"The mass majority of people scrambled to purchase whatever Bitcoin they could, and as a result, the price of Bitcoin soared from $100,000 to $2,000,000 dollars per coin, before the fiat peg was finally broken. Liquidity dried up and nobody would sell a single satoshi. Fiat collapsed into oblivion."
Assuming a current 7.8 billion world population and 16 million Bitcoin accessible in a wallet (accounting for lost/immovable coins), that's 205,128 Satoshis per person, or 0.00205 BTC. That costs $13.85 at the current price. Would you pay $14 for your share just in case?
I know times are tough and not everyone can do this, of course necessities come first, but I would say that the price of three coffees or a case of beer is a sacrifice worth making for putting in place a contingency plan, an insurance policy of sorts if our world's banks cannot manage to pull off the saving of the house of cards. With $1200 checks on their way to Americans, some will blow far more than $14 of it on less useful things. I hope things don't have to get that bad before they get better, but if they do I bet you'll be glad you thought of yourself and those who depend you and prepared accordingly.
The #LightningNetwork is exploding. Transfer #bitcoin instantly and anonymously for 1 satoshi per tx. 🤔 Pay less attention to the price and more attention to development. 👍🚀⚡ Channels: 15,300+ Capacity: 338 BTC ( $1.9M USD ) PS: Buy Bitcoin!
Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.54^2 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimited
Remember, regardless of "max blocksize", actual blocks are of course usually much smaller than the "max blocksize" - since actual blocks depend on actual transaction demand, and miners' calculations (to avoid "orphan" blocks).
For most of the past 8 years, Bitcoin has obeyed Metcalfe's Law, where price corresponds to the square of the number of transactions. So 32x bigger blocks (32x more transactions) would correspond to about 322 = 1000x higher price - or 1 BTC = 1 million USDollars.
We could grow gradually - reaching 32MB blocks and 1 BTC = 1 million USDollars after, say, 8 years.
An actual blocksize of 32MB 8 years from now would translate to an average of 321/8 or merely 54% bigger blocks per year (which is probably doable, since it would actually be less than the 70% increase in available bandwidth which occurred last year).
A Bitcoin price of 1 BTC = 1 million USD in 8 years would require an average 1.542 = 2.37x higher price per year, or 2.378 = 1000x higher price after 8 years. This might sound like a lot - but actually it's the same as the 1000x price rise from 1 USD to 1000 USD which already occurred over the previous 8 years.
Getting to 1 BTC = 1 million USD in 8 years with 32MB blocks might sound crazy - until "you do the math". Using Excel or a calculator you can verify that 1.548 = 32 (32MB blocks after 8 years), 1.542 = 2.37 (price goes up proportional to the square of the blocksize), and 2.378 = 1000 (1000x current price of 1000 USD give 1 BTC = 1 million USD).
Combine the above mathematics with the observed economics of the past 8 years (where Bitcoin has mostly obeyed Metcalfe's law, and the price has increased from under 1 USD to over 1000 USD, and existing debt-backed fiat currencies and centralized payment systems have continued to show fragility and failures) ... and a "million-dollar bitcoin" (with a reasonable 32MB blocksize) could suddenly seem like possibility about 8 years from now - only requiring a maximum of 32MB blocks at the end of those 8 years.
Simply reinstating Satoshi's original 32MB "max blocksize" could avoid the controversy, concerns and divisiveness about the various proposals for scaling Bitcoin (SegWit/Lightning, Unlimited, etc.).
This would maintain Bitcoin's decentralization by leveraging its economic incentives - fulfilling Bitcoin's promise of "p2p electronic cash" - while remaining 100% on-chain, with no changes or controversies - and also keeping fees low (so users are happy), and Bitcoin prices high (so miners are happy).
Details (1) The current observed rates of increase in available network bandwidth (which went up 70% last year) should easily be able to support actual blocksizes increasing at the modest, slightly lower rate of only 54% per year. Recent data shows that the "provisioned bandwidth" actually available on the Bitcoin network increased 70% in the past year. If this 70% yearly increase in available bandwidth continues for the next 8 years, then actual blocksizes could easily increase at the slightly lower rate of 54% per year. This would mean that in 8 years, actual blocksizes would be quite reasonable at about 1.548 = 32MB:
Hacking, Distributed/State of the Bitcoin Network: "In other words, the provisioned bandwidth of a typical full node is now 1.7X of what it was in 2016. The network overall is 70% faster compared to last year."
