Few hours for the Bitcoin Halving
We are too much close to the Bitcoin halving event and it is going to take place in approximately nine hours from now. We need to understand that this event happens once in a four year time and now this time is about to arrive when we will witness this significant halving event for the year 2024. The last one we had seen in 2020 and the next one will be happening in 2028 so there is a big gap on the event and we should understand it well.
There will be some impact in the market but it might not happen immediately however miners will be affected with immediate effect. They will be affected because their rewards are going to cut by half and this is a big reduction for them. This is also important for us to understand that this event is necessary because the supply for Bitcoin is limited and with increasing demand it is necessary to cut the reward for the miners and this is how the entire mechanism is built.
Limited supply is the best part about the Bitcoin whereas if we talk about the fiat currency then the government has options to print it and this is why it is not limited. They can print any amount when they want and this brings more inflation on the money value which is not good but that is how many countries are doing since many years. It's good that with Bitcoin there is nothing manual so nobody has the power to change the mechanism because it is going to be the same and no matter what happens in the blockchain or anywhere but this option is not given to anyone.
This is called true decentralisation where we cannot manipulate things as per our requirement. I expect that this year we are going to see another all time high price for the Bitcoin even after the halving event because demand is growing and the recent approval in Hong Kong is another good news that can trigger more demand for the BTC. This market is based on supply and demand so if supply is limited but demand is increasing then you can understand what is going to happen in this market and this is why we need to plan it better so that we make the most out of it.
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The countdown to Bitcoin's cutting in half occasion is on happening as soon as every 4 years. With simply 9 hrs left it's critical to understand its relevance. While market influences might not be prompt miners will certainly really feel the anger of decreased benefits. Yet this change keeps Bitcoin's minimal supply in the middle of expanding need.
Halving time of bitcoin is approaching but I don't see the amount of Hype in the market!
At this time, the market needed to have a huge pump!