Topic: Bitcoin and the event called the “halvening”? - page 2. (Read 293 times)
Halving is the a portions of btc which will be scored in half achive by the miners based on this its helps to increase price and it helps to do many things also this is good for crypto world based on this happen after every 4 years and the next event will be 2020.
wow, this is very enlightning and newbies and people like me should know this.
I know understand fork now but yeah, what I'm asking is that is it not possible for someone to crack bitcoin code and change the code for example changing the supplies or hacking the btc addresses making it possible for someone to get each and every bitcoin on anyone wallet?
I mean bitcoin is a program right? codes can be rewritten or altered? so what makes btc different? why is it still a some kind of puzzle for everyone that needs to solve?
I know understand fork now but yeah, what I'm asking is that is it not possible for someone to crack bitcoin code and change the code for example changing the supplies or hacking the btc addresses making it possible for someone to get each and every bitcoin on anyone wallet?
I mean bitcoin is a program right? codes can be rewritten or altered? so what makes btc different? why is it still a some kind of puzzle for everyone that needs to solve?
There is a consensus about the protocol that is used by a majority of its users. You can always change that protocol and try to promote it as the new Bitcoin, but you will have difficulties to convince Bitcoin holders, miners, nodes, commerce and everyone else to use your new ( and still worthless , because you probably have a very small network securing it) Bitcoin version instead of the original one.
Not everyone has to solve this puzzles (one in about 10 minutes), but the miners do that.
https://bitcoin.org/bitcoin.pdf
wow, this is very enlightning and newbies and people like me should know this.
I know understand fork now but yeah, what I'm asking is that is it not possible for someone to crack bitcoin code and change the code for example changing the supplies or hacking the btc addresses making it possible for someone to get each and every bitcoin on anyone wallet?
I know understand fork now but yeah, what I'm asking is that is it not possible for someone to crack bitcoin code and change the code for example changing the supplies or hacking the btc addresses making it possible for someone to get each and every bitcoin on anyone wallet?
You would have to "hack" all nodes in the network at the same time if you want that to happen. You have to understand that Bitcoin nodes are like servers and clients at the same time.
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I mean bitcoin is a program right? codes can be rewritten or altered? so what makes btc different? why is it still a some kind of puzzle for everyone that needs to solve?
I believe you need to read the documentation, https://bitcoin.org/en/developer-guide#block-chain
Take your time.
wow, this is very enlightning and newbies and people like me should know this.
I know understand fork now but yeah, what I'm asking is that is it not possible for someone to crack bitcoin code and change the code for example changing the supplies or hacking the btc addresses making it possible for someone to get each and every bitcoin on anyone wallet?
I mean bitcoin is a program right? codes can be rewritten or altered? so what makes btc different? why is it still a some kind of puzzle for everyone that needs to solve?
I know understand fork now but yeah, what I'm asking is that is it not possible for someone to crack bitcoin code and change the code for example changing the supplies or hacking the btc addresses making it possible for someone to get each and every bitcoin on anyone wallet?
I mean bitcoin is a program right? codes can be rewritten or altered? so what makes btc different? why is it still a some kind of puzzle for everyone that needs to solve?
with that thought, can't the code of bitcoin be altered? meaning, we're in age in AI and can't supply be change or can't the code be hack or break?
it is designed in a way that it won't "break" or "get hacked",... unpredictable bugs may occur but it will be extremely rare and can be fixed. (a bug happened once a very long time ago and it was fixed fast).
can it change? of course. you can change anything you want but the problem is convincing the rest of the decentralized system to follow your change. you can set the bitcoin supply to 100 trillion but nobody will follow you and your chain will either die or become an altcoin.
That is a fork. I believe flying_bit is asking about something else.
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that's what has been happening for the past 9 years, people fork bitcoin and create their own altcoins changing anything they want. from the supply to algorithm.
Remember that the Bitcoin network is constantly attacked everyday. But if a "bad" node, or miner, tries to broadcast an invalid transaction or an invalid block, all the other nodes connected to it will never ever propagate it to the rest of the network. The same with blocks.
Been doing a lot of research about bitcoin and I encounter this "halvening" event that to happen to bitcoin every 4 years and said that next will be on 2020. So what is it and the importance or downside in cryptoworld and those hodling bitcoin.
Each halving makes the bitcoins supply fall, with less new bitcoins, higher prices. Miners add 1800 new bitcoins each day now, it will fall to 900 in just 2 years from now. In 6 years the daily new miners output will fall to 450.
And so on each 4 year. This is one a the reason people believe bitcoins price will go so much up in the next 10 years.
This is a very interesting event in bitcoins evolution. The reward for mining is halved
Which you would think will affect mining and the rate of hashing but bitcoins value
should dramatically increase on the lead up to it and after it, this is based on the
slower supply of coins after the halving, which in turn will incentivise miners to keep mining!
There is so much talk now about why bitcoins pricing is the way it is now, this upcoming
event should be considered more and is why people talk about long term outlook.
So I get the concept of forked coins of bitcoin with clearer view as to from where they come and how they affect the bitcoin reality.
there are 3 things that shouldn't be confused with each other:
1. altcoins forked from bitcoin
an altcoin that is forked from bitcoin is simply an altcoin that copies the code. for example Litecoin is a fork of bitcoin. it copied the code, changed a bunch of stuff (algorithm, supply, time between blocks,...) and created a new coin.
