Bitcoin question:
All these Bitcoin Youtubers often show Charts about how many addresses with balance above X amount of BTC. They refferr to them as showing growth and adoption. 📈
But is that really true? 🤔
If a whale buys 1 BTC every day and puts each of this BTC in different addresses, we have a big growth in addresses >1 BTC. But we don’t have more adoption 🤷🏻♂️
💯
We don't know shit about fuck.
Gotta be able to correlate it back to KYCed exchanges to know shit about fuck and even then, they’re clearly often full of crap
Yeah, it would be more useful to look at the number of new xpub/ypub/zpub keys over time. But even then one person can still own more than one pub keys.
The problem (or the benefit) is you wouldn’t want to share your pub keys for the sake of privacy.
So if i understand it correctly, you don’t have an onchain metric that can tell you how many xpubs (zpubs …) own how many btc? Because that information is never included in transactions? 🤔
Basically yes, a btc address is a hash derived from the pubkey, which is itself derived from the private key. Transactions include only sending and receiving addresses + signatures (derived directly from the private key).
Yep. That is an incorrect measure of growth, it only shows number of addresses not people
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Somebody had done a very good approximation on this topic and they reached around 250k people having 1 bitcoin and above. Will try to find it again.
Wow that’s interesting!
The „chart“ shows more than 1 million addreses above 1 btc
When you try to calculate people with more than 1 bitcoin we need to consider people with multiple wallets of > 1 bitcoin, but also people that have smaller wallets that all add up to >1 bitcoin. I remember the analysis not the source 😅
It’s not the really real truth but we can approximate the true data with that numbers.
It’s not likely that any entity will separate 1000 BTC in 1000 different addresses. But possible indeed
I think it’s still likely. Like in the case i described. You buy 1 btc every day and your walket gives you another address each day.
But good point 🙏🫂💜
