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Cryptocurrency

Only 2.43 million Bitcoins left for mining

There are now 18,570,456 BTCs in circulation, meaning, there is just 2,429,544 Bitcoin left to be mined.

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BTC, Bitcoin exchange for Nigeria is up and running

There are now 18,570,456 BTCs in circulation, meaning that there are just 2,429,544 Bitcoins left to be mined.

Data retrieved from Coinmarketcap disclosed this.

READ: Satoshi Nakamoto’s unspent BTCs worth $10.9 billion

  • This means that there are less than 2,429,544 BTCs left, or about 11% of the total Bitcoin to be created.
  • Taking into consideration that new BTCs are halved every 4 years, the last BTC is not expected to be mined until 2140. No new Bitcoin can be mined after that year.

READ: Why intelligent investors are secretly buying Bitcoin

Recall some months ago, Nairametrics wrote on how Bitcoin was becoming scarce, as about 60% of BTCs in circulation (18.5 million BTCs) were held by business entities or individuals that had never sold more than 25% of BTCs that they had been holding as long-term investments.

READ: Bullish Signs: 2.6 million Bitcoins are being held on crypto exchanges

What you should know

  • Only 21 million BTCs are ever going to be produced in total, and presently, there are about 18,570,456 million BTCs in circulation. This shows a differential of about 2.4 million BTCs that are left to be produced.

READ: Bitcoin is scarce as entities, individuals hold for long term

Chainalysis, a crypto analytic firm, wrote a report explaining how most BTCs are held by those who treat them as digital gold, stating:

  • “This digital gold is supported by an active trading market for those who prefer to buy and sell frequently. The 3.5 million Bitcoins used for trading supply in the market and in interaction with the level of demand, determines the price. With more people looking to trade Bitcoin, which is now only becoming scarcer following the recent halving.”

READ: Crypto: REN, LEND and KNC emerge best performing DeFi assets

Meanwhile, the number of individuals owning at least one Bitcoin just reached an all-time high, indicating that more investors are getting into the flagship crypto market at unprecedented levels.

  • The number of addresses holding at least one Bitcoin just reached an all-time high of 826,363.

READ: World richest man, Jeff Bezos holds 5% of his wealth in cash

Metric Description: The number of unique addresses holding at least 1 coin.

bitcoin train

READ: How investors make money from Bitcoin without owning crypto

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

1 Comment

1 Comment

  1. Richard marin

    December 15, 2020 at 12:35 am

    We must also consider that millions of BTC have been permanently lost

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Cryptocurrency

VP Osinbajo disagrees with CBN, calls for crypto regulation

Vice President Yemi Osinbajo had recently called for Crypto regulation knowing fully well the role Crypto play in the global financial ecosystem.

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Solar, FG to slash import duties on tractors, buses, others in 2020 Finance Bill, Nigeria will not issue Eurobonds, says Vice President Yemi Osinbajo, FG guarantees mortgage loan to low income buyers at low interest rate, FG inaugurates gold refinery project in a landmark event

The Vice President of Nigeria, Prof. Yemi Osinbajo has recently called for Crypto regulation knowing fully well the role Crypto plays in the global financial ecosystem as he opined that such disruption often makes room for progress.

Osinbajo also advised the SEC, and Central Bank of Nigeria in creating a regulatory road map, while fully appreciating the stance of the CBN, Nigerian SEC, and law enforcement agencies on the possible abuses of crypto assets.

The vice president further stressed the importance Cryptocurrencies would play in the coming years as they will most likely challenge traditional banking, including reserve banking, in ways the world hasn’t yet imagine, stressing the need for Nigeria in being prepared for such a seismic shift.

He also called for scaling up of government-private sector interventions because, “the task of national development requires that we fire on all cylinders, after all at one stage China was building 1.9m housing units per year.”

READ: Why Crypto black market is thriving in Nigeria

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Cryptocurrency

Why a number of investors are trading stocks through blockchain

More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco.

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The recent outrage by WallStreetBets over the temporary suspension of GameStop (GME) and a few other stocks has led a significant number of stock traders to seek other viable means of trading stocks.

Recent data retrieved from Fortune Magazine revealed that such fiasco which led to the suspension of trading such stocks by leading American stock trading app, Robinhood, has severely damaged its brand.

More than half (56%) of Robinhood account holders are considering leaving the platform as a result of the fiasco. 40% of Robinhood investors say they aren’t considering it, and 4% say they’ve already left the platform as a result of its stock limiting. It looks like Robinhood is learning the lesson Warren Buffett preached for years: “It takes 20 years to build a reputation and five minutes to ruin it.”

READ: This US stock gained 185% since we selected it

Blockchain technology is already revolutionizing financial system services. This technology has made the need for a third party unnecessary in transactions or access to the stock market. Conventionally, buying stocks usually requires a stockbroker, paperwork, or a long list of financial assessments.

Unlike regularly traded stocks, tokenized stocks do not require any sort of paperwork or the need for a stockbroker as a middle-man, which makes them free from the stockbroker’s fees.

Tokenized stocks are derivatives assets. This simply means that the price of a tokenized stock is determined by the price of the company’s stock. If a particular asset is traded at a certain price on a stock market, the same price or a little difference in price will be traded on different exchanges.

Tokenized stocks are digitalized forms of a company’s stock traded on secondary markets. What this means is that Tesla, Apple, Facebook, etc. stocks can be traded on a crypto exchange. Trading Tesla’s stocks, for instance, on crypto exchanges makes it easily accessible to purchase anywhere.

READ: What bad stocks have in common with bitter relationships 

Tokenized Gold, Silver, Tesla, etc. are traded on FTX Exchange and other leading crypto exchanges where spot markets and futures can also be traded.

What you must know: The group tagged as the Wallstreetbets is a longstanding subreddit channel founded in 2012, where many Reddit users discuss highly speculative trading strategies and ideas.

  • The group has caused huge disruption to financial markets in the previous week, especially among institutional investors like Melvin Capital who recently recapitalized their fund amid its losing positions at Gamestop.
  • Stock traders are becoming concerned that hot trending stocks such as GameStop, rising at such an alarming rate might lead to great chaos at global financial markets, in the long run.

That said, tokenized stocks are traded round the clock like crypto assets, though the flip-side is, they can’t be liquidated when the traditional market is closed.

bitcoin train
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