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Topic: effect of a million bitcoins (Read 279 times)

jr. member
Activity: 408
Merit: 3
May 24, 2023, 01:06:04 AM
#32
That we course a very high transaction fees and market been in dip position, if everyone start making a transaction of Bitcoin from one wallet to another in the same time, in other words, is not possible because is a few people that holds up to one Bitcoin, and is company or institution that holding more than a Bitcoin in the Wallet.
full member
Activity: 1092
Merit: 105
Sugars.zone | DatingFi - Earn for Posting
May 23, 2023, 10:53:48 AM
#31
what will be the effect on network and different technical metrics, if anyone sent 1 millions bitcoins in 1 transaction (hypothetically for now because no one have even 2% in one wallet)
A transaction with 1 million bitcoins would cause congestion and high fees in the Bitcoin network. It would attract scrutiny from regulators, but such a transaction is unlikely due to practical limitations and how Bitcoin transactions are designed.
hero member
Activity: 2240
Merit: 848
May 23, 2023, 10:14:27 AM
#30
what will be the effect on network and different technical metrics, if anyone sent 1 millions bitcoins in 1 transaction (hypothetically for now because no one have even 2% in one wallet)

There would be no effect. The bitcoin blockchain is perfectly able to transact a million bitcoin in one transaction. So as with every other transaction it would arrive at its destination in 30-60 minutes and at current rates this would be sending $27.3 billion of bitcoin with a ~$2 transaction fee (assuming its not made up of tons and tons of inputs).
sr. member
Activity: 700
Merit: 380
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May 23, 2023, 10:02:38 AM
#29
If 1 million bitcoins are sent in a single transaction, network and technical metrics will be affected. And sending 1 million bitcoins will definitely require network bandwidth. Transactions using network bandwidth can disrupt network traffic and increase transaction time if the network bandwidth is insufficient. And if the network has long latency, the time Bitcoin takes to complete the transaction increases.
hero member
Activity: 2366
Merit: 838
May 23, 2023, 09:47:02 AM
#28
This will dump the market depending on the direction of the transaction flow. If it is moving from a non custodial wallet to another non custodial wallet, the market will not dump. If it moves from exchange to non custodial wallet, the market will improve instead. But if it moves from non custodial wallet to an exchange, the market will surely crash with alot of panic.
If they move coins to trade, before they actually trade their coins, market will be affected by panic and people will guess that those coins will be sold on market. We never know that they will sell or not sell but panic effect will occur ahead. I believe those transactions will be made to create panic rather than actually for trading.

If they want to sell their coins, they don't want to do effects that will eat their trade value and they will try to hide their intention as most as possible.

Moving coin out of exchange will cause more belief that there will be less selling pressure on market but we never know when they will move their coins back to exchanges. Another guess that will be psychological manipulated by whales.
copper member
Activity: 2226
Merit: 915
White Russian
May 23, 2023, 09:43:18 AM
#27
I think a transaction to move a million bitcoins is even theoretically impossible. Even if Satoshi decides to consolidate all his outputs at 50 btc, this transaction will have 20,000 inputs and it will not fit into the block. Correct me if I am wrong.
legendary
Activity: 1288
Merit: 1081
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May 23, 2023, 09:35:37 AM
#26
The effect if bitcoin $ 1 million is sold in one transaction then a big influence on the value of bitcoin certainly a decrease must occur because such a big sale will arise a lot of questions and panic for every investor must be felt, so such a big transaction has never happened and I don't think even a big whale has such a big bitcoin asset, so don't expect this to happen because we don't want anything negative to happen to the cypto market, And the volume of transactions required is very high so this will be difficult to happen.

This will dump the market depending on the direction of the transaction flow. If it is moving from a non custodial wallet to another non custodial wallet, the market will not dump. If it moves from exchange to non custodial wallet, the market will improve instead. But if it moves from non custodial wallet to an exchange, the market will surely crash with alot of panic.

