A new milestone: 1M addresses hold 1 Bitcoin - page 3.

Gallar

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Quote from: sokani on May 15, 2023, 05:04:12 PM

The last past weeks have been really challenging and tough for bitcoiners as a result of the high transaction fees caused by ordinals on the network. Despite this setback, Bitcoin is still conquering, setting the pace and hitting milestone achievement. According to glassnode, the number of address holding atleast 1 BTC are now 1 million.

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It's a very good and extraordinary achievement. Because there are at least a million wallets, and each of those wallets contains one bitcoin. I personally think owning one bitcoin is something that is very proud of and certainly wanted by all bitcoin investors. But because the price is expensive, it's quite difficult and it takes quite a long time to be able to buy one bitcoin. However, with this kind of news, I am increasingly convinced that bitcoin does have a positive and significant development towards mass adoption. So it is very likely that the halving will occur at the end of next year, I think it will increase the popularity of bitcoin, the price value will also be higher, and will certainly attract people's interest to invest in bitcoin. Because currently bitcoin/crypto users, when viewed from various sources, are still in small numbers.

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Blockchain company, TripleA, released the latest data on the level of ownership of global crypto assets. The data estimates that the level of ownership of crypto assets globally is only 4.2% with more than 420 million crypto users in the world.

Source: https://coinvestasi.com/berita/projection-investor-kripto-dunia-dunia

And while the human population on earth today is around 8,005,176,000 souls. So bitcoin/crypto still has a long way to go for overall adoption. Even so, I'm sure that every year, there will always be positive developments in bitcoin and crypto in general.

retreat

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Quote from: sokani on May 15, 2023, 05:04:12 PM

The last past weeks have been really challenging and tough for bitcoiners as a result of the high transaction fees caused by ordinals on the network. Despite this setback, Bitcoin is still conquering, setting the pace and hitting milestone achievement. According to glassnode, the number of address holding atleast 1 BTC are now 1 million. According to the report, last year when the market took a deep dive, a good number of persons were wise enough to grab some bags. Although, some addresses belong to crypto exchanges and some persons might have more than one wallet address but this milestone achievement is worth celebrating.

Source: https://cryptoslate.com/insights/a-new-milestone-1m-addresses-hold-1-bitcoin/

This is quite an amazing milestone of Bitcoin adoption even though many are skeptical and discredit Bitcoin but it still remains popular and more and more people start increasing their investment. I think that if Bitcoin adoption can continue like this, it will not rule out that Bitcoin will become a very popular digital asset in the future and there will be more people adopting it in their daily transactions.

aoluain

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I'm sure there is a graph somewhere, and I think I've seen it before of the breakdown of
addresses with their Bitcoin amount, i.e 1000BTC, 500BTC, 100BTC, 50BTC and including
less than 1BTC number if addresses, no matter which way we look at it the numbers just
highlight the scarcity of Bitcoin.

DaveF

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Going with as others have said it's pointless info.
Without knowing how many different people control those addresses it's just a data point without real meaning.

Kind of like saying there are 1 million accounts in this bank with more then $25000
Are there 1 million different people or did some mega corporation decide to separate a few multi million dollar accounts into smaller separate ones for some reason.

But, it makes a good click-bait headline.

-Dave

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I think I would prefer to see smaller holdings spread more widely.

ancafe

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Quote from: sokani on May 15, 2023, 05:04:12 PM

The last past weeks have been really challenging and tough for bitcoiners as a result of the high transaction fees caused by ordinals on the network. Despite this setback, Bitcoin is still conquering, setting the pace and hitting milestone achievement. According to glassnode, the number of address holding atleast 1 BTC are now 1 million. According to the report, last year when the market took a deep dive, a good number of persons were wise enough to grab some bags. Although, some addresses belong to crypto exchanges and some persons might have more than one wallet address but this milestone achievement is worth celebrating.

This indicates a growing trust in bitcoin and if 1 million wallets are held by 1 million people, then it is possible that it could double that for the next year as people become more aware of the advantages of bitcoin. These numbers are not the real deal, but the increase in bitcoin adoption is certainly growing rapidly and indicates that the public is aware of how to use bitcoin now and in the future.

Fluctuating prices still place bitcoin as a valuable asset and people tend to start to realize about the store of value in the long term, so the increase in wallets also indicates that more people are holding bitcoin in the long term as an option for investment.

bussybuddy

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I don't understand the purpose of these statistics as I find it may reflect the increase in wallet addresses but also does not completely reflect the number of people interested in bitcoin.
Like many people who use bitcoin I think they will also store bitcoins on different addresses, but on a positive note, bitcoin's popularity and interest over time I see it growing and this is completely undeniable.

