PQC: Folks, Bitcoin reward has been halfing since yesterday 11-May-2020 and the US fiat price of Bitcoin has been down below 10,000 USD!
What does it mean? As far as I am concerned, there has been a concerted effort at state bank level to block the Bitcoin from going over 10,000 USD.
This is so obvious since all central banks around the world, particularly the USA Federal Reserve and its lapdog the Australian Reserve Bank, have been printing out their fiat money crazily since the “Plandemic” as “stimulus package” (inflationary) while the Bitcoin (and Bitcoin Cash) supply has been reduced top half (deflationary) … The Bitcoin fiat price should have been up… But it has been down! As I explained before, this is because the big whales (central banks) who accumulate Bitcoin in multi-micro-operation over time, and then flood out their Bitcoins into the market to suppress the BTC price when Bitcoin is going up. Look at these identical movement of all major Coins, and particularly the BTC, you would see the price dropped more than 1K USD just in a second!
The central bank big whales, especially the USA Federal Reserve, have done this operation routinely ever since the BTC went over 10K USD for the first time on December 2017. Fortunately however, since the Bitcoin supply is finite and is controlled by mathematics, not anyone else, these Central Bank Big Whales just cannot hoard all or large amount of Bitcoin without causing their own fiat inflation and in turn push up the BTC fiat price at the same time! That means after they flooded the large amount of Bitcoin out, they have to do a micro buying back (pushing the price up again) so that they will have enough number of BTC to flood out again next time! Without this destructive intervention, Bitcoin will rise up gradually and rapidly since Bitcoin is a deflationary currency!
Given the nature of fiat money is inflationary, and the Bitcoin’s deflationary, this “micro buy and macro sell” operation cannot stop Bitcoin in the long run. That’s why since its existence in 2009, despite being under constant legal, political, financial sabotage and bad press, Bitcoin has risen from zero to some cents, and then one dollar, ten, hundreds, and now thousands USD!
At any rate, mark my word today folks, the Chicom has been trying to introduce its own so-called Crytpto Yuan, which is just digitized version of the paper Yuan anyway. They just want to fool the sheeple with fancy name such as “The Yuan in blockchain.” That’s all. Fiat is fiat! It will fail financially and monetarily, even though it will succeed in its ultimate goal: total control of people movement through cashless centralized digital system.
Fortunately, Bitcoin and other true public cryptos are still here to fill the wish of freedom loving people and the true free market. That’s where and when the Bitcoin and other true public cryptos will prevail and rise and rise.
Bitcoin Block Reward Halving Countdown
Next Reward-Halfing at 3.125 Bitcoins ETA date: 09 May 2024 03:18:14 UTC
What is a block halving event?
As part of Bitcoin’s coin issuance, miners are rewarded a certain amount of bitcoins whenever a block is produced (approximately every 10 minutes). When Bitcoin first started, 50 Bitcoins per block were given as a reward to miners. After every 210,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2140). As of now, the block reward is 6.25 coins per block and will decrease to 3.125 coins per block post halving.
Why was this done?
Bitcoin was designed as a deflationary currency. Like gold, the premise is that over time, the issuance of bitcoins will decrease and thus become scarcer over time. As bitcoins become scarcer and if demand for them increases over time, Bitcoin can be used as a hedge against inflation as the price, guided by price equilibrium is bound to increase. On the flip side, fiat currencies (like the US dollar), inflate over time as its monetary supply increases, leading to a decrease in purchasing power. This is known as monetary debasement by inflation. A simple example would be to compare housing prices decades ago to now and you’ll notice that they’ve increased over time!
Predictable monetary supply
Since we know Bitcoin’s issuance over time, people can rely on programmed/controlled supply. This is helpful to understand what the current inflation rate of Bitcoin is, what the future inflation rate will be at a specific point in time, how many Bitcoins are in circulation and how many remain left to be mined.
Who controls the issuance of Bitcoin?
The network itself controls the issuance of Bitcoins, derived by consensus through all Bitcoin participants. Ever since Bitcoin was first designed, the following consensus rules exist to this day:
- 21,000,000 Bitcoins to ever be produced
- Target of 10-minute block intervals
- Halving event occurring every 210,000 blocks (approximately every 4 years)
- Block reward which starts at 50 and halves continually every halving event until it reaches 0 (approximately by year 2140)
Any change to these parameters requires all Bitcoin participants to agree by consensus to approve the change.
Past halving event dates
- The first halving event occurred on the 28th of November, 2012 (UTC) at block height 210,000
- The second halving event occurred on the 9th of July, 2016 (UTC) at block height 420,000
- The third halving event occurred on the 11th of May, 2020 (UTC) at block height 630,000
Past halving price performance
It is always a debate on what Bitcoin will do in terms of pricing for a halving event. Some people believe that the halving is already priced in by the market and thus there’s no expectation for the price to do anything. Others believe that due to price equilibrium, a halving of supply should cause an increase in price if demand for Bitcoins is equal or greater than what it was before the halving event. Below is a chart showing past price performance of the two halving events:
How to buy Bitcoin?
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|Total Bitcoins in circulation:||18,375,463|
|Total Bitcoins to ever be produced:||21,000,000|
|Percentage of total Bitcoins mined:||87.50%|
|Total Bitcoins left to mine:||2,624,538|
|Total Bitcoins left to mine until next blockhalf:||1,312,038|
|Bitcoin price (USD):||$8,617.49|
|Market capitalization (USD):||$158,350,428,712.78|
|Bitcoins generated per day:||900|
|Bitcoin inflation rate per annum:||1.80%|
|Bitcoin inflation rate per annum at next block halving event:||0.84%|
|Bitcoin inflation per day (USD):||$7,755,744|
|Bitcoin inflation until next blockhalf event based on current price (USD):||$11,306,474,632|
|Bitcoin block reward (USD):||$53,859.33|
|Blocks until mining reward is halved:||209,926|
|Total number of block reward halvings:||3|
|Approximate block generation time:||10.00 minutes|
|Approximate blocks generated per day:||144|
|Hash rate:||117.04 Exahashes/s|
|Current activated soft forks||bip34,bip66,bip65,csv,segwit|
|Current pending soft forks|
|Next retarget period block height||631008|
|Blocks to mine until next difficulty retarget||934|
|Next difficulty retarget ETA||6 days, 11 hours, 40 minutes|