A transaction worth one million bitcoins will be treated similarly to any other transaction. The network will validate it and put it on the blockchain, and eventually it will be confirmed.
This is right. But I doubt there will be alot liquidity to handle that. For sure CEX cannot handle such a transaction. Wallets will do since it's pursing the transaction directly to blockchain. But who has 1 million btc anywhere?
sr. member
Activity: 1358
Merit: 259
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May 23, 2023, 09:21:01 AM
#25
A transaction worth one million bitcoins will be treated similarly to any other transaction. The network will validate it and put it on the blockchain, and eventually it will be confirmed. Whether a significant impact is likely to be felt on the market and, as a result, market sentiment When the market reaction to large transactions, especially those involving large amounts of bitcoin, is influenced by market sentiment and dynamics, that can lead to increased selling pressure. However, a hypothesis is still a hypothesis, so don't think too much about it.
sr. member
Activity: 1582
Merit: 279
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May 23, 2023, 08:45:04 AM
#24
The effect if bitcoin $ 1 million is sold in one transaction then a big influence on the value of bitcoin certainly a decrease must occur because such a big sale will arise a lot of questions and panic for every investor must be felt, so such a big transaction has never happened and I don't think even a big whale has such a big bitcoin asset, so don't expect this to happen because we don't want anything negative to happen to the cypto market, And the volume of transactions required is very high so this will be difficult to happen.
member
Activity: 994
Merit: 14
May 23, 2023, 08:16:24 AM
#23
Let me get you correctly; do you if someone sells off 1 million BTC or just send from one wallet to another?
Well, if it's just transferring from one wallet to another, it won't affect the price, but I am sure that no one even has anything close to that in the first place.
sr. member
Activity: 1498
Merit: 374
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May 23, 2023, 07:39:32 AM
#22
what will be the effect on network and different technical metrics, if anyone sent 1 millions bitcoins in 1 transaction (hypothetically for now because no one have even 2% in one wallet)

If it will be sent just to another wallet, then nothing will change it will only be transferred. If it is via exchage only transaction fee will be cut.
If it is on the market place, it will only be set as a limit order. Unless someone is willing to buy that kind of amount, the price will not drop. In terms of exchanges they will usually chunk your orders into many limit orders.

It will drop. But not significantly.
legendary
Activity: 2716
Merit: 1225
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May 23, 2023, 06:37:52 AM
#21
what will be the effect on network and different technical metrics, if anyone sent 1 millions bitcoins in 1 transaction (hypothetically for now because no one have even 2% in one wallet)
If a situation like that were ever going to be possible, I said ever going to be possible because there's no single wallet that hodls 1million BTC, it will only cause FUD in the market whose end product is dump. The good thing from such a situation will be that wealth will be recreated or redistributed. Every serious dump affords those who couldn't buy in at high to get in at low. That's how so many wallets get Bitcoin as against the few that hedl those quantities in the past.

No effect on the network at all, only I think if the sender is kind enough to set a very high fee for the miner's reward (as a billionaire) say 1000BTC for a single transaction, then it will probably be a record in bitcoin mining history using current price conversion.
I like records getting broken and history made. It will help widen our scope of discussion in this industry if that were ever going to be possible. Sadly, this won't happen.
hero member
Activity: 2100
Merit: 546
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May 23, 2023, 05:23:45 AM
#20
There should be no significant changes in the network since the Bitcoin network should be strong enough to handle a transaction with a high volume and high fees, the miner who gets to mine that block which is containing this transaction will surely have a great time since higher fees will be paid for that based on the size of the transaction.

If someone tries to sell that many Bitcoins in a centralized exchange, then that could become an issue and it can make the price crash or it will move however the person owning those Bitcoins wants it to move since manipulation will be pretty easy with that.
sr. member
Activity: 602
Merit: 387
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May 23, 2023, 05:19:31 AM
#19
what will be the effect on network and different technical metrics, if anyone sent 1 millions bitcoins in 1 transaction (hypothetically for now because no one have even 2% in one wallet)
Effect on the network and technical issue, it won't create any problem because Bitcoin transaction fee depends on transaction size and fee rate. Fee rate is chosen by the sender or receiver if you need to use Child-Pay-For-Parent. Transaction size depends on inputs and outputs, and type of transaction (address type too). Transaction size does not depend on how many bitcoin is sent in that transaction.

One problem is if you have 1 million bitcoins, you don't care about transaction fee and can use very high fee rate to troll others. However, if you only do it with one transaction, it won't create issue in mempool because your transaction will be only one of many other transaction in one Bitcoin block. It won't create any problem in long term.

Transaction fee on Bitcoin blockchain won't be charged like bank transfer like if you make a bigger transaction in value, you will be charged more bank transfer fee.
hero member
Activity: 1470
Merit: 555
dont be greedy
May 23, 2023, 05:17:07 AM
#18
on a very limited temporary short term basis it would be a "storm in a teacup" there would be
so much talk and speculation about it, it would seem almost to be the only thing which would
be happening.

