Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
According to a University of Cambridge study, much of bitcoin mining is done in China, where electricity is subsidized by the government.
In 2013, The Washington Post reported that most of the world’s bitcoin trading volume was processed by Mt. Gox, a now-defunct cryptocurrency exchange based in Japan.
As of 2018, the value of all bitcoins in circulation exceeded $180 billion.
NOTE: WARNING: This article may contain speculation and unverified claims about which countries own the most Bitcoin. Be sure to do your own research and verify all claims before making any decisions or investing in Bitcoin. Do not rely solely on this article as a source of information.
Despite its popularity, Bitcoin remains largely unregulated by government agencies around the world. This has led to concerns about its potential for illegal activity.
In October 2013, the FBI seized more than $2 million worth of bitcoins from Silk Road, an online black market that allowed users to anonymously buy and sell illegal drugs and other items.
While most countries have yet to make explicit regulations surrounding cryptocurrency usage, some have taken steps to do so. In March 2014, the People’s Bank of China issued a notice banning financial institutions from handling Bitcoin transactions.
However, this ban has been largely ineffective as Bitcoin continues to be traded on Chinese exchanges despite the country’s crackdown on cryptocurrency trading.
The majority of Bitcoin ownership is concentrated in a few countries at this time:
1) United States – The U.S. is home to many major exchanges such as Coinbase and Gemini, and over 15 million Americans are estimated to own Bitcoin.
2) Japan – Despite its recent crypto crackdowns, Japan still remains one of the friendliest countries towards cryptocurrency with roughly 3 million Japanese owning Bitcoin.
3) United Kingdom – The UK has been relatively open-minded when it comes to crypto with major exchanges such as Coinfloor operating within its borders.
It’s estimated that 1% of the British population owns Bitcoin – amounting to over 600 thousand people.
4) China – As mentioned before, China houses many Bitcoin miners and has played an important role in its development. However, ownership is not as widespread due to the Chinese government’s negative stance on cryptocurrency trading.
5) South Korea – South Korea has seen tremendous growth in both cryptocurrency trading and adoption with major exchanges like Bithumb dominating the market there. It’s estimated that around 20% of South Koreans own Bitcoin or another cryptocurrency.
7 Related Question Answers Found
As of early 2018, it’s estimated that the top 1000 richest people in the world own about 40 percent of all bitcoins. That means that just four hundred people could theoretically control a majority of the world’s supply of the cryptocurrency. That’s a scary thought for those who believe in decentralization and a distributed ledger — two of the key selling points for bitcoin.
As of September 2019, it is estimated that Satoshi Nakamoto, the creator of Bitcoin, owns approximately 1.1 million bitcoins, which equates to around 6% of the total supply. However, it is possible that Nakamoto has lost some of his/her bitcoins over the years, as he/she has never moved them from their original address. If Nakamoto does still own these bitcoins, then he/she is by far the richest person in the world when it comes to Bitcoin.
The answer to who owns most Bitcoin in the world is not as straightforward as you might think. While there are a few known entities that hold large amounts of Bitcoin, it’s mostly held in smaller amounts by a large number of people all over the world. The largest known holder of Bitcoin is the online exchange Coinbase, which holds approximately 4% of all Bitcoins in existence.
As of early 2020, the answer to the question “who owns the most Bitcoin in the world” is still a bit of a mystery. While there are a few known entities that hold large amounts of Bitcoin, such as the Winklevoss twins (who own an estimated 1% of all BTC in circulation), it’s thought that the majority of Bitcoin is held by unknown individuals and entities. This isn’t necessarily a bad thing, as it helps to keep Bitcoin decentralized and ensures that no one person or group has too much control over the cryptocurrency.
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto in 2009.
As the price of Bitcoin has surged over the past year, more and more people are becoming interested in the crypto currency. While there are many different ways to acquire Bitcoin, one of the most popular methods is through mining. Mining is the process of verifying transactions on the Bitcoin blockchain and adding them to the public ledger.
As of September 2019, the top five holders of Bitcoin were reported to be as follows:
1. Satoshi Nakamoto – 1 million BTC
2. Tim Draper – 640,000 BTC
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