Recently, the news that "80% of Bitcoin is controlled by 2% of the wallet" has been widely discussed. Another expert said that there is no wealth distribution problem in Bitcoin, and the debate in the industry is still heating up.
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BTC ownership "seems to be very balanced"
Gabor Gurbacs, digital asset strategist and director of investment management giant VanEck, claimed on a Twitter post on August 15 that the supply of bitcoin was concentrated.
Previously, Civic CEO Vinny Lingham and others have also commented that he is concerned that 2% of the wallet is holding 80% of the available bitcoin.
As reported, others believe that this indicator does not make sense, because a large number of wallet addresses are almost unfunded and almost abandoned.
Despite this, there have been repeated iterations, and the evidence for the source of technical indicators ultimately indicates that the overall supply of Bitcoin is becoming more and more dispersed over time.
Gurbacs agreed. “The distribution of ownership of Bitcoin seems to be balanced,” he concludes, noting that the address with the most bitcoin is “often an exchange with millions of customers”.
He added that 62% of the bitcoin supply is held by about 14,000 wallets. He pointed out that this measure does not take into account that one user controls multiple wallets.
Centralization is the problem of competing coins
As the supply of bitcoin decreases, the current state of bitcoin distribution may change interestingly.
As previously reported, the halving of the upcoming 2020 block award will open the final and longest phase of the Bitcoin issuance process. As of this month, 85% of the total supply has been mined, and the remaining 15% will not be fully circulated until 2140.
Of the approximately 17.8 million bitcoins that were previously available, a large percentage may be permanently locked due to misplaced keys or other unexpected conditions.
According to statistics, the proportion of “lost” bitcoin is as high as 20%, which means that as more and more users join, the competition for the remaining bitcoins will become more and more fierce.
At the same time, this month's discussion about bitcoin supply has come to a compelling moment, and the controversy over the impact of bitcoin's centralized control is fermenting and even spread to discussions about the centralization of other competing currencies.
Specifically, Ripple and its associated XRP became the focus of speculation, and the company set a record for the XRP sell-off in 2019.
Now, the skeptical commentators seem to have lost confidence in XRP, and senior trader Peter Brandt claims that Ripple's approach will ultimately lead to significant price loss for XRP.
"Many, many-month chart patterns show Ripple's distribution of XRP – it manipulates prices to keep support. But if support is given, Ripple will be forced to sell on a large scale."