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Bitcoin [BTC]: Number of BTC hodlers increase as $34 million worth BTC transferred in block 566927

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Bitcoin [BTC]: Number of BTC hodlers increase over time; $34 million worth BTC transferred in block 566927
Source: Pixabay

Bitcoin is presently facing a lot of pressure from the community to breakout. However, there is massive resistance to the top and major support at the bottom, which has caused the cryptocurrency’s price to consolidate and move sideways.

Since the price is stagnating, a lot of people in the community have started to hodl as they add to their ‘BTC bags.’ UTXO refers to the unspent output transaction of Bitcoin. When compared, it gives information about the amount of time Bitcoins have been sitting in the wallet.

The image attached below indicates the same,

Source: Hackernoon

The green line indicates that the number of UTXO has increased over the years, despite the drop in price. This is an indication of the fundamentals of Bitcoin getting stronger as more and more people understand the technology behind it and accept it.

The fact that Bitcoin is well known, and is expected to be a store of value in the future, while possibly exceeding the $7 trillion market cap of gold, also contributes to the UTXO rising.

Additionally, a total of 8,810 BTC was moved to a wallet in block 566927 on March 13, 2019, at 21:52 UTC. The transaction cost was a mere $0.89 or 0.00022916 BTC. The 8,810 BTC was further split into two and moved to two separate wallets.

Source: Blockchain.com

This is just another one of those movements where large sums of cryptocurrencies are being accumulated, in anticipation of the bull run ahead. The same day witnessed more BTCs being moved by different entities, including the transfers of sums such as 2600 BTC, 700 BTC, 942 BTC, 939 BTC etc.



Some prominent people in the cryptocurrency space have argued that Bitcoin has already bottomed and that the bull run has already started, while others argue that it is yet to bottom.

Moreover, Bitcoin market sentiment is positive, and so is the 30-day average market cap of Bitcoin, a positive sign for the world’s largest cryptocurrency.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand

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Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:



“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.





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