What is the future of bitcoin? Commodity, currency or smth else?

[lenaza2022]

It looks like any cryptocurrency will not be able to replace current FIAT because any of them is finite. "Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing. Now bitcoin is more like a reserved commodity for part of the population. Those who do not buy bitcoin will be able to use other cryptocurrencies. It seems that the currency that will be in circulation and will be affordable, that currency will have a chance to become the main cryptocurrency in the future.

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[mk4]

You're falling for the typical unit bias problem when it comes to cryptocurrencies. Not because bitcoin's unit price doesn't make it "expensive" and that most people wouldn't be able to use it.

Remember: bitcoin is highly divisible. At some point it's likely (and I freakin hope) that we would be using a smaller denomination as to make it easier for day-to-day transactions.

Re: What is the future of bitcoin? Commodity, currency or smth else?

It doesn't need to be one or the other. It could be all those things at the same time.


On another note, this is one of the main reasons why I've been a heavy advocate for everyone to use sats by default instead of bitcoin lol.

[Lucius]

It seems that you have to learn a lot, otherwise you will live in various delusions for a long time. One of these misconceptions is that many like you think that 21 million BTC (max supply) is something that will make it impossible for anyone who wants to use Bitcoin as a currency - and yet the truth is completely different. 1 BTC consists of 100 million satoshi = 0.00000001 which is quite enough for everyone who will ever want to use it.

Stop being carried away by some ideas that some other cryptocurrency will take over and that people will start using it en masse - there is a fiat for that, and unfortunately for you and all the rest of us it is in virtually unlimited quantities, so we will now suffer from inflation and recession precisely because of what you consider an advantage.

[lenaza2022]

It seems that you have to learn a lot, otherwise you will live in various delusions for a long time. One of these misconceptions is that many like you think that 21 million BTC (max supply) is something that will make it impossible for anyone who wants to use Bitcoin as a currency - and yet the truth is completely different. 1 BTC consists of 100 million satoshi = 0.00000001 which is quite enough for everyone who will ever want to use it.

Stop being carried away by some ideas that some other cryptocurrency will take over and that people will start using it en masse - there is a fiat for that, and unfortunately for you and all the rest of us it is in virtually unlimited quantities, so we will now suffer from inflation and recession precisely because of what you consider an advantage.

At the same time, this confirms that 0.00000001 is not very convenient for practical use in everyday life, and also that either Fiat or another cryptocurrency will exist firmly. Fiat will be strongly protected, inflation is inevitable in the near future. But even further 0.00000001 is not very convenient to use. Today, in the usual sense, prices vary from 0.01 - 1000000.

[stompix]

"Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing.

That worked wonders for both the Bolivar and the Zimbabwe dollar.
How many trillions of "money" you want?

It seems that the currency that will be in circulation and will be affordable, that currency will have a chance to become the main cryptocurrency in the future.

This is a new one, an affordable currency.
The currency itself is a measure of wealth or purchasing power, you can't use the term affordable currency.
Is the Vietnamese dong affordable, yes it is compared to the British pound, you can have thousands of it but in the end with a single one you can't buy anything.

Those who do not buy bitcoin will be able to use other cryptocurrencies.

This part is true, those who don't want to use bitcoins are free to use other cryptocurrencies, and nobody is forcing anyone to use Bitcoin.
Btw, it terra/luna affordable?  

[lenaza2022]

"Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing.

That worked wonders for both the Bolivar and the Zimbabwe dollar.
How many trillions of "money" you want?

That 0.00000001 and that 1000000000 actually look like the same things now

It seems that the currency that will be in circulation and will be affordable, that currency will have a chance to become the main cryptocurrency in the future.

This is a new one, an affordable currency.
The currency itself is a measure of wealth or purchasing power, you can't use the term affordable currency.
Is the Vietnamese dong affordable, yes it is compared to the British pound, you can have thousands of it but in the end with a single one you can't buy anything.

if that 0.00000001 is too expensive for FIAT users  then FIAT will exist until this problem is solved. That is why meaning "affordable currency" may be in use.

Those who do not buy bitcoin will be able to use other cryptocurrencies.

This part is true, those who don't want to use bitcoins are free to use other cryptocurrencies, and nobody is forcing anyone to use Bitcoin.
Btw, it terra/luna affordable?  

The widespread use of bitcoin and other currencies leads to a change in the policy of the authorities regarding crypto and the development of tools for their use.

