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Everything you need to know about Bitcoin Vladimir Club


By CNBCTV18.com IST (Released)

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The Vladimir Club is the unofficial name given to the collective of bitcoin holders holding at least 1% of the total number of bitcoins. The total Bitcoin supply is 21 million, so for someone to be part of Vladimir’s club, they would need to hold at least 2,100 BTC.

Ever since civilization existed, there has been a need for exclusivity. This is why social organizations like the Gentlemen’s Club were created in the 18th century. This is also why lists like “Forbes Richest” or “Fortune 500” exist today. People are driven to join exclusive clubs, while others marvel at the individuals on these lists.

Bitcoin is the same. Ever since the cryptocurrency gained monetary value a few years ago, people have wanted to know who owns how much BTC and what their net worth might be. This led to the creation of the exclusive Bitcoin list – The Vladimir Club.

What is Bitcoin Vladimir Club?

The Vladimir Club is the unofficial name given to the collective of bitcoin holders holding at least 1% of the total number of bitcoins. The total Bitcoin supply is 21 million, so for someone to be part of Vladimir’s club, they would need to hold at least 2,100 BTC.

Back when the term was coined, the price of bitcoin was around $11, so club members owned around $24,000 worth of BTC. That figure is now closer to $60 million. Therefore, if getting into Vladimir’s club was difficult back then, it seems next to impossible now.

The origin of Bitcoin Vladimir Club

Contrary to what some might think, the club’s name has nothing to do with Russian President Vladimir Putin. It’s just a coincidence and nothing for conspiracy theorists to ponder.

The term comes from BitcoinTalk, a public forum founded by Satoshi Nakamoto. In 2012, a user named Vladimir encouraged forum members to hold at least 2,100 BTC. He was trying to tell people what a great investment Bitcoin was and how owning 1 ten thousandths of the total supply was a good strategy. Somehow the name stuck, and that’s how we have the Vladimir Club today.

The numbers game

In a utopian world, there would be precisely 10,000 members of the Vladimir Club. In the real world, however, this can never happen for several reasons.

First, the total number of bitcoins has not yet been mined. Bitcoin’s current circulation is around 18.5 million, and due to the constant halving of its mining process, the circulation cap will not be reached until 2140.

Second, not all bitcoins in circulation are available. Due to lost wallets and erroneous transactions, some BTC are permanently lost. As in the case of James Howells, who lost his hard drive containing around 8,000 bitcoins, which may never be found.

Third, real bitcoin whales who own more than 2,100 BTC might not hold them all in one wallet – either for security reasons or just to stay under the radar.

Moreover, the disparity between bitcoin whales and normal investors is quite huge. Some whales and institutes have massive amounts of BTC. Take MicroStrategy, for example; the software company owns nearly 130,000 BTC. Therefore, it is estimated that the Vladimir Club includes only 500-600 large whales.

Conclusion

Ironically, the Vladimir Club is no longer exclusive to Bitcoin. Many cryptocurrencies with limited supply have their own version of Vladimir Club, such as Binance Vladimir Club, which requires 20,000 BNB due to its maximum supply of 200 million BNB.

Also, clubs like the Bitcoin Vladimir Club are not the best thing for the future of Bitcoin or cryptocurrencies in general. It represents the gap between the haves and the have-nots in today’s world. Moreover, it could also lead to the concentration of BTC in the hands of a few. Luckily, the club is tiny and could stay that way.

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