To date this address has received 6.11412822 BTC or about $11,696.27.
When Voat receives Bitcoin they would then send it to an exchange so it can be converted to dollars or local currency to pay for the hosting costs. Not many hosting providers accept Bitcoin as payment so converting to dollars is the best option.
Basically the OP link is inaccurate as it's combining Voat's address (1PhBpbED6uEnrvy5s9F9axBZbK8fWAeZdc) and others with what would most likely be an exchange (The one with the $7m).
Edit: Looking at it a bit more, it's likely that Voat's Bitcoin address (1PhBpbED6uEnrvy5s9F9axBZbK8fWAeZdc) belongs to an exchange and any bitcoin sent to it is then instantly converted into the currency of choice for example dollars. So Bitcoin sent to Voat isn't then being sent onto an exchange, the address is the exchange. That would allow Voat to avoid price volatility when the price of bitcoin moves down but also misses out on the rises.
Looking at it a bit more, it's likely that Voat's Bitcoin address (1PhBpbED6uEnrvy5s9F9axBZbK8fWAeZdc) belongs to an exchange and any bitcoin sent to it is then instantly converted into the currency of choice for example dollars. So Bitcoin sent to Voat isn't then being sent onto an exchange, the address is the exchange. That would allow Voat to avoid price volatility when the price of bitcoin moves down but also misses out on the rises.
view the rest of the comments →
NeedleStack ago
This post now has the Misleading flair. @Fred-Stiller-OnAWire @go1dfish is that not voat's wallet?
Fred-Stiller-OnAWire ago
Voat's current Bitcoin address is here - https://blockchain.info/address/1PhBpbED6uEnrvy5s9F9axBZbK8fWAeZdc
To date this address has received 6.11412822 BTC or about $11,696.27.
When Voat receives Bitcoin they would then send it to an exchange so it can be converted to dollars or local currency to pay for the hosting costs. Not many hosting providers accept Bitcoin as payment so converting to dollars is the best option.
Basically the OP link is inaccurate as it's combining Voat's address (1PhBpbED6uEnrvy5s9F9axBZbK8fWAeZdc) and others with what would most likely be an exchange (The one with the $7m).
Edit: Looking at it a bit more, it's likely that Voat's Bitcoin address (1PhBpbED6uEnrvy5s9F9axBZbK8fWAeZdc) belongs to an exchange and any bitcoin sent to it is then instantly converted into the currency of choice for example dollars. So Bitcoin sent to Voat isn't then being sent onto an exchange, the address is the exchange. That would allow Voat to avoid price volatility when the price of bitcoin moves down but also misses out on the rises.
NeedleStack ago
Thanks, that explanation makes a lot of sense. :)
Fred-Stiller-OnAWire ago
Looking at it a bit more, it's likely that Voat's Bitcoin address (1PhBpbED6uEnrvy5s9F9axBZbK8fWAeZdc) belongs to an exchange and any bitcoin sent to it is then instantly converted into the currency of choice for example dollars. So Bitcoin sent to Voat isn't then being sent onto an exchange, the address is the exchange. That would allow Voat to avoid price volatility when the price of bitcoin moves down but also misses out on the rises.