Bitcoin is simple and complicated at the same time. From the outside, the first thing newcomers see is the rise in price. They hear stories about people who bought 10,000 bitcoin at $1 ppc, or about that one guy who bought 2 pizzas for 10,000 bitcoin that would be worth a quadrillion million trillion today and so on. That’s the surface.
When you start digging, you quickly learn about the 21 million coin supply but it takes a second to realise why, and how, that actually matters. That, by the way, is the first and probably most important reason why it will hit a million eventually. Because one of two things is gonna happen, either it goes to zero or it doesn’t, and if it doesn’t, more people will want in, more institutions and governments and banks will want in. But, well, there’s only 21 million available.
The second reason is the satoshi-to-bitcoin ratio. One bitcoin is made up of 100 million satoshi; I don’t think that bitcoin will be used for transactions, quite frankly, ’cause there are better coins for that and because why would you want to get rid of something if you know there’s a limited supply, but I do believe that as it becomes more scarce, it’ll make sense to have a satoshi-to-bitcoin ratio that makes sense. Pardon the repetition.
Hopefully one day 1 satoshi will be worth $1, that’d be awesome, but even if it got to 0.10 cents, it’d make more sense than it does now.
The third and final reason, and this is a bit silly but I still wanna say it, is that bitcoin is becoming a self-fulfilling propecy. It may get to a million just because so many people strongly believe it will. But maybe I’m just wishful thinking. What do you think?
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