[Nrcewker]

It looks like any cryptocurrency will not be able to replace current FIAT because any of them is finite. "Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing. Now bitcoin is more like a reserved commodity for part of the population. Those who do not buy bitcoin will be able to use other cryptocurrencies. It seems that the currency that will be in circulation and will be affordable, that currency will have a chance to become the main cryptocurrency in the future.

We Bitcoin investors are happy that it’s not being replaced with FIAT.
We are really happy that it is being treated as an asset.
Due to this this treatment as a digital asset, we can make Bitcoins valuable.
And guess what, all the early investors who have bought Bitcoins in comparatively cheaper price will sell it in great profits.
This can be usually treated as their retirement plan.
So at last we are happy to see Bitcoins treated as valuable asset, and will love to see it being treated the same.

[stompix]

That 0.00000001 and that 1000000000 actually look like the same things now

Not at all!
First, at one point, you had 100 000 000 000 000 ZWL being worth 40 cents.
Now you have 1000 satoshi being worth 30 cents.
Far easier to deal with it.

if that 0.00000001 is too expensive for FIAT users  then FIAT will exist until this problem is solved. That is why meaning "affordable currency" may be in use.

Again, there is no such thing as affordable currency.
One piece of bread is more affordable than one if one costs 1$ and the other costs 2$ for the same weight.
You're comparing the base value of a denomination, which is irrelevant.  If everyone would love affordable currencies why is nobody buying 1 billion bolivars or rials as reserves instead of 1 billion dollars? Because they are garbage, just like garbage, affordable but worth zero, just as much as you've paid for it.

[mk4]

if that 0.00000001 is too expensive for FIAT users  then FIAT will exist until this problem is solved. That is why meaning "affordable currency" may be in use.

Looking for an "affordable currency" is like a person buying a typical roadside rock just because he couldn't afford a kilogram of gold, even though he could just have bought a gram of gold. If doesn't make any sense at all.

[NotATether]

I'm sure many people above have already said this, but let's make it bold for some "extra understanding":

You do not need to buy 1 BTC to afford items priced in Bitcoin.

Sure people have various biases such as preferring $99.99 to $100, but perhaps the unitary value of something is the most prevalent bias of them all. That is, everything is denominated in units of 1, and cannot be divided (cents are for extremely cheap stuff).

Actually, it is impossible to adjust the unit value of a truly decentralized currency, since that would be equivalent to a central bank issuing a new banknote and taking the old one out of circulation. This would require many hardforks and would cause havoc to the blockchain.

[Wiwo]

if that 0.00000001 is too expensive for FIAT users then FIAT will exist until this problem is solved. That is why meaning "affordable currency" may be in use.

You still get the whole Bitcoin situation wrong and misconception, Bitcoin will not and can never replace faint to be used as an alternative, this means both Bitcoin and fiat will co-exist in the same economy. Bitcoin/cryptocurrency can not act unilaterally in a system and that means it transaction has to involve either faint at some point. Bitcoin's limited supply does not make it unaffordable to buy its smallest unit that is a misconception it may be expensive that is only when you want to exchange it with a faint, I will advise you to take your time to study Bitcoin and its decentralized nature to build a better knowledge about it so that you would not work around with this misconception for long.

[BlackHatCoiner]

that currency will have a chance to become the main cryptocurrency in the future.

Always has been... 

That 0.00000001 and that 1000000000 actually look like the same things now

Perhaps in another galaxy, but not in the Milky Way. 1,000,000,000 is 100 quadrillion times bigger than 0.00000001.

if that 0.00000001 is too expensive for FIAT users

0.00000001 BTC, or 1 sat in short, is currently valuated at 0.0003 USD. This means that, for each of the smallest unit of USD you give, which is 0.01 USD (or 1 cent in short), you can buy 33 sats. It's definitely "affordable".

[lenaza2022]

That 0.00000001 and that 1000000000 actually look like the same things now

Not at all!
First, at one point, you had 100 000 000 000 000 ZWL being worth 40 cents.
Now you have 1000 satoshi being worth 30 cents.
Far easier to deal with it.

ZWL are interesting for local people )))
Satoshi is good for asset but it is difficult for presenting price (on sites) as far as it is common to see numbers 0.01-100000 (usd/eur/etc) now

if that 0.00000001 is too expensive for FIAT users  then FIAT will exist until this problem is solved. That is why meaning "affordable currency" may be in use.