Onset

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Quote from: sokani on May 16, 2023, 12:29:08 AM

The bull season is a period where some old holders would be exiting their positions by selling their bitcoin while new holders would buy the bitcoin thereby retaking their positions. During the 2017 bull season, there were over 500,000 addresses with atleast 1 million Bitcoin but this figure has increased over the years.

But what if that’s not necessarily the case? Over the years, there’s one more figure that had an impressive increase and it’s the price. With it comes an increased fear of not having a wallet secure enough as well, so what if a lot of this increase in addresses holding 1 Bitcoin comes from an attempt at having a better security overall?

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It is an eye-catching round figure, but nothing more. We do not know, as has been mentioned, if several of these addresses belong to the same person.

What we do know is that even once they are all mined, there will not be enough Bitcoins for all the millionaires, so having fractions of Bitcoin when it is widely adopted will have a lot of value. By then, addresses with 0.1 Bitcoin or even 0.01 Bitcoin will attract attention, as a whole Bitcoin will be prohibitively expensive.

sokani

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Quote from: hatshepsut93 on May 15, 2023, 07:43:57 PM

Your title says "addresses" and you post says "wallets", so which is it?

Thank you chief, I've effected the correction.

Quote from: michellee on May 15, 2023, 10:25:14 PM

If those 1M wallets come from 1M different people, that's certainly good progress because adoption has reached 1M people. But we don't know if it's real 1M people or just wallets owned by some people trying to store 1 BTC in multiple wallets.

It was clearly stated that some of those addresses might belong to crypto exchanges while some might belong to individuals with multiple addresses.

Quote from: Nwada001 on May 15, 2023, 06:55:55 PM

in every bullish and bearish market, there is always a change of ownership among Bitcoin holders. Most people see the bull run as an opportunity to sell off all their holdings, which is why there will always be others willing to buy and bag up more.

The bull season is a period where some old holders would be exiting their positions by selling their bitcoin while new holders would buy the bitcoin thereby retaking their positions. During the 2017 bull season, there were over 500,000 addresses with atleast 1 million Bitcoin but this figure has increased over the years.

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If those 1M wallets come from 1M different people, that's certainly good progress because adoption has reached 1M people. But we don't know if it's real 1M people or just wallets owned by some people trying to store 1 BTC in multiple wallets.

We know that each person can have more than one bitcoin wallet so the number of 1M wallets needs to be clarified again. And I guess they can't prove it because anyone with 1 BTC in their wallet won't want to admit it.

But I think the progress of crypto adoption is going in a good direction even though the current market situation may not yet show a significant recovery. But there will come a time so we have to be patient.

BALIK

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This proves that bitcoin is growing, and no one can stop it. Recently, there have been several theories about what will happen if bitcoin fails to reach its ATH after the halving, and with this news, it has cleared many people's doubts. Even if history doesn't repeat itself, we don't need to worry because as long as the demand for bitcoin is growing every day, demand exceeds supply, it's only a matter of time before bitcoin hits the new ATH. Our remaining task is to try to get on the list of owning 1 BTC.

peter0425

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Quote from: sokani on May 15, 2023, 05:04:12 PM

The last past weeks has been really challenging and tough for bitcoiners as a result of the high transaction fees caused by ordinals on the network. Despite this setback, Bitcoin is still conquering, setting the pace and hitting milestone achievement. According to glassnode, the number of wallets holding atleast 1 BTC are now 1 million. According to the report, last year when the market took a deep dive, a good number of persons were wise enough to grab some bags. Although, some wallets belong to crypto exchanges and some persons might have more than one wallet address but this milestone achievement is worth celebrating.

Source: https://cryptoslate.com/insights/a-new-milestone-1m-addresses-hold-1-bitcoin/

While the objective of the thread is to boost Bitcoin holders and believers but the reality is not commenting to its situation .

I would love knowing the reality if people of a million holds each a bitcoin , and not addresses or wallet that can be owned by fewer than the counts.
because there is millions of bitcoin circulated and there are also dozens/hundreds or even thousands of whales that can hold multiple of those wallets .

but at least thanks for sharing as this would be lovely to read for all of us bitcoin lovers.

tread93

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Quote from: sokani on May 15, 2023, 05:04:12 PM

The last past weeks has been really challenging and tough for bitcoiners as a result of the high transaction fees caused by ordinals on the network. Despite this setback, Bitcoin is still conquering, setting the pace and hitting milestone achievement. According to glassnode, the number of wallets holding atleast 1 BTC are now 1 million. According to the report, last year when the market took a deep dive, a good number of persons were wise enough to grab some bags. Although, some wallets belong to crypto exchanges and some persons might have more than one wallet address but this milestone achievement is worth celebrating.

