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If bitcoin could be split beyond 21mm coins that damages its value or at least perceived value for a lot of people that hold and or talk about it. In a fully broken down currency though 21mm*100mm I think there are 2.1 quadrillion possible spendable units of bitcoin currently
Splitting doesn't increase the supply. Let's pretend for a minute that only whole dollars exist. You have $1000 in your bank account, then someone comes up with the idea to make it so you can split each dollar in to 100 pieces. You now have $1000.00,. Your money supply has not increased, you can just break it in to more pieces.
Also there are currently 17,261,963 Bitcoin. We won't reach 21 million until about 2140 when the last of it is mined
Long term there's a place in the world for crypto when it's value is pegged to something, I.E. US dollar.
What we have today, no different than collecting beanie babies. It has no inherent value. It produces nothing. It does nothing. It's value is purely based off how popular it is and finding one fool to pay you more for it.
Long term there's a place in the world for crypto when it's value is pegged to something, I.E. US dollar.
What we have today, no different than collecting beanie babies. It has no inherent value. It produces nothing. It does nothing. It's value is purely based off how popular it is and finding one fool to pay you more for it.
There are currently 1.67 trillion USD in circulation (According to the Fed Reserve website)
There can only be 21 million BTC
Wouldn't that mean 1 BTC would need to equal to about 80,000 USD??
Splitting doesn't increase the supply. Let's pretend for a minute that only whole dollars exist. You have $1000 in your bank account, then someone comes up with the idea to make it so you can split each dollar in to 100 pieces. You now have $1000.00,. Your money supply has not increased, you can just break it in to more pieces.
Also there are currently 17,261,963 Bitcoin. We won't reach 21 million until about 2140 when the last of it is mined
I’m aware splitting doesn’t increase the supply but the conversation was about a value per unit, in that case you have to take into account how far one bitcoin can be broken down to so even at a 1mm valuation the smallest piece of a bitcoin would be worth 0.10 cents
While supply doesn’t change the functional units shouldn’t be ignored especially when discussing valuation. There’s a difference between splitting something by the hundredths or 8 decimal places, of which greatly impacts functional units
Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017. He was stunned when that turned into $500,000 in just one month.
The dream didn't last for Russell, who works as a property developer in the United Kingdom, buying homes and fixing them up. The price of Bitcoin surpassed $20,000 in December before collapsing. It now trades at $6,300.
Russell attempted to mitigate his losses by shifting money from bitcoin (XBT) to an offshoot called Bitcoin Cash and other cryptocurrencies including Ethereum and Ripple. But that didn't work, and Russell says the paper losses on his initial investment have reached 96%.
Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017. He was stunned when that turned into $500,000 in just one month.
The dream didn't last for Russell, who works as a property developer in the United Kingdom, buying homes and fixing them up. The price of Bitcoin surpassed $20,000 in December before collapsing. It now trades at $6,300.
Russell attempted to mitigate his losses by shifting money from bitcoin (XBT) to an offshoot called Bitcoin Cash and other cryptocurrencies including Ethereum and Ripple. But that didn't work, and Russell says the paper losses on his initial investment have reached 96%.
He must of had really bad timing because bitcoin isn’t down 96% from its peak. Not only that but he went from 500k invested to 4800? Man
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