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Fair points. I guess I would be paying 0.001 ounce of gold for a candy bar, so why be concerned about paying 0.001 bitcoin. w.r.t. worth: gold is backed by be
by CoffeeDregs 16y ago
Fair points.
I guess I would be paying 0.001 ounce of gold for a candy bar, so why be concerned about paying 0.001 bitcoin.
w.r.t. worth: gold is backed by being shiny, pretty, desirable; USD is backed by the US Government (cue cries of "fiat money! fiat money!") which provides huge implicit inertia; Bitcoins would be backed only by inertia. I guess the answer to my question is: Bitcoins will be interesting if they get transaction inertia. Of course, as an entrepreneurial minded fellow, the next question would be: would it make sense to help build that inertia?
- seabee 16y agoFrom the Bitcoin FAQ: How divisible are Bitcoins? Technically, a Bitcoin can be divided down to 8 decimals, so 0.00000001 BTC is the smallest possible amount. For convenience, the program currently accepts only 2 decimal places.