If most of Bitcoin is owned by few it cannot be a store of wealth for all

radjie

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Quote from: masterrex on March 26, 2021, 05:59:50 AM

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.

That was a good question with a strong point, IMHO, I believe that there are many coins in the crypto industry that were already surpassed Bitcoin in terms of efficiency like transaction speed and transaction fees, But in terms of popularity and Title Bitcoin has never conquered yet that's why it remains the King of all cryptocurrencies in terms Market Capitalization and because Bitcoin is just limited in terms of supply that's why it gives more chances for price increases and same time act as a store of value SOV.

It's good that everyone who is new to crypto should consider buying other coins because there are still many promising potential coins that can be used as a store of assets such as Bitcoin, there are even some coins that are regulated by the government which have the advantage of transacting faster and not charging high fees like Bitcoin, but the price will always be lower than Bitcoin because everyone believes more that a decentralized coin can easily increase its price

MIner1448

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The role of bitcoin carries an exclusively speculative nature, nothing more, especially considering the cost of its transfer, it's just a lot of money when its price reaches its maximum, the network is generally overloaded and the price tag for transfers also skyrockets. Due to the fact that you are talking about the masses of people who have accumulated most of the bitcoins, then you are right, the lion's share of the earnings on them will be with them.

cryptozanga

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.

90% of all Bitcoin are owned by only 1% of all wallets, if you buy Bitcoin you are just doing the rich richer.

masterrex

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.

That was a good question with a strong point, IMHO, I believe that there are many coins in the crypto industry that were already surpassed Bitcoin in terms of efficiency like transaction speed and transaction fees, But in terms of popularity and Title Bitcoin has never conquered yet that's why it remains the King of all cryptocurrencies in terms Market Capitalization and because Bitcoin is just limited in terms of supply that's why it gives more chances for price increases and same time act as a store of value SOV.

virasog

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Quote from: Ausgewielt on March 20, 2021, 05:19:04 AM

World will still choose Bitcoin rather than altcoin. Just look at Elon Musk, he bought Bitcoin which mean that he know the potensial thing of bitcoin. Those people who own many bitcoin will sell their bitcoin, if no it seems that they are not very smart. Peraon who own something without use it until he or she die means that he or she is own nothing. I think the world will accept many type of cryptocurrency. That is the same as USD, there will be a cryptocurrency that vert superior and dominant like USD and that is Bitcoin.

People will hold bitcoin just as they hold the gold. Also the millionaire don't sell all their wealth and yet die, leaving the money for their generations. The same is true for bitcoin.
People will store bitcoin as bitcoin will become more expensive after every passing day.

Ausgewielt

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World will still choose Bitcoin rather than altcoin. Just look at Elon Musk, he bought Bitcoin which mean that he know the potensial thing of bitcoin. Those people who own many bitcoin will sell their bitcoin, if no it seems that they are not very smart. Peraon who own something without use it until he or she die means that he or she is own nothing. I think the world will accept many type of cryptocurrency. That is the same as USD, there will be a cryptocurrency that vert superior and dominant like USD and that is Bitcoin.

Bilgent

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First of all, Bitcoin is an investment tool for everybody. We will always be able to trade and use it as a payment method when buying something. And there will always be rich people who have Bitcoin much more than normal people. It is already like that now. So we shouldn't worry about whether we will be able to buy and sell Bitcoin whatever amount we like. There is no such thing in question that we will have problems on doing these things freely.

Matimtim

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Definitely yes, but bitcoin isn't own by only few but more people with knowledge how bitcoin works, and how to use it as money or digital money, maybe we need to introduce it to someone to made them as bitcoin user.

Bitcoin is for all who knows it, because you can't use it if you dont know how it works.

bryant.coleman

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I disagree with the OP. Take the case of stock market. Jeff Bezos own 11% of the Amazon shares, which is having a net worth of around $170 billion. Elon Musk owns 21% of Tesla. These people have a greater ownership compared to you and me, because they were the early adopters. That's how things work in the mainstream market. You take the risk and you get rewarded. But there is another side to it. I got my first BTC in 2012, when the exchange rate was just $10 per coin. But in due time, I sold around 80% of my coins. That means that many of the early adopters are selling their holdings before the peak prices are achieved. This is in turn beneficial for the late entrants.

isaac_clarke22

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Quote from: wxa7115 on March 15, 2021, 05:15:59 PM

Quote from: cryptozanga on March 10, 2021, 06:54:29 PM

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

~

Most people after entering this market told their friends and family to come to this market, if they had listened at that point then they would have incredible profits already but they did not and now they are complaining the price is too high.

