Hamed🐹🔅🔆
@hamed2066
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1719 Followers
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Michael Silver, CEO of MicroStrategy, has announced that he will make his Bitcoin holdings inaccessible after his death. This involves burning his private keys in his Bitcoin wallet so that they remain intact.
This, he says, helps keep bitcoins scarce and therefore valuable. He noted that by destroying private keys upon death, Bitcoin holders increase the scarcity of this digital currency.
When the supply decreases, Bitcoin becomes more valuable because its maximum supply is only 21 million coins. Michael Silver sees this as a commensurate contribution to the network as the amount of Bitcoin in existence decreases, and this is consistent with the history of Bitcoin's pseudonymous inventor, Satoshi Nakamoto. Ever since Nakamoto disappeared, that wallet holding 1 million bitcoins has been an inactive Nakamoto wallet, effectively reducing the supply. 3 replies
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