price per unit will matter a lot.

I mean peeps say that one day 1 sat may cost you thousand bucks but the question is what if I only need to spend few dollars ? How would I send my money since there is no further division to 1 satoshi? (Or is there any!)

About the quadrillion supply, that’s huge but it’s useless because no body believe in the meme coins and mostly used for pump and dump trading tbh. So don’t even include that in the discussion.  Grin

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September 28, 2021, 04:30:14 AM
 #9

As far as I know, a hard fork is all that needed to change the supply. Right now, 100 million Satoshis make up of one Bitcoin. Maybe we can propose a hard fork, which will change it to 100,000 Satoshis. And the maximum supply of Bitcoin will increase from 21 million to 21 billion, and the exchange rate would be $43 per coin. It doesn't make any difference on the ground and is similar to stock split in equity market. But it will at least satisfy those idiots who say that Bitcoin is too expensive and it is unaffordable to the poor and middle class.


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September 28, 2021, 08:16:21 AM
 #10

You should not feel worried about that dude. Bitcoin and altcoins will be enough for anyone in the world. When you're dividing it uses the smallest part like satoshi and bitcoin will have multi billions of satoshi to be divided. The same thing will be happening with altcoins as well. You should not even mention shiba or doge coins as these coins have more than enough to give all of the people 1 doge or shiba inu token. Have you ever calculated it before? i guess if this is very easy to be calculated. We have less than 10 billions populations in the world. That doesn't make sense if altcoins with trillions supply and bitcoin will not be enough for anyone. We will see how much people will be adopting crypto. The time will tell us.

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September 28, 2021, 09:39:59 AM
 #11

Bitcoin Total supply is far lower than these two coins total suply. Shiba inu and Doge transaction fee units is higer than bitcoins own. Although shiba inu is an Ethereum token which use Ether as transaction fee.
Even the transaction fee of dogecoin at times is up to 1 doge. Even bitcoin transaction fee is higher than the lowest divisible decimal place
So they all will not be divisible up to that amount because the current blockchain fee is higher than that decimal place.
Maybe as time goes on. All these will work.
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September 28, 2021, 06:22:51 PM
Last edit: October 24, 2021, 06:06:34 AM by mprep
 #12

It Bitcoin becomes world reserve currency then is there enough 'SATS' to go around?

No, your last explanation is the answer. After all, bitcoin was not created to be a reserve currency and is difficult to become due to various factors other than a fixed supply. Gold (on which fiat is minted) is more worthy of being a reserve currency than USD, but that doesn't happen either.

Do these meme coins can also be divided into 8 decimal places and if so then why on earth would these meme coins would allow that? I don't understand? A Quadrillion supply is not enough for everyone in this planet without the need to divide 1 Shiba Inu further down? Like 0.00000001 Shiba Inu coin  Shocked

As long as the identity of the meme coin founders is known, they can change anything to redenominate the unit. However, governments around the world will surely have a compelling and slightly ridiculous reason to the public why it should memecoins.

The meme coins developers/founders can introduce burning to make it deflationary you mean?

Or they change the decimal denomination like 0.00000000 to reduce it down to 5 decimal places or 6 decimal places or any number lower than 8 for example. 0.0000 is 4 decimal places. Does this make it deflationary?

All altcoins have 0.00000000 8 decimal places? If so why 8 decimal places? The $1 dollar has only 2 decimal places. $0.01 cent



It Bitcoin becomes world reserve currency then is there enough 'SATS' to go around?
It's enough, if all of populations wanna try to adopt bitcoin. 1 bitcoin means 100 millions satoshi and 21 millions x 100 millions satoshi could become the total satoshi to be divided by total population which was around 8 billion at this moment.


Do these meme coins can also be divided into 8 decimal places and if so then why on earth would these meme coins would allow that? I don't understand? A Quadrillion supply is not enough for everyone in this planet without the need to divide 1 Shiba Inu further down? Like 0.00000001 Shiba Inu coin  Shocked
it can be divided, i guess all of cryptocurrency can be divided into the small decimal. The total supply that owned by meme coins were more than enough to be divided by total population.

Almost all of cryptocurrencies can be divided into the small amounts of token.

Okay lets do the Math:

- 1000 x 1000 = 1 million
- 1000 x 1 million = 1 billion
- 1000 x 1 billion = 1 trillion
- 1000 x 1 trillion = 1 quadrillion

21 million x 100 million sats (1btc) = 2.1 quadrillion Sats

World population now is 8 billion so 2.1 quadrillion divide by 8 billion = Every person on this planet can have at least 262,500 Sats each in the year 2140 Shocked assuming the world population will remain the same by then as this is likely due to climate change mandated government policies worldwide that can restrict having children. Or you never know the world population could be half or quarter of 8 billion today in the year 2140 due to eugenicists which is possible from the mass vaccinations going on now. This means even more Sats per person.

