What Is The Bitcoin Block Reward Halving, And Why Does It Matter?
I'm sure some new members here may not be familiar with a Bitcoin Block Reward Halving event, so I just wanted to put some basic info out there. Bitcoin was created with a block reward of 50 BTC per block. This is the reward for miners processing transactions, and guarding the network from 51% attacks. Every 4 years this reward is cut in half, which is every 210,000 blocks. Bitcoin's first reward halving took place in 2012, when Bitcoin was valued at 12 USD. in. The second event took place in 2016 when Bitcoin was valued at 650 USD. The next event will take place in July of 2020. In the summer of 2013 Bitcoin was still flying under the radar. It was not considered a store of value, a viable global currency, and scaling issues were becoming increasingly apparent. We were a very small community at that time. After Mt Gox imploded at the beginning of 2014, Bitcoin entered a bear market. The price spent the next 2 years searching for a bottom, however the amount of users and transactions was still climbing. Although I am speculating, I firmly believe the upcoming halving of 2017, mixed with the increase of users and investors, helped break the downtrend. People got smart. The Bitcoin charts from summer 2016 begin to show a huge uptick in Bitcoin buying. Despite a huge downtrend, people were buying, and many forums began buzzing with knowledgeable investors hoping to take advantage of Bitcoin becoming more scarce. They were correct. One year before the halving event Bitcoin began the uptrend we have all been enjoying. As users and Bitcoin knowledge has increased heavily since the last block reward halving, I anticipate even earlier buying and speculating for the 2020 halving. Like right now early. Since Bitcoin is often compared to gold, I will use it in this analogy. The Bitcoin Reward Halving is the equivalent of all the gold mines in the world being able to extract half the gold they were mining, every 4 years. What would that do to the price of gold? Even if demand didn't increase at all, but the supply was slashed in half? Again, the 1st Bitcoin halving BTC was 12 USD. On the 2nd event, 650 USD. It is going to be very difficult for Bitcoin to enter a bear market as more and more investors look to capitalize on the halving event in 2020. The Block Reward moving forward after 2020 will be 6.25 BTC. I apologize if my dates or numbers aren't exact, I'm on my phone at traffic court for speeding in my 645ci. 1st world Bitcoin problems.
Let's Talk Bitcoin! #242 - "Ride The Lightning Network" (Matthew Zipkin speaks with Rusty Russell about his work on the Lightning Network: what it is, what it does, how it does it, why it matters, and when it'll be something you're actually using.)
Let's do something fun. Pretend I'm someone who has no idea why bitcoin matters. I know it exists (from hearing about it via random news articles, etc). Explain to me (as someone who has no idea what it is beside "online money") why it's important and what it's useful for.
Why Bitcoin Matters. A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers. Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it. On the other hand, technologists – nerds – are transfixed by it. They see ... Why Bitcoin Matters…and yes — that’s Bezos. Thank you Jeff Bezos for the wonderful introduction.. There’s a lot more than meets the eye when it comes to Bitcoin, and coming into 2019, I’m glad to see a broader push back toward the Bitcoin narrative, especially after a solid 2yrs of shit-coinery, ICOs, Bcashing, Wrighting, wronging, Verring, blockchaining for the sake of blockchain ... Why is the Bitcoin Halving Important? Bitcoin’s many Halving events seek to give the asset an element of “scarcity” to protect its long-term value. Bitcoin would become nearly as scarce as gold. This Bitcoin Halving event will cause the asset’s inflation rate to drop to 1.8%, making it lower than the inflation rate of the U.S. Dollar ... Despite being around for several years, Bitcoin is suddenly all over the news. You probably already know it is something to do with money, so this article will help to explain what this cyrptocurrency is, why it matters, and how to use it safely. As you can see in the above image, miners or mining pools (Bitcoin.com, BitFury, BitClub, etc.) get an additional reward on top of the standard 12.5 BTC block reward.. And that’s why it stands to reason that a miner will pick to mine the blocks in the mempool with higher transaction fees.
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