Quote from: gtraah on May 31, 2014, 03:00:16 AM

Here is what I mean,

Imagine if 1 satoshi = $1 ..... WHat would happen to the fee, I mean 1 satoshi is smallest fraction of a bitcoin. It would be stupid to buy a $10 meal and the fee being $1-$2

they would move the decimal places so that you can have fractions of a satoshi. They can easily add another 8 decimals.

Quote from: bigasic on May 31, 2014, 04:08:17 AM

That will be a great problem to have...that would mean that 1 bitcoin would be worth 1 million dollars. I think we are a long way off from those numbers. But Im sure if it becomes an issue well have a solution.

in fact 1 bitoin would be 100 million dollars in that case. And that would make most of us multi-millionaires or even billionares.

Not completely impossible either. Could happen within the next 10 years.

Quote from: contantisaluti on May 31, 2014, 05:11:27 AM

Quote from: gtraah on May 31, 2014, 03:00:16 AM

Here is what I mean,

Imagine if 1 satoshi = $1 ..... WHat would happen to the fee, I mean 1 satoshi is smallest fraction of a bitcoin. It would be stupid to buy a $10 meal and the fee being $1-$2

In this so successful scenario and with BTC having a so high value in $, it's right and correct the fee is $1-$2. For your daily needs just convert a fraction of your BTC in another cryptocurrency (e.g. LTC) with a lower value; surely in this case BTC should not the only cryptocurrency accepted, especially for cheap purchases as the one you mentioned.

bitcoin is meant for both large and micro transactions, and as long as the protocol is maintained in the right way, there's no need for altcoins at all.

Quote from: bryant.coleman on May 31, 2014, 08:28:53 AM

Quote from: namecoin on May 31, 2014, 07:56:05 AM

If bitcoin value increases a lot, more decimal place can be introduced. Transaction fee can be changed as well.

I don't think that the miners are going to be happy with that suggestion. Already they are complaining that the mining is very unprofitable. Any further attempted reduction in the transaction fee will face a lot of opposition.

Mining fees have been lowered before and they will lower again. Some miners can join a pool which still charges higher fees, but they will be beaten by the pools with lower fees and more miners. Eventually they will never find any blocks and they will give up and join bigger pools (with lower fees) or stop mining. If miners become too greedy they will not last.

Miners always must make a decision between a lot of transactions with a low fee, or a few transactions with a high fee. But since more transactions means more fees in total, as well as a higher and more stable bitcoin value, most smart miners will accept the lowest fee possible, while still being profitable. For example it's better to have 10000 transactions per second for a 0.00000050 fee than 100 transactions per second for a 0.00000100 fee