Bitcoin Halving- What Is It

Bitcoin halving happens once every couple of years and all it means is that the reward for a bitcoin halves. But let's get into that in more detail.

Bitcoin Halving- What is it?

Bitcoin is a type of online currency also known as a cryptocurrency and it can be earned by using a computer processing power to break down a blockchain command and it can be mined by using different programs like nicehash from your computer at home. Once all of these computers have mined the bitcoin then it is split up to who but the most amount of effort into the mining. The more effort you put in then the more reward you are going to get. Bitcoin has been around for a very long time and the value of this coin has increased drastically over the past few years with the dark web becoming more and more popular. 

You would use bitcoin to purchase things at it can not be traced so you can purchase some not so legal things from the internet using this currency and then it can not be traced to you. I am sure you will have all heard of the silk road by now. But what about the halving what does this mean for the price of bitcoin and what does it really mean.

Well, the halving happened a couple of days ago but you probably won't have heard about it as most of the news recently is about the coronavirus and the effect that it is having on people's lives. The bitcoin halving means that before you would get 12.5 bitcoin from a block but now it has gone down to 6.25 per block. This is drastic as it is about to really change the price of how much bitcoin is worth.

Right now bitcoin price fluctuates between around £6000 - £10,000 which is a lot of money for something that you can not see. A lot of people have been trading bitcoin but not a lot of people mine it. I have tried mining it before in the past but nothing has come of it yet as the market is so uncertain. 

After this halving, the price has not changed that much but it could go either way. Everyone could sell all of the bitcoin at the market's next highest price and then move onto a different coin or they could keep it and bring the value of the bitcoin up.  

My prediction is that the price of bitcoin will go up as you are going to get less reward for mining it either that or everyone will stop mining for that coin and just hold on to what they have got for the market to increase the value of the coin.

It is very complexed so I have tried my best to make it short and sweet. Bitcoin halving means the reward for one block was 12.5 now it is 6.25 that is as simple as I can make it right now. 

Stay frosty much love IFB :)