people like me and a lot of other users here and not here are using bitcoin, a lot of it is buying and hodling but there are a lot of spending too. and services are starting to recognize bitcoin like steam. so there it is currency of people.
and as for those addresses, as others have mentioned this picture doesn't prove anything. even if bitcoin is held by some group it is like share holders of a big company like apple.
Topic: Bitcoin is not the currency of the people and likely never will be - page 7. (Read 6318 times)
May 08, 2016, 09:51:36 AM
May 08, 2016, 09:44:02 AM
It is a fact that it is a large number meaning that 29% of total bitcoins are hold by top 500 addresses, but there are more rooms for other people to have bitcoin enough and the number of bitcoins keeps increasing which means it can be used by rest of people.
I think there would be a limit of distribution or creation of bitcoin to 21 million coins.
The accumulation of bitcoin is also an investment for the future. People have high hopes about bitcoin price and hence they are just accumulating it instead of trading or selling it.
You are right, collecting or saving of bitcoin today is a good investment because there is really a possibility that the price of it will increase.
May 08, 2016, 09:23:03 AM
Yes, you are right but, in fact, what average people can do with Bitcoin now?
In most countries almost nothing, only use on Internet, to buy some digital things.
So, if they can't buy many things with bitcoins and offline just a few merchants accepts bitcoin (at least in my country) what average people can do with bitcoin?
Keep it in the wallet and wait for price increase?
In such game so called ''big'' players have much more experience and funds, so they can buy a lot bitcoin and wait a long time for profit.
Small people can't do this.
In most countries almost nothing, only use on Internet, to buy some digital things.
So, if they can't buy many things with bitcoins and offline just a few merchants accepts bitcoin (at least in my country) what average people can do with bitcoin?
Keep it in the wallet and wait for price increase?
In such game so called ''big'' players have much more experience and funds, so they can buy a lot bitcoin and wait a long time for profit.
Small people can't do this.
Sure Bitcoin depends on some base technology. People need a computer, internet and if you want a mobile peer-to-peer you may need a mobile phone with a bitcoin wallet. Bitcoin is made for that. It's not for people in a small african village, where they even have no electricity to even run a pc. It is not for the poor children of the streets in Brazil, who struggle to have something to eat. It's made for those who can use it.
May 08, 2016, 09:16:34 AM
What is the problem with that?
With not being the currency of the people, per OP? No problem at all, far as I'm concerned
What is the problem with that?
With not being the currency of the people, per OP? No problem at all, far as I'm concerned
I am people and I use Bitcoin to buy stuff and I earn Bitcoin, that I can either hodl or spend. To me it's indeed a people's currency. I don't understand your point, I guess...
It's a semantic misunderstanding. The dirt-poor use fiat, which is issued by banks. By your definition, that makes fiat the currency of the people.
Why are you here? Do you have Bitcoins? Do you have a problem with spending it? You can make it peoples money by simply using it, no matter what other people say. There are loads of people out there using Bitcoin. Join them!
Why are YOU here? Do you have a problem with spending fiat? You can make it peoples money by simply using it, no matter what other people say. There are loads of people out there using fiat. Join them!
Fiat is still mass adopted even though the richest 1% own 99% of wealth, no?
I think the argument around here is that sheeple were conned and bullied into using it by jackbooted government thugs, and there's no conning or jackboots in bitcoins.
May 08, 2016, 09:08:37 AM
Yes, you are right but, in fact, what average people can do with Bitcoin now?
In most countries almost nothing, only use on Internet, to buy some digital things.
So, if they can't buy many things with bitcoins and offline just a few merchants accepts bitcoin (at least in my country) what average people can do with bitcoin?
Keep it in the wallet and wait for price increase?
In such game so called ''big'' players have much more experience and funds, so they can buy a lot bitcoin and wait a long time for profit.
Small people can't do this.
In most countries almost nothing, only use on Internet, to buy some digital things.
So, if they can't buy many things with bitcoins and offline just a few merchants accepts bitcoin (at least in my country) what average people can do with bitcoin?
Keep it in the wallet and wait for price increase?
In such game so called ''big'' players have much more experience and funds, so they can buy a lot bitcoin and wait a long time for profit.
Small people can't do this.
May 08, 2016, 09:02:11 AM
It is a fact that it is a large number meaning that 29% of total bitcoins are hold by top 500 addresses, but there are more rooms for other people to have bitcoin enough and the number of bitcoins keeps increasing which means it can be used by rest of people.
May 08, 2016, 08:59:02 AM
Fiat is still mass adopted even though the richest 1% own 99% of wealth, no?
May 08, 2016, 08:50:22 AM
What is the problem with that?
With not being the currency of the people, per OP? No problem at all, far as I'm concerned
What is the problem with that?
With not being the currency of the people, per OP? No problem at all, far as I'm concerned
I am people and I use Bitcoin to buy stuff and I earn Bitcoin, that I can either hodl or spend. To me it's indeed a people's currency. I don't understand your point, I guess...
It's a semantic misunderstanding. The dirt-poor use fiat, which is issued by banks. By your definition, that makes fiat the currency of the people.
Why are you here? Do you have Bitcoins? Do you have a problem with spending it? You can make it peoples money by simply using it, no matter what other people say. There are loads of people out there using Bitcoin. Join them!
