It'd probably "spook" the market if there was a tx with 1m Bitcoin, but at the same time I doubt it would be a transaction to an exchange as there simply isn't the liquidity for selling that quantity, only via OTC would be possible over time, as there is only around 70K Bitcoin buy orders across exchanges right now. Also not convinced there is anyone (apart from Satoshi who wouldn't do that) who has that many Bitcoins.
At most Binance have around 400K across a few different cold storage wallets. But unless they went into liquidation then this wouldn't hit the market anytime soon. I otherwise just checked and the largest ever transaction appears to be 161.5K Bitcoin ($1.1 billion at time of transfer), although this may well be by dollar amount as opposed to Bitcoin domination.
Topic: effect of a million bitcoins - page 2. (Read 282 times)
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 you just send 1,000,000 bitcoins (or 100,000 bitcoins, which is more realistic) from one address to another address, then there will be no negative consequences for the bitcoin network.
Yes, such a deal will not go unnoticed by bloggers and crypto enthusiasts. This event will be discussed in the blogosphere and media for several days. But over time, everyone will forget about this event.
As for the sale of 1,000,000 million bitcoins, this is a more important event for the crypto industry.
After all, in a sale and purchase transaction there is always a seller and a buyer. Therefore, the question arises - who made the decision to buy 1,000,000 bitcoins at the same time?
This is a fantasy scenario. Who could send a million bitcoins in a single transaction?
But assuming that this happened and the bitcoin was transferred from one wallet to another, I do not think anything will happen except that it will cause panic in the market as a result of this abnormal movement.
As for the assumption of transferring one million bitcoins to a central exchange, such a scenario is not expected to happen for many reasons, the most important of which are security reasons. No one risks sending such an imaginary number at once to one central exchange.
But assuming that this happened and the bitcoin was transferred from one wallet to another, I do not think anything will happen except that it will cause panic in the market as a result of this abnormal movement.
As for the assumption of transferring one million bitcoins to a central exchange, such a scenario is not expected to happen for many reasons, the most important of which are security reasons. No one risks sending such an imaginary number at once to one central exchange.
The only effect this’d have on Bitcoin is a psychological one and as a consequence, maybe a short term price change.
It’s not like it matters to Bitcoin whether there’s 1 sat moving or a million BTC. This doesn’t overload the network or anything, so besides the displayed number there’s no real issue. I believe it doesn’t change anything about how centralized Bitcoin is either.. after all, for what we know maybe today there already is somebody owning a million BTC but in different wallets.
It’s not like it matters to Bitcoin whether there’s 1 sat moving or a million BTC. This doesn’t overload the network or anything, so besides the displayed number there’s no real issue. I believe it doesn’t change anything about how centralized Bitcoin is either.. after all, for what we know maybe today there already is somebody owning a million BTC but in different wallets.
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)
Miners have problem with people wanting to have all the benefit when they refuse to increase the fees and that is the effect. In coinbase you can transfer 1,000 dollar with $10 , with P2P maybe you do less fees. If you are ready to allow miners feeding fat from the amount you will see fast transaction, lines will collapse for you and ants will lick your sugar
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.
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)
All eyes will be on it but the media will look upon how much the fee was paid for that transfer. I would make a little scare but that's just temporal and it will be back again to the usual.That's how these huge transfers are making a noise whenver they've been broadcasted by the media as if it's the one that moves the market. Maybe but the least and that's what I think what will happen but it won't be that much.
I know this is just like an "IF" situation and matter but who's gonna have that huge transaction aside from satoshi?
In the bitcoin Network the effect will not be big, it will be just one more transaction in the blockchain and it will get confirmed just as any other transaction. But the real effect would be on the markets, a big panic would come to the markets because if someone decides to sell that 1M btc the dump in the price would be massive, that's why people would try to sell their coins before the whale do it.
And some interesting data is: The only user who could make a 1M bitcoins transactions would be Satoshi Nakamoto.
And some interesting data is: The only user who could make a 1M bitcoins transactions would be Satoshi Nakamoto.
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. It would dump the market of course. But I doubt you could sell a 1million bitcoin in one transaction like for example on dex also with cex since the liquidity might not be enough to handle such volume. This could be done in series of transactions but are you implying that Satoshi would sell his bitcoin in 1 swoop? I doubt it.
What if the person send bitcoin from a noncustodial wallet to another noncustodial wallet? If traced to an exchange is when it might lead to bear market. The bitcoin market will turn centralized which is not possible, there will be manipulations by the giant whales in determining the bitcoin price.
It can not centralise the bitcoin market, it will only cause price drop if the person send to different exchanges and exchange the coin to fiat. But the market will survive this. We should know that this is just not what can happen in reality, no wallet holds such huge amount of coins. Binance which is an exchange that has highest bitcoin deposit in a cold wallet address which is not even for them but for Binance users, has 252597 BTC on the cold wallet address.
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)
The bitcoin market will turn centralized which is not possible, there will be manipulations by the giant whales in determining the bitcoin price.
It also depends on the medium in which such individual is sending from, if it's through an exchange then it depends on the policies and they make for the minimum and maximum deposit or withdrawal capacity, if its an transaction from a Cold storage then i think that they should be able to accommodate more higher rate than the exchanges, but let's say the reality, no one can hodl upto that amount not even in El-Savador where bitcoin is a legal tender, the beauty of bitcoin lies in holding it in every channel of distribution across the world and not by a single mother entity.
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)
It would dump the market of course. But I doubt you could sell a 1million bitcoin in one transaction like for example on dex also with cex since the liquidity might not be enough to handle such volume. This could be done in series of transactions but are you implying that Satoshi would sell his bitcoin in 1 swoop? I doubt it. 
what will be the effect on network and different technical metrics, if anyone sent 1 millions bitcoins in 1 transaction (hypothetically..., because no one have even 2% in one wallet)
Jump to: