BTC - Number of addresses holding Bitcoin hits new all time high
Another day, another record
This one refers to the total number of bitcoin addresses holding any amount of bitcoin.
The total number of bitcoin addresses that hold any amount of bitcoin hit a new all-time high today with 28.39 million addresses holding at least some bitcoin.
The previous high was January 10th, 2018 at 28.38 million addresses.
Check it out:
(Source: https://twitter.com/intangiblecoins/status/1202950870939422720)
Does this mean more people than ever before own bitcoin?
Maybe, or maybe not.
One thing to keep in mind is that sometimes people use different bitcoin addresses every time they make a transaction.
This means that one person could end up having significantly more than one bitcoin address associated with their bitcoin holdings.
That would indicate that this total vastly overstates the total number of bitcoin owners.
However, there is also a caveat...
Many bitcoin owners have their bitcoin held through custodians or exchanges.
Going this route may see these custodians and/or exchanges holding customer funds in a single wallet address.
Which would significantly under-count the total number of individuals actually holding bitcoin.
Which one has more impact?
That is the 64 thousand dollar question.
It's impossible to say for sure which one has more impact which is why this is still considered the best metric for determining the total number of bitcoin owners.
Even if it's not an exact science.
Stay informed my friends.
-Doc
I do a similar thing with Steem...I like to look at the number of addresses holding at least 1 SP.
Right now, according to Steemitboard, there are 270,784 accounts that fit that criteria.
Highest total ever?
These are great news.
I am much more interested in Steem at this prices then Bitcoin to be honest.
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Steem has potentially greater upside. With a market cap of only $40 million, steem isn't priced like it will get much right. If they do get some things right it could offer massive returns.
That is exactly what i am aiming for.
Single-use addresses are easy to detect as they only have one incoming transaction and one outgoing transaction... Just check which wallet addresses are used only once together and you can see a pattern... As wallet addresses are generated from same private key, you can eventually see which addresses are for same user. You need to use Base58 decode on the wallet addresses before you can compare them as you need bit-wise compare.
Is it possible to do that chain wide to get an idea of the total number of bitcoin wallets?
I think it is possible after figuring out the bit mask of the public keys of wallets derived from same private key... I know how it can be done in CryptoNight coins, but not how it can be done in scrypt coins that only use one private key instead of two.
Interesting post and it generates more questions from its answers. I hope the trend means more accounts and more adoption.
Yep, same here. It appears that it does.
I foresee this
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Why is that?
thanks, this was some great info!
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