So if bitcoin becomes world reserve currency in the 2140 peak then how much a can of coke be in Sats you think if everything is priced in Sats?




If the above all assumptions are true then we do not need to worry about limited supply or quadrillion supply because in both the cases the price per unit will matter a lot.

I mean peeps say that one day 1 sat may cost you thousand bucks but the question is what if I only need to spend few dollars ? How would I send my money since there is no further division to 1 satoshi? (Or is there any!)

About the quadrillion supply, that’s huge but it’s useless because no body believe in the meme coins and mostly used for pump and dump trading tbh. So don’t even include that in the discussion.  Grin

Shiba Inu is 1 Quadrillion maxed fixed supply. If its developers/founders decide to remove the decimal system (make each coin undividable) because 1 quadrillion is way more than enough no need to divide or break down each coin further  Grin then will 1 Quadrillion Shiba Inu be more deflationary than 2.1 Quadrillion Bitcoin Sats Huh

I don't understand why crypto developers/founders that have billions/trillion/quadrillion max supplies divide their coins into decimal places? Doesn't make any sense  Huh



If Bitcoin is not destined to be a currency but an Asset like a car, house, store of wealth, Gold 2.0 then why its divisible into 8 decimal places and instead be just 1 unit 1 btc? I don't understand  Huh

An ounce of gold is 32grams can be broken down into 1 grams which isn't feasible as 1 gram is too small can be lost easily.

An ounce of gold store of wealth can be broken down into 32 times.

1 btc can be broken down into 100 million times so can it be a store of wealth  Huh

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September 29, 2021, 01:38:58 AM
 #13

If Bitcoin is not destined to be a currency but an Asset like a car, house, store of wealth, Gold 2.0 then why its divisible into 8 decimal places and instead be just 1 unit 1 btc? I don't understand  Huh

In the first place, Bitcoin was not invented to become an asset. The whitepaper's title sums it all up. Satoshi Nakamoto invented "Bitcoin: A Peer-to-Peer Electronic Cash System." I believe it was not in the mind of Satoshi to create "Bitcoin: A Digital Asset" or "Bitcoin: Gold 2.0". So whatever happened to Bitcoin today, particularly its emergence more as a new asset class and less as a currency, is not Satoshi's preference. Satoshi wanted Bitcoin to be used as a means of payment not as an asset which is designed to be just kept hidden.

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September 29, 2021, 01:45:09 AM
 #14

Do these meme coins can also be divided into 8 decimal places and if so then why on earth would these meme coins would allow that? I don't understand? A Quadrillion supply is not enough for everyone in this planet without the need to divide 1 Shiba Inu further down? Like 0.00000001 Shiba Inu coin  Shocked

Yes it could be happen if the price of those coins are hitting thousand dollars. As long as it already reach the minimum value to trade in an exchange. Bitcoin trade with sats because the price is already high and not all people could afford one so they able to trade decimals, also applies to other coins.
But i don't think coins like Shiba inu and doge will able to do that because who want to make the price that high ? Elon effect is already weak and no longer make people trust. Meme coin's hype is over, everyone is already realize that those coins are just the whale games.

 
 
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September 29, 2021, 04:00:11 AM
 #15


The meme coins developers/founders can introduce burning to make it deflationary you mean?

Or they change the decimal denomination like 0.00000000 to reduce it down to 5 decimal places or 6 decimal places or any number lower than 8 for example. 0.0000 is 4 decimal places. Does this make it deflationary?

All altcoins have 0.00000000 8 decimal places? If so why 8 decimal places? The $1 dollar has only 2 decimal places. $0.01 cent

Deflation is an effect (if it happens) and it's unpredictable, I mean it has to do with scalability. In the past, many token-based projects changed token contracts with new (smaller) supply and fractional units to match computational requirements or intentionally prepared them for larger scale requests.

However, neither bitcoin nor crypto can become the world's reserve currency due to supply and price stability. Say a country as small as Singapore can also have a monopoly on bitcoin trading if it becomes the dominant holder. Moreover, Satoshi (which is considered the most BTC holder) can be considered a super country as much as it has the most foreign exchange reserves.

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September 29, 2021, 05:07:44 AM
 #16

All altcoins have 0.00000000 8 decimal places? If so why 8 decimal places? The $1 dollar has only 2 decimal places. $0.01 cent

Actually ETH has 16 decimal places, which IMO is waaay overkill. So a lot of Ethereum tokens also have 16 decimal places, also for no good reason.

8 decimal places is standard among most other coins simply because that's what Bitcoin did. A lot of developers - the ones launching tokens with a quadrillion supply - are simply too lazy to change the code to reduce the unnecessary decimal places.

It's just laziness, really, is the answer to your question.

