Crypto

Bitcoin Dad analyzed some movements on the Bitcoin Blockchain during the BITconf …

During the third day of BITconf 2021 conferences, “Bitcoin Dad” was present to give a conference analyzing certain movements of the Bitcoin Blockchain. In this sense, he began his intervention by explaining that Bitcoin contains an accounting system based on UXTO, which allows tracking between quantity, time and purchase price. The UXTOs are the fractions of Bitcoin or the outputs of Bitcoin that have not been spent.

Continuing, with his participation, he explained the monetary policy of Bitcoin. He showed through the data that Bitcoin will be issued between 2009 and 2140. And the curious thing about his data is that every 210,000 blocks a certain amount of Bitcoin is issued.

For example, in the first 210,000 blocks roughly from 2009 to 2012, half of the Bitcoins were generated. That is, 10,500,000 Bitcoin were generated in the first 210,000 BTC blocks. In the next four years, it was already half because something big happened like the halving. And, in 2016, 75% of Bitcoin was already in circulation.

Bitcoin Monetary Policy Explained by Bitcoin Dad at Bitconf 2021

What era of Bitcoin monetary policy are we in?

Papa Bitcoin, expressed that, currently in the monetary policy of Bitcoin, we are in the era of 2020-2024. At this point, 1,312,520 Bitcoin will be generated. This explanation was accompanied by a graph in which he continued to report on the performance of Bitcoin’s price from 2010 to the present. Noting that after the different halves of Bitcoin, the price of the main cryptocurrency tends to increase.

So, through his presentation, he showed what is happening with Bitcoin, after a year or two after the halving and said that it will lose influence or affect the price of Bitcoin. Since every time, there is less Bitcoin to issue.

90% of Bitcoins are already in circulation

Now he also added that 90% of Bitcoins are in circulation. He noted that, in particular, a total of 18,877,085 Bitcoins are in circulation in block 710,348. And he predicted that 99% of Bitcoins would be in circulation by December 2035, at the same time that he said that around 150 million people currently owned Bitcoins.

Another data that he explained during BITconf 2021 is that 13% of Bitcoins are condensed in exchanges, which would correspond to 2,438,494 BTC, of ​​which the distribution of exchanges was made, according to data provided during the exchange conference by Coinbase. This condensation was increasing until the COVID-19 pandemic. Since then, for one reason or another, the amount of BTC has started to decline. That is, the rest of the Bitcoins are on the chain.

Hodl Waves

In another chart, he explained Hodl waves. He said that depending on how many Bitcoin users they have, they could be placed in a colored band like the one seen below. Understanding that the bigger the band, the higher the concentration of Bitcoin.

Continuing with his explanation as the slides changed, he noted that 30% of Bitcoins are in the hands of people who have bought and held their BTC for six months to a week, that is, “in the hands of the most recent” , said. . . . While the remaining 70% have hodlers, those who have accumulated Bitcoin for more than six months.

Now what do the hodlers say? 70% of Bitcoins or maybe a little more is in your hands. Usually these people do what they do and increase their accumulation when Bitcoin corrects or accumulates. Therefore, he suggested to be careful with this as many newbies tend to buy Bitcoin when the price goes up. And given these two perspectives, these are actions that can help determine a particular market-related action.

Furthermore, he noted that something interesting is happening right now: “The accumulation of holders is increasing, which means that they feel that current prices are cheap to buy,” he said. He said goodbye suggesting that the best investment strategy with Bitcoin is to do Hodl.

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