What is Bitcoin Halving?

No one is unaware of bitcoins. It is the most popular cryptocurrency in the world. Bitcoins are being used in so many fields. The flow and demand for this currency have not reduced yet. In fact, the use of bitcoins has increased so much that people are using Bitcoin QR Code Generator to attract more people who are dealing with QR. Many businesses are getting a lot of help through BTC QR Code Generator as they are able to get their payment through the world's most popular currency. There are many BTC QR Code Generators online that are free of cost and that is one more reason why QR codes are being used so much.

Bitcoins have gone through adjustment which resulted in a reduction of the rate at which new coins are being created. Almost every four years, the halving happens of the world's biggest cryptocurrency. This digital currency is dependent on miners. What are miners? They are who run software that races to solve complex math puzzles in return for Bitcoins. The event of Monday's halving means that the reward for unlocking a block has been reduced from 12.5 new coins to 6.25.

In order to control inflation, Halving was written into the code of cryptocurrency by its creator who is known as Satoshi Nakamoto. It was created in 2009 and since then, it is the third halving that has happened. The very first one took place in November 2012 and the second was in July 2016. The next halving might take place in 2024 in the month of May.

There is something else also that the code of Bitcoin tells us and that is rewards to miners will continue to halve every 210,000 blocks until they reach zero that will be in around two decades' time. This will limit the total number of bitcoin that will be present to only 21 million.

The reason behind this is that unlike currencies like dollar, pound, or euro (paper currency), digital or virtual currency doesn't have any central bank to regulate their supply. According to some supporters of the cryptocurrency, this scarcity will maintain its value and makes it a potential safe haven against currencies that are at the risk of devaluation during times of economic crisis.

This digital currency is growing and has gained more than 20% since the beginning of this year resulted in touching $10,000 just last week. Some investors also think that halving could make Bitcoin less attractive to miners and they will stop dealing with this cryptocurrency after sometime.

These were some of the important things that you needed to know about halving as this is not every person knows but people who want to deal with bitcoins should have knowledge about it.