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[Balint098]

Based on a report by news site Nairametrics, the amount of Bitcoin whales are steadily increasing and now the number stands at about 1,800 people. "Whale" here is defined as individual who have more than 1,000 Bitcoins. The increase of whale population is a good indication that demands for bitcoin is still high. Whales are able to manipulate the price too. They minimize the chance of bearish market by holding a large amount of bitcoins, reducing the circulation of bitcoins in the market, thus raising its price due to scarcity of supply.

 

[Brain]

That's good. How can one become a whale? Any good tips on that will be welcomed. For the benefit of scarcity where it helps to increase the price of Bitcoin I think that's great.

 

[brent_abella]

Well, it is expected as those whales ar

That's good. How can one become a whale? Any good tips on that will be welcomed. For the benefit of scarcity where it helps to increase the price of Bitcoin I think that's great.

You become or be called as whale if you are wealthy enough. The whale term is used for rich people in the cryptocurrency world with at least 1,000 Bitcoins in their wallet. Whales has great advantage to control prices in the crypto market.

 

[Balint098]

In addition to the increasing whale population they became poorer too, mainly since now the bitcoin supply is being spread more evenly and no longer dominated by a handful of previous generation of whales.

 

[Wisdom01]

Wow the increasing amount of whale is something to talk about because when there are more whales the price is easily controlled by them , and when they withdraw their btc hmm it will affect the price

 

[Balint098]

Wow the increasing amount of whale is something to talk about because when there are more whales the price is easily controlled by them , and when they withdraw their btc hmm it will affect the price

It's a good thing, in a way. Not all whales can agree on something, that way, there's no one collective group of whales that has full control of the price since other group of whales may resist them if they do something stupid.

 

[Wisdom01]

It's a good thing, in a way. Not all whales can agree on something, that way, there's no one collective group of whales that has full control of the price since other group of whales may resist them if they do something stupid.

Thats it , to control the price of bitcoin will be very hard through that way ,am not even sure if they will all agree to control the price , because there will be conflict of interest

 

[Balint098]

To be honest i wish that i had bought bitcoin when it was still new and low values and become a whale as well.

How many coins you earned in the earlier days of bitcoin? At what price point you bought those? Or do you get the coins from faucets?

 

[Balint098]

To be honest i was not interested in crypto when it first came out. A part of me thought that the whole thing was dodgy and possibly a scam. I guess i only got involved after the major price hike to 20k. That is when i started using faucets and so on. Bad timing i know haha.

LOL. Kinda the same with me then. In fact, I've heard about crypto only when it hits all time high in 2017, after that I started claiming faucet on Freebitco.in.

 

[Balint098]

Yeah it wasn't the best time to start with faucets so i feel your pain there. If we had just started a few months before that we would have been getting much larger rewards from the faucets, but unfortunately that did not work out.

Oh well, at least there's still crypto trading. It's not as hard as Forex, the entry barrier is low and there's no saturation like other types of business.

 

[Josemendez]

Based on a report by news site Nairametrics, the amount of Bitcoin whales are steadily increasing and now the number stands at about 1,800 people. "Whale" here is defined as individual who have more than 1,000 Bitcoins. The increase of whale population is a good indication that demands for bitcoin is still high. Whales are able to manipulate the price too. They minimize the chance of bearish market by holding a large amount of bitcoins, reducing the circulation of bitcoins in the market, thus raising its price due to scarcity of supply.

Got the knowledge of the whales now .
I know very well that most of the whales will be from China , as statistics has proven that , they have the highest hashrate there.

 

[Balint098]

I know very well that most of the whales will be from China , as statistics has proven that , they have the highest hashrate there.

Nope, just because China has a huge amount of miners doesn't mean that whales are mostly Chinese. Miners usually sell their crypto and are not holding onto them for long.

 

[SCAMEXPOSER]

The number of whales compare to the minimum amount of bitcoin they possessed shows that they owns larger percentage of bitcoin and collectively they can determine the price of bitcoin any time.

 

[Balint098]

The whales are poorer in general, since bitcoin supply is limited, and more people having significant amount of bitcoins means the supply is more evenly spread among people.

 

[Balint098]

also i heard that crypto trading is quite hard and stressful. Is this true?

Well, you still need the technical expertise, other related skills and trading instict. But it definetly easier than Forex. 90% Forex traders are losing their money everyday.

 

[microunit]

The whales are poorer in general, since bitcoin supply is limited, and more people having significant amount of bitcoins means the supply is more evenly spread among people.

agree, maybe in the future the characteristics of whales might change from holding 1k Bitcoin to something else or lower as there will be more players and bitcoin's price rising

 

[microunit]

I doubt that the criteria to be known as a whale in the crypto world will change, because those that do hold bulk of the crypto or at least these large amounts, will still be influential on the market regardless of the price, and i think that the criteria will probably stay the same.

I guess I'll halfly agree to that, as I also think that having 1k Bitcoin is already like you're having a big percentage of the total supply with you than other people

 

[faribakhazaei]

Based on a report by news site Nairametrics, the amount of Bitcoin whales are steadily increasing and now the number stands at about 1,800 people. "Whale" here is defined as individual who have more than 1,000 Bitcoins. The increase of whale population is a good indication that demands for bitcoin is still high. Whales are able to manipulate the price too. They minimize the chance of bearish market by holding a large amount of bitcoins, reducing the circulation of bitcoins in the market, thus raising its price due to scarcity of supply.

Off course it is, bitcoin is high standing enough to impress any other altcoins, we are not able to predict when the epiary of Bitcoin will over, it is the basic of other coins