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The supply of bitcoin was strictly constrained In this article, let’s examine the Bitcoin supply in 2023

Compared to other cryptocurrency coins Bitcoin is a highly erratic currency. Nakamoto put a strict limit on the bitcoin supply while creating it. The rate at which the bitcoin supply is increasing along a pre-set path is decreasing. More than 21 million bitcoins will never be in circulation. As a result, one should not be concerned about unforeseen fluctuations in the bitcoin supply. The bitcoin supply is extremely predictable. Let’s explore the Bitcoin supply in 2023. As of writing on March 9, 2023, there are 19.31 million bitcoins in circulation. One block of bitcoin transactions is verified by miners every ten minutes. 6.25 bitcoins are now awarded for validating a single bitcoin block. Thus, every day, about 900 bitcoins are issued into circulation. Bitcoin’s supply is limited. As a result, trading with another person will be the only option to obtain Bitcoin once the supply is reached. There can only ever be 21 million Bitcoins in circulation.

Experts predict that the total amount of Bitcoins issued will almost certainly never surpass this limit. It is so because the Bitcoin code base contains rounding operations. To impose a Bitcoin cap restriction, block rewards are frequently divided over time. There won’t be any more Bitcoin cryptocurrency created after the final 21 million have been mined. So, the only sources of income for Bitcoin miners will be the sale of their coins and transaction fees.

Although there are theoretically 21 million bitcoins available, 4 million of them have been irretrievably lost. Bitcoins can be misplaced if the owner misplaces the private key to a paper wallet or other cold storage wallet if the private key is lost, if the wallet is misplaced, or if the owner’s wallet or hard drive is lost. Without a private key, it is impossible to use or trade bitcoins because it is necessary to send them from one wallet to another. As owners were less vigilant when the coins were just worth pennies, many bitcoins were lost in the early years of the cryptocurrency. As they are not maintained on an exchange, which may be exposed to security threats, and are kept offline, cold storage wallets are the most secure way to hold bitcoins.

A sizeable fraction of the available bitcoins are owned by several investors who entered the Bitcoin market early. Whales are investors who own enough bitcoin to influence the market when they buy or sell. 5 million bitcoins, or around 28% of the entire supply, are now held by about 1,600 companies. From Bitcoin’s birth, Satoshi Nakamoto, the alleged creator (or group of founders), has kept 1 million bitcoins in their wallet without ever moving a single one. Even though some whales do sell and spend their bitcoins, most of them choose to keep with them, effectively removing them from the market.

No new bitcoins will be created after the maximum number of bitcoins has been achieved, even if that number ultimately falls slightly below 21 million. Bitcoin miners will still be compensated, but probably simply with transaction processing fees, for continuing to pool and process bitcoin transactions into blocks. 

Bitcoin miners will undoubtedly be impacted when Bitcoin reaches its upper supply limit, but how much will depend on how Bitcoin develops as a cryptocurrency. Bitcoin miners might still be able to make money solely from transaction processing fees in 2140 if the Bitcoin blockchain handles a large volume of transactions.

#bitcoin #crypto #coin #trend

#crypto2023 Reported data shows that Bitcoin’s value increased by 83.8% in the first half of 2023, ranking first and exceeding other major world assets by a significant margin. In the second position is the #Nasdaq index, whose value increased by 31.7%. A 37% drop in value puts natural gas in the bottom position following the fall in the prices of other energy sources.

Data shows that in the first half of 2023, Bitcoin increased by 83.8%, ranking first, far exceeding other major assets in the world. The Nasdaq index rose 31.7%, ranking second, and other major national stock markets rose. The price of natural gas fell by 37%, ranking the… pic.twitter.com/bou05S8aH0

— Wu Blockchain (@WuBlockchain) July 2, 2023

Bitcoin’s trajectory for 2023 has been clear and with a bullish undertone. The flagship #cryptocurrency kicked off the year with a strong bullish sentiment. The bitcoin price rose by 47% within the first month of the year, setting the tone for the following weeks.

The cryptocurrency’s rise was characterized by typical declines, with support and resistance levels impacting the price change. Bitcoin’s price dropped to $19,569 in March after climbing over $25,000 for the first time since August 2022.

Many Bitcoin analysts identified the climb above $25,000 as a significant move to confirm the end of the bear market. Despite the pullback after that, the majority of Bitcoin’s proponents considered it a consolidation and an accumulation opportunity. That belief was supported by the anticipation of a bull run ahead of the next Bitcoin halving, which comes up in 2024.

Another phase of the bullish #trend returned to the Bitcoin market in the middle of March. Bitcoin gained over 58% in about four weeks during that period, as the price surpassed the $30,000 level for the first time since June 2022.

BTCUSD Weekly Chart on TradingView

After that surge, Bitcoin entered into another consolidation, pulling back toward the $25,000 support region. After reaching a local low of $24,756, the bullish momentum returned, with the price returning above the $30,000 price level.

Data from TradingView shows that Bitcoin’s price at the end of June was $30,469, marking a yearly gain of over 83%. Bitcoin traded at $30,503 at the time of writing, with the positive momentum still intact.

#Binance

Celsius Targets Withdrawals Made 90 Days Before Bankruptcy for Repayment
Last updated: January 9, 2024 23:43 EST . 1 min read
    
Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

Source: Adobe / FellowNeko
The bankrupt crypto lender Celsius Network has notified its creditors that customers who made substantial withdrawals in the 90 days leading up to the bankruptcy declaration may need to return a portion of the funds or face legal consequences.
According to a notice published by Celsius bankruptcy managers on January 9, account holders who withdrew over $100,000 in the 90 days prior to July 13, 2022 (the date Celsius filed for bankruptcy), are subject to clawbacks.
Forthcoming letters to the affected account holders will instruct recipients to make a payment equivalent to 27.5% of the amount withdrawn during the specified period. Compliance with this request will render them eligible for future distributions under the reorganization plan.
According to a report from The Block, Alan R. Rosenberg, a partner at Markowitz Ringel Trusty & Hartog law firm, said the notice is directed at individuals with preference exposure exceeding $100,000, allowing them to “preemptively settle with the estate.”
Users who, in the months prior to the bankruptcy, withdrew less than $100,000 are not required to return the funds, but they still need to vote in favor of the plan and refrain from opting out of the releases outlined in the plan, Rosenberg further said.
Rosenberg highlighted that failure to comply with these instructions could lead to potential lawsuits against non-compliant individuals.
Celsius’ bankruptcy filing
Celsius Network filed for Chapter 11 bankruptcy following the collapse of the Terra blockchain ecosystem in mid-2022.
The compa noted at the time that it had anywhere between $1 billion and $10 billion in assets and liabilities and more than 100,000 creditors. Customer accounts on the platform had been frozen for about a month by the time the firm filed for bankruptcy.
Alex Mashinsky, Celsius Network’s former CEO, resigned from his position in June 2023.
The former CEO was arrested in July the same year but remained free on a $40 million bail.
Mashinsky is set to face a criminal trial beginning on September 17, 2024.
#crypto #trend #binance #bnbchain #btc