Another Bitcoin Halving to Be MentionedEndy Callahan
Another few weeks are left before the Bitcoin halving. The community is looking forward to the great event. Let us remind you that the very first having was 8 years ago, in 2012, when the world of cryptocurrency was still new hence felt brave. There were few who could foresee the future of it all.
Most people speculated and imagined wild things. Just like anything new, Bitcoin was something people wished for and, at the same time, something they didn’t fully trust in. What we have now is a cryptocurrency with its own space. It is quite developed and mature, trustworthy and really experienced. We can hardly, though, predict the impact of the halving, which makes the excitement far higher.
Early Days and Past Halvings
It is interesting to look back through past halvings and the events that took place around them. It is even more curious to know what impact it can have on price and whether the pattern will still be the same. If we do it right, then the past can teach us something important. The parties may mature with the market. On the other hand, we can notice new stages of depravity as well.
In 2012 the very first Bitcoin halving was something extraordinary. It was something unknown. People kept arguing and discussing how it would all go. Only the most progressive would believe in its success and knew that the currency has a bright future ahead. No one knew whether the protocol would be changed by Satoshi and what ways there were to keep control over inflation. Mining operations and many other aspects were boggling people’s minds.
The price raised plenty of questions. It was hard to foresee the possible tendencies it may lead the market to. On 28 November (2012) a special event, Bitcoin’s first halving, took place. It reduced the rewards received by miners from fifty to twenty-five Bitcoin. The date was celebrated and people held unofficial parties all around the globe. However, there were people who were not overwhelmed and happy back then. The problem was that many miners didn’t notice the leap in difficulty levels they had expected. The following weeks were different, though. For instance, the hashrate started rising and reached 60 THash/s half a year later.
Progress and Optimistic Prognosis
In 2011 Bitcoin experienced its highest price of around $32 after a previous fall to $11. The numbers remained quiet right before the sharp increase. Early days in the currency’s life were not as optimistic at times. The number of crypto media outlets was relatively low and users could only share their thoughts on Reddit or BitcoinTalks. The effect of the event was far from speculative.
Pricing was halved in, but it took longer than expected. After halving miners experienced negative changes. Four months later they recovered thanks to the decrease in the cost of ASICs. BItcoin started going up.
In 2013 there was another crash after a significant high. It brought a period of stabilization and decline, which made some people think that the situation might not change soon. Nevertheless, some time later the price was higher than the earlier peak.
In 2016 it was all different for Bitcoin – its previous world started changing and transforming. The press paid closer attention to the currency and people could rely on Coindesk and other publications. Finally, retail adoption and crypto influencers also played a huge role – people felt more informed and educated. The next halving was not a shocking event. It was quite natural that back then people should still feel some sort of anxiety and worry since the community was not as advanced as the market.
Miners received their reward and the halving brought good news. After a slight fall hashrate improved after another half a year.
Relatively calm days followed the next halving. In summer (2016) the price was $576 and decreased to $466.20 in just two months. Just a year later, in 2017, the price went to $2,526, which made an increase of 288.60% in valuation. Half a year later, in winter, Bitcoin reached $20,000.
It is hard to predict the impact on price that rewards halving might have. The halving may have been priced in. There is a possibility for the alts to benefit, too. The question is whether this halving live up to people’s expectations. There is a hope that it is worth planning another halving party.
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