Bitcoin basics

by
sm
smalleschallots
·2020.06.09 09:18

Question 1 What happens when all Bitcoins were bought by govt or whales and doesn't trade? Questions 2. Why BTC withdrawal is fixed to 0.0005 BTC?it can't be reduced? please explain

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Answers

ul

Question 1: Buying up even a small portion of the total Bitcoin supply would already be quite difficult. A large portion of coins have never moved, haven't moved in years, or are being stored off of exchanges. So, even if some entity bought up *all* the available bitcoins on *all* the exchanges, there still would be a lot left that isn't in their control. Not to mention the fact that the effect this would have on the price. If they're buying up all the order books, the price would be flying through the roof. If governments or whales wanted to somehow "kill" Bitcoin, there would be more efficient ways to do it than trying to buy all the available supply.

Question 2: The Bitcoin withdrawal fee has recently been reduced from 0.0005 BTC to 0.0004 BTC. The point of the withdrawal fee is to reduce spam withdrawal requests and cover the blockchain network fee.