Posts about Bitcoin
So in case you're very new to bitcoin and just entering the crytpo space and have no idea what this means the Bitcoin halving is when the reward for Bitcoin mining is cut in half. Halving takes place every four years and the next one is coming up in March 2024. The halving policy was written into Bitcoin's mining algorithm to counteract inflation by maintaining scarcity and occurs every 210,000 blocks mined.
Over the past halvings the chart below shows whats happened to the bitcoin price. The next halving is March 2024 and if the chart follows its historic path then 2025 could be a gobsmackingly fantastic year for Bitcoin. So while we're currently at the mercy of the bears, halving time is when the bulls feed and are let out to run free. Ride this quiet time out, the halving is when all the action happens.
A 101 of the bitcoin halving.
A Bitcoin halving event occurs when the reward for mining Bitcoin transactions is cut in half.
Halvings reduce the rate at which new coins are created and thus lower the available amount of new supply, even as demand increases.
Previous halvings have correlated with intense boom and bust cycles that have ended with higher prices than before the event.
Bitcoin last halved on May 11, 2020, resulting in a block reward of 6.25 BTC.
The final halving will be in 2140 when the number of bitcoins in existence will reach the maximum supply of 21 million.
We all know that Bitcoin was not always even nearly as high valued as today o even 5 years ago. There were even times when we had no real Bitcoin price chart and no way to actually now the current value of one Bitcoin, so the price was usually made by sell offers that went up for certain amounts. One of earliest ones happened on February 20th 2010.
On that date someone sold 160 BTC that he/she mined with just the use of 1 kWh energy, for the lowest price ever recorded at $0.003 cents as that person thought Bitcoin to be overvalued at 5 cents during that time. Now those 160 BTC would be worth $4M and at the ATH even $11M.
Here is the official comment from that person on the bitcoin sub:
While many may now call this person a fool, that is absolutely not true. Only a crazy person back then could have thought that Bitcoin will ever be worth even more than $1. And just like the person who bought Pizza with Bitcoin, this one wanted to make some money off it and could not have known better.
Today, 13 years ago (February 24 2010) Satoshi Nakamoto, the creator of our beloved Bitcoin, redesigned the logo of Bitcoin. The logo changed from a golden coin with a "BC" text embedded in the center:
To a golden coin with ₿ in the center:
https://i.redd.it/wxvyk2no34ka1.pngLater, on November 1, 2010, a Bitcoin forum member called Bitboy, who is not to be confused with the scammer Bitboy Crypto, released a new iteration of the Bitcoin logo based on Satoshi's redesign. The ₿ logo was tilted 14% clockwise, the orange color was added, and the ₿ logo appeared in white.
Since then, Bitboy's design has been the official logo for many years. Again, this is not the YouTuber Bitboy, thankfully.
Just a few minutes ago Bitcoin fell below the $23,000.00 support level that it had been able to maintain for over 9 days dropping to $22,997.00.
Many financial experts have declared bitcoin dead, believing that it may never recover to previous highs again.
Charlie Munger:
I told you that this thing was going to zero and nobody believed me, well do you believe me now?
Satoshi Nakamoto the creator of bitcoin did not reply to our repeated attempts at contacting him for a statement.
Michel Saylor tweeted a melting bitcoin, symbolizing the dark times we are currently living in but remains optimistic that bitcoin will rise again.
Edit: during the writing of this article bitcoin has some how gone back above $23K
Edit 2: bitcoin is again below $23k, it's extremely volatile