What is Bitcoin halving?
A Bitcoin halving event occurs when the reward for mining Bitcoin transactions is cut in half. Halvings reduce the rate at which new coins are created and thus lower the available amount of new supply. Bitcoin last halved on May 11, 2020, resulting in a block reward of 6.25 BTC.
The definition of Bitcoin halving above is for those that do not or might have not know what Bitcoin halving is and how it will affect the crypto market, but I guess we are all cut up now if you read the definition above. Yesterday I saw some questions on my Twitter timeline asking about Bitcoin halving and its effect on the crypto market, and whether Bitcoin halving is going to affect the crypto market positively or negatively.
Here are two of the questions asked:
Should I wait for the Bitcoin halving to buy?
Does Bitcoin halving mean Bitcoin is only worth half as much?
My Answers to the questions asked:
In my opinion, the answer to the first question asked is Hell No because as we get closer to the Bitcoin halving the price of Bitcoin usually goes up or pumps hard so it is advisable to BUY NOW and Put it in cold storage or leave it in your hot wallet on a crypto exchange in preparation for the Bitcoin pump ahead before FOMO starts.
As for the second question above asking if the price of Bitcoin is going to be half the price it is now, the answer is still No, the price of Bitcoin is actually going to be double or triple the price it is now. Because it is going to be twice as hard to mine, meaning that the Bitcoin supply is going to be reduced and demand goes up, according to the law of supply and demand, if the supply of something is low and the demand is high, the value or the price of that thing goes up, so when Bitcoin halving happens every four years the price of Bitcoin pumps. The current Bitcoin price is very good for buying to hold for maximum profit during the next Bull run that will come before or after the Bitcoin halving.
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