I was chatting about Bitcoin's impact and effects with a few friends today. My friends discuss the impact that Bitcoin whales are having on the adoption of Bitcoin. In the coming years, according to Bitcoin experts, adoption will increase. He claimed that 3.7 million coins are lost, with the remaining coins being held on chains by early adopters.
He claimed that this specific set of people is seriously impeding the adoption of Bitcoin. As they have the ability to shock the entire system with sell/buy. Avoiding a centralized authority controlling the system is one of the issues that Bitcoin seeks to overcome. If there is a large demand and widespread adoption, a supply shock would then occur.
However, the issue is still present and may be more significant than the use of fiat money. Unless Bitcoin holding changes in any way. I believe the system should be changed such that each person is limited to holding a certain quantity of Bitcoin.
I think that this will hinder widespread adoption. What do all of you think?
Happy Christmas 🎄🎄
He claimed that this specific set of people is seriously impeding the adoption of Bitcoin. As they have the ability to shock the entire system with sell/buy. Avoiding a centralized authority controlling the system is one of the issues that Bitcoin seeks to overcome. If there is a large demand and widespread adoption, a supply shock would then occur.
However, the issue is still present and may be more significant than the use of fiat money. Unless Bitcoin holding changes in any way. I believe the system should be changed such that each person is limited to holding a certain quantity of Bitcoin.
I think that this will hinder widespread adoption. What do all of you think?
Happy Christmas 🎄🎄
I don't think this will hinder mainstream adoption of Bitcoin. Whales may hold a large amount of coins, but they won't be able to hold all 21m coins that will ever be mined. Coins that are lost, essentially add towards the value of Bitcoin in the long run. Besides, there are plenty of BTC left to mine before the 21m cap is reached. I'm pretty sure there are many people holding coins on their own, especially when Bitcoin is accessible to anyone with an Internet connection.
If there's ever an issue with the distribution of coins, developers could easily propose increasing the supply for the community's approval. But that would defeat Bitcoin's purpose of being a deflationary cryptocurrency. No one can predict the future, so we can only hope for the best. Just my opinion
