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Who Are Bitcoin Whales

Who Are Bitcoin Whales

Staff Reporter Dec 10, 2017

Bitcoin has surged to new heights in past couple of weeks and it has start swinging 10 – 20% in matter of hours. One of the major problems with bitcoin is not enough distribution among number of owners. As a matter of fact, only 1000 people owns 40% of bitcoins that could be a problem for the cryptocurrency once few of these owners decide to sell their majority of coins.

Bitcoin holders of large amount of coins are known as whales. Not only whales can swing and manipulate the coin moves and pricing but they can also dictate the moves and changes in the entire bitcoin market.

Not only the majority of bitcoins owns by a small group but it is also in the same geo-areas. Asia and some parts of Europe controls majority of cryptocurrency that could split a problem at some point.

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Staff Reporter
Staff Reporter

Staff contributor of Jumpstart Blockchain covering blockchain and related topics.

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