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RE: LEARN AND EARN Challenge - "What is Bitcoin Halving ?"

in Project HOPE4 years ago

I've always thought that Bitcoin was created by an alien or a time traveler. And halving, in my opinion, is a condition of seeing the future. Who can think of these things? How do you design something so strange (this person must have smoked some kind of stale peyote)?.

Halving, from what I understand, is a process that causes bitcoin miners to receive half of what they previously received as a reward for mining the bitcoin blockchain blocks. There will be exactly 34 halvings. By that time the miners will not receive any bitcoin for their mining process, they will only receive payment for the transactions (this will probably be by the year 2140, so I don't think it will be our problem anymore).

In my opinion, this means that the mining process will be reduced due to the energy and calculation costs required since with each halving they will receive less reward.

Some say that this will raise the value of Bitcoin, they are probably right because the Bitcoin emission is reduced and this makes the demand greater than the supply, which causes an increase in the price of Bitcoin.

I hope I didn't write too much ;P

Thanks for the challenge! :D

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Lols... Your first paragraph really got me laughing, how can an alien create such a advance technological system? 😂😂😂

Halving, from what I understand, is a process that causes bitcoin miners to receive half of what they previously received as a reward for mining the bitcoin blockchain blocks. There will be exactly 34 halvings. By that time the miners will not receive any bitcoin for their mining process, they will only receive payment for the transactions (this will probably be by the year 2140, so I don't think it will be our problem anymore).

The miners are really gaining more influence by their mining actions though but I'm quite astonished about miners receiving their payments in the year 2140.. That's really still very far

Thanks for your comment

 4 years ago 

Dear @jadams2k18

Brilliant piece of work buddy. We've upvoted already it with PH and steemcurator06 accounts.

I would like to take an opportunity and share with you post by @ qsyal, related to Halving:
After more 10 days ..Should I get optimistic or pessimistic about the Halving?

This user just joined our community recently (after long break) and I'm helping him to get some valuable traffic. Hopefully you will find this article worth checking out :)

Enjoy your sunday,
Yours, Piotr

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