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0 sats \ 5 replies \ @hodlpleb 21 Jan 2024 \ on: High level of illiteracy regarding Bitcoin within the Bitcoin community bitcoin
Am I wrong or does your example actually point to the fact that there are fewer people that own 1BTC, given that a single person’s ownership can be split across multiple UTXOs / wallets / addresses?
My assumption is that these things are written to appeal to the largest number of readers, or to simplify things.
Most people will never learn the deeper details about how Bitcoin works. But if you want mass adoption, you have to make it consumable for the 99%.
It is actually the reverse: there can be much more people that own at least 1 BTC since that BTC can bw segregated into multiple UTXOs.
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Ok well count me in the people that don't quite get it, or maybe I haven't seen these posts.
If they're counting UTXOs or Addresses that have 1.0+ BTC, then isn't that entire UTXO or Address owned by "one person"?
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The point is this:
You can check how many addresses own at least 1 full BTC on the blockchain but there are a gazilion addresses owning less that 1BTC that can be of the same person and you have no way to know simply by looking at the addresses.
I suggest you study how Hierarchical Deterministic wallet works.
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Ok this is what I was trying to say with my original reply - there could also be a million addresses that each have 1 BTC and they are all owned by one person.
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Of course :)
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