A dormant Bitcoin account dating back to Satoshi Nakamoto’s time has recently been activated after ten and a half years. Originally there was 500 BTC in the wallet, which is currently valued at 23.67million dollars, a rise from the original 8400 dollar value. Inactive wallets with large Bitcoin amounts do get activated and are termed sleeping whale accounts.
On December 29, a transaction was reported by the Crypto-tracking Whale Alert service. According to online records a transfer of 7.78 dollars or 165.33BTC was made to an unknown address. Transfers like this have in the caused price dump fears however the transfer was quite small in terms of whale amounts.
How Many BTC Does a Bitcoin Founder Hold?
The founder of bitcoin is estimated to hold more than one million BTC with total value of 53.44 billion dollars. BitInfoCharts shows there are hundreds of inactive bitcoin wallets with the most valuable dormant wallet containing around 80,000 BTC approximately 3.7 billion dollars in current market
There have been speculations concerning the owner of the wallet being linked to Nakamoto to released from jail. The most plausible one is that the owner found their previously lost private keys.
Last November, the overall Bitcoin market cap passed 1.2 trillion dollars, when its price hit close to 69 million dollars. A drop in cryptocurrency value by almost half was seen two months after its rise, but it has come back to above 47,000 dollars.
Mining refers to the process of creating bitcoin and this batch was minted within the four years after 2009. A lot of old wallets have remained dormant due to owners losing or forgetting access keys. The most valuable of these is a wallet holding 79,957 BTC which is worth over 3.8 million dollars.
Bitcoin has a capped supply of 21 million BTC. These inactive wallets represent almost 2 per cent of the total supply.
How Do Bitcoin Wallets Become Dormant
A dormant bitcoin wallet is a wallet that has become inactive and is not used.
In almost all situations this is due to the private key being lost, without the private key the bitcoin inside is worthless. This has also given rise to a new form of miners or wallet recovery services, where they essentially try and get into your wallet file using password software.
The exception is what have been called Diamond investors. These are investors that have resolved to ride out peaks and dips without touching the original investment.
Keep Your Wallet Safe!
In conclusion, another dormant wallet containing bitcoin with millions of dollars has been activated, more wallets will become inactive as owners lose their keys or wait patiently on their investment, each owner has their own reasons.
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