What is Bitcoin halving? How does it work?
It was in May 2020 that Bitcoin halving took place, and the next is expected by 2024. Bitcoin, a cryptocurrency that paved the way for a lot of financial transformation, witnessed its peak growth. Today, the world is talking about investing in Bitcoin, and those who own it are already minting moolah. In the times to come, we are going to see a growing rise in the demand for Bitcoin experts who can mine the coins and at the same time help in expanding the use of cryptocurrencies. Despite its growing uses, Bitcoin has had its share of apprehensions, and it still surrounds this cryptocurrency.
Well, for now, let’s shift our focus on Bitcoin and certain concepts associated with Bitcoin. But before proceeding, we will be discussing some of the key facts about Bitcoin.
Key facts about Bitcoin:
1. The inventor Bitcoin is unknown, he is known with the pseudonym, Satoshi Nakamoto.
2. Bitcoin works on the decentralized framework of Blockchain technology that works on a peer-to-peer network.
3. There will only be 21 million Bitcoins
While there are many facts surrounding Bitcoin, we have highlighted the three major ones, and the focus of this blog is going to be the third point, and that is the number of Bitcoins.
If you are not new to Bitcoin, you would know that there is an upper cap on Bitcoins. There are a total of 21 million Bitcoins available. This is to ensure that the price of Bitcoin will go high, if the demand increases, and to maintain this chain of demand and supply, there is yet another process which is followed every four years, and it is called Bitcoin halving.
What is Bitcoin halving?
Let’s put it in simple words, halving means reducing the number to half, and in May 2020, the number of bitcoins (BTC) that entered the circulation every 10 minutes also known as Block rears were reduced to half. This halving takes place every four years and is done to maintain the number of coins up to 21 million. As mentioned in the beginning, the total number of Bitcoins in circulation is 21 million and is kept the same to ensure that there demand and supply are always met while keeping the price of Bitcoin going high.
The halving of coins started in 2009 with 50 coins, and we are continuing the halving process of 21 million coins to be completed by 2140. The halving reduces the rate at which new coins are created, and hence it lowers the available supply of Bitcoins, which eventually results in an increased Bitcoins rate.
The objective is to keep the market up and let the price of Bitcoin rise, however, to have complete learning of how things work at the backend to work as a Bitcoin miner, one must know the technical skills. Bitcoin certification will help you learn about the process of mining, and hence one must enrol for this certification program.
The future
In the time to come, Bitcoin will bring in some revolutionary changes, and we have to learn about this new development. For this enrolling for Bitcoin certification by the Blockchain Council will be the right move. As a part of this program, one gets to learn about Bicton farming, Bitcoin exchange, wallet exchange and Bitcoin mining; all these concepts will help you become a Bitcoin expert. For more information connect with the Blockchain Council today.
