Bitcoin’s historic ‘halving’: Why crypto experts are expecting a second explosion in value

Bitcoin's historic 'halving': Why crypto experts are expecting a second explosion in value

Bitcoin could be back on the agenda for plucky investors after the infamous cryptocurrency experienced a triggered “halving” event this morning.

At 5.23am AEST the cryptocurrency produced its 630,000th block and triggered the third-ever halving event in Bitcoin’s 11-year history.

In a nutshell, Bitcoin “halves” roughly every four years as a way to reduce the reward given to programmers who “mine” the currency using high-powered computers and complex algorithms.

Bitcoins are mined by specialised computer hardware which solves algorithms (or “blocks”) on a central banking sheet known as a blockchain.

To keep the value of existing Bitcoins, every 210,000 blocks the reward given for mining halves as a way of artifical inflation.

Only 21 million Bitcoins will ever be generated by the network, prompting some experts to believe that a second bull run of value is on the cards.

“History teaches us that after this post-halving drop in price, there is a subsequent bull run,” CEO and founder of deVere Group Nigel Green said.

“Previous Bitcoin halving events have prompted impressive price climbs. The 2016 halving triggered a 300 per cent jump in the value of Bitcoin.

“There is no reason to believe this time the market will not respond with a longer-term upward trajectory.”

Currently Bitcoin is trading at just under A$13,500 per coin. If Mr Green’s forecast of a 300 per cent rise comes true that value could skyrocket up to more than $40,000 per coin.

Mr Green believes that current unrest over governments handling the COVID-19 pandemic could also push some investors towards decentralised currencies like Bitcoin.

“Traditional currencies are devalued and inflation fears rise on the back of the mass printing of money, the likes of which we have recently seen in the US, where the nation’s central bank has added trillions of dollars to the money supply,” Mr Green said.

“Such measures will inevitably encourage even more investors to consider decentralised, non-sovereign digital currencies.

“Looking ahead beyond the halving event, cryptocurrencies are increasingly becoming regarded as the future of money due to the real-world issues they address and growing mass adoption.”

Explained simply: What is Bitcoin?

  • Bitcoin is a form of online cryptocurrency that allows money to be transferred electronically. It’s decentralised, which means no-one regulates or controls it except for market demand.
  • It was created by a group (or a single person) of programmers under the pseudonym “Satoshi Nakamoto” in 2009.
  • Bitcoins are “mined” by computers that solve incredibly complex mathematical equations. Like coal or oil, there is a limited number of Bitcoins available to be mined, estimated to be in the ballpark of 21 million.
  • You cannot mine Bitcoin on your home computer, it requires specialised programs and hardware that have increased the difficulty of mining a Bitcoin.
  • Bitcoin experienced a dramatic explosion in value in late 2017, before it experienced one of the most catastrophic value crashes ever seen in currency.
  • Source: www.9news.com.au

    Author: By Stuart Marsh • Senior Producer2:34pm May 12, 2020


    Bitcoin price forecast - bitcoin halving price update!

    Bitcoin price forecast – bitcoin halving price update!

    In the medium term, it looks very good for the Bitcoin course, no question. For a short time it could be uncomfortable for Bitcoin bulls. Of course, the Bitcoin price is no longer far from the important resistance at the Golden Ratio at $ 10,500, which also marks the last high. If the bitcoin level breaks this level, it has also broken the horizontal resistance between $ 9,200 – $ 10,500 and also the trend line of the symmetrical triangle, which would lead to a bullish breakout.

    Therefore, the chances are very good that we will soon see the Bitcoin price heading towards $ 13,800, but there could be a reset in the short term.

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    Because in the daily exchange rate, the RSI has already reached overbought regions, although not a bearish divergence. After all, the EMAs are close to a golden crossover, which would confirm the trend bullish in the medium term. Nevertheless, the Bitcoin price expects strong resistance between $ 9,200 – $ 10,500, so the Bitcoin may also be rejected there on the second try.

    Horizontal support is already waiting for the Bitcoin course between $ 7,800 – $ 8,400 and between $ 6,400 – $ 6,900.

    Apart from that, the next supports are:

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    In the 4-hour course, it currently looks like a correction. Every sequence of the last increases to the golden ratio has been corrected, which confirms the trend bullishly, but there has now been a bearish divergence in the RSI. So it cannot be ruled out that Bitcoin will short-term correct at least at the golden ratio at ± $ 8,300.

    With regard to halving in a few days, we expect very strong volatility for the Bitcoin price.

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    Best regards and successful trades

    Constantine

    Source cryptoticker.io

    CryptoTicker is a Berlin-based crypto, blockchain and tech news platform operated by an international team of experts who are committed to sharing their knowledge with the crypto community.

    Our team is spread all over the world and provides all those who are interested in cryptocurrencies and blockchain technology. CryptoTicker tries to get as much as possible out of the digital age for you by supplying you with news, expert opinions, interviews, documentation and announcements from around the world on the topics of blockchain, cryptocurrencies and futurism.
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    Bitcoin price forecast - bitcoin halving price update!

    Bitcoin goes through third ‘halving’, falls vs US dollar

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    Source: economictimes.indiatimes.com


    Satoshi Nakaboto: ‘Third Bitcoin halving in history executed, cutting mining rewards in half’

    Satoshi Nakaboto: ‘Third Bitcoin halving in history executed, cutting mining rewards in half’

    Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.

    Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Descartes used to say: Yolo!

    We closed the day, May 11 2020, at a price of $8,601. That’s a minor 1.75 percent decline in 24 hours, or -$153.74. It was the lowest closing price in twelve days.

