To be honest I have somehow mixed feelings as speaking about halving of BTC. If it aims to reflect the gold - well gold is not a currency anymore but investment.
If we reduce reward, the supply will be smaller and as such this factor should push the price of BTC up.
But in fact such situation is making it a digital gold, not a currency we could use instead of what we have in our pockets.
Topic: [GUIDE] What is Bitcoin Halving (Read 205 times)
I don't know why you included the statement of Vitalik Buterin Satoshi mentioned it in his white paper long before that. Bitcoin white paper, read the 6th section "Incentive".
Vitalik buterin is a supergenius and an influent person in the ecosystem. His opinion is worth something...
Halving is very important to reduce incentives, as they are not going to be so necessary in the next years with large adoption.
...
i think it is better if you stick to either smallest value (1 block every 10 minute on average) or stick to the biggest value (2016 blocks every 2 weeks) which is the time when difficulty readjusts and that creates the 1/10min block time.
It is better and more accurate in fact.i think it is better if you stick to either smallest value (1 block every 10 minute on average) or stick to the biggest value (2016 blocks every 2 weeks) which is the time when difficulty readjusts and that creates the 1/10min block time.
Quote
As Ethereum's Project's Development Leader - Vitalik Buterin stated:
I don't know why you included the statement of Vitalik Buterin Satoshi mentioned it in his white paper long before that. Bitcoin white paper, read the 6th section "Incentive". 
It is estimated that 6 blocks are mined within 1 hour meaning halving event happens each 4 years.
i think it is better if you stick to either smallest value (1 block every 10 minute on average) or stick to the biggest value (2016 blocks every 2 weeks) which is the time when difficulty readjusts and that creates the 1/10min block time.Quote
As Ethereum's Project's Development Leader - Vitalik Buterin stated:
let's not forget that unlike bitcoin which is capped at 21 million, ethereum has no cap so although they have reduced the block rewards for ETH blocks, it still is like fiat where you print it nonstop and inflate the whole thing.
Ever wondered what Bitcoin Halving means / is and why you should be aware of it?
First you need to know what Bitcoin mining is. (Bitcoins are produced by miners. Each production is called a Bitcoin block where miners are rewarded by mining each one of them)
Satoshi Nakamoto stated that there are 21 million bitcoins and that the number of Bitcoins generated by block decreases by half every 210.000 blocks. It is estimated that 6 blocks are mined within 1 hour meaning halving event happens each 4 years.
For Miners that means that their rewards are as well halved by 50% as for example if they get 1 BTC for solving each block, 4 years later they will get 0.5 BTC and so on.
This is necessary due to the law of supply and demand a.k.a. keeping inflation under control.
As Ethereum's Project's Development Leader - Vitalik Buterin stated:
“The main reason why this is done is to keep inflation under control. One of the major faults of traditional, “fiat”, currencies controlled by central banks is that the banks can print as much of the currency as they want, and if they print too much the laws of supply and demand ensure that the value of the currency starts dropping quickly.
Bitcoin, on the other hand, is intended to simulate a commodity, like gold. There is only a limited amount of gold in the world, and with every gram of gold that is mined, the gold that still remains becomes harder and harder to extract. As a result of this limited supply, gold has maintained its value as an international medium of exchange and store of value for over six thousand years, and the hope is that Bitcoin will do the same.”
Some countdowns that can give you a more deep information into Bitcoin's Halving:
First you need to know what Bitcoin mining is. (Bitcoins are produced by miners. Each production is called a Bitcoin block where miners are rewarded by mining each one of them)
Satoshi Nakamoto stated that there are 21 million bitcoins and that the number of Bitcoins generated by block decreases by half every 210.000 blocks. It is estimated that 6 blocks are mined within 1 hour meaning halving event happens each 4 years.
For Miners that means that their rewards are as well halved by 50% as for example if they get 1 BTC for solving each block, 4 years later they will get 0.5 BTC and so on.
This is necessary due to the law of supply and demand a.k.a. keeping inflation under control.
As Ethereum's Project's Development Leader - Vitalik Buterin stated:
“The main reason why this is done is to keep inflation under control. One of the major faults of traditional, “fiat”, currencies controlled by central banks is that the banks can print as much of the currency as they want, and if they print too much the laws of supply and demand ensure that the value of the currency starts dropping quickly.
Bitcoin, on the other hand, is intended to simulate a commodity, like gold. There is only a limited amount of gold in the world, and with every gram of gold that is mined, the gold that still remains becomes harder and harder to extract. As a result of this limited supply, gold has maintained its value as an international medium of exchange and store of value for over six thousand years, and the hope is that Bitcoin will do the same.”
Some countdowns that can give you a more deep information into Bitcoin's Halving:
- Bitcoin Block Reward Halving Countdown: http://www.bitcoinblockhalf.com/
- Bitcoin Clock: https://www.bitcoinclock.com/
Jump to: