Post
Topic
Board Bitcoin Discussion
Re: 0.28 bitcoin to be in the 1% of richest bitcoin holder
by
Kakmakr
on 23/02/2020, 07:38:05 UTC
To be honest, I don't understand how this number is calculated. I had a quarter of BTC, so I was pretty close to this one, but why is it 1% richest holder? There are 18 million BTC in circulation, so it's really hard to believe that such a small number could make a person a part of 1% richest holders. And from the data I've encountered on the richest BTC addresses, they have quite a lot of BTC. If there're 42 million wallets, then the one owning at least 0.28 BTC should be in 420k of the richest ones, right? If what AsusPower wrote about 720k addresses with 1 BTC or more is right, I don't see how the math can work out here.

I don't know if they're basing it on this rather rudimentary equation or not, but it seems to be an odd coincidence if not:

21 million BTC / Global population of ~7.5 billion = .0028 BTC

1 is two decimal places away from 100, so move the decimal place by two... ?

I wouldn't personally feel comfortable describing it as "statistically guaranteed" if that's how they're working it out, heh.

Yep, good catch there... I think they did use that calculation and I think it is flawed. A very high percentage of the global population is unemployed or too sick to work or they are simply too young to care about money or bitcoins.  Roll Eyes

In any way, people distribute their coins over different addresses, so it will be difficult to know how many people actually have more than that amount of coins in total.  If this was Fiat currencies, Banks would have told you exactly what the global statistics on wealth would be... but not with Bitcoin.  Grin