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Bitcoins can be split and divided up to 8 decimal points. You can own 0.00000001 BTC. Additionally, the software could be forked to allow division of BTC to a
by m3ta 10y ago
Bitcoins can be split and divided up to 8 decimal points. You can own 0.00000001 BTC.
Additionally, the software could be forked to allow division of BTC to a more granular amount than 0.00000001, meaning if all but 1 BTC were lost the entire world could still transact with that last singular BTC by dividing it up into smaller units.
- shuntress 10y agoSo, eventually everyone will be trading with yocto-satoshis but I guess that doesn't really change anything. A little bit like how a 'Calorie' is actually a kilo-calorie.
- howardmilt 10y agoThe problem is we don't really know what's lost and what's in storage. It could be that all those lost bitcoins are just sitting in someone's harddrive, waiting for moment to crash the market
- m3ta 10y agoThat is a similar but separate problem. It is admittedly a larger problem in particular for bitcoin and other currency systems with fixed supply.
- shuntress 10y agoI think it is important to note that implementation of the currency is separate from its value. The system for trading ownership of bitcoins does not care for the value of that ownership. The value we, outside of the system used for logistics of trade, place on the bitcoins is then affected by their scarcity. To the system, it doesn't matter if the scarcity is caused by loss or by hoarding. But this can affect our valuations.