Recently I have seen some Youtube videos of someone claiming that Bitcoin doesn't have a coin cap of 21 million Bitcoins because you can break those BTC down into decimals therefore Bitcoin is a scam and the amount of Bitcoin is infinite. Now, I thought at first this video was just a troll by this entertaining Youtuber (whom I do enjoy watching for entertainment purposes) , but then I saw a couple more videos posted on this topic in where it seems like he really does believe this. At first I laughed it off and went about my day. Then today I saw a video posted by ANOTHER Youtuber I enjoy watching (again for entertainment purposes) with the title " I may sell all my BTC" or something along those lines... So I was curious as to why this Youtuber would be selling all his BTC and watched the video not thinking the 2 videos would have anything to do with each other because that would just be ludicrous... but to my surprise... they were directly related (insert facepalm here).
So just to recap so far we have Youtuber A saying that Bitcoin is a scam because there isn't really a coin cap of 21 million Bitcoin and that there is really infinite Bitcoins... because magic... and Youtuber B believing Youtuber A, making him consider selling all his Bitcoin. There are also a ton of people in the comment sections that are subscribing to this idea. Which leads me to my point.
What the fuck? Really? Now I could understand that if this Youtuber had a MASSIVE audience and he was trying to somehow influence the market for personal gain... but that's not the case. People really are adopting this idea and considering making financial decisions based on this premise that Bitcoin is infinite because MAGIC! This whole situation has made me realize to a certain extent that a lot of people in the crytpo currency space are somewhat gullible. Maybe that's why crypto trading is such a lucrative market? Anyways if you're reading this and watch crypto Youtubers please just be cautious when making financial decision based on someone else's ideas. Always do research yourself before making financial decisions, because if you just take peoples word for it... you might lose your investments... POOF, like magic.
-Tim/Zombiestv-
Of course if he wanted to buy a loaf of bread in the future with Bitcoin but each bitcoin was then worth $1 Million each, if it weren't divisible to 8 decimal places then he would have a problem buying the loaf of bread for the bitcoin value it was worth.
So if the loaf of bread today is .001 bitcoin then it ten years the equivalent value might be .00001 bitcoin.
I think we will all be glad that the magic exists if it didn't then we would have to buy the loaf of bread for $1 million bucks.
Also to think that 21 Million coin cap without the divisibility would somehow be enough for the "world" to use as a serious currency alternative is naive .
If Bitcoin in the future was adopted on mass and if there was ever an issue of not enough decimal places or alternatively the 21 Million needed to rise for some technical reason I'm sure thru consensus and planning it can be forked to do this for the right reasons although would by then be a nightmare to do this.
The main issue with crypto adoption for some users will be the quirky long address names, making mistakes using them, possibly losing their money and making payments with decimal amounts.
The software needs to improve and get easier in specific ways.
We think in whole amounts when trying to access the value of things and often use our weeks wage or salary to gauge that value and now with Bitcoin we have to adjust that reference but it is hard when the value of Bitcoin is likely to change so much.
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Few serious notes. Currently bitcoin is limited so it will never get to 21 million coins but of course there are infinite fractions of coins. Unlike fiat where they removed half cents and are thinking about getting rid of pennies bitocoins inflation will slow down, stop, and even reverse as coins are lost.
Another important point is that just because bitcoin is limited to 21 million coins now doesn't mean it will always be that way. It would take quite a bit of doing but the code could be changed to some other value. There have even been articles on how it could be done as a soft fork instead of a hard fork of bitcoin.
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interesting. like you said, it's not like this guy has some huge following and is going to influence the market.
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