Bitcoin Halving

We have prepared a short review of the main news and concerns regarding the Bitcoin Halving so that you can have the whole picture of what is going on in the market these days and what to expect afterward.

Firstly, let’s explain what the Bitcoin Halving is. As we know Bitcoin miners are being rewarded for processing a transaction and every 210,000 blocks, or roughly 4 years, the reward is being halved. In 2009 the reward for the mined block was 50 bitcoins. Then, after the very first halving it became 25, then 12.5, and today on , in just several hours from the time of writing, it will become 6.25 Bitcoins per block.

It’s important to note that Bitcoin forks halve a month before the main chain (BTC) does. Here is the chronological order of the events.

• The Bitcoin Cash (BCH) block halving occurred on April 8, so consequently, the event decreased block rewards for miners from 12.5 to 6.25 for each block.
• The first halving of Bitcoin Satoshi’s Vision (BSV), which was forked from BCH in 2018, took place on April 10. By the way, both BSV and BCH have 21 million coin supplies, as Bitcoin (BTC) has.
• Finally, Bitcoin Gold (BTG), has been the next fork which halved after BSV on April 18.

Now let’s move on to bitcoin price predictions and how the market will respond. In fact, halving takes too much attention because people believe that it will increase the bitcoin price and that’s why many traders have already started betting for the future price of Bitcoin. Here is the list of some predictions from experts.

So now you have the picture of what Bitcoin Halving is, let us also see what kind of ideas the industry leaders share and very soon we will see if the buzz created around the event is just a hype or this is something that will bring a real change to the industry.

Seems everyone is too concerned about the Bitcoin Halving event and many of them want a drastic change in the price. The good news is today is THE DAY of the historic event and we can witness the reaction of the market and see who has been closer to reality.

Stay healthy and stay tuned!

Originally published at https://nooor.io on May 11, 2020.