Assertions about Bitcoin that I don't want to hear anymore!
Bitcoin is going to get to $1,000,000
Whereas PGP could have given us a peer-to-peer private public key system for the masses, it didn't. It has been around for over twenty years ago. The price of mining a coin doesn't mean demand for it will be high. I can take an airplane ride, using a multi-city from say Buenos Aires to Seoul, and then from Seoul to Buenos Aires and the cost of that would be thousands of dollars but your benefit is zero. What can you gain from that.
The benefit of Bitcoin gives you is a medium of exchange that can be transferred across a communications channel. It has been a store of value and it is even a unit of account for altcoins. What drives the bitcoin "market cap" is users who want to own it or to use it. New users come and buy in and the market cap goes up, users collectively decide to sell out of bitcoin and the market cap goes down.
The limit of block size in Bitcoin (BTC) means that there is a limit of usage. If people decide they would use fiat rather than bitcoin because it costs more to use, then that is something that should push it down. Indeed, it is pushed down.
Bitcoin is Private
Bitcoin can be sent to some address that is not linked to your identity but the amount sent is public, and if your amounts are asked for in an insecure medium, it is not difficult to link the user who wants something for 0.012,345,67 BTC to a payment which was exactly that.
Bitcoin has eight digits of precision
Okay how much sense does it make to send 0.000,000,01 BTC (1 satoshi) across the network? It costs 0.000,125 BTC to send a transaction. The receiver of the money will not be able to use it. The cost to send 0.000,000,01 BTC far exceeds the amount itself. Anytime you send an amount that is smaller than the transaction fee, that amount is worthless to the recipient. You would want to be able to send at some multiple of this transaction fee. The recipient, knows that a transaction worth only twice the price of the fee, it will only be able to send the fee amount to the next user (which would be useless to the next user). Three times the transaction fee amounts could be combined with larger amounts of coins in order to for them to be useful.
The minimum is really around say 0.000,4 BTC. Although the precision is indeed 8-digits, the practical smallest amount to send should be about 0.001 BTC. So the transaction fees for combining the coins do not exceed too far its value.
See also
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