Post
Topic
Board Economics
Re: WHY 21 MILLION BITCOIN CANNOT SERVE THE WHOLE WORLD
by
South Park
on 20/08/2019, 18:04:57 UTC
When we talk of bitcoin supply, we look at it as 21 million bitcoin, and people wonder how that can serve the whole 7 billion population, but we forgot that there are smaller units of bitcoin, we have the mbtc, we have the ubtc and we have the satoshi, and i will like to talk on the satoshi which i believe needs to be expanded to really serve the current economy.

SATOSHI,
This is the smallest units of bitcoin, and 1 bitcoin is equals to 100,000,000 satoshis, which means that the total satoshi that we have is 2100 thrillion satoshis.

The total circulating money of the world according to According to the Bank for International Settlements is 80 trillion dollars, the lowest denomination of usd is cent and 100 cent equals 1 dollar, so we have 8000 trillion cent circulating as money in the world, if satoshi is to be pegged to 1 cent and to be used as global currency, you see why it is necessary to have it expanded, because circulating money of the world will be short of about 5900 trillion satoshis.
You are worrying yourself over a problem we are nowhere close to have, only a few million people are using bitcoin and while the units themselves are not a problem during a time of high activity it can be difficult to get a confirmation, that is in what the developers have been focusing with the lightning network, but your argument is no different than those that claim that the gold we have is not enough to serve the world, if we ever found ourselves with that problem there are only two solutions a satoshi will have to be more valuable than one cent or the devs could add an even smaller unit than the satoshi.