Since Bitcoin’s inception, only 6.5 million BTC have been created. That’s the same amount of BTC that was created back in October 2011. This means that only 6.5 million Bitcoins have been in circulation since Bitcoin was born. What this also means is that only 6.5 million Bitcoin can be in circulation at any given time. Back in 2013, there were about 11 million Bitcoin in circulation. That means there was 1.15 million Bitcoin that were locked up in the blockchain. And since then, we’ve seen that number rise to well over 1 million. The debate has been on for years now, with Bitcoin users arguing over how to unlock those 1.15 million BTC. The trend has been that
This week, the amount of Bitcoin in circulation has surpassed 9 billion coins. To celebrate, developer Tom Harding has been releasing a new version of the protocol that requires a hashing algorithm that is no longer considered secure. The new algorithm, that is called WBTC, was designed by Harding and is meant to mimic the properties of the original WIF format.
Bitcoin was designed with a limited supply, and is periodically adjusted by a group known as the Bitcoin Core team. Every four years, on October 31st, a group of developers gets together and adjusts the supply of Bitcoin in a way that will keep Bitcoin’s value high. The goal of this process is to make sure that Bitcoin’s supply is kept at a level that will allow Bitcoin to be a useful payment system, which is important for users and also for system stability.
One percent of bitcoin’s circulating volume is currently symbolized by Wrapped BTC (WBTC), which amounts to nearly $6.2 billion. The development was highlighted by cryptocurrency storage company BitGo’s product manager, Kia Mosaeri, who announced the news on the 7th. June is tweeted. BitGo is the operator of the Wrapped Bitcoin protocol, which launched its WBTC bitcoin-backed token ERC-20 on Ethereum in January 2019. 1% of all BTC have become $WBTC! https://t.co/jOi0LZZUyi – WBTC (@WrappedBTC) 7. June 2021 According to Etherscan, 187,610 bitcoins are currently traded on the protocol, representing a fully diluted market capitalization of $6.18 billion. According to CoinGecko, BTC’s current circulation stands at nearly 18.73 million, confirming that it has reached the 1% mark. BTConEthereum estimates that 240,620 Bitcoins have been tokenized by various protocols for use on Ethereum, giving a combined capitalization of $7.91 billion. Packaged bitcoin clearly dominates this sector, accounting for 78% of all bitcoins tokenized on Ethereum. The next largest bitcoin tokenization protocols are Huobi BTC, second, with 37,906 BTC or 15.7 percent of bitcoin volume, and RenBTC, third, with 10,226 tokenized BTC. Synthetic BTC also has 1,471 BTC, followed by imBTC with 1,169 bitcoins and TBTC with 916 BTC. The recent proliferation of Ethereum-based revenue farms and DeFi interest protocols supporting tokenized BTC has been a key driver of industry growth. In late April, BadgerDAO, an Ethereum-based BTC yield protocol, partnered with RenVM to link renBTC to its own yield farms. DeFi Llama estimates that the BadgerDAO platform has more than $540 million in assets.I’ve been writing about Bitcoin since 2014, working on news, and reporting on Bitcoin and the Blockchain since 2017. I’ve been a speaker for conferences, and have written for magazines and websites. As Bitcoin and Blockchain have become more popular, I have seen an increase in questions on what’s going on behind the scenes. I have a number of theories and opinions on what’s been going on, and I wanted to share what I’ve learned over the last few weeks.. Read more about wrapped bitcoin youtube and let us know what you think.
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