It's impossible to guess how wealth is distributed in bitcoin and Andreas Antonopoulos explains why below...
(credit - Andreas Antonopoulos)
Contrary to what authority will tell you, bitcoin once it leaves the exchanges doesn't have KYC (Know Your Customer) or AML (Anti Money Laundering) either. What they have to do is make assumptions based upon addresses that are reused to make a guess as to who owns that address. If you use a receiving address that's never been used before, that enhances privacy because the new address can be one sent to a different person in a different country, or to a different address in the same wallet. I've had to move funds inside my wallet so that my funds existed on SegWit addresses instead of Legacy addresses.
A typical Litecoin address looks like this:
LKz7fTscNEFKwV4gD2byZ4ahseF261GR71
... which is one that happens to exist in my hardware wallet. These wallets can generate billions of addresses. Because of this, when you send funds from one address to another, it’s difficult to know whether that address is on the same wallet belonging to the same person, or to a different wallet belonging to someone else. There are situations when addresses are reused or are aggregated to achieve enough funds to create a successful buy that can compromise privacy. This can happen if you have funds on many addresses in the same wallet, but you create a buy requiring funds from more than one address, then all those aggregated addresses after the spend will be associated with a single person.
By contrast, when splitting up funds and sending them to different addresses, never reusing an address, that increases privacy. There’s no chance of ever running out of these addresses even though a typical wallet can generate billions of them. Humans are typically bad with big numbers. The odds of SHA256 generating an address collision are infinitesimally small. The total number of addresses available is approximately 10^77 power which is roughly 1/1000th of the total number of atoms in the visible universe!
Donations (public bitcoin address):
3FwxQsa7gmQ7c1GXJyvDTqmT6CM3mMEgcv
I've been on a lecture about bitcoin, blockchain, etc. with cause of learning things that I didn't understand when reading online.
But there'll always be things that I don't understand.
And I would like to praise, as you write really good content, and a lot of things that I wouldn't know where to find.
Also, this guy Andreas really seems like he knows what he's talking about.
I subsribed to him, and I rarely do that as I follow only few crypto people on Yt.
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From my understanding from this post, you recommend to generate new Address for each transaction to increase privacy? Thanks @zoidsoft for sharing this interesting topic on Steem. :-)
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That is correct.
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Thanks :-)
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i love cryptocurrency.......cryptocurrency is the changing of life.
i like your post..very good content.. very useful and helpful post
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Many people worry about the wealth concentration of Bitcoin. Some fear it may be too concentrated. Ease your fears....
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This post has received gratitude of 3.75 % from @appreciator thanks to: @zoidsoft.
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good intro and details
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