May 08, 2016, 08:41:37 AM
What is the problem with that?
With not being the currency of the people, per OP? No problem at all, far as I'm concerned
What is the problem with that?
With not being the currency of the people, per OP? No problem at all, far as I'm concerned
I am people and I use Bitcoin to buy stuff and I earn Bitcoin, that I can either hodl or spend. To me it's indeed a people's currency. I don't understand your point, I guess...
It's a semantic misunderstanding. The dirt-poor use fiat, which is issued by banks. By your definition, that makes fiat the currency of the people.
*OFC, the dirt-poor don't use BTC, because no iPhone with unlimited internet, and no one takes BTC where they're at, but that's another story.
May 08, 2016, 08:36:25 AM
1. If an adress has a lot of Bitcoins doesn't mean the whole amount is owned by one person.
2. Similar stories are told about fiat also. Remember? Something like this: "48% of the world's wealth is owned by 1% of the world's population."
Right now Bitcoin helps some poor people from India, Philippines, Mexico etc. to make their living, so it is the currency of the people in a way.
2. Similar stories are told about fiat also. Remember? Something like this: "48% of the world's wealth is owned by 1% of the world's population."
Right now Bitcoin helps some poor people from India, Philippines, Mexico etc. to make their living, so it is the currency of the people in a way.
May 08, 2016, 08:35:39 AM
where did this chart and data come from ?
can we get down to the nitty gritty with the data and see what the top 20 or the top 5 have ?
be good to see the increases at certain times
can we get down to the nitty gritty with the data and see what the top 20 or the top 5 have ?
be good to see the increases at certain times
May 08, 2016, 08:21:33 AM
I am people and I use Bitcoin to buy stuff and I earn Bitcoin, that I can either hodl or spend. To me it's indeed a people's currency. I don't understand your point, I guess...
May 08, 2016, 07:52:41 AM
Where'd you get this chart? Do the ups and downs have any correlation to the bitcoin price? My guess is yes.
People who have alot of bitcoin will not sell their bitcoin. If they have large sum, it means they think highly of bitcoin. So therefore they will continue to hoard more. More so as the amount of bitcoin in circulation rises.
People who have alot of bitcoin will not sell their bitcoin. If they have large sum, it means they think highly of bitcoin. So therefore they will continue to hoard more. More so as the amount of bitcoin in circulation rises.
May 08, 2016, 07:47:10 AM
The number of bitcoins owned by the richest holders is increasing as bitcoin grows older. Adoption could very well be a sham, because as a matter of fact the biggest holders keep accumulating more bitcoins, no matter how much bitcoin gets trader every day, this trend doesn't seem to be declining.
4.5m bitcoins are held by the top 500 richest addresses
15.5m bitcoins have been mined so far
4.5m bitcoins are held by the top 500 richest addresses
15.5m bitcoins have been mined so far
that is strange, i think that bitcoin IS currency of people as many use them and people are happy to use it, people just love bitcoin because so easy to use and so, i think it will stay like that
and some people use bitcoins to earn profit, they use bitcoins more than real life currency like dollars or euros for trading, they use bitcoins only, so i really think it's currency of people
May 08, 2016, 07:13:25 AM
this does not prove anything. you can not connect bitcoin address to people and how rich they are. besides there are lot of other investments that are filled with whales.
May 08, 2016, 06:58:15 AM
Or this could be treated as most bitcoins are being held by Chinese people since they have control on half of the mining industry and trading transactions.
There is no concrete proof to show that Chinese miners contribute for half of the hash power. IMO, they will be in the second place, behind the Americans. And in terms of net holdings, they will be in the fourth place, with the United States in the first place, European Union in the second place. and Russia in the third place.
May 08, 2016, 06:09:52 AM
I disagree with you on this one. Just because there are some majority holders, doesn't make it to have less importance since functionality wise everything is still the same and regardless of how this could have indirect results in the market, there will be users all the time.
May 08, 2016, 05:57:04 AM
If they are not selling then I don't see what's the issue honestly , they can hold as much as they want but that won't change anything for others .
Having less supply will simply make our bitcoins worth more .
Having less supply will simply make our bitcoins worth more .
only if there is enough demand, that is willing to buy at higher price, demand is everything, without proper demand, it does not matter if you hold if you don't dump big, if your coin is rare, all pointless, versus the demand
Most of these top addresses are not owned by individuals, so the possibility of having a big dump in the future is not very likely to happen
May 08, 2016, 05:44:47 AM
If they are not selling then I don't see what's the issue honestly , they can hold as much as they want but that won't change anything for others .
Having less supply will simply make our bitcoins worth more .
Having less supply will simply make our bitcoins worth more .
only if there is enough demand, that is willing to buy at higher price, demand is everything, without proper demand, it does not matter if you hold if you don't dump big, if your coin is rare, all pointless, versus the demand
May 08, 2016, 05:32:04 AM
Or this could be treated as most bitcoins are being held by Chinese people since they have control on half of the mining industry and trading transactions.
About the trading volumes, you relly on numbers which cant be independly verified these are not faked.
But the mining industry is indeed controled by Chinese pools, though many individual miners can point their miners elsewhere if needed.
BTW my Bitcoin holdings increase over time as well, although Im not in top 500. If you draw the number of Bitcoins held excluding top 500, you get increasing graph line as well !
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