Do you know how decentralized Bitcoin is? The new results about Bitcoin, which we boast about being decentralized until now, are quite interesting.
How decentralized is Bitcoin?
Bitcoin was invented by Satoshi Nakamoto, who allegedly was an anonymous person or persons. Although many people claim to be Satoshi, no solid evidence of his identity has been found so far. BTC was the most valued asset in the community, both because its inventor was uncertain and because it was the first cryptocurrency to emerge.
How centralized is BTC?
Especially, the early Bitcoin investor, who believed in the technology behind Bitcoin, started to collect BTC from the market. The amount of BTC they collected multiplied over time, and each of them became big whales. According to recent reports, only 5% of Bitcoin addresses control 95% of all circulating Bitcoins. Only 1% of Bitcoin addresses control more than half of the Bitcoins in circulation.
How centralized can BTC be? Preethi Kasireddy, CEO and founder of the TrueStory startup, answers that question in research results published Tuesday. Only 2% of Bitcoin addresses stated that they control 80% of all Bitcoins in circulation.
Studies are based on wallets with a minimum of 1 BTC.
See:How to buy Bitcoin? How to buy BTC securely?
TruStory’s research partially answers the question of how centralized is BTC. However, as KoinMedya, we think that the research is based on only 1 BTC, which is extremely misleading. Because we estimate that there are millions of accounts that do not have 1 BTC. In the next research, if they are based on 0.1 BTC, we can find more robust results on the question of how decentralized Bitcoin is.