There is no theoretical limit as to how far a bitcoin can be divided. The only limitation is existing code. That being said, eight decimal places still leaves room for a LOT of inflation.This isn't true. BTC can only be broken down to 8 decimal places. The smallest unit is called a "satoshi", or "sat" for short.
With each halving, the reward for mining decreases. To cover the cost of keeping transactions running, the transaction fee will go up to compensate. What happens when the last block is mined and there is no longer any incentive to "mine"? With nothing else to back it up people won't continue processing the blockchain. The transaction fee will have to compensate, ergo it will skyrocket.Skyrocket? You mean an increase to cover mining reward? Barely noticeable.
Of course, it could also mean that both Tesla stock and Bitcoin are overhyped and overpriced and both are overdue for a correction. Only time will tell, I guess."In retrospect, it was inevitable." Elon Musk.
Tesla released their 10-K filing, and it revealed Tesla purchased $1.5 billion bitcoins in January 2022 and it could accept bitcoin as payment for Tesla cars in the future.
Bitcoin has won. It has made it. Now Tesla has done it, other big companies will follow. This is huge news today for Bitcoin. Bitcoin is up to $43,620 and Tesla stock is up to $872.
I knew this news was coming after Elon changed his profile pic to add "bitcoin" and tweeted, "In retrospect, it was inevitable." I wanted to beat Tesla to bitcoin and buy it before they did but it seems Tesla bought bitcoin soon after Elon Musk twitter post.
Game has changed. Everyone needs to own bitcoin going forward.
I don't see how that refutes what I said. Pretty sure the current fees are already larger than the now heavily decreased mining reward.There is no theoretical limit as to how far a bitcoin can be divided. The only limitation is existing code. That being said, eight decimal places still leaves room for a LOT of inflation.
With each halving, the reward for mining decreases. To cover the cost of keeping transactions running, the transaction fee will go up to compensate. What happens when the last block is mined and there is no longer any incentive to "mine"? With nothing else to back it up people won't continue processing the blockchain. The transaction fee will have to compensate, ergo it will skyrocket.
Currently you get something like 12.5 btc to solve a block. That's significantly higher than the current 0.00085 btc transaction fee. I know for 12.5 btc I would definitely keep running mining farms at scale. At 0 btc though, I'd be hard pressed to eat the cost of electricity for the meager current transaction fee.I don't see how that refutes what I said. Pretty sure the current fees are already larger than the now heavily decreased mining reward.
"Theoretical" is pointless. Theoretically, we could make the mining reward 10 times what it is now.
You know there's more than one transaction per block, right? Last I checked, it was well over 2000 transactions per block.Currently you get something like 12.5 btc to solve a block. That's significantly higher than the current 0.00085 btc transaction fee.
Yes and oops - I'm still not used to it being 2021 yet. Regardless, neither point you make here changes the argument in the slightest.You know there's more than one transaction per block, right? Last I checked, it was well over 2000 transactions per block.
And the current reward is only 6.25, and has been for nearly a year.
Litecoin's only real distinction, back in the day, was mining. There's not much on the technical side that makes LTC better than BTC. It's not a very exciting token from a technical point of view. Ethereum tried (and somewhat succeeded) in bringing smart contracts to the fore. It fulfills a completely different purpose than BTC or LTC that at least nominally attempted to be units of currency for the resolution of debts. ETH isn't currency at all - it's time on a supercomputer. That supercomputer has a lot of growing to do before it makes good on all its promises, and in some areas, it's conspicuously behind schedule.I just wish Litecoin gained better acceptance. I don't understand why as venerable and how "tied" to BTC it is that it really has fallen by the wayside compared to more recent upstarts like ETH. What makes ETH more desirable than LTC (other than the price obviously)?
Apple doesn't really like open standards. They would probably develop their own cryptocurrency and integrate into Apple Pay somehow.Who'll be the next big company to announce it bought bitcoins and will accept bitcoin as payment? Apple? I don't know. Tim Cook is too conservative IMO and will probably wait even though it would be great for Apple.
It was Jack Dorsey's Square who started this movement and I see lot of tech companies following Tesla's lead to bitcoin. 2022 is supposedly the year 3 of the bitcoin super cycle. Today's Tesla news could very well be the catalyst that sparks the super cycle. Square will benefit from this movement. I should've kept my Square stock.
I gotta admit... now that there are some BIG companies that own a lot of Bitcoin, the chances of it plummeting in value as badly as it did during the 2018 correction are a lot lower. I still think that you're buying in at the highs at this point, though. I'd still wait for a price correction if you want to buy in now.eh, i'm still not convinced
i own some BTC and ETH, but if BTC gets to 50$k i think i'll sell and take the chance of waiting for a dip
“If," the management consultant said tersely, “we could for a moment move on to the subject of fiscal policy. . .”
That sounds... a lot like EIP-1559!“If," the management consultant said tersely, “we could for a moment move on to the subject of fiscal policy. . .”
“Fiscal policy!" whooped Ford Prefect. “Fiscal policy!"
The management consultant gave him a look that only a lungfish could have copied.
“Fiscal policy. . .” he repeated, “that is what I said.”
“How can you have money,” demanded Ford, “if none of you actually produces anything? It doesn't grow on trees you know.”
“If you would allow me to continue.. .”
Ford nodded dejectedly.
“Thank you. Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of course, all become immensely rich.”
Ford stared in disbelief at the crowd who were murmuring appreciatively at this and greedily fingering the wads of leaves with which their track suits were stuffed.
“But we have also,” continued the management consultant, “run into a small inflation problem on account of the high level of leaf availability, which means that, I gather, the current going rate has something like three deciduous forests buying one ship’s peanut."
Murmurs of alarm came from the crowd. The management consultant waved them down.
“So in order to obviate this problem,” he continued, “and effectively revalue the leaf, we are about to embark on a massive defoliation campaign, and. . .er, burn down all the forests. I think you'll all agree that's a sensible move under the circumstances."
The crowd seemed a little uncertain about this for a second or two until someone pointed out how much this would increase the value of the leaves in their pockets whereupon they let out whoops of delight and gave the management consultant a standing ovation. The accountants among them looked forward to a profitable autumn aloft and it got an appreciative round from the crowd.”