(mis)Perceptions in Size and Bitcoin's Future
100,000 is a lot bigger than 0.01 right?
Well, not when we are talking about satoshis and full bitcoins
However, we are entering a time when a goal of a full bitcoin will be ludicrous idea for the average person.
In the further future, people will celebrate when kids just starting out get their first, full satoshi.
Satoshi designed, well, it appears so, that one satoshi would equal one penny, when bitcoin equals a million dollars each. It was pretty nicely laid out, however, a million dollars today is not what it was back then. And we will probably never see a million dollar bitcoin, except as a blip, as the price rockets past. (along with the dollar crashing to zero)
So, is 100,000 bigger than 0.01?
Freebitco.in (referral link that gives you back 50%) is the oldest, still functioning bitcoin faucet. They actually gave out full bitcoins at the start. Just for clicking. Now, they give our 3 satoshis per click/per hour (unless you are lucky)
This is just to add perspective to where bitcoin was, and where it is right now.
Imagine that each satoshi is worth $1 of today's money. Isn't it wild that dust (of yore) is actually a significant currency unit?
Most people do not click on freebitco.in because it isn't worth their time. It is only 3 satoshis. But, what if it was 3 dollars? What if it was $30?
These mile markers are coming.
We, here in the crypto-verse, often talk about adoption. However, i firmly believe that we have no clue what that looks like.
To me, it looks like a guy in a trench coat, standing around a street corner selling satoshis in shady back alley deals.
To others, the price of bitcoin might look like the National Debt Clock. Hugh, incomprehensible numbers, going up, fast.
In the near future, 100,000 satoshis may seem like a number like $1 million was back in the 80s. A super high goal, but achievable if you really worked hard for it.
However, when the ETFs actually start accumulating (and the numbers they are at now are staggering), the 0.01, 1/100th of a bitcoin, will seem like something too fantastic. Anyone talking about full bitcoins, will be bitcoin OGs, or the super-rich.
It is really interesting that changing unit of something changes the perspective of it.
However, we have not even begun on this journey, i anticipate that we will have words for milli-sats, nano-sats and even pico-sats. These will be what everyday items are priced in. A full bitcoin will seem like pie in the sky; you will first have to get your account to a full satoshi, and then you will need to accumulate millions of those. Just a ludicrous proposition.
How will we handle the transition from sats being dust, to full satoshis being really valuable?
Well, that is what adoption looks like.
I am not kidding when i talked about milli-sats and nano-sats.
They will have names. The young always comes up with names for things that are important.
You know, like when quarters were valuable and important for playing Donkey Kong after school at the arcade.
(think about that sentence, none of that exists anymore)
I do not know if we will have milli-sats focussed lightning networks, or we will use other chains, other cryptos. (or both) But, i have feel we will have things priced in bitcoin, in satoshis.
It is a significant mile-marker, in my mind, when i hear the word that will be used for milli-sats.
And, if you have 100,000 satoshis today, that will be 100,000,000 milli sats. And if a milli-sat is a significant amount when it comes to shopping, then you will easily have more money than you ever need.
It is fun to think of these topics, but i also understand that this will be true, it will become real life, in some sorta fashion. And then i (me and you) will have to grok what it actually means. Stay flexible