These are the top ten richest Bitcoin public address. Some of these are cold storage wallet address used by Bitcoin exchanges like BitFinex, GDAX and others identity of remaining address are not known.
||Balance (As of 12/10/2017)
||126,495 BTC ($1,971,620,100 USD)
||119,203 BTC ($1,857,962,680 USD)
||91,348 BTC ($1,423,804,426 USD)
||79,957 BTC ($1,246,255,636 USD)
||76,000 BTC ($1,184,577,140 USD)
||69,370 BTC ($1,081,240,028 USD)
||66,452 BTC ($1,035,757,886 USD)
||66,379 BTC ($1,034,615,943 USD)
||66,236 BTC ($1,032,387,301 USD)
||66,234 BTC ($1,032,355,078 USD)
Source – Bitinfocharts.com
Today, the world population is 7.6 Billion. Everyone needs some kind of money for their day to day needs. What if (Personally, I am very confident) at some point in the near future at least a billion people would adopt some of the major crypto currencies for their day to day transaction? There is only finite number of coins which can every be created for each of these crypto currencies. Example, Number of Bitcoins which can ever be in circulation is 21 Million. Today, around 16 Million Bitcoins are mined and in circulation. To reach 21 Million, it would take another 120 years. Bitcoin is expected to reach 21 Million in 2140.
With that in mind, lets do some math as to see how much each person can own.
- Currency divided among only 1 Billion people
- I am considering what these 1 billion people can own when the full set of coins which can ever be created are in circulation.
* Max Supply of ETH is unknown at this point in time.
With such limited supply of coins, the price are bound to increase astronomically.
Price of 1 BTC at the time of this posting : $ 15,002
Bitcoins can be bought from a Bitcoin exchange in your respective country. Most exchanges operate online. You will need to create an account and verify your account using your basic identity proofs. Once the account is verified, you will be allowed to make a payment using your local currency after which you will be allowed to purchase the bitcoin at the current market price + exchange fees.
You can get the list of Bitcoin Exchanges officially recommended by Bitcoin community from here.
Some Basic guidelines to buying bitcoin
- Do not invest more than what you can afford to loose.
- Always do a test transaction with small amount to make sure your payment is reflected in your exchange account.
- Once you buy a Bitcoin, do not keep the Bitcoin in your exchange account. Move it to an offline wallet where is it is more secure. Exchanges are meant only for Buy/Sell/Trade bitcoins and not as a safe storage.
- Do not ever buy Bitcoin using hard cash. Always go through a Bank transfer and pay taxes to any profits made out of it. Govt agencies are ruthless when it comes to avoiding taxes for profits made using crypto currencies.
- The natural tendency is to wait till the price drops and then buy. But in case of Bitcoin, the expected price drop is very hard to catch unless you are a professional trader. So now is the good time to buy.
- Do not try to experiment with day trading unless you are a professional trader. 90% of the time, people loose their money while day trading. Buy bitcoin and hold it as long as you can.
- If you are keeping your bitcoin in the exchange account, make sure to write down the account recovery settings. This is very important in case if you forget login details. Also enable two factor authentication for your account. Most exchanges support this.
- Remember BTC is the official ticker for Bitcoin. There are lot of other coins like BTG, BCC, BCH, ETH, LTC. These are called altcoins. I will try to cover about altcoins in another post.
Price of 1 BTC at the time of this posting : $ 15,513
A simple Straight answer is “Yes”. This is one of those once in a life time opportunities which can alter your life for good. From $5 in 2012 to $15,000 in 2017 is an exponential growth which no other asset could have grown. Yet, Bitcoin is still in its early days which has huge potential to grow. It is now where large section of society is hearing about bitcoin.
Some of the big name who have invested in Bitcoin include Satoshi Nakamoto (Bitcoin mastermind), Bill Gates, The Winklevoss Twins, Mark Cuban, John Macafee and others.
Bitcoin is called by a ponzi scheme by many. I beg to differ. Usually a ponzi scheme is run by a few people or a group of small actors. However in case of Bitcoin, there is no single owner or company or a govt behind it. It’s completely open source and driven by millions of people around the world. The main technology behind Bitcoin is called Blockchain. You can read more about it here.
There is only a limited amount of Bitcoin which can be ever created. To be precise, only 21 Million Bitcoins. To put it in perspective, there are 50 Million Americans who are millionaires. Even if each one of them wants to own a single bitcoin, there are simply not enough bitcoins to be owned. Hence each Bitcoin will be valued at an astronomical value in the near future.
Next biggest question is how much should I invest in Bitcoin? The only thumb rule which I use is, the maximum amount which I can afford to loose. DO NOT invest even a single penny more which you cannot afford to loose.
Most conservative estimates put value of Bitcoin at $100,000 by end of 2018.
Price of 1 BTC at the time of this posting : $ 15,370