With the advent of cryptocurrency, the commercial transactions have paved the way for a new class of trading and ever since, international trade payments have actively supported the usage of varied crypto tokens. Bitcoin, being the supreme and primitive of all, has seen massive upsurge in its virtual market potency backed by the neoteric Blockchain Technology. Currently trading at an approximate value of $9470, Bitcoin halving has significantly trembled the crypto world with miners receiving 50% fewer BTC for verifying transactions. Speculated as having a positive impact on Bitcoin pricing over a span of time, crypto traders are for sure here to stay.
A Brief History of Bitcoin and Bitcoin Halving
As the cryptocurrency market keeps surprising skeptics, it can be boldly estimated that the digital assets will always be in great demand. After the initiation of Bitcoin in 2008 as a flawless peer-to-peer version of electronic cash, it has massively revolutionized the electronic trading economy. Having set a bullish trend in the virtual market, several other crypto coins have also followed the similar path. Fuelled by the futuristic blockchain technology, Bitcoin and other crypto assets have become a new source in the transformation of modern services and products in the security, financial, government, transport, health and numerous other sectors. Mining and earning with Bitcoin opened new doors for electronic transactions and the addition of new nodes and computers yielded greater rewards to support this multi billion dollar industry.
However, after every 210,000 mined blocks, Bitcoin undergoes through a phase known as ‘Halving’. The protocol cuts the supply of new Bitcoins by half, thus halving the overall rewards of miners’ block production as well.
Bitcoin Halving and Price Evolution
Roughly about every 4 years, the Bitcoin miners’ block rewards for processing tangible transactions is cut down to 50%. This leads to further lacerate the rate in half at which new BTC is released into movement. The third halving happened again in May, 2020 which ignited tremors of mixed reactions in the virtual exchange market.
Switching to the factual side, Bitcoin Halving is crucial and entirely significant as it embarks another step in the BTC’s degenerative finite supply. It is useful to know that there are only 21,000,000 Bitcoins in total that will ever exist. This 21 million upper cap ensures that nobody could randomly inflate BTCs supply in the market whenever they see fit.
As per the previous records, Bitcoin prices have significantly shown a surge, a month prior to halving and the period after that. Records suggest that the BTC rates have never dribbled below their existing value prior to the current halving. This can be related to the similar fact of increased attention around BTC and sunken supply of new Bitcoins in the virtual market.
Having noted that, the entire Bitcoin Having Protocol is expected to continue until around the year 2140.
Increased BTC Mining
Crypto traders understand that no halving is remotely like the other and since the entire crypto assets are considered to be volatile, the situations can differ every four years.
To closely monitor the circumstances, we can have a glance at the Bitcoin hash rate, which is a solid indicator of the network’s health. As of now, the hash rate of BTC is stable to slightly increasing, which strongly signifies that the crypto miners will continue making rich profits even after the passing stage of Bitcoin Halving.
Seize the opportunity with NitroEX
NitroEx is a reliable and highly-secure crypto currency exchange platform that enables crypto enthusiasts from all over the world to buy and sell cryptocurrency from a wide range of available digital assets. The crypto exchange is aiming to put power in the hands of traders to smartly invest and earn with the virtual currencies without having to worry about the transaction or network security.
Set to launch on July 27th, 2020, NitroEx is offering detailed market insights to the miners with live pricing updates and Smart Contracts.
NitroEx facilitates a hassle-free ground to the investors and supports a myriad of virtual digital currencies right from Bitcoin to Ethereum, Ripple, Litecoin, Holochain and Tether. The dedicated support team ensures that every query and investor doubts are heard 24×7.
Irrespective of the trader’s location, the extensive support team at NitroEx are trained to provide statistical details and comparative market analysis that are accurate to the prevailing and live market trends.
NitroEx has its objectives rooted deep down to offer high-level network security and promotes seamless transactions through automated constraints and Smart Contracts. It is devised to offer easy withdrawals and deposits whilst measuring the investors’ portfolio performance and keeping a close tab on traded assets in one convenient place. NitroEx aims to provide substantial financial stability and healthy trading relationships with legal compliance and exalted standards.
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