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There are max 21 million bitcoins. There are 7 billion people. So there is 0.003 bitcoin per person. So if bitcoin will one day become "THE" currency, isn't

There are max 21 million bitcoins. There are 7 billion people. So there is 0.003 bitcoin per person. So if bitcoin will one day become "THE" currency, isn't it more than logical that 1BTC will become worth more than a million dollars or something like that (not that dollars would still exist at that time, but, 1BTC would be worth as much as an average group of 333 people owns)? Or am I misunderstanding something about currency?

krisdol 13y ago
Yeah, you're assuming each of 7 billion people will even have a share of one bitcoin. About half of the 7 billion people today live on less than $2.50 a day, and I don't see how extreme wealth inequality could get anything but worse with bitcoin.
bonbon 13y ago
Theoretically right, but once you have bitcoin becoming mainstream currency, there will be different forks/alt coins that are also equally good and digital currency will be widespread instead of just bitcoin. Just a guess..
- yxhuvud 13y ago
  That is not a 'once' - it is an 'if', and a big one at that.
  - bonbon 13y ago
    there is demand for bitcoin, i agree it is little demand for very few applications. Fad is something else. bitcoin is'nt born perfect but people are trying to solve its problems.
ErikAugust 13y ago
I've given this a little thought at least: http://erikaugust.com/blog/thought-on-bitcoin http://erikaugust.com/blog/thought-on-bitcoin
- a3voices 13y ago
  Great way of looking at it. I wonder what percent of the money supply gold is at.
  - Casseres 13y ago
    According to this website [0], the above-ground gold is valued at about $8.5 trillion USD. As this website [1] points out, the M2 amount of USD in the world's supply is $9 trillion. USD makes up about 15% of the total world's supple of $60 trillion. This HN thread is by far the most interesting one I've read about speculating Bitcoin's future value. [0] http://www.numbersleuth.org/worlds-gold/ http://www.numbersleuth.org/worlds-gold/ [1] http://erikaugust.com/blog/thought-on-bitcoin http://erikaugust.com/blog/thought-on-bitcoin
    - a3voices 13y ago
      By the way, I also find this page interesting: http://www.coinometrics.com/bitcoin/bmix http://www.coinometrics.com/bitcoin/bmix
heed 13y ago
A single coin can be divided up to 8 decimal places though.
astrodust 13y ago
Could this comment be more Hacker News? There are not 7 billion people that this will impact. How many of those have no access to a computer of any sort, including a mobile phone? How many are under the age of ten? That cuts out a huge chunk from that figure. Then subtract all those too old to care about Bitcoin or internet anything. Then remove from that those that have little faith in anything they can't touch and hold, physical currency, precious metals, or simply commodity items. Considering how reluctant some groups are to even use credit cards for online purchases, regardless of the enormous level of consumer protection provided by that service, this is an insurmountable hurdle for some. There's at most a billion people in this market and for it to get that pervasive it will take an enormous upswing in popularity. At this point Bitcoin isn't even as popular as Cuban Pesos.
- rthomas6 13y ago
  >How many of those have no access to a computer of any sort, including a mobile phone? Irrelevant to your point, but less than you might think. Currency transfer using texting is popular and highly functional in several poor African countries. I agree with your assessment that these people won't be affected by Bitcoin, but using mobile phones to send money is actually VERY common in some poor countries.
  - astrodust 13y ago
    Yes, mobile phones are big in Africa, this I understand, but you're admitting you need a mobile phone to do this. Many people do not have one and aren't likely to get one soon for a host of reasons. There are people that will never have the chance to own a mobile phone. They have other priorities, like fresh water, AIDS or malaria medication, or a reliable source of food.
    - pmelendez 13y ago
      "They have other priorities, like fresh water, AIDS or malaria medication, or a reliable source of food." I am from a country with ~50% inflation and +30% of poverty (under the government scale, it is arguable to be way higher) and I can tell you that in that context you are overestimating people's priorities. I have seen people with a minimum wage salary and without anything to eat but having smartphones and/or having cosmetic surgeries.
patrickk 13y ago
> So if bitcoin will one day become "THE" currency... That's the big question isn't it? Will bitcoin take over, or will another digital cryptocurrency conjured out of the ether take over? (bitcoin 2.0) > So there is 0.003 bitcoin per person. There's some bitcoin amounts that are likely lost forever, perhaps miners that lost their private keys or whatever, or forgot about their bitcoin wallet from the early days, which will skew the calculations and make the effective total less than 21 million. Also, as others have noted, you are likely to see inequality with bitcoin wealth, just like regular assets and currencies.
- bonbon 13y ago
  atleast majority of bitcoin millionaires will be more of a sharing culture type and they will play their part in helping the poor. There is higher chance of good with bitcoin wealth than banking wealth. Internet is inherently kind and wealth inequality will be resolved when it happens here. IMO
- GhotiFish 13y ago
  I don't see why those coins can't re-enter the system. Just tell everyone that coins stagnent for over 10 years will re-enter the system through miners, and have people consolidate and refresh their holdings. There's no reason that old coins can't be reintroduced.
  - basch 13y ago
    There is no reason to when the coins are infinity divisible.
    - viraptor 13y ago
      They are not. It's possible to divide, but there are limits. Edit: not sure why this is downvoted. You can't divide one Satoshi, unless the protocol is updated.
      - Atroxide 13y ago

krisdol 13y ago

Yeah, you're assuming each of 7 billion people will even have a share of one bitcoin. About half of the 7 billion people today live on less than $2.50 a day, and I don't see how extreme wealth inequality could get anything but worse with bitcoin.

