Let's talk about Halving - An important point within the world of cryptocurrencies
Don't think from the main image of this post that I'm implying that BITCOIN was broken or cracked, not at all, but if there's something that's going to be broken in half...
Important information for those of us who make life in the cryptographic world. Understanding some of the things that happen is necessary, since it allows us to be better located in these technological spaces, and to be able to find better opportunities.
In this opportunity I want to talk about HALVING, although we know that this is to break in half in everyday language, as a term used in what to Blockchain and Criytocurrency has another connotation.
Before I explain what Halvig is, I must clarify the following:
Chain of blocks and crypto coins usually go hand in hand. If we visualize the Blockchain as a big book, each page of this book is a block, in these are written (at a computer level) all the transactions that are executed. These blocks are formed little by little, and those who are in charge of these are the people who have mines, a special device is created for this purpose.
Each time a Block is formed a specific amount of a given crypt currency is formed, as a reward the miners (for their work) receive a fraction of the newly formed crypt currency from the creation of the Block.
Well, understanding this, there is another point that I must touch here, each (most) cryptomoney has a maximum number of production, they are finite, unlike FIAT money (dollar, Euro, Bolivar, peso, etc) that the central banks of each country can produce them infinitely. A characteristic of many crypt coins is that from time to time production is reduced by half. To give an example
*If 10000 thousand Bitcoins are produced every certain amount of blocks, there comes a moment, previously established by their creator, that instead of 10000 there will be 5000 that are formed.
This decreases as the maximum amount of production of that specific currency approaches. In this case, Bitcoin has a maximum production amount of 21 million.
The meaning of Halving in the world of cryptomontages is this, as you can see, halved as well. I must emphasize that it is not only Bitcoin that complies with this, there are also other cryptomontages, for example Litecoin, in which the reduction in production to half the reward is executed every 840,000 blocks that are mined.
There are other aspects that have to do with this, and perhaps I have called your attention to them, it is these things that I will talk about in the next publication, for example:
Because it has a maximum production number?
What's the point of halving the production of coins every few years?
Does this affect the price?
This is about the Halving that will take place this month for the Bitcoin...Which has given us a lot to talk about.
I hope I've explained myself as well as I can.
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@josevas217 yes its a very important day in the crypto , as bitcoin is the godfather of crypto world. let see , i think their will be increase in price.
I also believe that a good price increase may occur, I hope, but also that it will have an impact on the prices of altcoins. I hope they all go up. It would be a great benefit for everyone.
Thanks for your comment @adityajainxds
Resteemed already. Upvote on the way :)
Thank you @project.hope
Dear @josevas217
I wonder what are your personal expectation towards price of BTC in near future?
Many people out there seem to expect price of BTC to increase after upcoming Halving. And I'm trying to understand if those are not mostly ... just lovely wishes.
After all, we should ask ourselfs a question: how Halving would impact demand and supply?
Based on my knowledge, supply will decrease. That's the fact. so there may be less bitcoins dumped on the market by miners. Which will surely reduce selling pressure.
However, it doesn't mean that demand will increase. Am I right? So at the end of the day BTC price has higher chance to continue upward movement, but I wouldn't expect FIREWORKS.
ps.
Also I'm wondering, if halving isn't already priced-in. In the past not many people seemed to know about halving, so for many it came as a huge news. News which could bring some hype and switch on FOMO.
Currently many seem to be expecting similar market behaviours. And that's a major difference between now and past. Wouldn't you agree? Just curious what do you think.
Yours, Piotr
Hello friend @crypto.piotr
I answer you first by saying that, I think that everything that has to do with big markets will be dominated more by big investors than by the masses. In the specific case of cryptosystems, whales determine most of the trends.
I start with that, because there is no doubt that large movements of capital directly influence the price, a rumor also affects it, and the owners of large communication empires use that to manipulate not only the masses but the markets, and move them in their favor.
My expectations regarding the price of the BTC, is that I have no idea ha ha
These last days the price has gone up, possibly because the HaLVING is coming, but I see that several things could happen:
*The price is really going up, because more people know about the BTC from all the information that's circulating, more capital is being injected and it's driving it.
I also know that there will be many miners who will no longer be able to work, because their mines will not give a profit margin due to the difficulty that will exist after the halving. This will give power to the big mining farms. This on the one hand can drive the price up, and make it so, but the opposite can also happen.
Another option is that with the halving they inflate the prices, so that later big investors get good profits and when withdrawing the price it goes to the floor.
It could happen that there is a more and more massive adoption of the use of crypto-currencies, however, I consider that there are other currencies that provide more facility for its use, and the transactions are faster, for example DASH, that even without internet, using bluetooth allows to make transfers.
So, I see several scenarios in relation to this event. But I am still a believer in cryptomonies and blockchain.
Dear @josevas217
What an amazing comment. Seriously love it. I've finally managed to catch up with old comments. Thx for yours.
Have a great sunday ahead,
Yours, Piotr
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