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Exploring The Backstory of Bitcoin Halving

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The Bitcoin Halving is a process that occurs every 210,000 blocks on the blockchain. It’s part of a larger problem with cryptocurrencies: the total amount of Bitcoins will be capped at 21 million. So, when miners solve a block, they receive 12.5 bitcoins and this amount halves every 210,000 blocks until there are only 6.25 bitcoins left per block.

What is the Bitcoin Halving?

The Bitcoin Halving is when the number of bitcoins awarded to miners is cut in half. It happens every 210,000 blocks, or roughly every four years. This means that if you own one bitcoin today (1 BTC), your reward will halve from 25 to 12.5 BTCs on May 22nd 2020—that’s why we’re saying that it’s a once-in-a-lifetime opportunity!

To understand why the Bitcoin Halving is important, you first have to know a bit about how inflation works in the first place. Inflation is when prices rise over time—and this happens when there’s more money chasing the same amount of goods and services. For example, if you’ve got $10 today but tomorrow there’s suddenly another $10 on top of that (that’s an increase of 10 percent), then your purchasing power has decreased by 10 percent—you have less money in your pocket than before! This can be harmful because it makes goods and services more expensive over time: if something costs 10% more now than it did yesterday, people will buy less of it later on down the road because they’re getting less bang for their buck as time goes by.

Now imagine what would happen if some company decided to print up new bills every day? That would mean that each bill could only buy so much stuff at once: after awhile we’d all be broke due to lack-of-money issues! But wait…where did all those extra dollars come from? Why aren’t they going into circulation anymore? Well…they weren’t supposed to go anywhere else–they were supposed stay within our economy until specifically needed elsewhere (like paying taxes). So instead of being used as intended way back when – which was supposed keep us afloat financially – these extra bitcoins collect dust somewhere inside Mt Gox’ account(s) like dust bunnies do under couches everywhere else too

When is the next Bitcoin Halving?

The next Bitcoin Halving is scheduled for 2020. The block reward will be 12.5 BTC and 6.25 BTC, respectively.

Bitcoin is a finite supply currency. Bitcoin’s creator, Satoshi Nakamoto, intended for the supply of bitcoin to be capped at 21 million units. This cap was designed to ensure that no one could become wealthy by controlling more than half of all bitcoins in circulation at any given time.

Bitcoin was created as an alternative to existing currencies like the dollar or euro; it’s meant to be decentralized, peer-to-peer (P2P) and not controlled by any single authority or government entity. Because there are only 21 million bitcoins ever created with each block halving every 4 years or so after its creation in 2009 when Satoshi mined his first block on January 3rd 2010 – we can say that this cryptocurrency will never become worthless because its value is based on scarcity alone!

Conclusion

The Bitcoin Halving is an event that will put a cap on the number of bitcoins that will ever exist. It happens every four years, and this time around it’s in mid-2020. The last one happened in 2016, when many new users saw their first transactions go through as well as miners getting more money for their work. This means there are less coins overall than at any point before or since then—and they’re worth more too!