Bitcoin is an open-source software project, which means that the source code is publicly available and anyone can contribute to its development. The Bitcoin network is maintained by a decentralized community of developers, rather than by any single individual or organization.
The main set of guidelines for the development of Bitcoin’s software is the Bitcoin protocol, which is a set of rules that govern the functioning of the network. These rules are embedded in the Bitcoin software and govern things like the maximum supply of bitcoins, the way transactions are verified, and the process by which new bitcoins are created.
The development of the Bitcoin protocol is guided by the Bitcoin Core Development Team, which is a group of developers who are responsible for maintaining the official version of the Bitcoin software. They review proposed changes to the protocol and decide which changes should be incorporated into the software.
However, it’s important to note that anyone is able to propose changes to the protocol, and these changes are debated and discussed within the community, which is composed of developers, miners, and users. Changes to the Bitcoin protocol require a consensus among the network participants and are usually implemented through a process called “soft fork” or “hard fork”.
A soft fork is a backward-compatible change to the protocol, meaning that the new version of the protocol is still able to communicate with the old version, so it does not require all the nodes to update their software. A hard fork is a change to the protocol that is not backward-compatible, so it requires all nodes to update to the new version of the protocol.
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The exact percentage of Bitcoin that hasn’t moved from its initial location is not easily trackable or publicly available, because the ownership of Bitcoin is decentralized and often anonymous.
However, it is possible to estimate the percentage of Bitcoin that has not moved for a certain period of time. This metric is often referred to as “HODLing” or “unspent transaction output” (UTXO) age. UTXO is the technical term for a Bitcoin that hasn’t been spent yet.
According to some estimates, as of 2021, around 20-25% of the total supply of Bitcoin has not moved in over a year and around 60-70% of the total supply of bitcoin hasn’t moved in the past 3 years. These numbers are based on publicly available data, but the actual ownership behind those coins is not publicly known, and it is possible that some of those coins belong to a single individual or entity.
It’s also worth mentioning that, these numbers are estimates and can change rapidly due to a variety of factors such as new investors and traders entering or leaving the market, as well as existing holders moving or trading their bitcoin. Additionally, these numbers are based on publicly available data, but it is also possible that some bitcoin are held in private wallets, not publicly visible on the blockchain, therefore, the real numbers may vary.
Last Updated on 01/11/2023 by Emmanuel Motelin
