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If I own four bitcoins that are each worth $10, if I bought something for $32, the cashier would give me $8 back in cash? If the price of a bitcoin rises to so
by aantix 15y ago
If I own four bitcoins that are each worth $10, if I bought something for $32, the cashier would give me $8 back in cash?
If the price of a bitcoin rises to something not easily handled (e.g. each are worth $1000), what's the bitcoin answer to that? Getting change in USD/EUROS/etc? Are there fractional currencies like pennies, nickels, dimes, etc?
- wmf 15y agoAt some point people may switch to mBTC (1/1000th of a BTC). And you could call 0.01 mBTC a "bitcent".
- aantix 15y agoBut as I understand it, each Bitcoin has a unique hash. So when you start dividing up the ownership of that hash, how do you keep track of partial transactions, etc?
- wmf 15y agoI think the name "Bitcoin" is confusing, because the system doesn't really have coins — it has addresses and transactions. Money just flows from the output(s) of one transaction to the input(s) of another. BTC can be arbitrarily divided by creating a transaction with multiple outputs; one is the payee and one is change going back to the payer. (I apologize that that probably makes no sense; I think you really have to read Satoshi's paper to understand it.)
- renata 15y agoThe plan is to just move the decimal point as needed to keep it reasonable. (https://en.bitcoin.it/wiki/FAQ#But_if_no_more_coins_are_generated,_what_happens_when_Bitcoins_are_lost?_Won_t_that_be_a_problem? https://en.bitcoin.it/wiki/FAQ#But_if_no_more_coins_are_gene...)
- phlux 15y agoI'll admit I am not extremely well versed on the BitCoin market, but the situation you just stated sounds no different to me than trying to pay someone with, say, my GE stock certificates? How is this different than stock?
- aantix 15y agoNo real difference, I was just driving the point of BitCoin's usefullness as a way of making general everyday transactions.
- anamax 15y ago> No real difference, I was just driving the point of BitCoin's usefullness as a way of making general everyday transactions. That is, not useful at all. Seriously - have you actually tried to use stock certificates to buy anything?
- DenisM 15y agobitcoins are infinitely divisible.
- pkulak 15y agoWell, it's not infinite. But 8 places are pretty close to infinite.