When Bitcoin was first created, its creator Satoshi Nakamoto set a limit of 21 million Bitcoin that could ever be mined. But why did he choose this number? And why is the limit so important?
The answer to the first question is somewhat simple. Nakamoto wanted to create a currency that couldn’t be inflationary.
By capping the total number of Bitcoin that will ever exist, he ensured that Bitcoin couldn’t be debased like fiat currencies.
NOTE: WARNING: Be extremely cautious when dealing with individuals claiming to own 1 Million Bitcoin. This is an extremely large amount of cryptocurrency and could be a scam. Do not provide any personal information or agree to any transactions without conducting thorough research into the individual and verifying the authenticity of their claim.
The second question is a bit more complex. The limit is important because it helps to ensure that Bitcoin remains scarce and valuable.
If there was no limit, then more and more Bitcoin would be mined and eventually the currency would become worthless. By capping the supply, Nakamoto ensured that Bitcoin would always have value.
So who is the owner of 1 million Bitcoin? The answer is anyone who bought or mined those coins before the price started to rise. Today, 1 million Bitcoin is worth over $10 billion. So whoever owns those coins is now a very rich person!.
9 Related Question Answers Found
When it comes to Bitcoin, there are a lot of different ways to skin the proverbial cat. You can mine it, buy it, trade it, or even earn it. But who owns the most Bitcoin?
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 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 digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin is unique in that there are a finite number of them: 21 million.
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.
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.
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.
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 December 2017, the largest holder of Bitcoin is believed to be the Chinese company Bitmain Technologies Ltd. The company is estimated to control around 20% of all Bitcoin mining power. Bitmain operates two of the largest Bitcoin mining pools in the world, Antpool and BTC.com.
