That makes sense.
But what else i though of and was not sure is this:
They say that there is going to be 20 million bit coins total. They also say that a bitcoin can be split into many parts, there is no mention of only going as low as 0.01, so that means you could have a ballance of 0.0000001BTC... theoretically.
Now, something makes no sense here. Lets introduce new term "token" So if the encryption scheme allows 20 million tokens and by default each token has a value of 1 bit coin then the 20 milion tokens could be used up long before 20 million bitcoins were generated... sending 0.01 btc requires its own token. Alternatively if a token can have a value of 0.01 BTC it can also have a value of 1,000,000BTC, which means the total number of BTCs is not limited to 20 million. So printing BTC becomes possible...
What do yall think?
Right now a Bitcoin is worth basically 1,000,000 "bits". This is true because the actual max number for this system (like max possible) is 21 trillion or 21,000,000,000,000. They decided to just set 1 Bitcoin as 1,000,000 of these units, so that it would be easier to handle. Now, once the maximum amount of BTC are discovered (120+ years from now, if this sticks around), it may be necessary to move the decimal place to the left or the right depending on the exchange rates. We could see something like 1 Bitcoin = 100,000 bitcents. This doesn't change the amount of Bitcoins out there, it simply makes it easier to do transactions.
Yes bitcoins can be split up as many ways as possible. This is what I have confirmed so far from my pool waiting to be sent to my wallet: 1.66271278 BTC.
As far as the difficulty is concerned, the algorithm is already set. The only variable really is how many blocks are being mined per hour (the target is 6 per hour), so it changes based on that.
2 wallets can have the same address. You can have as many versions of your own wallet as you want. However, you can't double spend. The network confirms every transaction on its own, so everybody knows what everybody else is doing. If your wallet tries to spend twice, you will get caught by the network. It obviously isn't a privacy issue to have things checked this way since your wallet address is just a hash, and you can change that whenever you want.