https://np.reddit.com/btc/comments/5u85im/hacking_distributedstate_of_the_bitcoin_network/ http://hackingdistributed.com/2017/02/15/state-of-the-bitcoin-network/ Reinstating Satoshi's original 32MB "max blocksize" for the next 8 years or so would effectively be similar to the 1MB "max blocksize" which Bitcoin used for the previous 8 years: simply a "ceiling" which doesn't really get in the way, while preventing any "unreasonably" large blocks from being produced. As we know, for most of the past 8 years, actual blocksizes have always been far below the "max blocksize" of 1MB. This is because miners have always set their own blocksize (below the official "max blocksize") - in order to maximize their profits, while avoiding "orphan" blocks. This setting of blocksizes on the part of miners would simply continue "as-is" if we reinstated Satoshi's original 32MB "max blocksize" - with actual blocksizes continuing to grow gradually (still far below the 32MB "max blocksize" ceilng), and without introducing any new (risky, untested) "game theory" or economics - avoiding lots of worries and controversies, and bringing the community together around "Bitcoin Original". So, simply reinstating Satoshi's original 32MB "max blocksize" would have many advantages:
It would keep fees low (so users would be happy);
It would support much higher prices (so miners would be happy) - as explained in section (2) below;
It would avoid the need for any any possibly controversial changes such as:
Bitcon Unlimited (the newly introduced parameters for Excessive Block "EB" / Acceptance Depth "AD").
(2) Bitcoin blocksize growth of 54% per year would correlate (under Metcalfe's Law) to Bitcoin price growth of around 1.542 = 2.37x per year - or 2.378 = 1000x higher price - ie 1 BTC = 1 million USDollars after 8 years. The observed, empirical data suggests that Bitcoin does indeed obey "Metcalfe's Law" - which states that the value of a network is roughly proportional to the square of the number of transactions. In other words, Bitcoin price has corresponded to the square of Bitcoin transactions (which is basically the same thing as the blocksize) for most of the past 8 years. Historical footnote: Bitcoin price started to dip slightly below Metcalfe's Law since late 2014 - when the privately held, central-banker-funded off-chain scaling company Blockstream was founded by (now) CEO Adam Back u/adam3us and CTO Greg Maxwell - two people who have historically demonstrated an extremely poor understanding of the economics of Bitcoin, leading to a very polarizing effect on the community. Since that time, Blockstream launched a massive propaganda campaign, funded by $76 million in fiat from central bankers who would go bankrupt if Bitcoin succeeded, and exploiting censorship on r\bitcoin, attacking the on-chain scaling which Satoshi originally planned for Bitcoin. Legend states that Einstein once said that the tragedy of humanity is that we don't understand exponential growth. A lot of people might think that it's crazy to claim that 1 bitcoin could actually be worth 1 million dollars in just 8 years. But a Bitcoin price of 1 million dollars would actually require "only" a 1000x increase in 8 years. Of course, that still might sound crazy to some people. But let's break it down by year. What we want to calculate is the "8th root" of 1000 - or 10001/8. That will give us the desired "annual growth rate" that we need, in order for the price to increase by 1000x after a total of 8 years. If "you do the math" - which you can easily perform with a calculator or with Excel - you'll see that:
54% annual actual blocksize growth for 8 years would give 1.548 = 1.54 * 1.54 * 1.54 * 1.54 * 1.54 * 1.54 * 1.54 * 1.54 = 32MB blocksize after 8 years
Metcalfe's Law (where Bitcoin price corresponds to the square of Bitcoin transactions or volume / blocksize) would give 1.542 = 2.37 - ie, 54% bigger blocks (higher volume or more transaction) each year could support about 2.37 higher price each year.
2.37x annual price growth for 8 years would be 2.378 = 2.37 * 2.37 * 2.37 * 2.37 * 2.37 * 2.37 * 2.37 * 2.37 = 1000 - giving a price of 1 BTC = 1 million USDollars if the price increases an average of 2.37x per year for 8 years, starting from 1 BTC = 1000 USD now.
So, even though initially it might seem crazy to think that we could get to 1 BTC = 1 million USDollars in 8 years, it's actually not that far-fetched at all - based on:
some simple math,
the observed available bandwidth (already increasing at 70% per year), and
the increasing fragility and failures of many "legacy" debt-backed national fiat currencies and payment systems.
