Bitcoin is the most potent and powerful cryptocurrency currently existing. It’s the most traded cryptocurrency among pioneers and beginners. The 2020 bitcoin halving is an event looked upon by the entire bitcoin traders’ fraternity. As we wait for the bitcoin halving 2020 event, it’s vital to have a vivid understanding of certain things.
What’s So Unique With the 2020 Bitcoin Halving?
Based on the predictions as per the Satoshi Nakamoto’s rule about the production of bitcoins, the creation of these coins decreases with time. And so over time, the output will likely stop completely. And since it will take way more 120 years, not many of those living today will witness the creation of the last bitcoin. Until those years are over, miners will keep producing more coins and receiving block rewards.
As the third and most awaited halving event since bitcoins dominated the cryptocurrency industry, the 2020 bitcoin halving is an unavoidable event for cryptocurrency traders and miners. We are not only going to witness the adjustment of bitcoin’s value but also have a chance to reap from the predicted price upsurges that will likely happen two or three weeks following the halving event.
How Was the Last Bitcoin Halving Event?
Expected to occur sometime in May 2020, this event will see the halving of the block reward of the world’s biggest blockchain. That means, miners will experience the blow of 50% the rewards for the bitcoins they mine. Both of the previous halving events ended up increasing the value of bitcoin by over 1000%, which has seen bitcoin gain more popularity as a trading asset.
In the last bitcoin halving event of 2016, the value was $600. After the event somewhere in 2017, the value went so high to $19783. At its current value of above $6000, we are likely to witness it reach extreme value ranges of up to $20,000 after the halving event.
Is it Worth It to Buy Bitcoins in 2020 Before the Halving Event?
Based on the rumors and facts regarding the past bitcoin halving event happenings, is it worth investing in bitcoin this year. The 2020 halving event’s developments are unpredictable, but if it follows the trends of the previous halving events, we are expecting the price to reach a new high price by 2021. The possibilities are high; the price will be ten times higher than the current price. Many bitcoin traders, advisors, and specialists are predicting that the value of bitcoin will go to hit over $100,000 by the end of 2021.
These are ideal facts and predictions you must keep in mind as you wait for the forthcoming halving event or decide to trade in bitcoins. Don’t just start trading foolishly without trying to understand what the halving event is all about, and how much impact it will have on your investments. You can always talk with the experts to have a clue of what bitcoin halving entails and the fate of traders after its happening. You learn more about bitcoin halving 2020 from the experts.