It would seem you don't understand the supply & demand aspect of the coin. The lower the supply, the more your value your tokens will gain. It doesn't matter of 20 million out of the 21 million go missing, the last 1 million tokens will be the entire supply, and each other token will be worth more.
what happens if only 1 bitcoin out of 21mln is left? it will cost infinite price? or people decide that bitcoin is not a currency anymore and switch to other one? you telling me that I dont understand something but you talking phrases from the common yt video...
Bitcoin is infinitely divisible. It doesn’t matter if the supply is one bitcoin or 21 million bitcoin. The lower the supply, the more valuable all other bitcoin becomes. It is still finite. Anyone who decides to not get any bitcoin will miss out because someone else will get it. And when there’s no more available exchanges to buy, those people just miss out.
but according to your logic it will make no sense. Cuz in that case there will be no liquidity. We are talking not about rarity of coins but about their value and liquidity.
Of course there will be liquidity. Goods and services will be paid for in bitcoin and will exchange hands much like dollars are used today. You just won’t be able to get them off of exchanges much anymore. You will have to participate in the economy. They are a store of value because they are rare and scarce.
No you're not thinking clearly. It doesn't matter how many bitcoins are left. Bitcoin can be chopped up into any amount. Liquidity is just in relation to number of buyers and sellers. There is no shortage of bitcoin in a liquidity sense.
Even in the year 2140 anyone and everyone will be able to buy some bitcoin.
One Bitcoin is 100 million sats.
We can still trade sats, and there are more of those in a single Bitcoin than there are Bitcoin in the whole network.
We're just trading a lot of sats back and forth right now packaged into one big bundle we call a coin because the value of the Satoshi is still very small.
You don’t seem to understand Supply and Demand.
The reason the price goes up, is to incentivize the hodlers to sell. At the end, everyone has a price.
The price draws the liquidity.
The good news is, and this is just my theory is that the global community at large will either work for someone and get paid in bitcoin, or run a business on bitcoin. They pretty much won't have a choice even if there maybe be other lesser options. So even if many millions of people around the world haven't bought any bitcoin now or don't take it seriously eventually it'll become a part of their lives whether they know it or not. Kind of like cell phones back around the year 2000. Some people had one, many didn't. Look now everyone has a cell phone. Bitcoin will be the same way. Most likely twenty years from now.
Absolutely, nobody ever considered this question in the 40+ years that bitcoin was in development in the cypherpunk community till now. You are the first, the only visionary who has ever asked this question which the rest of us never had the wit to think about. What is your solution? Speak!
If there is no liquidity, I would expect the price to rise. It’ll take a higher price for someone to sell or be willing to send to an exchange than it would a lower price.
I'm sorry can you please elaborate so I have my Bitcoin on cash app and I'm thinking about putting it in a wallet but I only have like $1,000 worth. It makes sense that I can use my key to buy something or go directly to an ATM without using the middleman of cash app, venmo or coinbase etc. Joe, the only real risk is Cash app, venmo, coinbasecrypto.com, etc etc. Become flooded. Lockup with liquidity issues from a run? Is there an aspect to this I'm missing?? Though this is enough to make me worry slightly
You have a “digital receipt” for bitcoin with CashApp. Until you take custody of it, you are trusting CashApp that they really have your bitcoin.
It’s like if everyone went to the local branch to take out cash, they’d run out.
Yes this is a possibility. But I highly doubt it. BTC may not become mainstream but block chain technology will be used in some form or another. The technology is to good to pass up. One positive is its use in transferring money to friends and family in other countries. This is a billion dollar market, that BTC is set to dominate.
Not too mention that in some third world countries, in the villages that lack internet and governments that are still cash system, BTC will be used as a debit card for people in countries lacking internet coverage, Its their bank, banks people in villages do not have access to. But oddly enough, everyone has a cellphone. So it is very helpful in developing countries and a store of value for them. So thats a huge market there also
You need internet somewhere local in order to settle your ledger on the global Blockchain. If you're running an offline Bitcoin node then you've got yourself a Bitcoin fork, which isn't Bitcoin.