2. the thing we call "forked coins"
these are useless shitcoins that are created from a popular project like bitcoin to abuse the "brand name" and make some money. examples are Bitcoin Cash, Bitcoin Gold, Bitcoin Private,... there is no point in their existence, they are not doing anything and they will die eventually.
these forked coins are both using the code and the blockchain of the original project.
3. bitcoin forks.
you can call them "upgrades". it can be to add or remove functionality, to fix a bug,... for example the soft fork we had last year to add Segregated Witness.
Each halving makes the bitcoins supply fall,
supply does NOT fall. it is constantly increasing with each new block. the only thing that is changing is the "rate" of its increase.
Been doing a lot of research about bitcoin and I encounter this "halvening" event that to happen to bitcoin every 4 years and said that next will be on 2020. So what is it and the importance or downside in cryptoworld and those hodling bitcoin.
Each halving makes the bitcoins supply fall, with less new bitcoins, higher prices. Miners add 1800 new bitcoins each day now, it will fall to 900 in just 2 years from now. In 6 years the daily new miners output will fall to 450.
And so on each 4 year. This is one a the reason people believe bitcoins price will go so much up in the next 10 years.
Been doing a lot of research about bitcoin and I encounter this "halvening" event that to happen to bitcoin every 4 years and said that next will be on 2020. So what is it and the importance or downside in cryptoworld and those hodling bitcoin.
The amount of new bitcoin created and earned by miners with each new block of transactions is about to be cut in half. This is part of bitcoin’s predictable, transparent monetary policy, which can be verified in the source code available on the Bitcoin Core GitHub repository.
with that thought, can't the code of bitcoin be altered? meaning, we're in age in AI and can't supply be change or can't the code be hack or break?
it is designed in a way that it won't "break" or "get hacked",... unpredictable bugs may occur but it will be extremely rare and can be fixed. (a bug happened once a very long time ago and it was fixed fast).
can it change? of course. you can change anything you want but the problem is convincing the rest of the decentralized system to follow your change. you can set the bitcoin supply to 100 trillion but nobody will follow you and your chain will either die or become an altcoin. that's what has been happening for the past 9 years, people fork bitcoin and create their own altcoins changing anything they want. from the supply to algorithm.
Interesting facts of bitcoin and blockchain!
Thanks for sharing this info as I learnt something new, I mean not the thing that I was lazy enough to go and search about such things.
So I get the concept of forked coins of bitcoin with clearer view as to from where they come and how they affect the bitcoin reality.
In general bitcoins hack proof concept comes from the never chaining algorithm itself, with public support for not accepting any changes made within it.
Its like we ourselves is responsible for the safety and proper operation of the bitcoin, isn't it?
The impact is not discussed yet, so I would help out there. So seeing that the Bitcoin price is based on Supply and demand, then we should conclude that if the supply is reduced, then the price should go up.
In theory, if you have less of something and a lot of people are looking for that, then the price will have to go up , because the demand is higher than the supply. ^smile^
In theory, if you have less of something and a lot of people are looking for that, then the price will have to go up , because the demand is higher than the supply. ^smile^
with that thought, can't the code of bitcoin be altered? meaning, we're in age in AI and can't supply be change or can't the code be hack or break?
it is designed in a way that it won't "break" or "get hacked",... unpredictable bugs may occur but it will be extremely rare and can be fixed. (a bug happened once a very long time ago and it was fixed fast).
can it change? of course. you can change anything you want but the problem is convincing the rest of the decentralized system to follow your change. you can set the bitcoin supply to 100 trillion but nobody will follow you and your chain will either die or become an altcoin. that's what has been happening for the past 9 years, people fork bitcoin and create their own altcoins changing anything they want. from the supply to algorithm.
with that thought, can't the code of bitcoin be altered? meaning, we're in age in AI and can't supply be change or can't the code be hack or break?
"halvening" refers to the block rewards and the fact that it "halves" every ~4 years.
bitcoin has finite supply and this is the designed way of distributing newly generated coins at a pace that is going to slow down in time.
it started at 50 bitcoin per block and halves every 210000 blocks which takes about 4 years. we have already had 2 of them which is why the current block reward is 12.5BTC.
it will look like this:
the effect of it is also on the price. what happens is that block reward halving basically reduces the newly generated coins, the coins that will be sold by miners and enter circulation and can be considered sell pressure. when that reduces it leads to rise in price. a phenomenon that already happened twice where each time price goes up a lot ~1-2 months before the halvening and slowly rising for about 6 months after the halving.
bitcoin has finite supply and this is the designed way of distributing newly generated coins at a pace that is going to slow down in time.
it started at 50 bitcoin per block and halves every 210000 blocks which takes about 4 years. we have already had 2 of them which is why the current block reward is 12.5BTC.
it will look like this:
the effect of it is also on the price. what happens is that block reward halving basically reduces the newly generated coins, the coins that will be sold by miners and enter circulation and can be considered sell pressure. when that reduces it leads to rise in price. a phenomenon that already happened twice where each time price goes up a lot ~1-2 months before the halvening and slowly rising for about 6 months after the halving.
Been doing a lot of research about bitcoin and I encounter this "halvening" event that to happen to bitcoin every 4 years and said that next will be on 2020. So what is it and the importance or downside in cryptoworld and those hodling bitcoin.
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