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September 29, 2021, 01:53:49 PM
 #17

All these obscure coins will not survive. Bitcoin will last forever and will only add to its value.

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September 30, 2021, 06:16:30 AM
 #18

Yeah I know 1 bitcoin can be divided into 8 decimal places to lowest 0.00000001 Sat.

It Bitcoin becomes world reserve currency then is there enough 'SATS' to go around?
I don’t think there is anywhere that it is written on the whitepaper that Bitcoin is created to be a reserve currency. Bitcoin was created to serve the purpose of peer to peer transactions, and nothing more. People are the ones who are now coming up with the idea of Bitcoin being a currency or reserve currency, whatever it is they’re talking about. But that wasn’t why it was created.

And as for the purpose as wish Bitcoin was created to serve, I believe it is doing really well as that. When people ask me question as whether Bitcoin is going to replace any currency, I usually tell them that Bitcoin was not created to replace anything. So, I think you should also have it in mind, that it wasn’t created to replace anything, but just to serve for transaction.

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very_452001
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September 30, 2021, 01:39:00 PM
Last edit: October 24, 2021, 06:05:32 AM by mprep
 #19

All altcoins have 0.00000000 8 decimal places? If so why 8 decimal places? The $1 dollar has only 2 decimal places. $0.01 cent

Actually ETH has 16 decimal places, which IMO is waaay overkill. So a lot of Ethereum tokens also have 16 decimal places, also for no good reason.

8 decimal places is standard among most other coins simply because that's what Bitcoin did. A lot of developers - the ones launching tokens with a quadrillion supply - are simply too lazy to change the code to reduce the unnecessary decimal places.

It's just laziness, really, is the answer to your question.

Ethereum has a infinite supply so why the need for 16 decimal places  Shocked?

Changing the decimal place coding is just changing 1 line of code right? If you say developers are lazy then developers must be copy and paste crypto codes from other cryptos/blockchains, slapping on a new logo, if they are too lazy to change 1 line of code indicating the crypto project must be a scam then.



If Bitcoin is not destined to be a currency but an Asset like a car, house, store of wealth, Gold 2.0 then why its divisible into 8 decimal places and instead be just 1 unit 1 btc? I don't understand  Huh

In the first place, Bitcoin was not invented to become an asset. The whitepaper's title sums it all up. Satoshi Nakamoto invented "Bitcoin: A Peer-to-Peer Electronic Cash System." I believe it was not in the mind of Satoshi to create "Bitcoin: A Digital Asset" or "Bitcoin: Gold 2.0". So whatever happened to Bitcoin today, particularly its emergence more as a new asset class and less as a currency, is not Satoshi's preference. Satoshi wanted Bitcoin to be used as a means of payment not as an asset which is designed to be just kept hidden.

Bitcoin has a total of 2.1 Quadrillion Sats and with the lightning network its more than enough to be the world reserve currency.

Theres no 2.1 Quadrillion grams of gold, theres no 2.1 Quadrillion real estate homes, theres no 2.1 quadrillion cars. These are assets/commodities so it bitcoin wants to be a asset it needs to be undividable, remove the decimal system. You either have 1 bitcoin or you have no btc.

Yes the people will cant afford to buy bitcoin at todays prices if that happen however an average person cant afford to buy a $40k ford mustang car so this person have to rent the car or finance the car with monthly payments.

Is it possible to finance a purchase of 1 bitcoin nowadays if a person cant afford it?

If none of the above is feasible then bitcoin should be a currency with its 8 decimal system where everything priced in Sats.

 




The meme coins developers/founders can introduce burning to make it deflationary you mean?

Or they change the decimal denomination like 0.00000000 to reduce it down to 5 decimal places or 6 decimal places or any number lower than 8 for example. 0.0000 is 4 decimal places. Does this make it deflationary?

All altcoins have 0.00000000 8 decimal places? If so why 8 decimal places? The $1 dollar has only 2 decimal places. $0.01 cent

Deflation is an effect (if it happens) and it's unpredictable, I mean it has to do with scalability. In the past, many token-based projects changed token contracts with new (smaller) supply and fractional units to match computational requirements or intentionally prepared them for larger scale requests.

However, neither bitcoin nor crypto can become the world's reserve currency due to supply and price stability. Say a country as small as Singapore can also have a monopoly on bitcoin trading if it becomes the dominant holder. Moreover, Satoshi (which is considered the most BTC holder) can be considered a super country as much as it has the most foreign exchange reserves.

El Savador country adopted bitcoin now and theres a total of 2.1 Quadrillion Sats in the year 2140 so El Salvador must be using a tiny % of this amount now so this 2.1 Quadrillion sats huge amount is more than enough for every country to fully adopt in the world unless the decimal system is reduced or taken away.

What's the lowest decimal system possible where its feasible and sustainable for miners to get paid in btc too?

[moderator's note: consecutive posts merged]
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