Bitcoin is the most popularized cryptocurrency in all the trading units and also in market capitalization, went through halving on May 12th 2020. If you want to know more about bitcoin halving, first you should understand about the bitcoin network.
As it is powered by blockchain technology it has a very strong security system to make bitcoin transactions safe and speedy. Bitcoin transactions are entirely transparent even a non-user can view the transactions on the block explorer. Therefore there is less risk for unrecognized and fraudulent transactions.
Bitcoin Halving takes place once in four years ie., for every 120,000 blocks mined. It makes the block reward into 50% for every halve. Bitcoin was introduced in the year 2008 by Satoshi Nakamoto with a 50 block reward which was received by the miners. There 32 bitcoin halvings in total and just done with 3 of them, more 29 to go. The past history of block reward are as follows:
Year Halving history
2012 50 block reward were halved into 25 block reward
2016 25 block reward were halved into 12.5 block reward
2020 12.5 block reward were halved into 6.25 block reward
The price of bitcoin has an impeccable growth after every halving in the past history according to studies. After the first halve the price was 1100$, after the second halve the price was 500$ to 800$ and after the third halving which occurred very recently the present value is 11,009$ it may increase further according to the studies.There are 21 million bitcoins to be mined. Thus, bitcoin is termed as a scarce resource just as gold.
Our team from winbtc.net has come up with a trending topic and developed an interesting infographic on Bitcoin Halving.
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