Bitcoin Halving And It's Effects
THE 2020 BITCOIN HALVING
Its nine days till one of the most important events in Bitcoin and cryptocurrency history at large. Bitcoin halving would place on May 12 at exactly 13:30 UTC which would cause the amount of BTC rewards earned by miners upon creating blocks to be split in to half, that is from the current 12.5 million to 6.5 million Bitcoin per block.
EFFECTS
This event increases the scarcity of bitcoin and from market history, could have an effect on the price of bitcoin.
From analysis of past halvings (2012 and 2016 halving) the BTC results in a massive pump in the price of bitcoin. Although, this could be expected since the halving causes a decrease in supply. Also quite alot of cryptocurrency investors try to gather as much bitcoin as they can before the halving with hopes of tremendous profits. Significant changes in the price of BTC can be observed even weeks to the halving as it is currently.Although, this anticipated pump may not be instantaneous as a bulk of investors think.
Amother effect of the halving is also the massive pump in the price of alt-coins. It's quite obvious that BTC kinda affects a bunch of other cryptocurrencies which also leads to a rise in demand for alt coins before the halving.
FINAL WORDS
It's Hodling Season Baby!!!! Buy and stack up as much Bitcoin and Alt-Coin as you possibly can. May the Satoshi Forces Be With You.
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Dear @firefly2020
Solid read. It's clear that we're sharing similar interests towards blockchain technology and crypto.
Perhaps you would like to check out this contest / challenge done by my good friend hardaeborla: "What is Bitcoin Halving ?".
Enjoy your weekend,
Yours, Piotr