What’s the Deal With the Bitcoin Halving?

[george]

 

If you’ve talked to anyone invested in bitcoin lately, there’s a good chance you’ve heard about the halving. Some crypto enthusiasts intone the halving like a religious event with near mystical importance: They believe its mechanics are crucial to bitcoin’s continuing price surge. However, detractors claim that the halving is closer to a marketing gimmick. 

 

The halving is expected to take place on April 19 or 20, depending on the current rate at which bitcoins are created. So, what is it, exactly? And is it hard-coded genius, or smoke and mirrors? 

What is the bitcoin halving? 

The halving goes all the way back to bitcoin’s origin story, born in the ashes of the 2008 financial crash. The cryptocurrency’s creator—who went by Satoshi Nakamoto, but whose real identity remains unknown—invented bitcoin the following year, and dreamed of creating an international currency that would operate outside the control of governments or central banks. Crucially, Satoshi wrote that there would only ever be 21 million bitcoin, so as to temper its inflation and potentially make each bitcoin more valuable over time. 

Whereas the Federal Reserve, in contrast, can adjust the supply of dollars when they deem necessary, bitcoins would be released at a predetermined and ever-slowing pace. Satoshi determined that roughly every four years, the reward to create new bitcoins would be…

 

Full story: https://time.com/6967414/bitcoin-halving-countdown-event-2024/

[goldenbrwn1]

Sorry if off topic but do you have any recommendations for an exchange here in Thailand to off-ramp to Thai baht and also the best crypto friendly bank here? Cheers

[malathione]

25 minutes ago, goldenbrwn1 said:

Sorry if off topic but do you have any recommendations for an exchange here in Thailand to off-ramp to Thai baht and also the best crypto friendly bank here? Cheers

I've been using Bitkub for many years now with no issues. That said, many people seem to have trouble maintaining their account there, KYC issues. As for a bank, I just use my small KTB account that's hooked up to my Bitkub account. Plenty of options. I'd doubt if any bank is particularly crypto friendly if you offramp large amounts. 

[Bday Prang]

well if it continues its current trajectory it will soon be worth half what it was a month ago

[john donson]

it made a lot of people millionaires by doing nothing but speculation

 

for sure

 

but can you buy something with BTC ?

 

for me it is backed by GREED and speculation

 

I read btc might go in value as high as the USA's   34 trillion dollar debt ?

 

and then what ?

 

 

[NativeBob]

Just buy few thou and store it on cold wallet

not a biggie

[goldenbrwn1]

7 hours ago, malathione said:

I've been using Bitkub for many years now with no issues. That said, many people seem to have trouble maintaining their account there, KYC issues. As for a bank, I just use my small KTB account that's hooked up to my Bitkub account. Plenty of options. I'd doubt if any bank is particularly crypto friendly if you offramp large amounts. 

Nothing but problems with Bitkub and it’s in my wife’s name fully verified. I hear upbit is better so may take a look at that. 👍 

[JayClay]

16 hours ago, john donson said:

but can you buy something with BTC ?

 

Yes

[malathione]

15 hours ago, goldenbrwn1 said:

Nothing but problems with Bitkub and it’s in my wife’s name fully verified. I hear upbit is better so may take a look at that. 👍 

Yup, I've heard a lot of people have had issues with Bitkub; I haven't. Perhaps it's because they have my tax ID on file. Likewise, have heard good things about Upbit.

[AverageAussie]

[Lancelot01]

On 4/18/2024 at 8:39 AM, john donson said:

it made a lot of people millionaires by doing nothing but speculation

 

for sure

 

but can you buy something with BTC ?

 

for me it is backed by GREED and speculation

 

I read btc might go in value as high as the USA's   34 trillion dollar debt ?

 

and then what ?

 

 

What goes up usually comes down. 

It also cast some into poverty. 

[NickyLouie]

Other countries are waiting to get into the ETF game so a bit of patience may pay off.

 

[Neeranam]

 

[Neeranam]

On 4/18/2024 at 1:39 PM, john donson said:

but can you buy something with BTC ?

I have a debit card I buy everything with in Thailand -  I top it up with BTC. 

[rickudon]

Bitcoin mining will become uneconomic.

[patman30]

Halving was priced in weeks ago,
now you will see the smaller miners get pushed out over the next year or so

[patman30]

16 hours ago, Neeranam said:

I have a debit card I buy everything with in Thailand -  I top it up with BTC. 

that is not buying with BTC, you do not even top up with BTC
what you are doing is selling your BTC for fiat (which will happen on an exchange)
then topping up your card with fiat
then you buy goods with fiat
it all just happens instantly in the background so you do not see it

[CanadaSam]

The "genius" behind cryptocurrency is that they make a pre-stated strict limit on the amount of coins that can ever be generated, so it is in some ways, it is similar to other "precious" commodities like gold, etc.

 

There is no way to make more than the initial stated amount.  Of-course, it gets more and more difficult to "mine" these coins are more are put into circulation, again, similar to precious metals.

 

Previously, it was scoffed at by the "experts" but now it is proven, over decades.

 

I doubt the valuable coins such as bitcoin will ever lose their value, even if some countries declare them illegal or whatever, there will always be a market.