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Study: Only every 5th bitcoin has real economic value

From more than 460 million bitcoin addresses in existence today, only 37% are economic activity. And out of that mass of transactions by these 37% wallets only 20% are payments and have a real economic value, experts say the company Chainalysis.

“According to our estimates, only 20% of transactions in bitcoin have a real economic value, then there is a transfer of funds between the two parties,” notedthe researchers.

According to reports, August-October 2018 the volume of transactions in the bitcoin network reached $41 billion in dollar terms, but economic value was a transaction only $9 billion.

The so-called “change transaction” — a single point, greatly overestimating the volume of transactions on the public statistical services. As explained Chainalysis, bitcoin addresses work in the following way: for example, a user who has 10 bitcoins, decides to sell 1 BTC. But the technology works is that the sender empties his address entirely — one bitcoin goes to the buyer and the remaining amount in the form of 9 bitcoins returns in the form of “surrender.” The same blockchain records the transaction in the amount of 10 bitcoins, although in reality he was transferred only one BTC.

Experts Chainalysis found that of 460 million addresses, two-thirds are not economically significant — their balance is equal to zero, and almost all of them used only one or two times.

Of the remaining amount — about 172 million addresses — more than 86% can be identified with any particular service, whether it is a crypto currency exchange, exchanger or website on the darknet. The remaining part is mainly used for payments, which allowed to conclude that the share of payments in the total volume of transactions in the blockchain of Bitcoin.

In turn, of the 172 million economically active addresses, only 27 million are stored any amount of bitcoin.


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