    We’re still 57 percent below Bitcoin’s all-time high of $20,089 (December 17 2017).

    Bitcoin’s market cap ended the day at $158,059,235,276. It now commands 68 percent of the total crypto market.

    Yesterday’s volume of $57,119,858,802 was the lowest in one day, 155 percent above the year’s average, and 22 percent below the year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 1042 tons of gold.

    A total of 305,682 transactions were conducted yesterday, which is 5 percent below the year’s average and 32 percent below the year’s high.

    Yesterday’s average transaction fee concerned $1.49. That’s $2.22 below the year’s high of $3.71.

    As of now, there are 12,461 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

    Furthermore, the top 10 Bitcoin addresses house 5.3 percent of the total supply, the top 100 14.7 percent, and the top 1000 35.0 percent.

    With a market capitalization of $157 billion, China Mobile has a market capitalization most similar to that of Bitcoin at the moment.

    On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

    He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.2 percent behind being on track. Bitcoin’s price should have been $323,016 by now, according to dickline.info.

    Bitcoin used an estimated 191 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 70 terawatt hour. That’s the equivalent of Colombia’s energy consumption or 6.4 million US households. Bitcoin’s energy consumption now represents 0.31% of the whole world’s electricity use.

    Yesterday 82,838 fresh tweets about Bitcoin were sent out into the world. That’s 332.0 percent above the year’s average. On top of that, it’s highest amount of tweets about Bitcoin per day recorded this year.

    This was one of yesterday’s most engaged tweets about Bitcoin:

    The final Bitcoin block with a subsidy of 12.5 BTC was mined by @f2pool_official and contained the following message in its coinbase transaction:

    🐟NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescuehttps://t.co/9dtTrC8YH6

    — Jameson Lopp (@lopp) May 11, 2020

    This was yesterday’s most upvoted Reddit post about Bitcoin:

    The 630000th block in the Bitcoin Blockchain, with 6.25 Bitcoin Coinbase Reward, was found at May 11, 2020 19:25 PM UTC from r/CryptoCurrency

    And this was yesterday’s top submission on Hacker News about Bitcoin:

    Bitcoin Halving Just Occured (blockchain.com)

    print(randomGoodByePhraseForSillyHumans)

    My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

    Source: thenextweb.com

    Author: Satoshi Nakaboto


    WOOOW!! BITCOIN HALVING BULL RUN IMMINENT ACCORDING TO THIS CHART!!!

    WOOOW!! BITCOIN HALVING BULL RUN IMMINENT ACCORDING TO THIS CHART!!!

    Опубликовано: 12 мая 2020 г.

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    The Bitcoin halving hype is finally over. What now?

    The Bitcoin halving hype is finally over. What now?

    At 7pm UTC yesterday, Bitcoin’s block reward cut in two. The event, called the halving, occurs every four years, and is baked into Bitcoin’s protocol. 

    Economic theory suggests that, since miners only receive half the amount of new Bitcoin for the same work, they’ll only produce half as much, thus constricting the supply of new Bitcoin and—assuming constant demand—pumping the price. 

    A couple days ahead of the halving, speculation was ramping up. Bitcoin had risen from its depths of $4,500 to touch the $10,000 mark—up 122%. Traders were anticipating a boom, with news outlets predicting that the stars are aligning for a “major Bitcoin breakout.”

    But then the price crashed. Bitcoin’s price fell from around $10,000 to $8,700 after Coinbase went down and whales sold their holdings. That was exciting. The Bitcoin halving itself—not so much. 

    Despite the hype, nothing really happened, even though mining revenue dropped from around $15 million yesterday to approximately $8 million today. The price dipped from around $8,900 to $8,416, then…climbed back to its current price, around $8,900. 

    Before the halving, on May 8, Pankaj Balani, CEO of Delta Exchange, was excited. “Traders are extremely bullish into the halving with many expecting Bitcoin to breach the 11,000 mark pre halving,” he said. 

    But post-halving, he said he saw all of this coming. “The Bitcoin halving was, as expected, uneventful with regards to price and hash rate, with the true impact to emerge over the coming weeks and months.” he told Decrypt today. The hash rate, predicted to take a hit as older miners went offline, actually increased slightly, from 120.365m to 121.038m.

    Some, enviably, managed to extract excitement from boredom. “The most exciting thing about [the halving] is how anticlimactic it was! Imagine if you told all bankers (or any profession) in the world their pay would be cut in half every 4 years. There would be a riot!” said Viktor Bunin, protocol specialist at Bison Trails, adding, “Social consensus around Bitcoin’s monetary policy is strong and the fact that there wasn’t even a peep from miners this halving shows that the system is working,” he added.”

    Sinjin David Jung, managing director of the International Blockchain Monetary Reserve, found it enticing nonetheless. “It was an absolutely exciting event, as you had this very certain event against the backdrop of all this market chaos. Financial instability and QE is the rocketfuel for Bitcoin’s inevitable launch past historical highs within this coming year.” 

    Others think that the halving itself was the news. Ray Youssef, CEO of peer-to-peer trading site Paxful, said that it “highlighted the spirit and unity of the Bitcoin community. It was the human layer that brought my cofounder and I to Bitcoin and it is good to see it back again!”

    But the market may take some time to react to the halving. “At this point I’m waiting to see how near term events play out, specifically watching out for a broader market correction and miner capitulation. Beyond that, the mid and long term looks bright for Bitcoin,” said Evan Kuo, CEO of Ampleforth.

    In uncertain times, who’d have thought that Bitcoin’s stability would be its saving grace?

    Source: decrypt.co

    Author: Decrypt / Robert Stevens


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