Bitcoin wealth distribution

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Content:

• Blockchain, Bitcoin and NFTs: Why the wealth portfolios of the rich and famous are changing
• Blockchain isn't about democracy and decentralisation – it's about greed
• The rich get richer, the poor get Bitcoin
• Bitcoin Wealth Distribution
• Cryptocurrencies could lead to financial instability, author warns
• Bitcoin’s ‘one percent’ controls lion’s share of the cryptocurrency’s wealth
• We apologize for the inconvenience...
• Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes
• Bitcoin Suisse taps veteran banker Dirk Klee as CEO

WATCH RELATED VIDEO: Can crypto solve wealth inequality? - The Future of Money - Yang Speaks

Blockchain, Bitcoin and NFTs: Why the wealth portfolios of the rich and famous are changing

Bitcoin has been making a lot of news lately. But how many people own bitcoin, and how is the currency distributed around the world? Check out our new visualization. We then divided the value of the bitcoin market by address. There are a couple limitations in our data.

Most importantly, each address can represent more than one individual person. An obvious example would be a bitcoin exchange or wallet, which hold the currency for a lot of different people. Another limitation has to do with anonymity. If you want to remain completely anonymous, you can use something called CoinJoin, a process that allows users to group similar transactions together. This makes it seem like two people are using the same address, when in reality they are not. Bitcoin is just a type of money, like dollars and euros.

This is possible thanks to something called the blockchain. Banks and companies must keep detailed records of where they send money, marking it possible to detect fraud and criminal activity. The blockchain works differently because it breaks each transaction into tiny components, routes the pieces through a computer network, and directs them to a recipient who can then re-assemble the code together.

The technology is hard to understand, and it presents challenges for companies and people who want to use it. You know how you carry physical money in your personal wallet? Think of Coinbase as a digital wallet. You use it to buy stuff and pay for services.

But be careful—people can steal your digital wallet , and the thieves can be untraceable. The big takeaway from all this is that if you are considering purchasing some bitcoin, you have very limited options. There are only a few key players in the game where you can park your investment. And if you do make that purchase, understand that it is highly speculative and unregulated, so prepare for a bumpy ride.

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Blockchain isn't about democracy and decentralisation – it's about greed

Citigroup currency analyst Steven Englander is out with a long Sunday note talking about everyone's favorite topic: digital currency. In it, he makes an important observation about the extreme inequality in the Bitcoin world:. Most of the big wallets have been in place from early on, so sitting back and watching your capital grow has been a very successful strategy. There are estimates of a Gini coefficient of 0. The most recent estimate of Gini coefficients of wealth concentration does not show any country above 0. The uneven distribution of Bitcoin wealth may be the price to be paid for getting a rapid dissemination of the Bitcoin payments and store of value technology.

The rich get richer, the poor get Bitcoin

The top 2. Not so fast. The statistic in question comes from BitInfoCharts , a website that tracks the distribution of bitcoin across all known Bitcoin addresses. When Bitcoin was first created in , its pseudonymous inventor, Satoshi Nakamoto, mined a huge number of bitcoins to get the ball rolling otherwise no blocks would have been produced. But once a bunch of other miners joined the network and it was working as expected, Nakamoto dropped off the network. But, these coins—working out to 3. In fact, Chainalysis estimates that potentially up to 3. This accounts for 20 percent of the current supply, and since many of the coins assumed lost were mined in large amounts in the early days, removing them from calculations on wealth inequality starts to make everything look more distributed. Putting security concerns aside exchanges are goldmines for hackers , users can withdraw their coins any time they wish.

Bitcoin Wealth Distribution

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Cryptocurrencies could lead to financial instability, author warns

We are witnessing the largest transfer of wealth seen during our lifetime. Bitcoin is making average people into millionaires and giving them job freedom. Technologies like bitcoin allow individuals to save and invest their money, regardless of their personal wealth status or regulatory compliance with centralised entities. With the increase in money supply, global supply chain disruption, the devaluation of fiat currency and a rise in inflation that is now predicted to last longer than anticipated, the time has never been more apt for a shift in the economic paradigm. Cryptocurrencies are creating a new hierarchy of society. The new class of wealthy people will value property rights, privacy and freedom.

Bitcoin’s ‘one percent’ controls lion’s share of the cryptocurrency’s wealth

All addresses on the Bitcoin network are queried. The number of addresses with at least one satoshi is 24,, at the time of the query. The resulting addresses are sorted by the amount of Bitcoin they contain. The list is divided into quantiles and the wealth of each quantile is plotted in a bar plot. Next, the wealth of the top percent is computed for several values of. The result is shown in a bar plot, along with the number of addresses in each group. Then, the number of addresses with at least satoshi is computed for several values of. The result is shown in a bar plot along with the corresponding percentiles.

We apologize for the inconvenience...

Bitcoin has been making a lot of news lately. But how many people own bitcoin, and how is the currency distributed around the world? Check out our new visualization. We then divided the value of the bitcoin market by address.

Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes

However, the current distribution of coins shows that the gap between Bitcoin poor and rich is even more dramatic. Bitcoin has always seen a massive disparity when it comes to the distribution of coins. In the first years, the Bitcoin distribution was heavily influenced by miners. Thus, the Bitcoin rich were those who had the knowledge and capabilities to generate new coins through the mining process. The level of ignorance at the time was so striking that one man accidentally threw away his hard drive with the private keys of 7, Bitcoins. However, once the cryptocurrency became more popular, the nerds were replaced by investors.

Bitcoin Suisse taps veteran banker Dirk Klee as CEO

Cryptocurrency has been touted as a new form of digital money not tied to government or a central bank and is therefore inherently free from bias and unequal distribution. However, a recent study by the National Bureau of Economic Research suggests that bitcoin has developed its own group of one-percenters who will likely reap most of the gains in coming years. Those figures mean that, even though bitcoin launched in , "participation in bitcoin is still very skewed toward a few top players even at the end of ," said finance experts Igor Makarov and Antoinette Schoar, who wrote the study. Those top players represent a mere 0. Makarov and Schoar said in their study there's a "significant skewness in ownership" in bitcoin and that "implies that the majority of the gains from further adoption are likely to fall disproportionately to a small set of participants. Bitcoin and other digital currencies have been at the center of many of this year's wildest financial gains and losses. Although considered a highly unstable form of money by most financial experts, bitcoin reached new hig hs earlier this year , in part because more companies are accepting it as a form of payment.

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