The upcoming Bitcoin Halving event is estimated to take place in the early hours of Saturday morning.
With Bitcoin halving days away, it is important for traders to understand what Bitcoin halving is and the potential impact on the coin.
The Bitcoin halving is the reduction in the reward given to miners for solving complex mathematical problems and validating transactions on the Bitcoin blockchain. The purpose of halving is to reduce the speed at which new bitcoins enter the market. Since there will ever be only 21 million bitcoins, the halving will create more bitcoin scarcity.
After the fourth Bitcoin halving, the reward given to the contributors securing the network is reduced by 50%, directly impacting the rate at which new Bitcoins are introduced into circulation.
The highly anticipated event occurs every four years, after every 210,000 blocks are mined, reducing the supply of new coins circulating by half, and is expected to take place when the block height reaches 840,000. Halving gradually reduces block rewards for miners, helping manage supply and demand to increase Bitcoin’s value.
Satoshi Nakamoto, the creator of Bitcoin, coded the halving process into the Bitcoin protocol to ensure there was a way to limit the total supply of Bitcoin, thereby increasing its scarcity.
Previous Bitcoin halving occurred on May 11, 2020, reducing mining rewards by 50% from 12.5 BTC to 6.25 BTC. In April 2024, in approximately a few hours, it will reduce to around 3.125, and this process continues until all 21 million coins have been mined. Once all 21 million bitcoins have been mined, users will stop earning new bitcoins for verifying blocks. It is estimated that the final bitcoin will be mined by the year 2140.
In the past, bitcoin halving has significantly impacted the value of bitcoin as it massively rises to new all-time highs after each halving event. This happened in 2012, 2016, and 2020. After the third halving recorded in history, Bitcoin prices increased throughout the following year and reached $49504 on May 11, 2021. But this time, things might be different.
2024 is shaping up to be a bumper year for Bitcoin. and as the long-awaited halving event draws closer, traders believe that BTC will continue to break new ground. But which crypto exchange is the safest for trading BTC?
There are so many crypto exchanges, and most are a threat to your assets. In the wake of several exchanges going out of the market in recent years, we decided to share some of the reliable and safe exchanges for your Bitcoin trading. They include Binance, Bitget, Coinbase, Bybit, Kucoin, Kraken, OKX, and changeNOW.
We recently came across changeNOW, a leading cryptocurrency exchange platform, to help trade your BTC after the havling event.
This non-custodial service provides a platform for instant cryptocurrency exchanges at the best rates with minimal fees. Unlike many other platforms, they offer users an additional layer of privacy as they do not require users to sign up.
Users can quickly and efficiently exchange one type of cryptocurrency for another before and after the halving event, as it supports a wide range of cryptocurrencies and provides users with a high degree of flexibility and choice when it comes to their cryptocurrency transactions.
BTC funds traded during and after the halving are directly transferred from the sender to the receiver, which means changeNOW does not hold any of the user’s funds. This highlights how secured transactions are and shows that users have control of their funds at all times.
ChangeNOW offers a user-friendly mobile app with a range of features designed to enhance the user experience and the ability to earn cashback from every exchange.
ChangeNOW is making cryptocurrency exchanges more accessible and straightforward for everyone as Bitcoin Hauling approaches.
Disclaimer: The article is written for educational purposes only not intended as, and shall not be construed as, financial, investment, or trading advice. Some of the links in the article are links to third-party websites or other content for information purposes only. The affiliate links in the article will give us a commission with no additional cost at your end. For example if you click on an any of the affiliate links, and sign up and trade on changeNOW, Yinksmedia may receive compensation.
Yinksmedia does not recommend that any cryptocurrency should be bought, sold, or held by you. We advise readers to do their own research before trading any cryptocurrencies and invest wisely. Yinksmedia is not liable for investment gains or losses.
