1 BTC = 100,000,000 satoshis
1 USD = 100 cents
If 1 BTC = 1,000,000 USD
Then 100,000,000 satoshis = 1,000,000 USD
Or 1 USD = 100 satoshis = 100 cents
Let’s pump it even more…
If 1 BTC = 100 million USD
Then 100 million satoshis = 100 million USD
That is 1 Satoshi = 1 USD
$=Satoshi
Will Bitcoin eventually replace USD as a global currency?
USD can never get replaced even if it touched or cross 2 Million. Bitcoin is as cryptocurrency a virtual money which can never be fully trusted upon. So investing smartly in any virtual money can be bit risky. One can take a call on that but not fully invest in something called virtual. And even governments are not sure of fully legalizing it. Currently bitcoin has passed over $61000(Source:kalkinemedia)
The idea of a universal currency will either:
Nations are greedy and won’t accept changing their valuable currency into a cryptocurrency.
Factoring inflation will result in unfair distribution.
If you actually know how bitcoins are found then you will understand that it is a finite resource unlike USD or GBP where if more is needed it may be injected into the economy.
These are some basic arguments and I’m sure an intelligent individual like yourself can find both reasons for and against a universal currency.
No. BTC won’t become a universal currency.
At the most it’d become a reserve currency, if at all.
But, who invented it? And what was the true motive behind it?
It’s said that Satoshi Nakamoto owns 1.1 million BTC.
If BTC touches 1 million USD…
That would make Satoshi Nakamoto owner of 1.1 trillion USD.
Definitely not a small amount for an individual or a corporation.
For a government it could be just a bunch of numbers in an experiment.
Bitcoin if you ask me is gonna be a strong trading commodity but when it comes to replacing USD, I hardly think that’s possible. If you look at the major currency pairs, every currency is traded against USD. It’s a farfetched thought and anyone trading USD can stay secured for the future.
We can’t even say for sure that it will cross 100k, what is left for 1 million US dollars.
I do not think that BTC can ever replace USD, no matter which ever mark it reaches. Surely, BTC can set a new place for itself, which can be at par with USD, but it can never replace it.
Bitcoin continued its rally after the successful launch of cryptocurrency platform Coinbase Global Inc (COIN) on NASDAQ. The cryptocurrency has hit a new record high of U$64,829 (A$85,051).Ethereum has been trading in a range of US$2,298.78 to US$2,486.87 in the last 24 hours, with a one-day volume of US$ 42.14 billion. (source:kalkinemedia)Its current market cap stands at US$283.45 billion and it is still down 1.76 per cent from its all-time high.
ok? The S&P gets new record highs as well, not relevant to the points I made.
Why are people still struggling to understand? Bitcoin isn’t real! How can Bitcoin replace the USD? Its impossible. If your boss offered your salary in bitcoin opposed to your local currency how would you purchase anything?
Its not convenient,
its not regulated,
its not what banks want,
its not what people want
Bitcoin is irrelevant no matter how high it goes, ultimately it will get converted back to local currency in order to make exchanges.
People trust local currency more than digital currency, its a fact.
I agree with you. Dollar is a national currency of the USA, BTC is not. The question is same, as if LGBT will be popular all over the world, will their flag replace the USA one? 