Does Metcalfe's Law hold for Bitcoin? The past 8 years of data suggest that Metcalfe's Law really does hold for Bitcoin - you can check out some of the graphs here: https://imgur.com/jLnrOuK https://i.redd.it/kvjwzcuce3ay.png https://cdn-images-1.medium.com/max/800/1*22ix0l4oBDJ3agoLzVtUgQ.gif (3) Satoshi's original 32MB "max blocksize" would provide an ultra-simple, ultra-safe, non-controversial approach which perhaps everyone could agree on: Bitcoin's original promise of "p2p electronic cash", 100% on-chain, eventually worth 1 BTC = 1 million dollars. This could all be done using only the whitepaper - eg, no need for possibly "controversial" changes like SegWit/Lightning, Bitcoin Unlimited, etc. As we know, the Bitcoin community has been fighting a lot lately - mainly about various controversial scaling proposals. Some people are worried about SegWit, because:
It's actually not much of a scaling proposal - it would only give 1.7MB blocks, and only if everyone adopts it, and based on some fancy, questionable blocksize or new "block weight" accounting;
It would be implemented as an overly complicated and anti-democratic "soft" fork - depriving people of their right to vote via a much simpler and safer "hard" fork, and adding massive and unnecessary "technical debt" to Bitcoin's codebase (for example, dangerously making all UTXOs "anyone-can-spend", making future upgrades much more difficult - but giving long-term "job security" to Core/Blockstream devs);
It would require rewriting (and testing!) thousands of lines of code for existing wallets, exchanges and businesses;
It would introduce an arbitrary 1-to-4 "discount" favoring some kinds of transactions over others.
And some people are worried about Lightning, because:
Your funds "locked" in a Lightning channel could be stolen if you don't constantly monitor them;
Lighting would steal fees from miners, and make on-chain p2p transactions prohibitively expensive, basically destroying Satoshi's p2p network, and turning it into SWIFT.
And some people are worried about Bitcoin Unlimited, because:
Bitcoin Unlimited extends the notion of Nakamoto Consensus to the blocksize itself, introducing the new parameters EB (Excess Blocksize) and AD (Acceptance Depth);
Bitcoin Unlimited has a new, smaller dev team.
(Note: Out of all the current scaling proposals available, I support Bitcoin Unlimited - because its extension of Nakamoto Consensus to include the blocksize has been shown to work, and because Bitcoin Unlimited is actually already coded and running on about 25% of the network.) It is normal for reasonable people to have the above "concerns"! But what if we could get to 1 BTC = 1 million USDollars - without introducing any controversial new changes or discounts or consensus rules or game theory? What if we could get to 1 BTC = 1 million USDollars using just the whitepaper itself - by simply reinstating Satoshi's original 32MB "max blocksize"? (4) We can easily reach "million-dollar bitcoin" by gradually and safely growing blocks to 32MB - Satoshi's original "max blocksize" - without changing anything else in the system! If we simply reinstate "Bitcoin Original" (Satoshi's original 32MB blocksize), then we could avoid all the above "controversial" changes to Bitcoin - and the following 8-year scenario would be quite realistic:
Actual blocksizes growing modestly at 54% per year - well within the 70% increase in available "provisioned bandwidth" which we actually happened last year
This would give us a reasonable, totally feasible blocksize of 1.548 = 32MB ... after 8 years.
Bitcoin price growing at 2.37x per year, or a total increase of 2.378 = 1000x over the next 8 years - which is similar to what happened during the previous 8 years, when the price went from under 1 USDollars to over 1000 USDollars.
This would give us a possible Bitcoin price of 1 BTC = 1 million USDollars after 8 years.
There would still be plenty of decentralization - plenty of fully-validating nodes and mining nodes), because:
70% yearly increase in available bandwidth, combined with a mere 54% yearly increase in used bandwidth (plus new "block compression" technologies such as XThin and Compact Blocks) mean that nearly all existing nodes could easily handle 32MB blocks after 8 years; and
The "economic incentives" to run a node would be strong if the price were steadily rising to 1 BTC = 1 million USDollars
This would give a total market cap of 20 trillion USDollars after about 8 years - comparable to the total "money" in the world which some estimates put at around 82 trillion USDollars.
So maybe we should consider the idea of reinstating Satoshi's Original Bitcoin with its 32MB blocksize - using just the whitepaper and avoiding controversial changes - so we could re-unite the community to get to "million-dollar bitcoin" (and 20 trillion dollar market cap) in as little as 8 years.
Shower Thought: At a price of $69k per Bitcoin Satoshi becomes the richest person in the world.
