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> only 21M will ever be "mined" and even less in circulation due to lost wallets But you can break bitcoins down into smaller increments than just 1. That must
by leokun 13y ago
> only 21M will ever be "mined" and even less in circulation due to lost wallets
But you can break bitcoins down into smaller increments than just 1. That must be significant in some way.
- hcal 13y agoIt is as significant as dollars breaking down into pennies. It allows for finer control in deals where the currency is the unit of account.
- deanclatworthy 13y agoBut that's where it ends. Correct me if I'm wrong but pennies and cents can't be broken down any further. Bitcoins can be broken down significantly: 1 BTC = 100,000,000 Satoshis 1 BTC = 1000 mBTC (millibitcoin) 1 mBTC = 100,000 Satoshis 1 μBTC (microbitcoin) = 100 Satoshis So if you think of it like this, it can be divided far more than 21million times.
- jafaku 13y agoPennies can and are broken down further all the time. There's a reason the "Money" design pattern exists. http://martinfowler.com/eaaCatalog/money.html http://martinfowler.com/eaaCatalog/money.html Besides, what's your point? If you break down any amount of money in two, each part is worth half what the whole thing was worth. Many people get confused by this, and I honestly don't know why.
- maxerickson 13y agoIt's just more or less pointless to worry about dividing a penny during a transaction. Private parties can certainly agree to prices that are a fraction of a penny (but they instead tend to deal in lots at those price points).
- grey-area 13y agoBut you can break bitcoins down into smaller increments than just 1. That must be significant in some way. Being infinitely divisible is significant in that it renders subdivisions like cents etc meaningless and makes deflation acceptable without causing problems with transactions, but I can't see any significance for the price.