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> I'm not sure about this, but does every person using an exchange get their own address? Definitely not. Exchanges that aren't stupid keep the vast majority

> I'm not sure about this, but does every person using an exchange get their own address? Definitely not. Exchanges that aren't stupid keep the vast majority of their funds in cold storage, which is held in a small number of addresses. Most people store their bitcoin on exchanges, even though that's a pretty bad idea. Not your keys not your coins. The article is massively misleading. It should say "95% of bitcoin is controlled by a small number of entities, most of which are exchanges". That's still not good, but at least it's not deceptive.

leto_ii 6y ago
> The article is massively misleading. It should say "95% of bitcoin is controlled by a small number of entities, most of which are exchanges". Yeah, that's exactly what I felt as well. Thanks for clarifying.
aasasd 6y ago
> Exchanges that aren't stupid keep the vast majority of their funds in cold storage That sounds dumb on their part, as that money isn't doing work that it could. Perhaps they should invest it in the meanwhile. But since it's users' money, maybe set up a provision that only a part of the funds is invested, and the rest stay put, to give them back to the users on demand. Most people don't regularly take out all their coins at once, so the exchange won't need to have them all on hand, most of the time.