The richest person in the world today is Bill Gates with $79B . Satoshi controls an estimated 1148800 remaining bitcoin . $79B / 1148800 = $68767 per Bitcoin. This is all assuming Satoshi doesn't spend any between now and then, and that we estimated his holdings well, and that the rich won't get richer in the meantime, which are all increasingly unreasonable assumptions. Food for thought, though.
The #LightningNetwork is exploding. Transfer #bitcoin instantly and anonymously for 1 satoshi per tx. Pay less attention to the price and more attention to development. Channels: 15,300+ Capacity: 338 BTC ( $1.9M USD ) PS: Buy Bitcoin! /r/Bitcoin
Have we reached a point where bitcoin should be priced per satoshi rather than per bitcoin?
Shouldn't Bitcoin price be shown as 8 instead of 8,000? There are so many times I talk to people who say "I wish I could afford a bitcoin" who think they are priced out of buying because they don't understand you can buy fractional bitcoin. Just from a psychological standpoint, isn't it better on all levels for an adjustment in the perceived price? Is there something I am missing that stands in the way of doing this? Edit - Meant to say MBTC or .001 BTC rather than Satoshis. That was just my own misunderstanding but was corrected
Lets remind everyone of the Bitcoin price per satoshi (let's remember most of the world look at a full btc price and dont understand divisibility and see price as for elites)-satoshi price is way less than a penny!
[uncensored-r/Bitcoin] I believe the price of bitcoin will go from 0.0048 cent per Satoshi to 0.01 cent per Satoshi in t...
The following post by anonymous_creator is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/75o0no The original post's content was as follows:
Hell, we might even reach 0.02 cent per Satoshi in 2018!
Lets remind everyone of the Bitcoin price per satoshi (let's remember most of the world look at a full btc price and dont understand divisibility and see price as for elites)-satoshi price is way less than a penny!
You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
~ More companies follow in Microstrategy’s footsteps. Rumors of more corporate treasurers investing in BTC in boardrooms globally. A few listed large corporates announce accumulation of BTC after their buddies have all bought in (Board members, C-suite executives, family, and friends, etc.) ~ Money printing does not stop as the deflationary force of technology is too severe; the new US government formed after Biden’s win begins to adopt MMT as its primary guidance of future economic theory, led by Steph Kelton. ~ The holiday season and strong seasonality pump BTC back to $20k for the first time. Hard rejection and price fall back to $14k.
~ BTC finally breaks $20k after multiple retests of overhead resistance sometime in spring ~ Almost weekly we see another corporation announcing vested interest in BTC ~ No longer in doubt that the asset class is in a bull market. Macro funds pile in. By year-end, we’re at $55k. Newspaper reports Bitcoin has now broken the $1 trillion mark. Most institutions begin scrambling to understand the asset class and set up “Digital Asset Investment teams” ~ Retail money flows to altcoins; Bitcoin is becoming too expensive for “retail” investors. The bitcoin community discusses possibly denoting BTC as sats, but majority of exchanges not interested as they derive most income from alt flows. However, most Bitcoin-only platforms switch to sats as the primary display format led by bitcoiners who now have considerable wealth and influence ~ Increasing talk that some smaller nations are now discussing the prospect of including Bitcoin on their central bank balance sheet ~ The first BTC-denominated corporate bond is launched
~ Those in power have established full BTC positions, and we begin to see subtle clues that some countries are possibly accumulating BTC ~ Private banks selling BTC structured products now out in full force; custody solutions are now institutional-grade. 50% of the world’s banks have some product/solution tailored around bitcoin. The other 50% scramble. ~ Marks the top as BTC momentarily exceeds the most valuable company by market cap (~$2.5 trillion in 2022 @ $130K price). The final days of the frenzy are filled with rumors that central banks have accumulated 10% of global supply, and that it may even form part of the IMF’s global recognized reserve currencies. Crypto Twitter reaches peak “I told you so”
~ The next bear market isn’t as severe as the last few; as the digital asset teams of various institutions are accumulating up to 2-5% of their AuM. It’s now commonly accepted that this asset class is here to stay and that even deploying $10 billion is no longer an issue in an asset class worth an aggregate $5 trillion. ~ BTC finds a floor 60% lower at $50K as smart money accumulates. CT screams for a 80% correction because mUh bItCoIn cYcLeS aNd fRaCtAls ~ Investment banks now have full-fledged research teams dedicated to digital assets. Calls for 80% correction too, so the smart money front-runs. ~ The middle class latches on to the wholecoining meme. “1 Bitcoin to secure a retirement; stack those sats” ~ The wealthy who are now increasingly composed of inherited wealth begin selling real estate/equities/bonds for Bitcoin but holds their BTC with their private bank. Realizing that Bitcoin supply is truly limited and sensing the “1 bitcoin to retire” meme; and that not every millionaire can own 1 bitcoin, many of the rich/ultra-rich scramble to buy 5–100 BTC each if only to cement their status as rich. 5–100 BTC costs $500K-10M (at $100k per BTC) ~ The winning product of the year is an automatic savings plan in bitcoin.
