Topic: What are Virgin Bitcoins - page 2. (Read 432 times)

Things are only worth as much as other people are willing to pay for them. You might not see any reasons to pay a premium for freshly mined coins, but there are people out there who do, and it seems like there's enough of them to create a steady demand for these virgin bitcoins. Prices are always subjective, some people wouldn't buy any bitcoins even if they were worth a few dollars, while others are buying them right now and think it's a good deal.

Virgin bitcoins are basically coins which are straightly mined and come from the Coinbase transaction. They basically have no outputs because they were freshly minted.

In my opinion you can't really safely buy any Virgin bitcoins, reason why is because the original miner would need to send you the private key and there is no guarantee that in the near future that seller won't just move the coins right after sale.

These days as soon as a block is found the miner reward is sent directly to a pool and its spread across thousands of addresses so these days its rare to mint a true virgin bitcoin like the people did back in 2009-2011.

Is a newly minted $20 bill worth $21 ? no
Is a $20 bill that was used for cocaine worth $19 ? no
Is a genesis block BTC worth more then a non genesis block BTC ?  Does'nt matter as genesis blocks funds cant be moved.

https://en.bitcoin.it/wiki/Genesis_block.


In theory, if satoshi found the key the only additional value added to the coins would be that they where his coins.

I've heard about virgin bitcoins and knew the definition before reading this thread, but the topic is indeed interesting. From what I read before, though, freshly mined coins cost more than others and they are of great interest to people doing illegal activities... I've never seen a clean BTC and cannot imagine why I would ever need it rather than a regular Bitcoin, but it would I deed be interesting to see them.

This is the biggest joke I have read in days. Your article is very lengthy but I strongly disagree with you. Newly minted $500 is no more valuable than 2017 $500, both commands the same value. 

Its to allocate redundancy.

Which is rather funny given most pools do not give the coins directly to miners, but instead store/send them to a (online) wallet of theirs and when the miner reclaims it another transaction is made. Perhaps this concept would need some amends...

Anything fresh Is considered virgin so definitely new mined bitcoin is a virgin one. There were lots of buyer who do tend to accumulate these clean coins to avoid
regulatory issues,so I'm not surprised why these coins are much important for those people who do seek of.

This is a great follow-up article on the topic I recently picked up on Cointelegraph https://cointelegraph.com/news/virgin-bitcoin-most-in-demand-crypto-that-is-regulated-differently

Ciphertrace has picked up on some interesting Bitcoin data regarding these highly sought after virgin btc

You could simply consider freshly mined btc "Virgin Bitcoin"
When it swaps hands , It's lost its virginity.

It's not really that being the issue. Virgin bitcoins are much better and wanted then regular bitcoins due to it's anonymity.

For virgin bitcoins, you wouldn't be able to see a TX history and it's basically the crypto equivalent of untraceable cash, and they often go for higher prices then what they are worth (sort of like the 500 EURO bill), and a lot of them are used for criminal activities.

It's often sold on the dark web for 10-20 percent of it's actual value, and it's quite useful for criminals.

Privacy coins are also not as popular and mainstream as Bitcoin. Blockchain detectives will eventually be able to figure out the origin of your coins, unless a mixer is used - but then again, the larger the amount is, the harder it is to hide your funds (even via mixers).

If I really care about my privacy and the history of the coin I purchase I'll just buy some privacy cryptocurrency and not buy bitcoin that the price 10- 30% higher than the price on the market.

And again, if I buy 1 bitcoin legally from an exchange, but without my or that exchange knowledge turn out that bitcoin has been stolen, do I really have to give that bitcoin back to the owner? In my opinion of course not. But hey, I'm no legal expert so know nothing about the law

And I have another question, I have 1 wallet With 100 bitcoin in it, and receive another 100 of "stollen" bitcoin on that same wallet, and spread that 200 bitcoin to 100 different address, how can you tell which one is stolen bitcoin and witch on not. I just curious, cause it has been placed to the same wallet. how can we know the difference between those coins.

The point of virgin coins is to ensure that they have no dirty past and thus reduce the risks of having to deal with investigators.


Why you are so sure that no one can link your coins to your identity? If you have an exchange account, you probably did KYC, and even if you didn't, it's still inked to your bank card which has your name on it. And then there are things like linking your public profiles, Bitcoin addresses and real world identity together - this can easily happen, it's the same as doxxing, which happens all the time.

What the point of having this "virgin bitcoin"? Beside its never traded before? Its useless in my opinion cause in the end you gonna spend it anyway.
Let's say that I have 1 bitcoin in my wallet right now, this bitcoin already moved so many times, but this 1 bitcoin is from stollen wallet and I never know it cause I get it from an exchange. do "cyber police" will come to me and confiscated my bitcoin? No right? they don't even know what address belongs to whom, let along to seize it.

