Re:One of the largest owners of Bitcoin, reportedly held ove...
by senectus1 on Monday June 28, 2021 @08:07PM
(#27669949)
not really sustainable though is it?
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Re:One of the largest owners of Bitcoin, reportedly held ove...
by anonporridge on Monday June 28, 2021 @08:26PM
(#27670116)
Why not?
The currency is digital. If the current smallest unit is worth too much, then we can just increase the decimal places.
Bitcoin is not like gold where its limited supply makes it infeasible as a currency for a large number of people because the size of the coins for everyday purchases would be too small to physically handle (hence the concurrent use of less value dense silver).
Re:One of the largest owners of Bitcoin, reportedly held ove...
by meowkit on Monday June 28, 2021 @08:24PM
(#27670098)
Bitcoins can be split down to 8 decimal places.
Given the current loss/mining rate its totally possible for BTC to become difficult to operate, but its also possible for the mining cap to be removed or for coins to be split further.
Re:One of the largest owners of Bitcoin, reportedly held ove...
by lostmsu on Monday June 28, 2021 @08:27PM
(#27670130)
8 decimal places are already bordering insufficient: there are real world currencies whose unit costs less than 1 satoshi. See https://www.fiatmarketcap.com/
Re:One of the largest owners of Bitcoin, reportedly held ove...
by anonporridge on Monday June 28, 2021 @08:40PM
(#27670225)
Yeah, but in how many of those currencies are people actually using base units for transactions? I'd wager they're all trading notes denominated with thousands or millions of units for a loaf of bread, like the Zimbabwe trillion dollar note, http://news.bbc.co.uk/2/hi/africa/7832601.stm
Also, there is already a trick on the lightning network to trade sub satoshis without requiring a hardfork, probabilistic payments, https://courses.csail.mit.edu/6.857/2017/project/7.pdf
Re:One of the largest owners of Bitcoin, reportedly held ove...
by bpodgursky on Monday June 28, 2021 @08:23PM
(#27670087)
The currency is deflationary but you don't have any fundamental issues until you have issues subdividing the currency, but given that the protocol supports dividing down to 0.00000001 BTC that's not a significant issue (and I'm sure the community would patch that long before it became a problem).
Re:One of the largest owners of Bitcoin, reportedly held ove...
by Alex3917 on Monday June 28, 2021 @08:22PM
(#27670077)
Completely sustainable, because coins are very highly sub-dividable.