The adoption of bitcoin all over the world is not going to stop, there was a time when that number was barely above 1 million and now some estimates put it close to 150 millions, that is a full country of people using bitcoin, if you do not adopt it now then there will be a whole continent of people ahead of you, personally I do not care but the more time you take the lesser the benefits you can get out of it.

I'm one of those actually. I was told by my friend to try out Bitcoin.
My big mistake that time was I didn't trust it because I thought it was some sort of illegal coin or some form of a scam. I could have been earning more than hella of a profit if I just followed it.

The adoption is constantly flowing but it is slow. We have a lot of people's awareness to Bitcoin's existence, but they're not just up to the game just yet.

Twentyonepaylots

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There are 21 million of bitcoins in the market. The percentage of people owning more than 100 BTC is around 12% afaik. Yes that is a huge number, but compared to the remaining 88 percent, it's still small. So what should us small-time imvestors do to combat such 'imbalance' of power over the rich? Simple. Just spread the word about bitcoin, making sure that you at least entice them to own a few bitcoins themselves, and we should stabilize this.

wxa7115

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Quote from: cryptozanga on March 10, 2021, 06:54:29 PM

Quote from: Tekunda on February 19, 2021, 10:22:53 AM

I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.

1% of Crypto Wallets hold 87% of all Bitcoins, people who invest now is just making the rich richer.

Another crazy fact, only 1000 wallets hold 40% of all Bitcoins.

All those who tell you to invest now, they do so because they buyed years before you.

Most people after entering this market told their friends and family to come to this market, if they had listened at that point then they would have incredible profits already but they did not and now they are complaining the price is too high.

The adoption of bitcoin all over the world is not going to stop, there was a time when that number was barely above 1 million and now some estimates put it close to 150 millions, that is a full country of people using bitcoin, if you do not adopt it now then there will be a whole continent of people ahead of you, personally I do not care but the more time you take the lesser the benefits you can get out of it.

cryptozanga

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

I don't know the exact percentage, but most of BTC is owned by a few.
So logically, BTC can never become a store of wealth for the masses.
BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.
So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.

1% of Crypto Wallets hold 87% of all Bitcoins, people who invest now is just making the rich richer.

Another crazy fact, only 1000 wallets hold 40% of all Bitcoins.

All those who tell you to invest now, they do so because they buyed years before you.

uneng

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

BUT if BTC cannot serve as storage of wealth for all and neither as day to day currency due to very slow and increasingly expensive transfers, what role will BTC play in the future?
I honestly think that it will become a billionaire's toy in the future and coins like XLM which offer incredibly fast and inexpensive transfers, will play the major role in the financial day to day transactions.

I think if bitcoin becomes really rare, expensive and for these reasons hard to acquire in the future there is a chance it will become a collectible token like those very valuable old coins or paper bills. On the other hand, the number of decimal houses can increase from eight to any higher number, so there will be fractions of bitcoins for everyone in the world willing to adopt it.

wxa7115

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Bitcoin is GOD

Quote from: Coin-Keeper on March 05, 2021, 04:33:40 PM

We have some long and great posts on this thread. How about some basic mathematics to demonstrate that owning even 1 BTC makes you one of the few that ever will. Fact: there will never been more than 21 million BTC. Pure math and easy to confirm so I am treating that statement as a given for this argument. The world population will be 8.5 Billion give or take by the end of next year. 21,000,000 coins max into 8,500,000,000 people means one person in 404 can own 1 BTC. Even if the demand means that folks are trying everything to own .1 (1/10th) of a coin only 1 in 40 will ever be able to achieve that, and that assumes that no person can ever own over .1 of a coin. I guess that means that most of use here are well past our allotment already, LOL!

This is really important and it is something that is not mentioned that often, when people think of those that have a lot of resources they think about the billionaires, people that have so much money that they do not know what to do with it, they fail to realize that they are in fact rich as well, not to that extent but still they are in a better position than most people around the world.

The truth is that if bitcoin gets adopted as widely as we believe it will then the amount of bitcoin that each person is going to hold is going to be incredibly small to the point that almost every single member in this forum will be ahead of the world average, so even holding a small percentage of one bitcoin is going to be enough for it to have a significant impact in your life.