Does anyone have a tx of a Virgin Bitcoin? I would love to see it :-D

Well as all bitcoins ever to be issued were created when the genesis block was laid, and Bitcoins from this pool are allocated as block creation rewards, surely a "virgin Bitcojn" would be one in the original pool that has yet to be allocated.

What are Virgin Bitcoins and Where Can I Buy Them?

You might be hearing this for the first time and may never have imagined that there is anything called a “Virgin Bitcoin”. Yes, you heard right.
First of all, one of the characteristics of Bitcoin is that it is a transparent network, and every transaction on the network can be traced. On top of that, the history of transactions can never be deleted. Another point to note is that every particular Bitcoin is unique, including the ones that are yet to be mined.
Based on the information above, you will understand that it is possible to find out how any particular Bitcoin has changed hands right from when it came into existence. For the want of an appropriate term, I would refer to older Bitcoins as “regular Bitcoins” in this post.

Back to the Subject Matter. So, What is a Virgin Bitcoin?

In simple terms, Virgin Bitcoin is a term used to refer to any freshly mined Bitcoin that has not been used for any transaction at all.
This should be a normal development, at least based on the fact that every Bitcoin today was once a Virgin Bitcoin.

So why do we have to specially talk about a freshly mined Bitcoin? Of what importance is it in the industry today?
The idea of Virgin Bitcoins has generated a lot of interest, based on the premium status that is being associated with it, especially in the cryptocurrency marketplace. This class of Bitcoins are currently being traded at higher costs, with mark ups of between 10% and 30% across different platforms. The reason for this is not far-fetched, as a matter of fact, it is because of their status of “no history”, so they can be assumed as the safest kind of Bitcoins to hold.

How Safe Are My Bitcoins?

As already explained above, the history of every Bitcoin in existence today can be traced back to the point of mining. All wallets where they have been can be identified and singled out. It is true that Bitcoins are termed to be ideal for anonymous transactions. This anonymity is only to the limit of not knowing the particular identity of a wallet holder. Apart from this, we cannot categorically assume Bitcoin transactions to be anonymous. Rather, it can represent the most open way of making transactions.

Having this in mind, and putting into consideration the vices in the crypto industry, it means that some Bitcoins can actually be risky to hold as investment. The implication of this is that it is possible to buy Bitcoins from the open market that have been used for illicit transactions, or some other criminal transactions.

Imagine being caught in the crossfire of a criminal investigation that you know nothing about, and have your Bitcoins blacklisted because it was used by someone you know nothing about to commit an offense. This is exactly why people are becoming more careful around the “regular Bitcoins”, and are ready to pay even more for Virgin Bitcoins.

The identification of Bitcoins is not yet so popular in the industry, however, there are signs that for purposes of regulation and security, we may soon be seeing increased activity in this area. This is the same sentiment held by Flex Yang, CEO of Babel Finance who spoke after the recent G-20 summit. He explained what could happen as soon as the already agreed adoption of the standards of the Financial Action Task Force (FATF) kicks in.

Yang Said;
“When these standards go into effect, interexchange transactions will require transparency regarding senders and receivers of cryptocurrency. This opens doors to a wide berth of scrutiny as regulators probe different ledgers to determine what wallets participated in illicit crypto exchanges, hacks, etc. Bitcoin remains of interest to institutional investors, but their threshold for risk is much lower. With uncertainty as to how the crypto world will conform to the FATF standards, many traditional investors feel it best to air on the side of caution.”

Therefore, it is in line with airing on the side of caution that most people who can afford it are going for Virgin Bitcoins. After all, you wouldn’t want to lose your investment over something that you know nothing about. But then, it is one thing to want to buy Virgin Bitcoins, and another thing altogether to know how and where to purchase them.

Where Can I Buy Virgin Bitcoins?

Thanks to platforms like Vertex.Market, buying Bitcoin or any other cryptocurrencies has become very simplified and flexible. The platform provides all the liquidity you may need to trade effectively in the highly dynamic marketplace. Apart from that, if you want to differentiate and classify between Bitcoins or any other cryptocurrency, Vertex affords you that opportunity.

It is a peer-to-peer platform that allows customers to make purchases using bank transfer. Even tokens that are yet to be listed can be purchased on Vertex, and the coins sent directly to the users wallet.

On Vertex, everyone is treated specially and every transaction need that you may have is adequately addressed, even if it has to do with Virgin Bitcoins.

https://medium.com/@official_83664/what-are-virgin-bitcoins-and-where-can-i-buy-them-d6eab0f669e0