Sleeping Bitcoins Active Again
On Sunday, October 11, a Bitcoin user moved 1000 BTCs, mined in 2010, for the first time in 10 years. These transfers of Bitcoin Pro from the era of Satoshi Nakamoto are exciting the cryptosphere.
An early adopter of Bitcoin wakes up
It was Kirill K, a trader in his state, who announced the news in a LinkedIn post. Old and mysterious Bitcoins are moving on the blockchain after 10 years of inactivity. On Sunday, October 11th, a long-time Bitcoin network user transferred 1,000 BTCs from his wallet.
Bitcoin TX 1000 BTC – October 11th
Details of the transfers of 1 000 BTC
As can be seen, the user has distributed these 1000 BTCs to several addresses in BECH32 format. The entries of the sending address (35DRQxCBMBe3Erbcue791t89JVB2VwsJi4) correspond to 32 coinbase transactions, i.e. bitcoins coming directly from mining. These BTCs were created between October 18 and 21, 2010.
Another disturbing fact: on March 11th of this year, Satoshis trackers had spotted a transfer of the same type. It was 1,000 BTCs, also from 28 coinbase transactions dated August 2010.
And again, these 1000 bitcoins had been spread over several BECH32 addresses.
Of course, this kind of anecdote is the stuff of passion and speculation!
But what will the whale do?
At the time of the transfer in March 2020, the cryptosphere had panicked and predicted a plunge in the market. Many said that the individual holding these bitcoins would move them to sell them and take generous profits. Indeed, the BTC was valued at less than 10 cents when it was first created. The next day, the price dropped sharply to $4,000 in the midst of the Covid-19 crisis.
Corona covid Bitcoin
This correlation is obviously meaningless. The day after the October 11 transaction, yesterday, Bitcoin closed its 6th consecutive green daily candle. The holder of these Bitcoins can actually move them on a trading platform. But nothing says that he will sell them. He can just as easily use them as collateral to bet upwards with maximum leverage.
The blockchain is transparent, but Bitcoin is anonymous.
The truth that emerges from these crypto facts is that Bitcoin is anonymous by design. Its privacy problems do not come from Nakamoto’s consensus protocol, but from the users of the network.
No one knows and probably never will know who owns Bitcoin. Most likely, an early adopter who undermined the CPU in 2010 is wise enough to have made his arrangements. Whether they want to sell them, buy goods with them, donate them to friends, settle debts, … It doesn’t matter!
The important thing to remember is that the most anonymous Bitcoins are mined Bitcoins. You don’t need to declare your identity to create a Bitcoin address. A simple mathematical operation performed offline is enough. And you don’t need to declare your identity or IP address to set up a mining farm. All you need is a source of electricity.