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The currency founding block was born on January 3, 2009. Satoshi Nakamoto designs that the miners can obtain 50 BTC rewards with the packaging of one block. The number of bitcoins created about every 10 minutes which has halved every four years from 2012. Since the maximum supply of bitcoins is 21 million, halving means it will take longer for all bitcoins to circulation. But it also means there will be limited bitcoins over time. Historically, halving bitcoin has proven to be an important catalyst for a new bull market in the currency.
On November 28, 2012, bitcoin been halved for the first time, alongside with block awards reduced from 50 BTCS per 10 minutes to 25. The total issued amount of BTC is 21 million, with the improvement of people’s cognition and consensus on Bitcoin, the scarcity of Bitcoin shows obvious after halved. While other factors in the market remain stable, the relationship between supply and demand will determine the price of goods.
In 2012, before the halving, the price of Bitcoin was around $12. After November 28, the price rose to the peak of $1,175. On December 4, 2013, the price doubled by 100 times and set an all-time high for Bitcoin at that time. This has helped the earlier bitcoin owners to achieve wealth freedom and increased the public awareness of the value of bitcoin.
On July 9, 2016, the 420,000th bitcoin block was completed, and the block reward was halved for the second time, which reduced from 25 BTC in 10 minutes to 12.5. This halving increased the scarcity of Bitcoin and alongside with the bull market of Bitcoin again.
At the second halving, the price of bitcoin was around $660, after the halving, the price firstly experienced more than three months of backtracking, then suffered over seven months of sideways trading, eventually skyrocketed. By December 16, 2017, the price of Bitcoin reached $19,991 at its peak, a new record with an increase of nearly 30 times.
After twice time of bull markets in which bitcoin was halved, many institutions stepped into the market, countless investors saw the infinite possibilities of its future. Image how long would it take a traditional industry to multiply its capital 30 times? But in the currency circle, it only takes one year, which is why institutions and retail investors are unanimously bullish on Bitcoin, and many even use it as a tool to avoid risks.
This year marks the third time that bitcoin has halved. On May 12, the number of bitcoin block awards was reduced from 12.5 to 6.25. According to the results of the previous halving, where does the price will go?
Through the halving, numerous investors have seen the huge business opportunity behind Bitcoin. In earlier 2020, many large organization institutions started to lay out BTC. According to a recent report released by Glassnode, the number of whales that holding more than 1,000 bitcoins has increased sharply since 2016. This data reflects a strong bullish signal after Bitcoin halved for the third time.
After the first time of halving, the price of Bitcoin increased more than 100 times, and after the first time of halving, the price of Bitcoin increased more than 30 times. History doesn’t repeat itself — but it often rhymes. According to Lucian, the chief analyst at BitOffer Exchange, said that the bitcoin will have a bull market within a few months after the halving, with the increase of at least 10 times, that is, it is expected to break the $100,000 price.
Therefore, it is the best time to buy Bitcoin. However, rather than buying Bitcoin, it is better to trade Bitcoin ETF at BitOffer, which starts with a minimum yield of 3 times. Besides, it also includes the intelligent dynamic warehousing mechanism and the calculation of fund compound interest, with a maximum yield of 17 times. If the price of bitcoin goes up more than 10 times, the ETF will go up as much as 170 times. Without a doubt, the Bitcoin ETF is the best investment choice.
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What is a Blockchain Halving: Bitcoin & More The bitcoin halving is upon us, and at block 630,000 (approximately May 12, 2020) the bitcoin “subsidy” or “reward” for verifying transactions with newly created coins will drop from 12.5 BTC to 6.25 BTC per block. In this blog, we review the bitcoin halving, how it works, and how halving works for Qtum. First though, why is there a halving? Miner incentives and token economics are beyond the scope of this article, but we can surmise that Satoshi wanted to give higher block rewards to attract early miners (now everyone would mine bitcoin if they could) and did not want to create an inflationary asset with a supply that grows forever. Read more https://blog.qtum.org/what-is-a-blockchain-halving-bitcoin-more-a6cfa9427df8submitted by Frankrbruno to Qtum [link] [comments]
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The next Bitcoin halving (aka halvening) is almost here.In May 2020, the reward for mining new blocks will be cut in half from 12.5 to 6.25 Bitcoins. A halving occurs after every 210,000 blocks (approximately every four years) until finally all 21 million Bitcoins have been released by roughly the year 2140. Bitcoin Halving is a process that reduces bitcoin mining reward per block to half of the previous value that occurred after every 210,000 blocks. Bitcoin Halving simply refers to the reducing of the rate of the number of new bitcoins created with time which decreases the inflation rate of bitcoin with time. Bitcoin halving historical performance. To date, there have only been 2 bitcoin halvings.From a historical perspective, during previous bitcoin halvings, each time the price of bitcoin has reached The first Halving saw BTC’s price jump from $11 to $1,100, and the second Halving led to the value of Bitcoin to increase from $600 to $20,000 in 18 months. However, the circumstances surrounding each Halving may be different and demand for Bitcoin can fluctuate wildly, particularly in the current pandemic, which has proven to be an economic Bitcoin halving, when mining rewards are cut in half, is part of Satoshi Nakamoto's design of the cryptocurrency. But it's hard to predict the price impact.
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