Bitcoin halved yesterday! Bitcoin rewards are halved every 210,000 blocks mined and generally occur every 4 years and this JUST HAPPENED. So why does this matter? It tends to affect the price. Let's dive into exactly how.
The current reward for miners mining blocks for bitcoin is 12.5 and it will decrease soon to 6.25. Litecoin is one halving behind Bitcoin so it's currently at 25 and will go to 12.5. This means there will be a much lower incentive for miners and traditionally many miners have stopped mining when this happens which leads to the supply to be lower while the demand stayed the same. This is meant to deal with inflation and allows the value to go way up as fewer coins are produced.
You can track the halvings and see tons of statistics and useful information on Bitcoin at https://bitcoinblockhalf.com/
I’ve already written and spoken on this so much before that everything explaining the halving and Bitcoin’s value can be found below. While these videos mainly speculate on what’s happening now and reiterate some of the points found in each.
This is my video talking about how quantitative easing will affect Bitcoin: https://lbry.tv/@ScottCBusiness:4/Quantitative-Easing-Will-Boost-Bitcoin-1:8
This video is also important to understand where I talk about fiat currency and the difference between it and cryptocurrency: https://lbry.tv/@ScottCBusiness:4/it-s-not-crypto-they-don-t-understand-it:6
In this, I cover the differences between Bitcoin and gold fundamentally and why it’s important to understand: https://lbry.tv/@ScottCBusiness:4/what-most-people-aren-t-seeing-about:4
Are you bullish on Bitcoin? What are your thoughts on the halving? What’s your price estimate for the end of 2020? How long until we hit the next Bitcoin peak? Let us all know in the comments below and don’t forget to comment, like, and subscribe