Bitcoin's Trajectory - Crypto Academy S4W5 - Homework Post for @imagen

in SteemitCryptoAcademy3 years ago (edited)

@imagen

How many times has Bitcoin been "halved"? When is the next expected? What is the current amount that Bitcoin miners receive? Mention at least 2 cryptocurrencies that are or have halved.

The magic of cryptocurrency to the world unleashed that the Bitcoin is a digital currency run on blockchain. The occurs every four years or roughly after mining of 210,000 blocks that Bitcoin halving refers to halving of mining rewards.

validation and Verification of that transactions is that Bitcoin uses Proof of Work (PoW) algorithm.

Verification and validation -

Is the help of computational power of computers to find out unique number (Nonce) linked to each transaction in this carried out by miners by solving complex mathematical puzzles. Thats the miners are rewarded for the same and that is known as mining reward this is The node that finds the correct number first acts as a validator and append the information to other nodes for independent verification and record.

the finite supply of 21 million this the form of Mining therefore serve as a process of release of new Bitcoins into the circulation.
each halving occurring every 4 years in this Since the release of Bitcoin in 2009 by mysterious satoshi nakamoto mining rewards have been halved thrice.
In 2009 To begin with mining reward was 50 BTC for each block. 6.25 BTCs in 2020 (11 / 05) after it was reduced to 25 BTCs per block in 2012 (11/28) and 12. 5 BTCs in 2016 (07/09). It that The next halving of BTC is expected in spring of year 2024.
that price of BTC keeps on increasing in this thing good including Although mining rewards keep on decreasing.
power that consume huge amount of electricity and the cost of hardware itself amounts huge sum for the miners as Bitcoin involves nodes with very high computuationa.
miners must get adequte mining reward for all that to keep the sanctity of the Bitcoin network alive. it would lead to decrease interest of the miners and lesser participation of miners in the transaction verification and that would be fatal for the network , If halving of rewards is not followed by increase in price. Price of BTC has increased so for with every halving accordingly.

Halving lowers the release of Bitcoins into the circulation nevertheless the circulation in this mentioned above , halving serves as a mechanism to release new coins. Of analogy drawn from basic supply demand law only for this mechanism inturn keeps increasing the price. Bitcoin price and to maintain the integrity of the blockchain in this it is a synthetic inflation mechanism in place to keep check So we can say that.
To as supply decreases demand increases and so does the price.

Litecoin mining reward was 50 Litecoins and then it was reduced to 25 LTCs but at present it is 12.5 LTCs per block in this Litecoin follows same halving mechanism as that of BITCOIN. To begin . 500 to 250 Dogeoins per block originating from Dogecoin had its halving on 28 April 2014 . " But dogecoin has paused halving thereafter".

What are consensus mechanisms? How do Proof-of-Work and Proof-of-Staking differ.

Like it is based on the open source of the Bitcoin and there use of the same for proof of work algorithms in this two major consequences of proof of work and proof of stakes. also add them to blockchain and all and the cryptocurrencies are used to transaction.

proof of stakes are used to which employed by their blockchain and there is differences between proof of work is first superintendent by Bitcoin uses to achieve their goa.

Enter the Bitcoin explorer and indicate the hash corresponding to the last transaction. Show Screenshot.

Screenshot_20211006-191342_Chrome.jpgScreenshot

it is a unique string of character or a number this hash was given to all the transaction and The tansaction hash it like a account otp it is used for tansaction and this is verfied to make a blockchain this will show on the top of the page. the transaction explorer it also be found in copy by the url from the same page When you see your transaction in the Through in it .

(4.) What is meant by Altcoin Season? Are we currently in Altcoin Season? When was the last Altcoin Season? Mention and show 2 charts of Altcoins followed by their growth in the most recent Season. Give reasons for your answer.

Other name is Ethereum, Cardano, Solana or Dogecoin and In this time we know about digital currencies Altcoin and bitcoin. alternative and coins are Altcoin is the word that.
The bitcoin is known as bitcoin and altcoin that Altcoin session is when 75% of the top 50 coins performed better. in this time we are not in altcoin session means the altcoin session performed are much percentage of bitcoin and we are not in altcoin session last altcoin session was in February 2018 and altcoin session depends upon dominance.

ETHEREUM

Screenshot_20211006-193446_Chrome.jpgScreenshot

Is increasing in a moment you see the green line the line is going up will You see in the graph chart the price of ETHEREUM.

CARDANO

Screenshot_20211006-193902_Chrome.jpgScreenshot

you see the chart it increasing in a moment and the price of bitcoin is low and the price in USD is high like as ETHEREUM.

Make a purchase from your verified account of the exchange of your choice of at least 15 USD in a currency that is not in the top 25 of Coinmarket (SBD, tron ​​or steem are not allowed). Why did you choose this coin? What is the goal or purpose behind this project? Who are its founders / developers? Indicate the currency's ATH and its current price. Reason for your answers. Show Screenshots.

I have selected DOCK currency to trade for this task and It is not it top 25 according to Coinmarketcap.

I have purchased 180 dock coin worth of 15$ from Binance Exchange.
IMG_20211008_094955.jpg

You can see the order details in the image below.
Screenshot_2021-10-08-09-49-42-07_ee1cec40dcf6eb3919ecbfc5d87e6719.jpg

Why did I chose this coin?
This coin has great market supply and circulation Supply. It's project is also strong and that's why, I chose this coin.

Purpose of this coin
This is a decentralised based protocol that use advance blockchain technology to perform operations.

It's Founder- Nick Lambert is the founder of Dock Coin.

It's ATH and Current Price-
The all time high of dock coin is $0.24 and It's Current price is $0.083.

Screenshot_2021-10-08-11-35-48-37_6604d2525654b46e33aa2968a0a78870.jpg

Conclusion

Thanks professor for this informative lecture. I have learnt about Bitcoin halving through your lecture.

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Gracias por participar en la Cuarta Temporada de la Steemit Crypto Academy.

Rating ScaleGradeObservations
Originality1.0/2.0
Topic Depth1.0/2.0
Consistency of the Method2.0/2.0
Analysis Quality0.5/2.0
Structure & Language1.5/2.0
Total6/10

  • Cumples con todos los requisitos.
  • Presentacion aceptable. Te sugiero el uso de separadores de texto para proporcionar al lector una experiencia mas agradable.
  • Uso de lenguaje sencillo pero algo confuso. Presentas errores ortograficos.
  • Nivel aceptable de contenido. Falta profundidad en tus respuestas, particularmente en relacion a las diferencias entre PoW y PoS.
  • Bajo nivel de analisis.

Continua esforzandote, espero seguir corrigiendo tus asignaciones.

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