bonbon 13y ago

Theoretically right, but once you have bitcoin becoming mainstream currency, there will be different forks/alt coins that are also equally good and digital currency will be widespread instead of just bitcoin. Just a guess..

yxhuvud 13y ago
That is not a 'once' - it is an 'if', and a big one at that.
- bonbon 13y ago
  there is demand for bitcoin, i agree it is little demand for very few applications. Fad is something else. bitcoin is'nt born perfect but people are trying to solve its problems.

ErikAugust 13y ago

I've given this a little thought at least: http://erikaugust.com/blog/thought-on-bitcoin http://erikaugust.com/blog/thought-on-bitcoin

a3voices 13y ago
Great way of looking at it. I wonder what percent of the money supply gold is at.
- Casseres 13y ago
  According to this website [0], the above-ground gold is valued at about $8.5 trillion USD. As this website [1] points out, the M2 amount of USD in the world's supply is $9 trillion. USD makes up about 15% of the total world's supple of $60 trillion. This HN thread is by far the most interesting one I've read about speculating Bitcoin's future value. [0] http://www.numbersleuth.org/worlds-gold/ http://www.numbersleuth.org/worlds-gold/ [1] http://erikaugust.com/blog/thought-on-bitcoin http://erikaugust.com/blog/thought-on-bitcoin
  - a3voices 13y ago
    By the way, I also find this page interesting: http://www.coinometrics.com/bitcoin/bmix http://www.coinometrics.com/bitcoin/bmix

heed 13y ago

A single coin can be divided up to 8 decimal places though.

astrodust 13y ago

Could this comment be more Hacker News? There are not 7 billion people that this will impact. How many of those have no access to a computer of any sort, including a mobile phone? How many are under the age of ten? That cuts out a huge chunk from that figure. Then subtract all those too old to care about Bitcoin or internet anything. Then remove from that those that have little faith in anything they can't touch and hold, physical currency, precious metals, or simply commodity items. Considering how reluctant some groups are to even use credit cards for online purchases, regardless of the enormous level of consumer protection provided by that service, this is an insurmountable hurdle for some. There's at most a billion people in this market and for it to get that pervasive it will take an enormous upswing in popularity. At this point Bitcoin isn't even as popular as Cuban Pesos.

rthomas6 13y ago
>How many of those have no access to a computer of any sort, including a mobile phone? Irrelevant to your point, but less than you might think. Currency transfer using texting is popular and highly functional in several poor African countries. I agree with your assessment that these people won't be affected by Bitcoin, but using mobile phones to send money is actually VERY common in some poor countries.
- astrodust 13y ago
  Yes, mobile phones are big in Africa, this I understand, but you're admitting you need a mobile phone to do this. Many people do not have one and aren't likely to get one soon for a host of reasons. There are people that will never have the chance to own a mobile phone. They have other priorities, like fresh water, AIDS or malaria medication, or a reliable source of food.
  - pmelendez 13y ago
    "They have other priorities, like fresh water, AIDS or malaria medication, or a reliable source of food." I am from a country with ~50% inflation and +30% of poverty (under the government scale, it is arguable to be way higher) and I can tell you that in that context you are overestimating people's priorities. I have seen people with a minimum wage salary and without anything to eat but having smartphones and/or having cosmetic surgeries.

patrickk 13y ago

> So if bitcoin will one day become "THE" currency... That's the big question isn't it? Will bitcoin take over, or will another digital cryptocurrency conjured out of the ether take over? (bitcoin 2.0) > So there is 0.003 bitcoin per person. There's some bitcoin amounts that are likely lost forever, perhaps miners that lost their private keys or whatever, or forgot about their bitcoin wallet from the early days, which will skew the calculations and make the effective total less than 21 million. Also, as others have noted, you are likely to see inequality with bitcoin wealth, just like regular assets and currencies.

bonbon 13y ago
atleast majority of bitcoin millionaires will be more of a sharing culture type and they will play their part in helping the poor. There is higher chance of good with bitcoin wealth than banking wealth. Internet is inherently kind and wealth inequality will be resolved when it happens here. IMO
GhotiFish 13y ago
I don't see why those coins can't re-enter the system. Just tell everyone that coins stagnent for over 10 years will re-enter the system through miners, and have people consolidate and refresh their holdings. There's no reason that old coins can't be reintroduced.
- basch 13y ago
  There is no reason to when the coins are infinity divisible.
  - viraptor 13y ago
    They are not. It's possible to divide, but there are limits. Edit: not sure why this is downvoted. You can't divide one Satoshi, unless the protocol is updated.
    - Atroxide 13y ago