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Kate

Not enough Bitcoin for the population ?

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So you all know bitcoin well of course it is what we use to play with everyday on primedice so i was guessing you know the population of the world is 7 billion right amd growing ? And there is a total of like 17 million bitcoin in circulation and there are 4 million left to be mined.

But i was thinking what if like 1 billion of the population wants 1 bitcoin ? Will it be possible ? Yeah of course not so i guess this is a problem yeah 1 billion of the population wont buy but just think of it what if they need 1 bitcoin for some reason ?

So bitcoin is in short of supply i guess ? And just think of all the lost coins and whales holding millions of coins this makes it much worst.

What fo you guys think ? Is bitcoin short on supply or will it cause no problem at all since 1 billion people wont even need bitcoin ?

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49 minutes ago, Kate said:

But i was thinking what if like 1 billion of the population wants 1 bitcoin

Well, in terms of economics, if this is the case, then the demand would drive the price upwards to a point where most of those 1 billion people can't afford it. That is how supply and demand works when the supply is limited. The price goes up.

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57 minutes ago, Kate said:

Yeah true it would hike up the price but you know that there are billionares right ? So what if they wanted more than 1 bitcoin so that would seriously create a problem in supply.

Then the price would exceed past a billion, if the demand of bitcoin warrants it. The same situation is true for doge for example. There are too many doge coins, so the price is super low. Price is directly affected by supply and demand.

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We have 8 digits to use, so we should be fine. It will be no surprise if 1 btc will be worth 1 million and salary You will receive in satoshi. I don't know if until it happen, the another coin will be so good an popular to take out bitcoin from the throne. We will see (or our kids).

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Bitcoin is unique because there will only be 21 million bitcoins made. However, this will not be a limitation because the transaction value can be broken down into units smaller than a bitcoin, like bits - there are 1,000,000 bits in 1 bitcoin. Bitcoin can be divided into a maximum of 8 decimal places (0,000 000 01) and even allows smaller units if needed in the future as the average transaction size decreases.

Only a fraction of all the bitcoins that have been issued today are sold in the exchange market. The Bitcoin market is competitive, meaning that the price of bitcoin will go up or down depending on demand and supply. What's more, new bitcoins will continue to be published in the coming decades. Therefore even the most ambitious buyers will not be able to buy all the bitcoin that is now. However, this situation does not indicate that the market is not vulnerable to price manipulation; it still does not require a large amount of money to move market prices up or down, so far Bitcoin is still a volatile asset.

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People will move to other coin. It has not  to be only bitcoin. We have Eth, we have Litecoin. If BTC is too expensive for people, people will move on to the next coin, which will either make BTC lose value or gain more value to the peak like Gold. 

So, it is so simple, the best thing to do now is to stash those satoshi up. You can be a big person in tjhe next few years because you have half of a bitcoin. Or you can be the most wanted person because people needs your share of the bitcoin. 🤣

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As of now, we're still counting by sats. It won't be any different in the future, unless they add more zeros to it if it gets overwhelmingly high value. Haha

With all those decimals right there, we have more than enough for the population. I'm just not sure how demand and supply will work when there are no more bitcoins left to be mined..

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Bitcoin is like gold and there is only a certain amount. certainly will not be enough Bitcoin for the population worldwide. Therefore, the price of Bitcoin increased rapidly because of scarcity
 

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On 29/06/2019 at 01:37, Kate said:

So you all know bitcoin well of course it is what we use to play with everyday on primedice so i was guessing you know the population of the world is 7 billion right amd growing ? And there is a total of like 17 million bitcoin in circulation and there are 4 million left to be mined.

But i was thinking what if like 1 billion of the population wants 1 bitcoin ? Will it be possible ? Yeah of course not so i guess this is a problem yeah 1 billion of the population wont buy but just think of it what if they need 1 bitcoin for some reason ?

So bitcoin is in short of supply i guess ? And just think of all the lost coins and whales holding millions of coins this makes it much worst.

What fo you guys think ? Is bitcoin short on supply or will it cause no problem at all since 1 billion people wont even need bitcoin ?

I was also considering this recently at some point will the bubble burst due to whales having such a high control of the circulation or will it find a healthy economy It's gonna depend on so many things but I think a big one will be what alt coins are adopted on a big scale in the next 5 years but it's definitely worth hodling to find out right ;)

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