Re: When Bitcoin hits $1 million each sat will be worth 1 cent
Yep. BTC may be used for bigger purchases, maybe - but probably not for Pizza / gum, for that, I am certain too.
It is still used for micro-transactions, we cannot deny the fact that if we bought things in satoshi, we are still buying them in BTC. I do not know how can one said that things won't be bought in BTC but in satoshi when satoshi is technically Bitcoin itself just the smallest unit.
...100 Satoshis for a dollar pack of gum seems easier than 0.000001 Bitcoin (say it out loud to think how silly it sounds, zero point zero zero zero zero zero one Bitcoin).
This is true, but for it to stick bitcoin needs to be way less volatile than it is now. Round numbers are useful for pricing and if bitcoin is to become more popular as a currency, smaller denominations have to be used more often. But if volatility is still a major issue, this cannot happen, imagine if the stores have to constantly change that from 100 sats to 104 and then to 97 within one day, this will discourage many from adopting it.I do not think it won't discourage stores to use Bitcoin as mode of payment because there is this instant conversion service by a third party payment processor. so as soon as the price of the item is locked in BTC value, the amount is already converted to fiat currency in real-time.
Only other solution is for bitcoin to be valued for goods directly and not as a pair of another currency. So the way you think of value of products in USD, you do the same in BTC, without first converting the value to fiat.
That is brililliant enough but is inapplicable to the current system because everything is currently tied to fiat currency value. Even BTC value is tied to it.