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Hello! I have questions as a new trader. First, I understand blue is profit and red is loss. My question is, how does everything get calculated in? I put in $100 USD worth of bitcoin and have been confused. How does it transfer in terms of these values. Has money been lost? Gained? What percent?
Let's say hypothetically speaking 1 bitcoin reaches $8,572 USD one day. How would you easily calculate how much to tell someone to pay you if it's something like 1/1284th of a bitcoin?
Edit: will a conversion system be built in so people will be able to recognize how much something costs because the price of 1 bitcoin changes daily I'm assuming eventually 1 bitcoin will level out and become a lot more stable but until we get there how will people deal with understanding how much .0002 bitcoins is costing them? I know it's math but everyone having to carry calculator around to see if they can afford sounds inconvenient. Will there be a universal system created such as 1 satoshi = $ USD ?
Here is my attempt at calculating how popular bitcoin can become at the rate of 1 btc = usd $240
Number of coins So the total number of bitcoins mined till now are at 14 million. Lets say 2 million of them are totally unreachable ( example, 1 million of satoshi). That leaves us with 12m. Lets assume half of those are kept by people who have no interest in selling them for next 10 years. So we are left with 6 million coins that are in regular circulation. Bandwidth Requirement
Remittance or international transactions. This is quite a big market. The best example is philippines, where bitcoin is already being used for rebittance. Another interesting term is hawala, which is a system of transferring money internationally without government knowledge. Lets say people need to transfer $200 billion annually across international borders using bitcoins.
Day to day transactions like paying for coffee at starbucks. Lets say 20 million people want to drink a coffee everyday using bitcoins, and one coffee costs $1.5. That means a turnover of 20m * 365 days/year * $1.5 = $11 billion annual. Thats just for coffee. Add another other small transactions, and we come to a figure of $100 billion/year.
Online transactions, such as buying goods online. Amazon's annual turnover is $88 billion. Lets say we are looking at a figure of $200 billion/year for bitcoin.
This makes a total of $500 billion/year. fulfilment Lets say that every merchant that accepts bitcoins just wants to keep them for one day only. Cause they are only going to use it as currency, they are not going to maintain their books in bitcoin. So amazon may accept your btc for the laptop you bought off of them, but they will convert it into dollars etc within 24 hours, to reduce their risk of currency fluctuations. How much volume can be fulfilled by 6 million coins trading at $240? Daily, thats
6 million bitcoins * $240/btc = $1440 million = $1.440 Billion
That is exactly the requirement. (it just so happens that the numbers are coming at such a close match. I swear I did not cook any number!) Conclusion Bitcoin can remain at $240 per btc till it becomes a very mainstream currency, when it is used by 20 million people everyday for at least 5 transactions like coffee, for every developing world remittance requirement, and for $200 billion worth of online goods traded in the first world. This was initially posted to /bitcoin.
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Who sets the Bitcoin price? Bitcoin price differences ...
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