DarkDays

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Quote from: Mpamaegbu on February 27, 2021, 02:04:36 PM

Nothing in life has ever been for all. There are always those who won't have access to certain things of life, no matter how necessary those things are. Even as essential as drinking water is, not everyone still has access to potable water across the globe. Do I go ahead and mention gold? Let me leave it at that. I don't think it's self defeating that Bitcoin as a store of value won't be for everyone. You need the Internet to be able to receive and send out Bitcoin. Not everyone or country has internet access. That's a common knowledge. So, let no one drum it to you that for Bitcoin to be a store of value it must be accessible to all. Nah!

You got that right! There is no much of an example in the world where a particular resource has not been for a few. Bitcoin, itself, we all know, is no exception. Even having a fraction of a BTC is better than none at all. So, despite its scarcity, all that these comments lead to is that if you want the gain you gotta be in the game!

Coin-Keeper

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We have some long and great posts on this thread. How about some basic mathematics to demonstrate that owning even 1 BTC makes you one of the few that ever will. Fact: there will never been more than 21 million BTC. Pure math and easy to confirm so I am treating that statement as a given for this argument. The world population will be 8.5 Billion give or take by the end of next year. 21,000,000 coins max into 8,500,000,000 people means one person in 404 can own 1 BTC. Even if the demand means that folks are trying everything to own .1 (1/10th) of a coin only 1 in 40 will ever be able to achieve that, and that assumes that no person can ever own over .1 of a coin. I guess that means that most of use here are well past our allotment already, LOL!

wxa7115

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Bitcoin is GOD

Quote from: Mpamaegbu on February 27, 2021, 02:04:36 PM

Nothing in life has ever been for all. There are always those who won't have access to certain things of life, no matter how necessary those things are. Even as essential as drinking water is, not everyone still has access to potable water across the globe. Do I go ahead and mention gold? Let me leave it at that. I don't think it's self defeating that Bitcoin as a store of value won't be for everyone. You need the Internet to be able to receive and send out Bitcoin. Not everyone or country has internet access. That's a common knowledge. So, let no one drum it to you that for Bitcoin to be a store of value it must be accessible to all. Nah!

I agree, while it is undeniable that bitcoin is being held by a minority of individuals we can say the same about many assets like gold, real estate, stocks and many other different assets and yet that doesn't stop people from speculating with them and to use them as a store of value, it is true that bitcoin has more requirements to be held in comparison to something like because now you need access to electricity, Internet and a device in which you can install a wallet.

But besides those requirements which can be met by billions of people around the world the only condition for you to obtain bitcoin is to have a little bit of money and your desire to acquire bitcoin so I really think that it can still perform its store of value function regardless of the amount of hands in which it is concentrated.

CryptopreneurBrainboss

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Quote from: Tekunda on February 19, 2021, 10:22:53 AM

So I believe that the people who have just started to invest in crypto should consider these other coins and forget about bitcoin.
If the world will accept crypto as currency, it won't be BTC.

Well this has been the saying from when I joined the space but yet the whole industry still revolves around bitcoin. We have more of institutional investors joining the Bitcoin market and only those that their greed can't be controlled are moving to the altcoins.

If you think bitcoin can only be owned by few then that of altcoins has tn be worst because they're owned by friend if founders and CEO all in the name of presale then the whales come in via mainsakse and filled their bags as much as they can then start playing games with the market to favour them.

You should understand that the industry is held by bitcoin, as you can see many altcoins movement are tired to that of bitcoin. If bitcoin fails then the industry is lost and that's just the fact. Many will lose interest and trust in the industry that they'll have no choice but to leave.

oHnK

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Quote from: Lordhermes on February 27, 2021, 10:39:01 AM

In one way I may agree with you but the other way, I may not, in my own understanding, bitcoin is too expensive for low category of investors to get thereby resulting to low demand by lower tier investors but to celebrities and influencers, also bitcoin transaction takes a lot of time all these while causing mempool congestion thereby making investors moving on to other coins like doge, Tron, for faster transaction with respect to low fee unlike bitcoin, Invariably, bitcoin usability may be for the richer in the future and other coins for the poorer.
In addition, bitcoin is regarded as the first mover advantage over every coins so perfectly, institutions and other companies adopts it because of its trustability more than other smaller coins.

The current price of BTC is indeed so expensive that even a pennant investor will not be able to afford it. But this is part of BTC's journey over the years. In the past, BTC was not much interested and until now people have flocked to buy it so that the price is no longer affordable. BTC will not be able to provide wealth equally but be able to fight inflation created by bankers and economists.

Topic: If most of Bitcoin is owned by few it cannot be a store of wealth for all (Read 598 times)