For Blockchain observers, the last few days have been exciting: some very old coins have set in motion. You can speculate what that means.
One of the most fascinating features of Bitcoin is its high transparency. While it may be possible to hide small transactions on the blockchain, as soon as larger amounts start to move, this is generally noticed. Especially when it comes to “old coins”, which were mined in the early days of Bitcoin. The blockchain becomes an open book here. Privacy is only for small fish, but not for whales.
It happened again in the last days. Old coins from 2010 and 2011 have moved and, according to an analyst, have hit the wallets of several exchanges, including Coinbase, Coinjar and Bitfinex.
It is known that at least nine addresses who received a 50-bitcoin mining reward in 2010 or 2011 and have since slept have recovered (1, 2, 3, 4, 5, 6, 7, 8, 9). Some of the coins go back to the early year of 2011, some even from 2010. One is from May 2010.
It is noticeable that only the Bitcoin (BTC) was moved, but not the Bitcoin Cash (BCH) or Bitcoin SV (BSV). You can see this at Blockchair.org using the example of the oldest address.
Despite all transparency, it is difficult to say exactly what this means. We do not know if any other old coins have moved, who owns them or what the owner intends to do with them. Is somebody buying something great? Will an old miner now turn his coins into dollars? Or exchange for other cryptocoins? And does anyone who owns these coins have any other bitcoins from this early period?
This illustrates the principle of privacy on the Bitcoin blockchain: anyone can see all the information – but there is only a very limited set of information. One can draw from these conclusions – but much without external information does not go beyond the state of speculation. So also in this case.
image by Shutterstock
Virtual currency is in many countries not legal tender, or is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.
VoiceofBitcoin.com is is not responsible for the content of external sites and feeds. Guest posts, articles or PRs are not always flagged as this!