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Bitcoin [BTC] transactions worth $364 million seen since the start of December 2018




Bitcoin [BTC] transactions worth $364 million seen since the start of December 2018
Source: Unsplash

On December 3, 2018, 19:08 UTC a total of 66,233.7478957 BTC was transferred into 101 wallets and the total transactions are worth a whopping ~$261 million.

The source and the destination wallets were both legacy addresses and the transaction costed a total of 0.01112565 BTC or $43.91.

The destination wallets were composed of 100 “bech32” wallets that usually start with “bc1q” while one wallet was starting with “1FUBE” which appears to be a vanity address generated by the user to avoid boring, random cryptic addresses generated automatically.

In the above mentioned 101 addresses, 100 bech32 wallets received equal sums of 660.33747869 BTC, but one address stood-out as it was a legacy address and received 200BTC

Bech32 is a native SegWit address format that was introduced by BIP173 as a SegWit address. Bech32 consist of around 42 signs and start with bc1.

On researching more about the vanity address it was noted that the legacy address that received 200 BTC currently holds a total of 8000 BTC worth $31.51 million. The transaction details of this address showed a total of 44, of which 38 transactions were of the exact amount of 200BTC and the remaining 6 transactions seemed to have random amount deposited into them, but when added up, it amounts to an exact total of 8000.00009 BTC.

Furthermore, all of the 100 bech32 wallet addresses that received 660 BTC now seem to be showing no balance. The transfer seemed to have occurred on OTC and not on the secondary markets, which would have caused a huge decline in prices for BTC.

The original address seemed to have been barely active with minute deposits to the address. The only major transaction that can be seen on the wallet can be seen on November 15 which was a deposit of total of 329.81 BTC.

Another major transaction took place on December 03, 18 which saw a transfer of 26,215 BTC between legacy addresses, with a total fee of 0.00478118 BTC or $18.87.

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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.

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1 Comment

1 Comment

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    Robert M

    December 5, 2018 at 4:37 AM

    Ya….btc gets transferred. Big whooopty doooo. You don’t think these people are ever going to access it? I’m sure they’ll sell all their btc at all time lows. Maybe the guy wants to buy a mansion in south beach.

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Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly



Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,

“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.

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