Bitcoin is going past the moon and not stopping there.
The oracles of cryptocurrency peeked into their orb and saw the bull charging at them.
They sounded the alarm excitedly and alerted everybody but before this great prediction came true, the bear struck and left everyone wondering if the oracles saw right.
The bull is here and hitting everything in its way not just red.
The bull is angry, and it is going past the moon, moon is for shitcoins.
2024 started with much optimism for Bitcoin holders, enthusiasts, and the general cryptocurrency community.
Everyone had this understanding that they would make that cool crypto money, then in the middle of January and early February, that hope dropped like a deflated balloon.
The Bitcoin ETF didn’t help either and the citizens of Blockchain wondered “Did we misspoke?”
Not too long after all this doubt. Boom! Bitcoin recovered and charged toward its ATH.
The question on my mind and probably yours is what caused this upward momentum, what exactly did the oracles of cryptocurrency see in their orb?
If this question is on your mind, then you have come to the right place but hey, we are not an oracle of cryptocurrency, just educating you. We have our orb too and we know the answer to the question.
The answer is Bitcoin halving.
That is probably anti-climactic but depending on your cryptocurrency knowledge, you could know what this means.
If you’re a little rusty in the world of blockchain technology and cryptocurrency or you probably ran for the bear — we don’t blame you and now that the bull is charging past the moon, you want to refresh your memory and probably get back some of the honey the bear took from you.
At the end of this article, you will understand the basic concept of Bitcoin halving like a five-year-old.
You know how when you are watching a movie and there is this scene where an old grey man takes a deep breath and says “This phenomenon happens every thousand years, the last time it happened, I was an infant!”
Well, in the Bitcoin blockchain, halving occurs every four years and not a thousand- thank God for that.
Bitcoin halving is an event that happens every four years. This means that the reward Bitcoin miners get when they complete a transaction is divided into two- they are probably not as excited about this as we are.
This halving will continue till the total amount of Bitcoin has been mined. The total number of Bitcoins that will ever be in existence is 21 million.
The mining we are talking about here isn’t the traditional mining where hefty men dig for precious stones with their mean-looking diggers and monstrous excavators.
In the Bitcoin blockchain and other blockchains, anyone can be a miner without giant muscles attached to their body. The only tool you need is your computer - well, not anymore!
Bitcoin mining is when people make use of their computers to participate in the Bitcoin blockchain network as bank tellers.
If you don’t know bank tellers, they are the humans that stand behind a small wall in a banking hall, they are usually pretty and pretend to know stuff.
Bitcoin miners carry out and validate transactions on the blockchain just as the way a bank teller attends to you in a banking hall and pretends to smile. A Bitcoin miner doesn’t have to smile when adding your transaction to a block, you cannot see them and they cannot see you.
Bitcoin miners solve encrypted hash with their computers, the computer does its magic, and when successful the Bitcoin miner shows proof of work for the work done and yells to the Bitcoin blockchain network “I want my reward! Here is your proof”.
Bitcoin mining consumes energy so it’s expensive to run. This is where you can bring in your monstrous excavators, only in this case, they will be sophisticated computers with incredible processing power.
So according to the oracles of cryptocurrency, the next Bitcoin halving is expected to happen in April 2024 when the block reward price will fall from 6.25 BTC to 3.125 BTC.
This is not good news for the small miners with diggers because they are about to get swallowed by the ones with giant excavators.
Bitcoin price as of the time of writing this article is $70,019.67 and things are looking good for the world of blockchain and cryptocurrency.
CONCLUSION
Good things are in stock for the world of cryptocurrency and blockchain technology at large. Events that will propel this technology to greater heights are already in the works.
it’s an exciting time to be alive and an even more exciting time to be a citizen of the blockchain universe.
So what are your thoughts on this phenomenon? Are you for it or against it? Let us know in the comment section.
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