~ Bitcoin is back to trading near its all-time highs of $130K after the 2024 halving cycle, however, the effect is marginal but the markets wrongly attribute it to the halving supply squeeze, building a false narrative for the next cycle in 2028. ~ Institutional money now in full-play; on hindsight we’ll realize the 10-year steady bull-run has actually begun since last year in 2023, similar to the gold bull run from 2000 to 2011 ~ More exchanges finally denominate BTC in sats. $100K BTC = 0.1 cent per sat. Logging into platform displays your stack as:
“11.7m satoshis ≈ $17,500”
~ Retail attempts to trade around the 2028 halving cycle. The halving cycle no longer have much of an impact, as demand now far outstrips supply changes ~ Many earlycoiners now sell between $200–400K, only to see it continue its relentless climb at a 30% annual rate ~ The first central bank announces the official addition to their balance sheets; all other central bank begins to FOMO. Cements BTC as a global reserve asset. ~ Governments ask that private ownership of bitcoin be transferred to regulated financial institutions such as their local bank where it will be held under custody. 70% of people do so.
~ Many of the early-coiners now buyback at near to $1M ($20 trillion market cap), finally equaling gold’s market cap at a price of $4000+ ~ Bitcoin peaks and meanders under $1M for the next decade ~ Volatility is now <10% per year, merchants begin adopting it en-masse as a medium of exchange
~ 5 years of price stability leads to some merchants re-pricing certain goods in sat-terms ~ The lightning network crosses a billion channels created ~ Fiat does not go away, but most G20 countries decide to ban bitcoin as a medium of exchange for economic transactions. Ownership of bitcoin as an asset is encouraged as a store of wealth; private ownership is frowned upon and in some cases made illegal.
The idea of that as more people adopt Bitcoin the price will stabilize to its long term exponential curve. Here's why I think that's true.
We're already seeing this. Check out the price charts to confirm.
It makes sense. The ratio of seasoned Bitcoiners to new investors increases over time. N00bs are far more likely to panic sell for a loss. So as more and more Bitcoin users develop their strong aversion to selling, the sharp downward swings (caused by panic selling n00bs) are reduced in severity and frequency.
Plus now we have larger, more wealthy entities who buy the dip. Microstrategy already publicly announced that they're doing this. So large dips are cut off before they gain any momentum. You'll only see large downward swings if someone cashes out a few million dollars in BTC all at once. But the severity of those dips will be blunted.
Regular buyers: Grayscale Bitcoin Trust alone is buying more than 100% of the newly mined Bitcoins. Where do you think the extra Bitcoin is coming from? (BTW glorious nation of Kazakhstan just invested $700,000,000 in Bitcoin mining gear). Eventually this pool of existing Bitcoin that they're buying from will dry up more and more. That's without even considering the massive effect that the 4 year halving cycle creates.
At the next halving 31months from now, the amount of new Bitcoin created gets cut in half again for the 4th time. This will run the well even drier. Let's say Grayscale continues to buy the same amount (even though they will definitely keep increasing their investment and other players will join in too). The faster the reserve of already existing Bitcoin is getting bought up, the faster the price goes up. The halvings increase this every 4 years.
