78 percent of Bitcoin currency stashed under digital mattress, study finds

arstechnica.com 17 Oct '12, 12pm

78 percent of Bitcoin currency stashed under digital mattress, study finds

Enlarge / A long chain of Bitcoin transactions, showing each address putting aside a small number of digital coins, helps illustrate a finding that 78 percent of them remain dormant in "savings accounts." Dorit Ron, Adi Shamir More than three-quarters of the digital coins in the Bitcoin digital currency scheme aren't circulating because they remain dormant in user accounts that have never participated in outgoing transactions, a recently published study has found. The figure translates to more than 7.019 million BTCs, the term used to denote a single coin under the digital currency, which uses strong cryptography and peer-to-peer networking to enable anonymous payments among parties who don't necessarily know or trust each other. Based on exchange rates listed on Mt.Gox —the most widely used Bitcoin exchange—the coins have a value of more than $82.87 million. On May 13, th...

Full article: http://arstechnica.com/tech-policy/2012/10/78-percent-of-...

Comments

links-pyramining.com

13 Nov '12, 10am
I partially agree with this 78%. Probably people think that Bitcoin value will raise during next years and try to store a little treasure in their wallets.

Actually, Bitcoin are almost useless. There aren't big merchants accepting Bitcoin and if you want to spend them, you don't have a lot of choices.

We all hope that Bitcoin value will raise, so, we don't want to spend them by now. But, why do you keep your Bitcoin FROZEN under digital mattres? Why not to INVEST them?

I can suggest you a secure, fast and very profitable investment: http://www.links-pyramining.com/pyramining

Firstly, your Bitcoin will be stored in a safer place than a normal user can do with his bugged pc ;-) Then, during a time around 14 months, you will have all your Bitcoins back +10%!!! Without any hardware investment or power consumption.

Investments like this, not only will increase your wallet, but will increase Bitcoin volume traffic and so Bitcoin general value. It's a double profit!
- See on:

