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RE: Bitcoin is Too Expensive: Unit Bias and Halo Effect
Unfortunately, if you have one bitcoin... but had
10,000 payouts of 10,000 satoshis (like a minor shared mining payouts from a few years ago) you actually have nothing.
Even though, you have 1 bitcoin, the cost to spend those are larger than the amount you have.
So, there is that problem with bitcoin.
We are hoping that segwit and lightening networks will take care of this kind of thing, however i do see an unspent/unspendable pennies problem.
Still, 0.01 bitcoin will be worth a lot of money in the future.
Probably enough to buy a house, if you can afford the transaction fee.
I believe one day (soon?) One Satoshi will be worth $1. When that day comes Bitcoin will have to fork and create more decimal points. I'm not sure how complicated the technicalities of that are. Might be easy... might be very difficult and create a fork... not sure.
What i believe, about bitcoin.
I too believe that one satoshi will be worth $1.
But i believe that bitcoin will be for "big boys"
great for buying luxury yachts, mansions, settling trade deficits...
and that any attempt to change bitcoin itself will be heavily resisted.
However, the off chain trading of bitcoin will be fast and furious.
I believe there will be bitcoin "mutual funds"
I believe this because the "bitcoin development teams" have all been digging their heels in causing several forks for such no-brainer implementations.
And listening to these guys they are FIRMLY in the bitcoin as a store of value camp.
Anyway, there is BCH, LTC and Digibyte and they are gearing up for being the transaction token.
Personally I think that Ethereum is going to dwarf Bitcoin very soon and everyone will wonder why Bitcoin was such a big deal in the first place. We already see hints of Ethereum being the goto "boring financial" sector where users who know how to navigate the system will make millions easily.
OOooh, boo hoo, i bet on bitcoin, and i only made 100x on my money!
I should have bought ETH.
Yep, most likely.