Imagine this…

Currently, there is approximately [100 million Bitcoin owners]( in the world; granted this is a very rough approximation, given many entities control multiple wallets, etc. But for arguments sake, let’s make the assumption.

What will it mean when the global number of BTC owners reaches 1 billion? When this occurs, we will have truly crossed the event horizon; regardless of what the world population is by the time this occurs, this will surely be the most pivotal moment in Bitcoin’s history, even arguably humanity’s history.

– *What will Satoshi Nakamoto do with his/her/their 1,000,000 Bitcoin when this occurs?*

To define that moment in history, to celebrate our commitment and trust we’ve collectively placed into the protocol, imagine Satoshi Nakamoto executing transactions that send all 1,000,000 coins to the bottom-million addresses by count, or randomly to any address with < 1 coin?

Theoretically, is this possible? The congestion would be indescribable, but Lightning can facilitate these TXs over time, surely? Perhaps these addresses should also be active and not “dormant”, to avoid any coins going to dead-addresses…

What possible philosophical use case do you have with 1/21st of a global asset that a billion people hold?

…Just a thought experiment.

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  1. Regarding your thoughts on congestion, I had serious doubts. So let’s run some numbers!

    First, remember that a transaction can have more than one output. This means that we don’t have to have one transaction per receiving address.

    Let’s go with some conservative numbers:

    Assume a typical transaction size of 250 bytes with 1 input and 1 output.
    Assume ~50 bytes per additional output.
    Assume the (old) limit of 100,000 bytes per transaction (can actually go much higher).

    This means 1 transaction can roughly have 1,996 outputs. So if we’re distributing 1 million coins to 1 million addresses, about 500 transactions – or about 50mb of mempool space.

    This is easily doable and wouldn’t congest bitcoin _at all_.

    Sure, satoshi might have to consolidate his coin to some degree. Lets pretend he doesn’t know how to use bitcoin correctly and consolidates everything into one address before sending out.

    Let’s do that math:

    1,000,000 coins would have been delivered in 50 coin block rewards, so he may have about 20k addresses that need to be consolidated.

    Knowing we can squeeze roughly 1996 inputs in, this comes out to about 10 more transactions to consolidate.

    Not even gonna matter.

    Food for thought.

    Also, the myth of 1M coins has been thoroughly debunked.

  2. This whole new generation is surrounded by the talk of Bitcoin. It’s as easy as purchasing some on Cash App. I believe as more of them grow up and get older, the adoption will vastly increase. Crypto is the future 🚀

What do you think?

Parking tickets can now be paid using Crypto in Belgium

Parking tickets can now be paid using Crypto in Belgium

Nigeria is all set for rolling out its CBDC (eNaira) with Bitt Inc

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