Three Things to Note as Bitcoin Halving is fast Approaching

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Bitcoin halving is not a new topic. In fact, it is no longer news as almost everyone has been looking forward to it. The goal of Bitcoin halving is to curb the rate of inflation in cryptocurrency. 

The last halving happened in 2016 when miners first discovered ASIC. Every miner wanted to jump on mining with ASIC, and this led to increased knowledge in mining activities and its profitability. Fast track to 2020, mi?ning farms can now be referred to as industrial giants because of the heavy mining activities they carry out.  At the moment, Bitcoin miners consume more electricity than the whole of Austria combined. 


The question is no longer what is Bitcoin Halving. The question now is, "What are the things you should look out for as the Bitcoin Halving is fast approaching?"
Let's dig in.

 

1.    Bitcoin hoarding

The last bitcoin halving was in 2016 and in December 2017, there was a sudden jump in price and Bitcoin reached an all-time high. The first bitcoin Halving was in 2012, the second was in 2016, and this is third halving. 

Since people are getting savvier and they are more disposed to information. What this means for mining is simple:

        People are already reading. They are linking the past with the present to notice the trend.

        People who have bitcoin will hoard Bitcoin to prepare for what will happen soon.

       There will be a consistent decline in the price of Bitcoin, so it makes more sense to buy than to sell.

        People who have access to the information will start getting and hoarding bitcoin.

        Bitcoin will get more profitable. 

        Those who missed again will start blaming themselves.

 

 

1.    Consistent change in the price of Bitcoin:

Before the last halving, there was a consistent change in the price of bitcoin. Around that same time, many experts came with their predictions. Many believed Bitcoin was heading for its grave. Others believed it would crash like the Tulip Bulb of the 17th century or the Dotcom crash. But then, nothing negative came with the halving.

Before the bitcoin halving, the price of bitcoin dropped from $666.52 to $650.96. That is a 2.36% loss, and it didn't end there. At the end of July 2016, Bitcoin lost another 7.5% before gaining 35% before the end of the year when it was selling for $963.74. 

Here is how the prices will change

        2012 halving - from $13 in December 2012, it rose to $1000 in December 2013

        2016 halving - after the decline to $780, it rose to $19,783 in December 2017  

With this new halving going to happen on May 20, 2020, the price will continue to fluctuate, but by December 2021, those who didnít hoard will be more prepared for the next halving.

 

1.    Crash in the price of other cryptocurrencies

It is common knowledge that Bitcoin is essentially the crypto reserve currency. The prices of every other cryptocurrency are pegged on heavily reliant on the price of Bitcoin. An increase in the price of Bitcoin also leads to an increase in the price of other cryptocurrency and vice versa. The reason is not far-fetched. 

        Bitcoin is the first-ever cryptocurrency and hence the most popular.

        All cryptocurrency trading platforms offer bitcoin as a primary trading pair.

        Bitcoin has the highest market cap and the highest transaction volume.

        According to Google, Bitcoin is still the most searched one among the four primary coins.

       The easiest way to transfer from fiat to crypto is bitcoin.

 

Wrap Up 

History has a way of repeating itself. Just like it happened in the first and second halving, the bitcoin halving is definitely going through the three trends we already noted. The prices are going down, which means this another golden opportunity to own a fair share of Bitcoin. Don't let your learning here. Click on the link below so you too can learn how to make the most of the Bitcoin halving happening soon.

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