Cryptocurrencies work with monetary transactions, and they are also considered future digital assets. However, there are a lot of consumers to believe that cryptocurrencies are going to become the future of everything in the world. Also, you need to understand that bitcoin works through a data encryption mechanism, and it is entirely decentralised. It has been in existence since 2010, and before that, people did not have any idea about what cryptocurrencies all. Bitcoin is a digital coin that came before any other digital coin in the world, and also, there are no private entities who control the management and regulation of bitcoin. Also, the central committee of investors is that cryptocurrencies are small in supply and high in demand. So, you better check the prices of cryptocurrencies and why is it do down today.
Due to the imbalances in the demand and supply of a bitcoin. However, it is never possible to provide every cryptocurrency holder with the advantage of bitcoins. To understand this, you should know that there are only 21 million bitcoins at present in the whole existing cryptocurrency space. However, around 19 million bitcoins are already added to the circulation, but only millions are many. Therefore, we can never be sure who will buy the cryptocurrencies next; however, there are certain speculations made by the experts that the multi-billionaires from all over the world are planning to buy the rest of the bitcoins in existence.
Suppose that a person has purchased all the cryptocurrencies in existence, which will significantly impact the democratic market itself. There are going to be severe consequences if one person manages to buy all the cryptocurrencies, and this is something that we are going to study today.
Is it even possible?
After reading the details here, you might be thinking that if someone can purchase all the cryptocurrencies or all the bitcoins in existence. According to the recent report published in the wealthiest magazine, there is not enough money in the whole world in the hands of one person to purchase all the existing bitcoins. It will be challenging for any person to purchase all the bitcoins in existence. Therefore, it is entirely impossible to purchase the total volume of bitcoins at once. Bitcoin prices can go as high as $69,000 per the November highest price. Anyone in the world who is the richest can only buy 4 million bitcoins possibly, but the rest will still be in circulation.
Also, it is essential to note that if someone wants to buy all the bitcoins in existence, he has to cover the including cost. According to the report, it is clear that 90% of the total number of bitcoins are added to circulation. The rest is just 10%. To mine all the remaining bitcoins, a person must incur the triple currency mining charges until 2140. Therefore, anyone does not have sufficient funds to do such a vast expense. Also, bitcoin is the most popular cryptocurrency all over the world and according to the assumptions, it is going to remain at the same place in future also. Therefore, if you plan on purchasing the total number of bitcoins in existence, you will certainly have to collect all the wealth of the wealthiest people from all over the world.
Why does someone even buy BTC?
The primary purpose for which a person created bitcoin is to provide a medium of exchange to the people. There are different types of techniques and tools used to create a bitcoin, and therefore, the value of bitcoins fluctuates over time. It is not in control of the cruel market in today’s economy. There are different attributes because of which other cryptocurrencies also follow bitcoin. Even though the bitcoin and market capitalisation are not affected by the stock market’s inflation, volatility still makes a huge difference. The volatility is one of the essential things that led to bitcoin’s popularity. Because of this, people got to know about making money out of digital coins. Therefore, the main reason for anyone to purchase bitcoin is to make huge profits by trading and investing in it.