It is an absolute certainty that Bitcoin will outperform every alternative investment and one day replace or completely dominate every other type of money. And for the Bitcoin scaling issue, the lightning network has already solved that. It does a million transactions per second, and has the capacity to send 10 BTC at once, instantly, for a few Satoshis (practically free). The Bitcoin blockchain will always run right about at capacity. The lightning network has private transactions. How do we know that Bitcoin together with Bitcoin lightning aren't doing as much business as Visa? There is no limit for how high Bitcoin will go. Compare this with TSLA. Today they have a P/E ratio of 1145. Many will consider this to be overvalued. That limits how high the stock price can go. Plus, you can't spend stock. You HAVE TO sell it first. Bitcoin has no such limits. The price of Bitcoin can and will continue to go up exponentially over the long term. As volatility improves, the pace of price increase should increase as well. Accelerating acceleration. You never need to sell Bitcoin. Just spend it, unlike stocks or other financial instruments. Eventually, after 6 or 7 more halvenings, Bitcoin will have a market cap of higher than the rest of the world's wealth combined. Every step is there between here and then. Eventually government created fiat money will be nearly entirely worthless by comparison. This halving period will create another bull run as more institutional investors adopt the hold forever strategy. Volatility goes down. Bitcoin becomes more famous for its performance, draws deeper attention, converts more believers/investors, more people hold forever, Bitcoin price goes to infinity with no limit. It's just a matter of time. Bitcoin is the most genius thing I've ever seen.
''A new survey commissioned by crypto asset insurance company, Evertas, a cryptocurrency insurance firm, found that institutional investors plan to significantly increase their stakes in Bitcoin (BTC) and other digital assets in the future. - Cointelegraph
In recent years we've seen institutional adoption of Crypto increase severly, to the point currently that Grayscale is buying on behalf of its customers so much BTC it could lead to shortages. Investors and hedge funds are currently looking for a hedge against the dollar as macro instability and unprecedented monetary stimulus is taking place. According to the financial consultancy group DeVere group, the bullish activity of BTC during the crisis has led to believe that BTC could replace save haven assets like gold in the future. In terms of price action this could lead to a significant increase in the price of BTC and other crypto assets, but do we want institutional investment from a fundamental point of view? Why was BTC created? Satoshi Nakamoto created BTC to counter the fractional reserve banking system which creates money out of thin air, resulting in a weakened currency over time (inflation). Bitcoin and Blockchain are created in such a way that everyone can be their own bank, away from the government and third parties, due to the decentralized P2P network. Satoshi saw that during the financial crisis of 2008 banks could not be trusted, and acted on that. 12 years forward we see these financial institutions getting involved in BTC, buying up large sums of BTC and offering financial instruments to their clients like derivates or shares like Grayscale. This creates a third party as transactions now run through these institutions. This goes against the fundamentals of BTC of 'cutting out the middle man'. Furthermore, it creates large entities or 'whales' of institutions who can manipulate the price in their favor by buying or selling large portions of BTC. They have easy access through cheap funds, because for example the Fed Funds Rate has been extremely low for quite some time. 12 years ago the battle against big financial corporations and their unethical way of doing business has started, and it seems like they're up for round 2.
The following page supplies a simple conversion tool from Satoshis (the smallest unit of account in Bitcoin equalling 0.00000001 Bitcoins) to USD / EUR / CNY / GBP / RUB / CAD. It is updated live as soon as you enter the value of Satoshis you require. Satoshi to USD. Choose currency. Satoshi = USD $ USD to Satoshi $ USD = Satoshi = BTC. BTC ฿1 = $ 440.09 USD. Refresh ↻ – occurs every 100 ... The average value Bitcoin price for convert (or exchange rate) during the day was $12,948.82. Max. BTC price was $13,152.81. Min. Bitcoin value was $12,793.08. Don't be sad and watch the next day. Look the list of the most rising crypto-currencies on yesterday; Look more news about BTC; The LiteCoin increased by 5.31% on Friday 23rd of October 2020 . And we have data for yesterday. LTC price ... According to Binance, the current price of bitcoin is $.. How many Satoshis are in a bitcoin, exactly? Each bitcoin is equal to 100 million Satoshis, making a Satoshi the smallest unit of bitcoin currently recorded on the blockchain.. Think of the Satoshi as the “cents” part of bitcoin. But unlike a penny that represents 0.01 USD, Satoshi represents roughly 0.00000001 BTC — or bitcoin to ... You can use our website to find out how much one satoshi or bitcoin costs in all kinds of currencies, how many satoshis there are in one US Dollar, how many Euro there are in one bitcoin. The calculator can convert currencies both ways – you can find out how many satoshis or bitcoins you need to buy one unit of a fiat currency, such as USD, EUR, GBP, CNY and others. What is a satoshi? Each ... When you make a transaction on the Bitcoin network, you’ll need to pay a specific amount of satoshis per byte of transaction data. Transactions with a higher satoshi per byte fee will be processed first, before lower satoshi per byte fees. How much is one Satoshi? Bitcoin can be divided into a variety of different denominations — 1,000 millibitcoins (mBTC), 1,000,000 microbitcoins (μBTC ...
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