Source: https://cryptoslate.com/insights/a-new-milestone-1m-addresses-hold-1-bitcoin/

Huge milestone for the bitcoin ecosystem, that is one way to show that more and more people are becoming more and more confident in the network. 1 Bitcoin is not a small amount of money for most people, but I think that is even a testament. For 1 Million people to be HODLing 1 BTC, for most that is like their life savings. They are literally holding onto that bag for dear life and I think that speaks volumes.

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Great! Now all the thieves around these particular woods will have 1 million extra high value addresses to put into their input files to keep grinding fruitlessly for many years to come.😄

CryptSafe

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Quote from: sokani on May 15, 2023, 05:04:12 PM

The last past weeks has been really challenging and tough for bitcoiners as a result of the high transaction fees caused by ordinals on the network. Despite this setback, Bitcoin is still conquering, setting the pace and hitting milestone achievement. According to glassnode, the number of wallets holding atleast 1 BTC are now 1 million. According to the report, last year when the market took a deep dive, a good number of persons were wise enough to grab some bags. Although, some wallets belong to crypto exchanges and some persons might have more than one wallet address but this milestone achievement is worth celebrating.

Source: https://cryptoslate.com/insights/a-new-milestone-1m-addresses-hold-1-bitcoin/

Possibly, the rise in bitcoin holders is rapidly increasing and i can make bold to say that Bitcoin is the new digital gold existing. As the day passes by, lots of people are beginning to see the importance and need of holding bitcoin. I would not be surprised if the holders of bitcoin surpasses this very number stated here but i believe it would definitely be more than that in the nearest future as the case maybe, there have been series of holders whos bitcoin holdings are very much little but in the future, it would develop a bit-better than as it is now even much better.

Onset

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It’s rather interesting how readers react to this.. maybe even more interesting than the news itself. Very fascinating that nowadays 1 Bitcoin’s such a far away dream when back in the day nobody would of even considered paying a dime for it.

Maybe only a handful of people hold a significant part of these addresses. Maybe not. Nonetheless, it’s still a somewhat interesting milestone even if it can be easily cheated.

Similificator

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Regardless of the number of people owning multiple wallets that have 1 or more Bitcoins within them, I think that this is still a good thing for Bitcoin. I mean, it wouldn't make sense for that number to increase if mass adoption itself isn't increasing. One person doesn't need too many wallets even if they have the habit of moving or spreading their Bitcoin possessions. I'd say that most people like that wouldn't need more than 30 wallets that they would actively use. And the number of people who would need more wallets than that are probably quite few. I believe that the number of wallets having at least one bitcoin will keep on increasing with time, especially on bull run seasons.

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Quote from: bitterguy28 on May 15, 2023, 08:43:22 PM

That is the sad part about that , in which we are not sure that if those 1 million wallets are truly owned by each person or there are multiple of those are handled by one person , though the milestone is achieved and we must look in to the good side of this .

It is part of a truth and they did not hide the truth. They even are not able to identify what are addresses belong to one owner. Addresses can be connected that they belong to one wallet if they have transactions in history that help explorers to connect those addresses.

I agree with you that the writer should have a note about it and without note, it is like they intentionally hide the truth but we can not exclude possibility that the writer even does not know about this technical thing.

You can use LookintoBitcoin.com with some charts for addresses with balance > x+ amount BTC
https://www.lookintobitcoin.com/charts/addresses-greater-than-0-1-btc/

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Quote from: sokani on May 15, 2023, 05:04:12 PM

The last past weeks has been really challenging and tough for bitcoiners as a result of the high transaction fees caused by ordinals on the network. Despite this setback, Bitcoin is still conquering, setting the pace and hitting milestone achievement. According to glassnode, the number of wallets holding atleast 1 BTC are now 1 million. According to the report, last year when the market took a deep dive, a good number of persons were wise enough to grab some bags.

there is completely true about people are taking the advantage of buying once there is a bear market,
as we have seen this happened many times before because of Buying Low selling high .

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Although, some wallets belong to crypto exchanges and some persons might have more than one wallet address but this milestone achievement is worth celebrating.

Source: https://cryptoslate.com/insights/a-new-milestone-1m-addresses-hold-1-bitcoin/

That is the sad part about that , in which we are not sure that if those 1 million wallets are truly owned by each person or there are multiple of those are handled by one person , though the milestone is achieved and we must look in to the good side of this .

Topic: A new milestone: 1M addresses hold 1 Bitcoin - page 3. (Read 473 times)