The technology that sustains most cryptocurrencies came torevolutionize the world we know. The issuance of what is perhaps the most
popular of them (bitcoin) is implemented under the mining scheme,and the halving of bitcoin is one of the rules that are applied in thisgeneration process, which will stop once it is reaches 21 million bitcoins.
The confidence that this technology inspires to save us from acentralized entity - which may not always be transparent and fair - has come to
offer new horizons at the birth of this pioneering cryptocurrency, which has
given way to an entire ecosystem stemming from the same idea and concept. .
Understanding the bitcoin halving:decentralized issuance
On the subject of the expansion of the value of the currency, apeculiar way of rewarding those who have been in charge of crystallizing its
existence is planned. The miners are entrepreneurs who have investedsignificant capital to have teams of extremely powerful specialcomputing capabilities to compete in the task of validatingblockchains.
For this mission of finding the solution to amathematical-computational problem posed by the encryption algorithm and which
is the heart of this generation of trust (since by its nature it is free of
fraud), a reward system was established for the people who assume it, which
crystallizes in terms of the same cryptocurrency: "mining."
The amounts of this reward were initially valued at 50 bitcoins,a not inconsiderable figure that activated many people in the purpose of
getting powerful hardware elements that could effectively mine, which led to
the initial boom that triggered the bitcoin and Hebrought it to the fore as a possible store of value.
What is the bitcoin halving
The white paper, as the protocol developed bySatoshi Nakamoto and on which bitcoin is based is known, foresees changes over
time for that reward. Every time 210,000 blockchains are globallyvalidated, the reward offered to so-called “miners” is cut in half.
Hence the term halving (for half in English)that denotes the event in which this cut occurs.
To date this event has occurred twice, in 2012 and 2016. As wecan see, the halving of bitcoin or halving the miners' reward happens
approximately every four years. In May, after the 2020 bitcoin halving,the profit to mining became $ 6.25.
It is the third time that the benefit for validating the bitcoinblockchains has been cut in half, which has gone from the original amount of $
50 to $ 25 (210,000 blocks as of November 28, 2012), then to 12, $ 50 (420,000
blocks as of July 10, 2016) and is now set at $ 6.25, once the 630,000 block
was completed on May 11 of this year 2020.
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The reason for the halving of bitcoin has to do withreaching the total issuance of the cryptocurrency gradually and cushioning theeffects that this issuance may have on its value. By dosing the growth of
the offer by reducing incentives, its price is harmonized over time.
How the 2020 bitcoin halving will affectTo weigh theeffects of the 2020 bitcoin halving we can say that the number of miners will tend todecrease, now having half the incentive. This may cause asituation of restriction in the offer that favors the bitcoin price; in
fact, something similar happened with the previous halvings, although in other
circumstances.
Undoubtedly, thequarantine scenario is a factor that cannot be ignored when trying to analyze
the impact that the cut in the reward indicated after the most recent bitcoin
halving will be, since thepresent situation could push the demand for crypto assets in a peculiar way.
When going througha time of unsuspected consequences in the economic sphere due to the quarantine
imposed by the presence of the Coronavirus since the beginning of 2020, perhaps
many people may think that it is a good idea to shelter their liquid savings in
bitcoin or some other similar currency of your preference.
Inflation timesIt is no secret toanyone that most countries are implementing monetary expansion plans to provide
support to people deprived of their ability to produce, so it is tacit
that times ofincreases in inflation rates will come , at least until theaccounts are balanced once the pandemic is over.
This circumstancecan be combined with the bitcoin halving 2020 to raise its prices a little more thanexpected in the remainder of 2020, to the approval of theholders of this cryptoactive and their followers. We will see what
happens.
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