Bitcoin price at one million. What will happen?
Bitcoin price at one million. What will happen?
Bitcoin

Bitcoin price at one million. What will happen?

By Alfredo de Candia - 26 Oct 2019

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Bitcoin (BTC) is certainly unpredictable from the point of view of price and it often has significant fluctuations in the space of just 24 hours, but despite this, industry experts like McAfee have tried to predict what price will BTC reach in the near future, arriving at as much as one million or more.

Halving and the price 

The price of the bitcoin is determined by some parameters that influence its increase or decrease: one of them is its deflationary nature. In fact, about every 4 years, the reward for those who mine a block is cut in half (halving). The reward started out in 2009 with a value of 50 BTC, whereas it currently amounts to 12.5 BTC, in this way the final supply of 21 million can be reached – just recently it has reached 18 million, with only 3 million BTC left to be mined in over 100 years.

Bitcoin as a payment method 

Another factor that is worth considering is the proliferation of the cryptocurrency as a payment method and thus both the fact that BTC can be traded by multiple users and the introduction of new tools and services that allow merchants to easily and conveniently manage the cryptocurrency.

Bitcoin at one million?

With this scenario, and especially in the long term, it is possible to assume that the value per unit can reach a figure with 6 zeros, a value that the same John McAfee agrees with.

In this small table, it is possible to see how what today are insignificant satoshis can turn into interesting amounts, depending on the price that 1 BTC can reach.

Satoshi USD 10000 USD 100000 USD 1000000
0,00000001 0,0001 0,001 0,01
0,00000010 0,001 0,01 0,1
0,00000100 0,01 0,1 1
0,00001000 0,1 1 10
0,00010000 1 10 100
0,00100000 10 100 1000
0,01000000 100 1000 10000
0,10000000 1000 10000 100000
1,00000000 10000 100000 1000000

It is easy to imagine how the habits of both those who use the cryptocurrency as a payment method and those who accept it could change, considering that they will have to adjust the amounts.

This can be done automatically through apps, which means that in the coming future, it will be possible to get a coffee with just 100 satoshis, whereas with 10000 satoshis it will be possible to go shopping. Not to mention more expensive goods such as cars: a model of Lamborghini, for example, could be purchased for just over 0.2 BTC.

 In short, in the future satoshis can become a great opportunity to have more money to spend on fancy stuff, despite the fact that now it takes about 10,000 satoshis to buy a coffee.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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