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21 million bitcoins seems like a low limit to set. According to http://newlibertystandard.wetpaint.com/page/Exchange+Rate http://newlibertystandard.wetpaint.com

21 million bitcoins seems like a low limit to set. According to http://newlibertystandard.wetpaint.com/page/Exchange+Rate http://newlibertystandard.wetpaint.com/page/Exchange+Rate the exchange rate is currently 221 Bitcoins per USD, so the total value of all possible bitcoins is only 95000USD.

leag 16y ago
bitcoins are divisible, and their value, like paper money, is asigned by those receiving them
SwellJoe 16y ago
Deflation seems to be happening at a tremendous pace (for a unit of exchange). So, that 21 million bitcoins will, if things continue, be "worth" dramatically more in the future. I suppose this is built-in to the system as a means to encourage early adopters. But, given that there are very few means to cash out into other currencies, and the products one can buy with bitcoins are extremely limited and generally virtual goods, it's still wildly speculative that they have any longterm value.
- Groxx 16y ago
  Their low cash-value is probably almost wholly due the difficulty in getting cash for them. Deflation of bitcoins can effectively be infinite, but should slow significantly if/when a significant amount of people get in on it and start using them.
  - derefr 16y ago
    I think it would be enough to jumpstart the process if one service that already reliably trades virtual currency for money (say, EVE) were to start accepting bitcoins for the purchase of said virtual currency.
    - unoti 16y ago
      Absolutely true. Which won't happen until the developers of a game such as Eve can use bitcoins for buying something more than phone cards and online poker chips. Developers need to eat.
hugh3 16y ago
So how many bitcoins are currently in existence? What is the value of every bitcoin that exists right now?
- iwwr 16y ago
  http://www.bitcoinwatch.com/ http://www.bitcoinwatch.com/ 4.87 million BTC or 1031762 USD or 21339945 RUB or 1047 ounces of gold Based on relatively low transaction volumes, but you get the idea.
vessenes 16y ago
Current prices are roughly 4 BTC per dollar, at www.mtgox.com. This is the only functioning USD-BTC exchange. If you can buy them for 221/USD somewhere, buy a lot. You will be happily selling them for USD within the day.

leag 16y ago

bitcoins are divisible, and their value, like paper money, is asigned by those receiving them

SwellJoe 16y ago

Deflation seems to be happening at a tremendous pace (for a unit of exchange). So, that 21 million bitcoins will, if things continue, be "worth" dramatically more in the future. I suppose this is built-in to the system as a means to encourage early adopters. But, given that there are very few means to cash out into other currencies, and the products one can buy with bitcoins are extremely limited and generally virtual goods, it's still wildly speculative that they have any longterm value.

Groxx 16y ago
Their low cash-value is probably almost wholly due the difficulty in getting cash for them. Deflation of bitcoins can effectively be infinite, but should slow significantly if/when a significant amount of people get in on it and start using them.
- derefr 16y ago
  I think it would be enough to jumpstart the process if one service that already reliably trades virtual currency for money (say, EVE) were to start accepting bitcoins for the purchase of said virtual currency.
  - unoti 16y ago
    Absolutely true. Which won't happen until the developers of a game such as Eve can use bitcoins for buying something more than phone cards and online poker chips. Developers need to eat.

hugh3 16y ago

So how many bitcoins are currently in existence? What is the value of every bitcoin that exists right now?

iwwr 16y ago
http://www.bitcoinwatch.com/ http://www.bitcoinwatch.com/ 4.87 million BTC or 1031762 USD or 21339945 RUB or 1047 ounces of gold Based on relatively low transaction volumes, but you get the idea.

vessenes 16y ago

Current prices are roughly 4 BTC per dollar, at www.mtgox.com. This is the only functioning USD-BTC exchange. If you can buy them for 221/USD somewhere, buy a lot. You will be happily selling them for USD within the day.