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Bitcoin isnt really great for actual regular exchange and transactions tho, isnt that true? Like if everyone started using it at the scale of regular currency's daily usage, would it actually rise to those demands?
The price of a can of cola would constantly fluctuate.
Also, $1 in Bitcoin is 0.000015, which is the sort of number we would have to be thinking of in order to do day-to-day transactions.
Oh good. Because people definitely calculate their small money in thousands.
People already think in Satoshis. It has been this way for many, many years.
"People" being those of you who invest in Bitcoins (and then talk about how it's a viable currency, not an investment opportunity, while also talking about how it keeps gaining in value).
I sure as hell don't think in "Satoshis." I've never even heard that term before.
I would bet you that, on average, if you asked 10 people what a 'Satoshi' is, they'd say they had no idea. A lot of them would probably guess something Japanese.
And I was told over a decade ago that everyone would be using Bitcoin by now.
It is steadily growing over time. There were people who ridiculed it and said nobody would ever want it, and it would never be worth a dollar.
It makes sense that you didn't know what a Satoshi is. In fact, you may still not know what it is. There are 100 million satoshis in one bitcoin, so one satoshi is 0.00000001 BTC.
Yeah, there have been lots of predictions for bitcoin and people trying to guess specific time periods. I don't get into all that.
I just think it is badass to be able to hold value in something that nobody can counterfeit, I can instantly and privately transfer it. I can use it on amazon, Walmart, airbnb, Expedia, and a bunch of other places. I can carry it on my phone with me and protect it even from physical phone thieves. and on top of being totally awesome, it has steadily gone up in value as more and more people all over the world realize how cool it is. It is like an awesome game of spoons where we all end up winners because we all have a much more convenient form of money.
Yes, that is what an investment opportunity is. Not a currency. That is my point.
Cool. Still confusing as fuck math.
Yes, you're definitely protected from thieves. No one could ever possibly do anything like just get them from you by saying they'll kill you if you don't give it to them.
https://www.justice.gov/opa/pr/twelve-defendants-sentenced-violent-home-invasion-robberies-steal-cryptocurrency
Yes. That's called an investment opportunity.
No, a more convenient form of money can be accepted anywhere from the smallest business to the largest corporation, doesn't constantly change value, and is replaced by a federal government if your bank account gets cleaned out.
Also, a more convenient form of money can easily be divided up without necessary math to figure out its value in 100 millionths.
You're talking about a less convenient form of money.
But I'm glad your investment opportunity is paying off for you.
The lightning network on bitcoin is where most people should be transacting with bitcoin. It won't fill up with any number of users, transactions are instant(less than a second), and very cheap(even when bitcoin fees are high). Nearly everyone who talks confidently about how bitcoin can't scale is unaware of lightning and other developments over the last 5 years.
Tbh the fees are really low, e.g. if you send 5k dollars fees can be something like 50 cents max. It fluctuates but it’s really cheap and much faster than wire transfers, it works 24/7, it’s not that bad. The volatility can be annoying because then what you save in fees you might just lose it during the time you send the funds but there are other currencies like Monero that aren’t as volatile.