Bitcoin is a choice, not an imposed currency
Bitcoin is more than just the ability to transfer value without middlemen or to save your savings efficiently. It is actually a deliberate decision to log out of the existing system. As many enthusiasts and specialists claim, Bitcoin is a good possibility for a sensible way to improve a destructive, corrupt, and broken economic system.
Bitcoin System is incorruptible
This is a basic concept, but in times of global economic uncertainty, where banks can set withdrawal limits and even freeze their customers’ accounts, keep in mind that no one can freeze your bitcoins when they are in your wallet. In fact, no central government agency can disrupt Bitcoin transactions. Despite its safe technology mechanisms always keep in mind that you must keep your codes safe and secure as those act as keys for your wallets.
What does Bitcoin halving mean?
If you’re not a Bitcoin enthusiast, you’ve probably never heard what’s going to happen this year – it’s called halving and no one is in control of the process. This is a rule written in the underlying bitcoin code that the creator introduced over a decade ago under the pseudonym Satoshi Nakamoto.
The event, scheduled for May 2020, halves the number of new coins to be given as a reward to Bitcoin miners who ensure global cryptocurrency supply by solving complex math puzzles.
Miners use powerful computers to compete with other computers on the crypto network and hurry to add new “blocks” to the record of the chain that the cryptocurrency supports. You will be rewarded with a fixed number of new bitcoins, which a few months ago was around 12.5 and has fallen to 6.25 since May. This would save $ 60+ million in weekly rewards, according to industry media.
What will happen in the future?
The phenomenon serves both to ensure bitcoin shortages and to limit price inflation. Investors who are aware of the situation are preparing for the strong gains and volatility that have been associated with the previous declines that occur about every four years after 210,000 blocks have been mined.
There will likely be winners and losers. Therefore, crypto marketers, from bitcoin miners to traders, are trying to understand how the next halving of the reward can be beneficial to their work. This is currently the most important question for most of the industry, Crypto leaders think it’s most importantly to understand how halving will effect miners and the mining quality in the near future.
If supply is reduced and demand is kept constant, prices will theoretically increase. Operators and miners surveyed by leading sources in the past few weeks said halving would likely result in increased volatility and trading volume. There are also those who believe that the supply reduction will be discounted more by the markets this time than the previous time.
What happened before?
The first cut in rewards was in November 2012 when the popularity of this cryptocurrency was far below the current and its price. Within a year, its value rose from $ 10 to over $ 200.
The second halving occurred in July 2016 when Bitcoin was over $ 600. In one year, the upward trend was evident and in mid-2017 it was over $ 2,500. In the same year, according to historical data from the specialized website Investing, the cryptocurrency reached its historic maximum of 19K + USD.