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❕NEWS The new bitcoin addresses generated in China has hit a major high

AudraMiller

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As we all know there are many new crypto enthusiasts that join the market on a daily basis and as such there are new wallet address that are generated daily. However, China may be the reason for the largest hike in bitcoin addresses generated within 24 hours, which is recorded to bee the highest point in the last two years.

Typically globally the market sees around 5000 to 10000 bitcoin addresses being generated on a daily basis, and this is considered to be normal. However, recently a report shows that 22000 bitcoin addresses were generated on a single day. This clearly shows the number of new people that are entering the crypto world.

What does this mean for crypto? I think that if more people are coming in, the demand should increase and we should see this with an increase in the price. Do you guys agree with me or do you differ in opinion. I look forward to what you guys think in this thread.
 

Amalive

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Well, a huge amount of addresses being generated in a day does not mean the demands will increase. We do not sure who generates all of those addresses are real human or not who knows most of them just works from some bots and generating a new address does not they will buy nor hold bitcoin
 

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I really have no idea why so many bitcoin addresses are being generated in a day. It could be for genuine transactions likewise they could mean many fraudulent activities are ongoing on the bitcoin network.
 

AudraMiller

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Well, a huge amount of addresses being generated in a day does not mean the demands will increase. We do not sure who generates all of those addresses are real human or not who knows most of them just works from some bots and generating a new address does not they will buy nor hold bitcoin
You are absolutely right. There could be bots, and this was a point that i had not considered. I think that perhaps in time this will be confirmed by how active these addresses are. There are also many wallets that remains inactive and as a result their bitcoin is simply lost.
 

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As we all know there are many new crypto enthusiasts that join the market on a daily basis and as such there are new wallet address that are generated daily. However, China may be the reason for the largest hike in bitcoin addresses generated within 24 hours, which is recorded to bee the highest point in the last two years.

Typically globally the market sees around 5000 to 10000 bitcoin addresses being generated on a daily basis, and this is considered to be normal. However, recently a report shows that 22000 bitcoin addresses were generated on a single day. This clearly shows the number of new people that are entering the crypto world.

What does this mean for crypto? I think that if more people are coming in, the demand should increase and we should see this with an increase in the price. Do you guys agree with me or do you differ in opinion. I look forward to what you guys think in this thread.
When it come to bitcoin usage and mining, China tops the list with the highest possession of hashpower. It is not surprising that such thing is happening now especially now that pandemic has opened peoples eyes to crypto
 

AudraMiller

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When it come to bitcoin usage and mining, China tops the list with the highest possession of hashpower. It is not surprising that such thing is happening now especially now that pandemic has opened peoples eyes to crypto
This is very true about China. In fact i have even seen many articles that show that despite the halving event, that China is still likely yo turn a profit in mining even if the mining contracts were sold at the rate that they were before the mining, due to the large mining rigs that they possess.
 

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This is very true about China. In fact i have even seen many articles that show that despite the halving event, that China is still likely yo turn a profit in mining even if the mining contracts were sold at the rate that they were before the mining, due to the large mining rigs that they possess.
China is a good place for miners because their economy is fair and they do not have issues with electricity as seen in some countries. And their country promotes adoption of technology
 

AudraMiller

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China is a good place for miners because their economy is fair and they do not have issues with electricity as seen in some countries. And their country promotes adoption of technology
This is very true. Also their electricity cost is much cheaper than i have seen in many other countries as well, especially in African countries to be honest, and this is a major factor when it comes to the profitability of their mining rigs.
 

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People everywhere are more aware of the potential Bitcoin has got to offer and as such there's need for more wallets. I hope this doesn't bring too much hike in price though
 

AudraMiller

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People everywhere are more aware of the potential Bitcoin has got to offer and as such there's need for more wallets. I hope this doesn't bring too much hike in price though
Why would you hope for that? As a crypto investor i would actually hope for a greater price hike, as these price hikes lead to larger profits in our investment, and to be honest, is much better for the crypto world as well. What is your reasoning?
 

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People everywhere are more aware of the potential Bitcoin has got to offer and as such there's need for more wallets. I hope this doesn't bring too much hike in price though
if the hike in price that will result will be in the positive direction , that is the bitcoin price will rise then this is what we all want to see but it is a fall then there is concern for us all
 

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The increase in the amount of the bitcoin adress does not have anything to do with the demand , since people can create multiple address at their will
 

Brain

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if the hike in price that will result will be in the positive direction , that is the bitcoin price will rise then this is what we all want to see but it is a fall then there is concern for us all
We are all for the positive,since it is where the profit we desire lies. It will be more money to investors and those trading it. So increase is better.
 

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Well, no doubt you are much more experienced than me, talking about cryptocurrencies.
However I thought (and forgive me) the opposite. In the sense, the presence of more bitcoins in the world, implies a lower price of such crypto.
But that's just my opinion, nothing more
Thank you and greetings.
 

Wisdom01

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Why would you hope for that? As a crypto investor i would actually hope for a greater price hike, as these price hikes lead to larger profits in our investment, and to be honest, is much better for the crypto world as well. What is your reasoning?
Yeah everyone who have invested would always want the price to rise , it's only those ones that have not invested that will want it low so they can invest and sell when it's high
 

AudraMiller

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Yeah everyone who have invested would always want the price to rise , it's only those ones that have not invested that will want it low so they can invest and sell when it's high
Yeah i agree with you. Price reductions are the perfect point to buy bitcoin, and even if you already are invested in it, it is a great time to increase your investment even further, as you are almost guaranteed to profit.
 

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Yeah everyone who have invested would always want the price to rise , it's only those ones that have not invested that will want it low so they can invest and sell when it's high
Your statement is the truth, those that want to buy will only need the coin to be lesser in price but as soon as they buy they will looking out for increase to sell and the circles continues
 

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Yeah i agree with you. Price reductions are the perfect point to buy bitcoin, and even if you already are invested in it, it is a great time to increase your investment even further, as you are almost guaranteed to profit.
Lol some hates price reduction and some love price reduction that alone shows the pictures of trading crypto currencies
 

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It's mean that Bitcoin steadily moving forward forming a more and more solid community day by day. 22000 new Bitcoin address in a day is huge.

Your statement is the truth, those that want to buy will only need the coin to be lesser in price but as soon as they buy they will looking out for increase to sell and the circles continues
I'm sorry OP maybe this is a bit out of topic, but I want to reply to this statement; but what if Bitcoin only give a little chance to join onboard, like only 0.something or 1.something in price decrease and some people take it and keep moving on? It's just like a break to exhale. Sure some other will left behind, will have to give more time in waiting.
So yes, patience in virtue.
 

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Well, no doubt you are much more experienced than me, talking about cryptocurrencies.
However I thought (and forgive me) the opposite. In the sense, the presence of more bitcoins in the world, implies a lower price of such crypto.
But that's just my opinion, nothing more
Thank you and greetings.
more bitcoin addresses doesn't mean more bitcoin there's a hard cap on the number of bitcoins that will exist hence why halving happens and less new bitcoins get generated until it hits the cap which at that point no new bitcoin will be generated as far as i know
 
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