Again, there is no such thing as affordable currency.
One piece of bread is more affordable than one if one costs 1$ and the other costs 2$ for the same weight.
You're comparing the base value of a denomination, which is irrelevant.  If everyone would love affordable currencies why is nobody buying 1 billion bolivars or rials as reserves instead of 1 billion dollars? Because they are garbage, just like garbage, affordable but worth zero, just as much as you've paid for it.

will you accept "affordable asset" ? As far as crypto performs as currency the meaning "affordable digital currency" (to buy) appeared too 

[lenaza2022]

if that 0.00000001 is too expensive for FIAT users  then FIAT will exist until this problem is solved. That is why meaning "affordable currency" may be in use.

Looking for an "affordable currency" is like a person buying a typical roadside rock just because he couldn't afford a kilogram of gold, even though he could just have bought a gram of gold. If doesn't make any sense at all.

Agree. What is the role of these roadside rocks now?

[fiulpro]

For me I do think that Bitcoins will forever be an investment opportunity since for me spending it as money is not really a good idea, the price is going to increase ofcourse and therefore I would rather hoard the coins if I had any also the opportunity also these are more focused in some countries and places against the others, I only found 1 restaurant in London till now which accepted bitcoins in the West side the focus is on things like cards, visas, fiats, as compared to cryptocurrencies like bitcoins and the government as well is focused on cbdc's. For me it's definitely an investment.

[Doan9269]

It looks like any cryptocurrency will not be able to replace current FIAT because any of them is finite.

When you're talking about Cryptocurrency, always be precise about which one, bitcoin is a digital currency and it's acceptable for making transactions for exchange of goods and services, other cryptocurrencies are most likely to be sh*tcoins, bitcoin has a role in this modern economy and the role of fiat as well cannot be overemphasized but their respective success in the later future will determine their performance to either replace the other or be use along altogether in the nearest future.

It seems that the currency that will be in circulation and will be affordable, that currency will have a chance to become the main cryptocurrency in the future.

If you should be talking about digital currency then it should be on bitcoin and that is the only digital currency that has the future to dominate the major currency of fiat role in the economy, it's already in circulation, OP i think by now you shouldn't be in doubt about how bitcoin can be used as a currency.

[Husires]

"Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing.

I know some *cryptocurrencies* that have a supply of around quadrillion.  

Let's take Bitcoin, here is less than 22 million BTC but Bitcoin can be divided into several satoshis which means that limited supply is not a problem if we are talking at the dollar satoshi level.

Demand is the problem, I don't think we'll get enough demand to get one satoshi worth a dollar.

[lenaza2022]

"Money" should have an unlimited future because the number of inhabitants of the planet is increasing and the socially produced product is increasing.

Demand is the problem, I don't think we'll get enough demand to get one satoshi worth a dollar.

Currency circulation is needed in order the demand for bitcoin would be high. If bitcoins are simply put in reserve, then there will be no reason to develop the status of bitcoin. In this case, bitcoin may lose its value. What do you think?

[Stalker22]

At the same time, this confirms that 0.00000001 is not very convenient for practical use in everyday life, and also that either Fiat or another cryptocurrency will exist firmly. Fiat will be strongly protected, inflation is inevitable in the near future. But even further 0.00000001 is not very convenient to use. Today, in the usual sense, prices vary from 0.01 - 1000000.

Why would one satoshi be impractical or unconvenient in everyday life? Or, say, 1 mBTC?

Satoshi is good for asset but it is difficult for presenting price (on sites) as far as it is common to see numbers 0.01-100000 (usd/eur/etc) now

There are a lot of different fiat currencies currently on the market, and their base values are quite different. You seem to not be aware of this.
According to current exchange rates, for example, one South Korean Won (KRW) is equal to just a little over 2 satoshi. With that in mind, why do you think presenting prices in satoshi is more difficult than in other currencies?

will you accept "affordable asset" ? As far as crypto performs as currency the meaning "affordable digital currency" (to buy) appeared too  

What you said doesn't make sense. You may wish to reword your comment to make it more understandable.

[Gyfts]

Both, more likely a currency being the primary usage. I don't expect fiat to be completely eliminated in the future. It's possible that fiat currencies will compete with crypto to fight for the consumer's business (and given the government's track record on managing fiscal policy, it wouldn't be a difficult choice.) There might be a few currencies that can sustain consumer confidence, though Bitcoin will most likely come out on top.

Those using Bitcoin for a commodity and holding the currency just makes the supply less and increases the price by demand. It doesn't regress the coin.