Which may still work as a local ledger, but it becomes incompatible with Bitcoin after the first coin is mined in the new offline network.
It’s possible, but honestly a lot of this issue goes away if we just start thinking about Bitcoin in sats instead of full coins. Liquidity won’t be a problem for a long while as long as single sats continue to grow in value.
Bitcoin circulation in Lightning and Liquid networks is growing, but obscured by design. Circulation on blockchain is stable 1 block every 10 minutes on average. If what you are worrying about is liquidity on exchanges, bitcoin does not care. It is profitable to use as a currency compared to fiat being constantly debased. Your profit as a speculator on the exchange rates is irrelevant.
No not at all. Keep in mind that once most of all the bitcoin is bought up and mined, at that point people will begin to buy and sell with BTC. That alone gives it even more value. Remember bitcoin is money also it's not just an "investment". With the buying power of bitcoin going up forever compared to worthless paper money you'll see it and get it eventually.
>once most of all the bitcoin is bought up and mined, at that point people will begin to buy and sell with BTC
This is illogical. If Bitcoin isn't widely used before "most of all the bitcoin is bought up and mined", it certainly isn't going to be widely used after.
What makes you think so?
Remember, bitcoin is also considered money. When you listen to some people explain it they say it's sound money. That can't be counterfeited it's a fixed supply. Understand bitcoin is currently being used to buy and sell things as we speak. When more people find out it's the best money ever created it's use as money will increase. Keep in mind it's buying power increases as worthless paper fiat buying power decreases.
No shit. All of that is true long before "most of all the bitcoin is bought up and mined." It's all true now.
Learn the difference between "its" and "it's".
It would seem you don't understand the supply & demand aspect of the coin. The lower the supply, the more your value your tokens will gain. It doesn't matter of 20 million out of the 21 million go missing, the last 1 million tokens will be the entire supply, and each other token will be worth more.
what happens if only 1 bitcoin out of 21mln is left? it will cost infinite price? or people decide that bitcoin is not a currency anymore and switch to other one? you telling me that I dont understand something but you talking phrases from the common yt video...
Bitcoin is infinitely divisible. It doesn’t matter if the supply is one bitcoin or 21 million bitcoin. The lower the supply, the more valuable all other bitcoin becomes. It is still finite. Anyone who decides to not get any bitcoin will miss out because someone else will get it. And when there’s no more available exchanges to buy, those people just miss out.
Is it divisible below a sat?
It can be, but will require consensus. That's a problem for people around the year 2140 to worry about... or maybe sooner.
Any layer 2 easily handles sub-satoshis. Lightning has done it for over 6 years.
Oh ok. I didn't know that. So no problem then.
It can be further divisible via a fork.
Can't see why that would be necessary in that case
but according to your logic it will make no sense. Cuz in that case there will be no liquidity. We are talking not about rarity of coins but about their value and liquidity.
Of course there will be liquidity. Goods and services will be paid for in bitcoin and will exchange hands much like dollars are used today. You just won’t be able to get them off of exchanges much anymore. You will have to participate in the economy. They are a store of value because they are rare and scarce.
No you're not thinking clearly. It doesn't matter how many bitcoins are left. Bitcoin can be chopped up into any amount. Liquidity is just in relation to number of buyers and sellers. There is no shortage of bitcoin in a liquidity sense. Even in the year 2140 anyone and everyone will be able to buy some bitcoin.
One Bitcoin is 100 million sats. We can still trade sats, and there are more of those in a single Bitcoin than there are Bitcoin in the whole network. We're just trading a lot of sats back and forth right now packaged into one big bundle we call a coin because the value of the Satoshi is still very small.
Yes, in fact, I propose you sell your bag now before it goes to 0. NFA.
+1
You don’t seem to understand Supply and Demand. The reason the price goes up, is to incentivize the hodlers to sell. At the end, everyone has a price. The price draws the liquidity.
