Is $500,000 per bitcoin possible? The math behind it...
What would it take for bitcoin to reach 500K? There was a discussion on bitcointalk.org about the math on what it would take for 1 BTC to be $500,000. It would mean that approximately 400 million people would have to be users of the network.
(Google images - creative commons)
The scaling debate will have to be solved without inflating the coin with different forks / protocols. BTC has an upper limit of 21 mil coins, but BCH split this up to 42 mil and now Bitcoin gold threatens to add another 21 mil with a new fork in November. Will the multiplication of forks dilute bitcoin as a store of value? (SOV)
If these other forks die off, then Aristotle's property for a store of value will be preserved in the one that survives. As a transaction facilitator it will still have to scale. If the lightning network comes online, that would create a significant increase in transaction speeds. Without it, to facilitate transactions on the bitcoin network at that scale, we'd need to be up in the 1+ GB range for block size. That's more than a thousand times the current block size.
Very well thought out posts zoidsoft! I honestly don't think 500K is going to happen. We need to worry about how the governments of the world will evolve/react to it. Still in the early stages, but very much good to be apart of.
Thanks! I do think that one of these will become the next Google of finance. The emergence of bitcoin is very similar to what happened when the internet was born. I don't know if the technology will wear the bitcoin label (the tech changes every day). There's a user known as MasterLuc on bitcointalk.org who's been very accurate on the pricing in the past.
He also predicted that bitcoin would be between $40k - $110k by 2020.
I think many cryptocurrencies will hit the apex point in the curve Feb 2019 and go parabolic like it did in fall 2013. If John McAfee is right, then it's bad news for the USD.
If we see that by 2020 it's time to put 10,000 in. Haha. I will check out the link. Thank you for your help!
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STOPvery interesting!