Professionals in the crypto industry have made their estimate about the Bitcoin that the wallets that contain 1000 bitcoins or more cover up nearly 40% of all bitcoins in the cryptocurrency markets. It is seems that decentralization is like a myth as these small numbers of traders are controlling the movement of BTC. Bitcoin Ownership
Gabor Gurbacs, a digital asset strategist and director at VanEck, presents his data about Bitcoin storage on wallets. He says that more than 100000 BTCs are owned by 3 cryptocurrency wallets while 10000-100000 BTCs are owned by 115 wallets having many users who are involved in cryptocurrency exchanges.
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I studied #bitcoin ownership earlier. Highlights:
+ ~14,000 own 62% of #BTC
+ There are only 3 wallets that own 100,000+ BTC and 115 that own 10,000-100,000 BTC. (large wallets are often exchanges with millions of clients)
+ Ownership seems balanced Cc:@JanvanEck3, @KyleDacruz pic.twitter.com/mILdP1eOTk
— Gabor Gurbacs (@gaborgurbacs) August 15, 2019
The exclusion of wallets can affect the results of BTC.
A chart of the Lorentz curve is presented below which demonstrates the results of Bitcoin. The Lorentz curve consists of a blue line and a red curve; the blue line is straight and it shows that coins are equally distributed while the red curve discusses actuality and percentage of the ratio of no. of wallets to the no. of coins.
Cryptocurrency distribution in the above Lorentz curve claims its “unfairness”. And we can also see the economic unfairness in the chart of the Lorentz curve. If we want to see the fair results and distribution of coins, then the red curve should be closer to the straight blue line. Social programs and tax reforms can change their position because they control their place.
Ari Paul, who is the co-founder of BlackTower Capital, gives his suggestion to the experts of cryptocurrency of removing wallets that have less than 0.01 BTC balance in their accounts. He says that many BTC addresses can be created by a single user; therefore experts should consider this suggestion.
I don’t view “% of addresses” as meaningful. I could create 1 million new addresses with dust in each with a script, and drive that number down further. The problem is that the denominator is kind of a nonsense number. What does the total number of addresses mean or matter?
— Ari Paul ⛓️ (@AriDavidPaul) August 14, 2019
Nowadays investors are becoming rich and wealthy and this ratio is increasing day after day because investors are focusing on developing new software related to Bitcoin which can make them much wealthier. So an equal distribution of Bitcoins with percentage should be focused.
What do say about the unequal distribution of bitcoins? Share your thoughts in the comment section.