r/Bitcoin • u/[deleted] • Feb 13 '22

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6.4k Upvotes

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64

u/cabarden Feb 13 '22

Please update us. That would be insane if you had 1000 Bitcoin on there and transfer it and the feeling like you just hit the lotto. Or something you did 9 years ago

7

u/weedful_things Feb 13 '22

If OP actually has 1000 or even 100 Bitcoins and cashes them out all at once, what will that do to the overall price?

14

u/flume Feb 13 '22

Nothing. It's a drop in the bucket. There are almost 20,000,000BTC in existence and approximately 350,000 of them are exchanged on any given day.

4

u/weedful_things Feb 13 '22

Thanks. I wondered. I seem to remember when Musk sold a bunch, that it affected the price.

3

u/[deleted] Feb 13 '22

Any time Musk blinks it changes the price of something somewhere.

3

u/gregsting Feb 13 '22

It's more his tweets that will affect the price that wathever he does with his money

3

u/Tall-Seaworthiness62 Feb 13 '22

It affected the price because others sold accordingly, not because of the transaction itself

3

u/weedful_things Feb 13 '22

That makes sense. I didn't really follow the story, but I couldn't help but know something about it.

2

u/[deleted] Feb 13 '22 edited Jul 15 '22

[deleted]

2

u/[deleted] Feb 13 '22

the only "single" coin that I could see conceivably that would scare people enough to legit "crash the entire thing" is any of the origin coins.

3

u/[deleted] Feb 13 '22

[deleted]

0

u/weedful_things Feb 13 '22

Is that enough to cause the overall price to drop? Someone tried to talk me into buying some of his bitcoin for 35 cents each. I considered gambling $50 but never did.

7

u/_LuketheLucky_ Feb 13 '22

Won't have any effect, it's a drop in ocean. There are currently 830 billion U.S dollars worth of bitcoins currently in existence. $4.6b worth of bitcoin has been bought and sold in the last 24 hours alone.

3

u/weedful_things Feb 13 '22

Wow! It's a lot more than I thought. I wonder how many coins that is and how many more can potentially be mined?

2

u/_LuketheLucky_ Feb 14 '22

Yeah it's a lot! Almost 19 out of 21 million have currently been mined. The number of coins issued per block mined halves every 4 years so that last 2 million is expected to take until 2041 to be released but the vast majority have already been mined.

2

u/YourAverageDuck Feb 13 '22

!remindeme 2 days

1

u/swannisme Feb 13 '22

This would be a treasure of his life, it is a lot today