As a relative newcomer to cryptocurrency with zero programming experience, I had to rely on the advice of others and my own research as I work my way through the cryptoverse. So far I feel I have done a pretty good job selecting great crypto.
While looking over a coin recently, I caught myself with this STUPID question:
I have been really mindful of circulating supply, thinking twice when I see a crypto with just too many in circulation. However, isn't cryptocurrency's goal to be a massive global success where everyone is using crypto? Well if that is the case, wouldn't there be a problem if there wasn't enough supply for everyone? I know the value of Bitcoin will go up, so won't it become annoying when retailers attempt to price items in bitcoin? If bitcoin ends up at $500,000, how would someone be able to price a carrot at the supermarket or a pizza at a fast food joint? Will we even be able to break a bitcoin down small enough for such a transaction? Would we need to add more zero placeholders to satoshi?
That's the first part. I am probably not thinking correctly on this and I'd love to hear from you about how that will play out.
Secondly, if Bitcoin ends up with a value of $500,000 or more, wouldn't people have to start turning to currencies with high circulation supply like Ripple or Reddcoin to buy very cheap items? I imagine everything will go up in price but I could see us all having to make day-to-day purchases with currencies in high supply.
Love to hear your thoughts to my various stupid questions.
i don't think this is a stupid question , actually it's a good question but the answer for both parts is the same i guess.
my thoughts :
prices will be in satoshis as 1 btc = 100 millon satoshis (100, 000, 000) so we have a lot of time until bitcoin prices could cause a problem.
or
people will turn to an alt coin for small payments as you thought.
there are no stupid questions mate, we are all noobs at something :D
I'm sitting on about 125 Ripple. I just sold about 120 and bought 1000 Digibyte. I have no idea what I'm doing either but what the heck... If it all tanks, I'm out $40.00!