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Explained: Bitcoin Halving, When is it due?

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Bitcoin Halving plays a very technological and economic role in ensuring the continued viability of Bitcoin as a digital currency.

Bitcoin owners probably do not want to sell their Bitcoin, when the value of Bitcoin may be higher the next day. Bitcoin Halving plays a very technological and economic role in ensuring the continued viability of Bitcoin as a digital currency.

 

Bitcoin Halving:

Satoshi Nakamoto, the founder of bitcoin obviously didn’t want to expand the cash offer for Bitcoin, which explains why the function of the Bitcoin halving events was implemented in the protocol. It is possible because Bitcoin’s network block space can be substantially recreated, which means that miners can generate revenue based on transaction fees.

Nakamoto decided to control Bitcoin’s supplies similarly, limiting the rewards you can collect when you successfully add a block to the blockchain. Bitcoin halving is both an excellent mechanism designed to solve many potential problems that have positively affected the currency as it ages and becomes more widespread.

All in all, new Bitcoins are entering the world as a reward for miners when they dig a Bitcoin block.
For example, if today, each miner gets 12. 5 Bitcoins to solve a block, they only get 6. 25 BTC after the next halving event.

So if today, each mining operator gets 25 Bitcoins to solve a block, only 12, 5 BTC is received after the halving event.

 

Next Bitcoin Halving:

Interestingly, Bitcoin has only been halving twice since it was introduced into the world.
Despite the fact that Bitcoin has been accepted in our financial lives, most of us are not familiar with the technical aspects of Bitcoin, such as halving and mining. Bitcoin halving is a tool – and – a – method to prevent Bitcoin from losing its value due to overburdening with time.

Next Bitcoin Halving: At some point in May 2020, the next Bitcoin event will take place and the reward will be reduced to 6, 25 Bitcoins per block.

 

Importance of Bitcoin Halving:

Bitcoin, or cryptocurrencies in general, have an extraordinary relationship with their underlying technology, the blockchain. The blockchain is progressing in a very different way than Bitcoin, but it was the initial explosion of Bitcoin in the general financial space that led people to take the blockchain seriously.

Bitcoin is a digital currency that allows two people to enter into a financial transaction without intermediaries.
Part of what makes bitcoin valuable is the fact that there is a limited stock of 21 million bitcoin. As competition intensifies, miners are increasingly burdening processing power, transforming bitcoin mining from a hobby activity in the bedroom into a hobby, which today requires the computing power of whole data centers.

As the deflation curve of bitcoin becomes more aggressive after the 2020 bitcoin halving, it will inevitably begin to evolve into an asset, with all the features sought by large institutions and central banks in reserve.

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8 Comments

8 Comments

  1. Pingback: Explained: Bitcoin Halving, When is it due? - Satoshiuncle

  2. Pingback: Explained: Bitcoin Halving, When is it due? – BTC.com.ph News

  3. Pingback: Explained: Bitcoin Halving, When is it due? – BitcoinInfo.com News

  4. Pingback: Explained: Bitcoin Halving, When is it due? – BitcoinGuide.com News

  5. Pingback: Explained: Bitcoin Halving, When is it due? – BitcoinLifestyle.com News

  6. Pingback: Defined: Bitcoin Halving, When is it due? - EARN MONEY ONLINE

  7. El Beau

    March 9, 2019 at 8:29 pm

    “problems that have positively affected the currency ”

    Hahahaha.

    And a currency is deflationary when the supply is outstripped by the assets it represents. Stop printing dollars, the US economy grows, dollars deflate. Guess why that doesn’t happen with bitcoin.

  8. Pingback: Bitcoin halving nedir? Neden önemlidir? » KoinMedya

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#Bitcoin

Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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#Bitcoin

Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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