Tweets

@securityaffairs » 26 Oct '12, 1pm
RT @GatoMalo2: 78 percent of Bitcoin stashed under digital mattress [link] #gAtO ✅ #infosec #security #cyberwar #cyber #hacking #bitcoin
@GatoMalo2 » 26 Oct '12, 1pm
78 percent of Bitcoin stashed under digital mattress [link] #gAtO ✅ #infosec #security #cyberwar #cyber #hacking #bitcoin
@millionbitcoins » 24 Oct '12, 5pm
78 percent of Bitcoin currency stashed under digital mattress... [link] How do we move Bitcoin?
@joey_OE » 23 Oct '12, 1am
@Higginomics The problem is that no one is treating it like a currency. Instead, it's viewed as a commodity. [link]
@JeanLoupRichet » 21 Oct '12, 1pm
#BitCoin Currency Hoarded, Not Used [link] Via @Liberationtech
@Liberationtech » 21 Oct '12, 1pm
#BitCoin Currency Hoarded, Not Used [link]
@VTacius » 20 Oct '12, 9pm
78% de los Bitcoins permanecen inactivos. [link]
@JordanIn140 » 20 Oct '12, 7pm
The whole Bitcoin system still seems just plain fishy to me.... #cybersecurity #anonymity [link]
@michaelpeach » 19 Oct '12, 8pm
I would love to spend my Bitcoins but not many places accept them. 78% are hoarded apparently. [link] #bitcoin
@Jon_Alper » 19 Oct '12, 2pm
Shocking News! There's no BitCoin economy blooming: [link]
@okamalo » 19 Oct '12, 1pm
@amir_salah [link]
@Pecuniology » 19 Oct '12, 9am
The value of Bitcoin tends to rise over time, on average. This is the same as deflation. Precisely as... [link]
@4lg0rithm » 19 Oct '12, 6am
BITCOIN: 78 percent of currency stashed under digital mattress, study finds [link] #Anonymous #infosec
@HostelVegan » 18 Oct '12, 10pm
78 percent of Bitcoin currency stashed under digital mattress, study finds: More than three-quarters of the digi... [link]
@avadiax » 18 Oct '12, 8pm
No one uses BitCoin? [link]
@bsmuir » 18 Oct '12, 8pm
Researcher discovers 78% of all #BitCoins are not in circulation- the currency could devalue if they hit the market [link]
@conformal » 18 Oct '12, 8pm
RT @srbijadanas: 78 percent of Bitcoin currency stashed under digital mattress, study finds | Ars Technica [link]
@hvelarde » 18 Oct '12, 8pm
78% of Bitcoin currency stashed under digital mattress, study finds [link] (via @maykelmoya)
@mmoyaro » 18 Oct '12, 7pm
78 percent of #Bitcoin currency stashed under digital mattress, study finds [link] /via @slashdot // also [link]
@StanleyEpstein » 18 Oct '12, 7pm
78 percent of Bitcoin currency stashed under digital mattress, study finds [link] #bank #citadv
@1Biganimal » 18 Oct '12, 6pm
RT @FreeTalkLive: [link] The US Dollar is an anachronism. Get out while you still can. Buy bitcoins and precious metals.
@FreeTalkLive » 18 Oct '12, 6pm
[link] The US Dollar is an anachronism. Get out while you still can. Buy bitcoins and precious metals.
@bitcoincloud » 18 Oct '12, 3pm
RT @fatmike182: #Bitcoin hat das Problem der herkömmlichen Börse umgekehrt: Nur 22% Bitcoins im Umlauf [link]
@TheLimerickKing » 18 Oct '12, 3pm
I lost all my bitcoins in a virtual boating accident... RT @JEliasof @NihilarianZH Bitcoins are hoarded, study finds. [link]
@fatmike182 » 18 Oct '12, 3pm
#Bitcoin hat das Problem der herkömmlichen Börse umgekehrt: Nur 22% Bitcoins im Umlauf [link]
@AsifAmeer_AP » 18 Oct '12, 3pm
& Thats the reason why Gold as currency failed for Sovereign BoP @NihilarianZH: Bitcoins are hoarded, study finds. [link]
@stacyherbert » 18 Oct '12, 3pm
RT @NihilarianZH: Bitcoins are hoarded, study finds. [link]
@nooface1 » 18 Oct '12, 3pm
vast majority of #bitcoin currency being hoarded due to lack of outgoing transactions [link]
@mv_goncalves » 18 Oct '12, 1pm
Significantly fewer #digital_coins (#Bitcoins) are in circulation than previously presumed. [link]
@yann_cogito » 18 Oct '12, 1pm
RT @Bitstamp: 78 percent of Bitcoin currency stashed under digital mattress, study finds [link] #bitcoin
@EvaDatta » 18 Oct '12, 10am
Intriguing... why is 78% of bitcoin currency out of circulation? And WHAT was that legendary 2010 capital transaction?! [link]
@at_venture » 18 Oct '12, 8am
RT @DanielZeevi: 78 percent of Bitcoin currency stashed under digital mattress, study finds [link]
@anon_starsec » 18 Oct '12, 3am
RT @xor: 78% of bitcoins sitting in accounts that have never made an outgoing transaction. [link] The biggest problem a currency faces.
@oxyd75 » 18 Oct '12, 3am
Most Bitcoin Currency Gets Stashed Under Digital Mattresses [link] #webdesign
@voxcustodes » 18 Oct '12, 3am
In related news, when someone "Born Digital" loses a tooth, they get a bitcoin under their pillow. #mppdigital [link]
@gemong1 » 18 Oct '12, 2am
P2P 독립 통화인 Bitcoin의 78%는 실제 유통되지 않고 묵혀있는 상태 [link] 쓸 곳이 많아야 선순환 구조가 될텐데, 사건 사고도 많고...좀 더 지켜봐야죠.
@t_watanabe777 » 18 Oct '12, 1am
Most Bitcoin Currency Gets Stashed Under Digital Mattresses [link] @Diggさんから
@Diana_M_Cooper » 17 Oct '12, 11pm
RT @goonth: Dormant #bitcoin savings accounts ("hide it under the digital mattress!") #futureofmoney -> [link]
@goonth » 17 Oct '12, 11pm
Dormant #bitcoin savings accounts ("hide it under the digital mattress!") #futureofmoney -> [link]
@DJ_Networth » 17 Oct '12, 7pm
RT @DashBurst: 78 percent of Bitcoin currency stashed under digital mattress, study finds [link]
@xor » 17 Oct '12, 6pm
78% of bitcoins sitting in accounts that have never made an outgoing transaction. [link] The biggest problem a currency faces.
@Perficient_FS » 17 Oct '12, 5pm
78 percent of Bitcoin currency stashed under digital mattress, study finds [link] #digitalmoney #virtual #currency
@Cyberarms » 17 Oct '12, 5pm
RT @sambowne: 78 percent of Bitcoin currency stashed under digital mattress, study finds | Ars Technica [link]
@kevin_lo » 17 Oct '12, 4pm
Bitcoin currency is not circulating much, according to study. [link]
@somebitsLinks » 17 Oct '12, 3pm
Only 1/5 of Bitcoin in circulation: Analysis of the transaction log [link]
@drgitlin » 17 Oct '12, 3pm
Now only worth 7.5 Ningis, or 14 Altarian dollars: [link] via @dangoodin001
@getMoneyFarm » 17 Oct '12, 3pm
il 78% dei Bitcoin è riposto sotto dei materassi digitali. Gli investitori potrebbero veder ridursi il loro valore? [link]
@securityaffairs » 17 Oct '12, 2pm
RT @RedDragon1949: 78 percent of Bitcoin currency stashed under digital mattress, study finds | Ars Technica [link]
@7id » 17 Oct '12, 2pm
[link] 不是我黑 Bitcoin 这玩意，而是这玩意实在不靠谱，文章引述 RSA 的 S 的研究结论，Bitcoin 的流动性很差，而且大宗所有仅存在于初期少量账户。基本跟我去年在 [link] 的回复一个意思。
@dangoodin001 » 17 Oct '12, 2pm
Report by Adi Shamir, the S in RSA, finds that 78% of Bitcoin currency is stashed under digital mattress: [link]