Post
Topic
Board Bitcoin Discussion
Re: Zealots and Criminals, Is no one using bitcoin for legitimate purchases?
by
johnyj
on 27/06/2013, 02:02:47 UTC
Don't worry, when bitcoin price reaches $1K+, there will be lots of users using bitcoin. Currently bitcoin just worth too little that if you spend your precious coin you will have little left (suppose most of the users have 1-100 coin), but if one bitcoin worth a lot, then lots of people will start to spend them

Gavin said that if the price double every year then you can always spend half of your coins and still maintain the same purchase power. Suppose that you need 30K USD each year to have a decent life, you have to spend $30K worth of coin each year, and that is 300 bitcoin in today's price, means 600 coins at hand, maximum 10000 users have that amount of coin

But if that figure dropped to 30 bitcoin, things will be very different

It takes time to distribute the bitcoin first, currently it is through mining, but later when there are lot of people spending coins and the coin supply is shrinking, selling goods/services will become the main method to get coins