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RE: Steemit Crypto Academy Contest / S12W2 -: STEEM Vs Bitcoin halving
We are happy to welcome the Bitcoin halving day which will influence the increase in prices of other crypto coins. Even though there are many predictions of the 4th Halving in 2024, the BTC price will reach up to 160,000 USD, this news should not be swallowed whole so that Steem users do not "panic power down" to store all their assets in the market. It is not certain that the scarcity of bitcoin after the Halving will make the price of BTC soar to 200.000 USD.
Your description is very interesting sir, thank you.
What we need to understand about the Bitcoin having process is that the halving has to do with the mining rewards only, and not the total market supply.
It is the rewards which miners get that is being cut down 50%, meaning it only reduced the rewards for miners, just as the inflation protocols with the Steem Blockchain, hence reducing the reward users earn for carrying out the mining process.
This in turn reduces the number of tokens entering circulation so if demand is constant or even falls, hence the value will not increase, but we are just being hopeful that it will be positive.
Thank you for your time spent and such as wonderful feedback. Hopefully we get to learn from each other. Thank You...
Thank you again for your valuable input sir, I don't know much about the BTC halving, I'm just focused on the final decision after the BTC halving day where all coin prices will surge in the market due to scarcity.