- They become harder to mine as time goes along, and there will never be more than a set number. This sounds like early adopters benefit the most and people late to the game may as well forget about it. Unless I'm misunderstanding something.
Bitcoins have to be mined using electricity. They become harder to mine as time goes along, and there will never be more than a set number. They are almost infinitely divisible. It costs a few pennies to send a lot of money. Bitcoins are to banking as the Internet is to bookshttps://twitter.com/ReDNeQ/status/1149493025644531714 …
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No different than Stocks
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Okay. But doesn't the currency hit a point of diminishing returns where the amount of bitcoin mined is worth less than the amount spent on the electricity to mine it? I'm trying to understand this, but haven't found a reliable source of info yet.
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Could happen, so what?
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I hope I understand this, then. That point of diminishing returns puts a soft limiter on the amount of bitcoin in the wild, so the currency relies on demand to increase the value of something that can be split into as small of a percentage as you want?
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The last Bitcoin will be mined in the year 2140. Demand will increase value to the point until a much less amount of world funds are in it, which will then reduce volatility. Your argument is about 100 years too early.
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I'm not making an argument. I'm trying to understand how this works.
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I would suggest starting with the basics. Most small time mining is no longer profitable because of the hashrate needed and the difficulty rate that Bitcoin is currently at. Future competition will keep network fees low once all are mined.
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#BTC advocates want#Bitcoin to be a store of value, like Gold! BTC recently cost $50 per transaction! What many call#bitcoin today, is an abomination compared to Satoshi's vision. The protocol has been coopted. Please!! Look into#BitcoinSV!#BSV#CraigisSatoshi@coinyeezyThanks. Twitter will use this to make your timeline better. UndoUndo
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Infinitely divisible means there is an unlimited quantity. You can just divide and divide forever to alter, manipulate or debase the currency.
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Any "number" is infinitely divisible. A dollar is divisible into 100 cents, for example You can divide the number 1 a trillion times, and the trillion parts will add up to 1. Same with
#bitcoin. It's a finite number that is infinitely divisible. -
You could also divide a dollar into 100,000 microcents, I suppose
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They can disappear electrically too and when quantum computers come out they will be hackable. Theres only 580 of these gold coins in the world. These coins cant be hacked or divided up endlessly nor can they become an electronic pyramid scheme.pic.twitter.com/SUltEIIRrM
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Back when US were on gold standard, we also use paper currency. I am for paper currency, debit & credit cards&yes bitcoins tech bring benefits. By making fiat associated with gold silver, KILLS inflation snail pace, DEAD.
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A US fiat currency paper note is a check, a contract and only as good as it can deliver on the contract & this is absolutely why is so important that all the above I posted above fiat currencies NEED to be associated with a hard asset too, gold silver for money to have stability.
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Lastly, biblically gold silver is considered GODs money and our Lord is stability.
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Looks like 17 to be exact. Still 1/10th the time and 1/100th the price it would take to send with more traditional methods.
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