We don’t want to know.
We do know though, at least to a certain extent, exactly how many bitcoins there are. There are 100m bitcoins, which means that there are 1,000,000,000 bitcoins. That’s a lot of bitcoins, but the number can only be confirmed by mining the actual blocks.
Because, again, that’s not very profitable.
The real reason why this is a problem is that the mining is still going on today and will eventually die down, but the fees in the system are higher today. So there’s a huge discrepancy between what actually gets sent to and from the addresses and the true value of bitcoins being sent and received, therefore a huge loss of trust in bitcoin.
Now to be fair, I could just make a mathematical model. But a mathematical model wouldn’t give you an answer. You need a more holistic approach. I did it with bitcoin-otc. There’s an answer on the site. So I had to go to their answer, and that’s how I figure out the value of a Bitcoin.
What do you think of bitcoin as a payment medium?
I think if you’re going to use Bitcoin as payment mediums, there needs to be some trust to support the payment process. So you need a way to establish trust between people who are trading on bitcoin.
What do you mean by trust?
Trust can be defined as making a promise. You trust that some party I won’t send you 100,000 units of X that are worthless. That’s a trust. This is where it gets complicated and goes to a point where you can’t just give the answer.
When someone asks me, “Is bitcoin a currency?” my first answer is no, it’s not a currency. They should have to verify it with someone to be able to understand it. That’s an example of an answer that gets you to trust the person asking. There’s no other way to answer this question.
I can find anyone, anyone willing to verify this answer for me; why should they? If they won’t go for it, I have no other choice but to take it. That’s a trust. That alone is enough. If they make a public agreement to keep a public ledger, that’s a trust.
If someone claims this is not a currency they can do what they want; they can have an agreement with the government of this country or the government of another. There’s
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