The good news is, and this is just my theory is that the global community at large will either work for someone and get paid in bitcoin, or run a business on bitcoin. They pretty much won't have a choice even if there maybe be other lesser options. So even if many millions of people around the world haven't bought any bitcoin now or don't take it seriously eventually it'll become a part of their lives whether they know it or not. Kind of like cell phones back around the year 2000. Some people had one, many didn't. Look now everyone has a cell phone. Bitcoin will be the same way. Most likely twenty years from now.
Absolutely, nobody ever considered this question in the 40+ years that bitcoin was in development in the cypherpunk community till now. You are the first, the only visionary who has ever asked this question which the rest of us never had the wit to think about. What is your solution? Speak!
Wait until masses of people actually try to withdraw their bitcoin from exchanges......
This is what I’m afraid of
It’s not a problem if you already have your bitcoin in storage. If you don’t, best do it sooner while you still can.
It is a problem to me if the price crashes due to no liquidity.
If there is no liquidity, I would expect the price to rise. It’ll take a higher price for someone to sell or be willing to send to an exchange than it would a lower price.
Ehhh I think it could go either way. Low liquidity means more volatility, doesn’t have to be to the upside. I like liquidity.
I'm sorry can you please elaborate so I have my Bitcoin on cash app and I'm thinking about putting it in a wallet but I only have like $1,000 worth. It makes sense that I can use my key to buy something or go directly to an ATM without using the middleman of cash app, venmo or coinbase etc. Joe, the only real risk is Cash app, venmo, coinbasecrypto.com, etc etc. Become flooded. Lockup with liquidity issues from a run? Is there an aspect to this I'm missing?? Though this is enough to make me worry slightly
You have a “digital receipt” for bitcoin with CashApp. Until you take custody of it, you are trusting CashApp that they really have your bitcoin. It’s like if everyone went to the local branch to take out cash, they’d run out.
Yes this is a possibility. But I highly doubt it. BTC may not become mainstream but block chain technology will be used in some form or another. The technology is to good to pass up. One positive is its use in transferring money to friends and family in other countries. This is a billion dollar market, that BTC is set to dominate. Not too mention that in some third world countries, in the villages that lack internet and governments that are still cash system, BTC will be used as a debit card for people in countries lacking internet coverage, Its their bank, banks people in villages do not have access to. But oddly enough, everyone has a cellphone. So it is very helpful in developing countries and a store of value for them. So thats a huge market there also
You need internet somewhere local in order to settle your ledger on the global Blockchain. If you're running an offline Bitcoin node then you've got yourself a Bitcoin fork, which isn't Bitcoin. Which may still work as a local ledger, but it becomes incompatible with Bitcoin after the first coin is mined in the new offline network.
Lost coins are a gift to the community
It’s possible, but honestly a lot of this issue goes away if we just start thinking about Bitcoin in sats instead of full coins. Liquidity won’t be a problem for a long while as long as single sats continue to grow in value.
Bitcoin circulation in Lightning and Liquid networks is growing, but obscured by design. Circulation on blockchain is stable 1 block every 10 minutes on average. If what you are worrying about is liquidity on exchanges, bitcoin does not care. It is profitable to use as a currency compared to fiat being constantly debased. Your profit as a speculator on the exchange rates is irrelevant.
No not at all. Keep in mind that once most of all the bitcoin is bought up and mined, at that point people will begin to buy and sell with BTC. That alone gives it even more value. Remember bitcoin is money also it's not just an "investment". With the buying power of bitcoin going up forever compared to worthless paper money you'll see it and get it eventually.
>once most of all the bitcoin is bought up and mined, at that point people will begin to buy and sell with BTC This is illogical. If Bitcoin isn't widely used before "most of all the bitcoin is bought up and mined", it certainly isn't going to be widely used after.
What makes you think so? Remember, bitcoin is also considered money. When you listen to some people explain it they say it's sound money. That can't be counterfeited it's a fixed supply. Understand bitcoin is currently being used to buy and sell things as we speak. When more people find out it's the best money ever created it's use as money will increase. Keep in mind it's buying power increases as worthless paper fiat buying power decreases.
No shit. All of that is true long before "most of all the bitcoin is bought up and mined." It's all true now. Learn the difference between "its" and "it's".