On the network -  it would just get confirmed just like any other Bitcoin transcation.

But yea, who is going to sell and buy 1,000,000 Bitcoin now or in the future, I could see it
happening about 10 years ago though.
Indeed, simply moving funds can give rise to various speculations. However, when transferring 1 million BTC to an exchange wallet, it would cause a massive frenzy. Even Binance's wallet, which holds only about 25% of that amount of Bitcoin, would feel like confronting a monstrous entity when dealing with such a substantial sum of money.
legendary
Activity: 3248
Merit: 1402
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May 23, 2023, 05:15:17 AM
#17
The circulating supply is 19 million coins, and some coins are likely to be lost, so let's say 1 million is 7% of the total. It's a huge transaction, for sure, and a transfer like that would make the news and cause a lot of speculation. But if it's literally just sending BTC from one wallet to another (which doesn't have to mean that someone's selling the coins at all), then I only imagine it would congest the network, maybe cause a spike in transaction fees (ChatGPT says this assumption makes sense because a larger transaction occupies more block space, but I see some in the thread have a different opinion).
In any case, there's no reason for the price to go down in this situation because the movement of coins doesn't mean they're being sold. I think the impact on the price depends on the details and how the news is framed. If it's framed as some old legendary address suddenly getting alive, people can get excited rather than feel panic over it, but if it's framed as a huge dump of coins by a whale, then it can lead to panic.
hero member
Activity: 2366
Merit: 793
Bitcoin = Financial freedom
May 23, 2023, 04:17:50 AM
#16
what will be the effect on network and different technical metrics, if anyone sent 1 millions bitcoins in 1 transaction (hypothetically for now because no one have even 2% in one wallet)
Which bitcoin address have you traced to have 1 million BTC? There is none that I have heard of.

Eventually the biggest stake holder of bitcoin ever is Satoshi who is owning about 1 Million bitcoins but its not in a single address if I am not wrong and also I don't think he will ever come and use those bitcoins cause he vanished from being existence for over a decade.

So for now anyone apart from Satoshi can do such transaction and 1 million bitcoin can't be spent in 1 transaction technically cause one block will not be enough to hold that much weight so that's the effect we can see on the network.

But talking about price then surely it will shake the market and create FUD and that's it because its not going to make any long term effects.
hero member
Activity: 812
Merit: 560
May 22, 2023, 04:36:40 PM
#15
No effect on the network at all, only I think if the sender is kind enough to set a very high fee for the miner's reward (as a billionaire) say 1000BTC for a single transaction, then it will probably be a record in bitcoin mining history using current price conversion.

Fine anyone ca hodl upto such amount but i also think about it im this direction that it's too much, bitcoin is a currency that has to be evenly distributed across the world that everyone will have access to it utilization, if those mining it aren't greedy enough to cease them to their own favour and hodl or inflate the price then i don't think those holding it as well can make any difference than to sell from what the market gives
hero member
Activity: 644
Merit: 661
- Jay -
May 22, 2023, 04:32:14 PM
#14
1.The large amount of data associated with such a large transaction can lead to increased load on the bitcoin network. If the network cannot process this amount of data efficiently, it can lead to delays in transaction processing and longer confirmation times.
The data associated with a transaction is unrelated to the amount being transacted. A transaction of $100 worth of BTC can have a higher transaction size than one of $1,000,000 worth of BTC.
What determines the size of a transaction are the inputs primarily and also the outputs along with the type of wallets used.

2.Such a large transaction can take up a significant amount of block space. If the block size is limited (as it is now in the case of bitcoin), the transaction may not fit in one block. In this case, the sender may be forced to charge a higher fee in order to attract the attention of miners and ensure faster processing.
Again, the amount does not determine the transaction size.

3.Typically, the time it takes to confirm a transaction on the bitcoin network depends on the number of confirmations the transaction receives from miners.
The time it takes to confirm a transaction is the time it takes for the block it is in to be added to the blockchain and it is averagely 10 minutes per block. The size of transactions in a block does not affect the block being added to the chain.

- Jay -
legendary
Activity: 2436
Merit: 1362
May 22, 2023, 03:48:28 PM
#13
on a very limited temporary short term basis it would be a "storm in a teacup" there would be
so much talk and speculation about it, it would seem almost to be the only thing which would
be happening.

On the network -  it would just get confirmed just like any other Bitcoin transcation.

But yea, who is going to sell and buy 1,000,000 Bitcoin now or in the future, I could see it
happening about 10 years ago though.
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