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· Published 14.05.2020 · last updated 14.05.2020

What does the Bitcoin halving event mean?

Bitcoins in Poker

The Bitcoin halving is not a novelty as it happens every four years.

The digital currency relies on Bitcoin miners to solve the math puzzles. These provide the computing power of their computers so that the Bitcoin network can record the transactions of the cryptocurrency. The miners receive new bitcoins as a reward.

A new amount of a limited number of bitcoins is distributed every ten minutes. Originally, there were 50 bitcoins per distribution until this number was halved in the first halving in 2012. This is to prevent excessive inflation of the currency.

Halving is the predetermined moment in which the block subsidy of Bitcoin is halved. Halving block grants from Bitcoin occurs every 210,000 blocks and is a key feature of Bitcoin. Due to the halving, there is a limited stock of 21 million Bitcoin. More than 21 million Bitcoin will never exist.

The halving continues every 210,000 blocks until the block subsidy reaches 1 Satoshi – the smallest bitcoin unit at 0.00000001 BTC. As currently stated in Bitcoin’s codebase parameters, the next block subsidy simply drops to zero at this point, and bitcoin miners would no longer earn anything and would only have earned transaction fees without any merit. Monday’s halving event means that the reward for unlocking a “block” has been cut from 12.5 new coins to 6.25.

Halving was implemented into the cryptocurrency’s code by its creator, known as Satoshi Nakamoto, to control inflation.

This is the third halving since Bitcoin’s creation in 2009. The first took place in November 2012, and the second in July 2016. The next halving event is going to take place in May 2024.

Why is this halving important?

Halving creates predictable shortages. One of the main features of Bitcoin is that its offering is limited to 21 million Bitcoin. This leads to a real, predictable shortage. Without a change in the consensus of the rules, there could never be 21,000,000,00000001 Bitcoin (in fact there will never be exactly 21 million Bitcoin) because the actual number of Bitcoin released is based on the Bitcoin offering formula which is 20,999,999.9796. The mechanism which creates this hard cap is halving the block subsidy, so these halving events are critical to the predictable shortage of Bitcoin.

How does that affect the course and value?

According to the market principle of supply and demand, the Bitcoin price would have to rise because the demand remains the same, and the supply decreases. In the past halvings, the bitcoin price rose in the longer term. This does not happen immediately after the halving, but about 2-3 months later. In the short term, the price for a Bitcoin could even fall. Nobody can currently estimate that exactly.

Just 3 days ago, the price rose again to over $ 10,000 but then fell back to 8,300 within a few minutes, which is a loss in value of over 15%. However, such fluctuations are not uncommon and should not upset anyone. Experts believe that Bitcoin will have a very high increase in value as in previous years.

However, some investors have underlined that halving could make the cryptocurrency less attractive to miners.

Poker sites that accept Bitcoins

Bitcoin has been introduced in online poker a long time ago and major providers such as GGPoker network, Winning Poker (WPN) network, and Chico have jumped on the bandwagon of cryptocurrencies.

The providers listed below accept all BTC as payment options. Again,  there is a lot of extra Rakeback from YourPokerDream.

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