The Halving - Good or Bad for Bitcoin?

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: Lynfax on July 05, 2020, 03:45:40 PM

But overall bitcoin is bothered by halving, not boosted by it
Because, as it was said, transaction time goes up, fees go up, because of obviously miners close their btc mines and so on

Someone saying something doesn't make it right

Transaction times can go up due to halving in very specific cases, and as I said, this effect can only be temporary and passing. If fees are going to rise, people will start to use some other cryptocurrency. The truth is that Bitcoin copycats (like Litecoin and Bitcoin Cash) are not much worse than the original Bitcoin, at least on purely technical grounds. But seriously, why what I say should have lower weight?

Quote from: Lynfax on July 05, 2020, 03:45:40 PM

Imo bitcoin has some sort of expiration date and this date is somewhere in this decade

That's an interesting idea. And how do you picture it in practice?

Rengga Jati

hero member

Activity: 2072

Merit: 656

royalstarscasino.com

Quote from: Gameroid on March 06, 2017, 05:53:39 PM

the previous halving was a very good effect it make the bitcoin price very stable -snip-

Do all investors or holders expect for the stable price on Bitcoin after halving? NO, if the price tends to be stable after halving, then it is categorized as negative impacts. All holders have been preparing everything and waiting for the big rise in Bitcoin price. They all hope for a significant raise after halving. But unfortunately, the current price seems rather stable and still cannot reach another level ($10,000). This may happen because many investors or holders already took profits once they saw the price meets their targets.

Lynfax

newbie

Activity: 32

Merit: 0

Quote from: deisik on July 05, 2020, 01:43:30 PM

Quote from: BigBos on July 04, 2020, 10:54:33 PM

halving makes bitcoin slower to be mined. however, if the price does not rise, then it might be bad for some people

It may be bad for some people
And good for some other people (who are shorting Bitcoin, for instance). And halving doesn't affect times between network confirmations. It may affect them if the hash rate drops abruptly because of it, but this impact will be temporary anyway. In a weak or so (on average) the difficulty will readjust, and everything will be back to normal. Bitcoin already accounts and allows for such things

you're right it might be beneficial for some type of traders
But overall bitcoin is bothered by halving, not boosted by it
Because, as it was said, transaction time goes up, fees go up, because of obviously miners close their btc mines and so on
Imo bitcoin has some sort of expiration date and this date is somewhere in this decade

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: BigBos on July 04, 2020, 10:54:33 PM

halving makes bitcoin slower to be mined. however, if the price does not rise, then it might be bad for some people

It may be bad for some people

And good for some other people (who are shorting Bitcoin, for instance). And halving doesn't affect times between network confirmations. It may affect them if the hash rate drops abruptly because of it, but this impact will be temporary anyway. In a weak or so (on average) the difficulty will readjust, and everything will be back to normal. Bitcoin already accounts and allows for such things

BigBos

sr. member

Activity: 1974

Merit: 450

Quote from: elisabetheva on July 03, 2020, 05:21:02 PM

halving is clearly very beneficial for the development of bitcoin and as long as there are still many seeking and holding it, bitcoin will always be used as a future investment.
looking at the past experience of halving, the movement of bitcoin a year later reached its peak and reached a very high rate. that the forecast will also be possible for halving at this time, and in 2021 then bitcoin will peak again and is likely to be even higher in bitcoin prices when it peaks in 2017.

Well, maybe it is beneficial for some parties. it's just that, if the price of bitcoin does not increase, it will harm solo miners. however, at present almost everything will rise in price, including electricity and other costs. halving makes bitcoin slower to be mined. however, if the price does not rise, then it might be bad for some people.

elisabetheva

full member

Activity: 1708

Merit: 105

halving is clearly very beneficial for the development of bitcoin and as long as there are still many seeking and holding it, bitcoin will always be used as a future investment.
looking at the past experience of halving, the movement of bitcoin a year later reached its peak and reached a very high rate. that the forecast will also be possible for halving at this time, and in 2021 then bitcoin will peak again and is likely to be even higher in bitcoin prices when it peaks in 2017.

inashed

jr. member

Activity: 89

Merit: 4

I think 100% premining would be better, since deflation sucks.

Also people here are doing a mistake, the coin will end because of 21000000.00000000 limit not the halving, you could have deflation without halving, and the coin would be fully distributed at the moment of the second halving (because from the first halving to second one, all the reamaining half of the coins would be distributed because there is no halving).

Also halving could be done with other ways, instead of reducing the reward, at the second halving, the blockchain would generate an random number between 1 and 2 and only give the 50 bitcoins rewards if the number generated was 1, at the second halving the number would be a number between 1 and 4 and this goes on.....

RastMan

full member

Activity: 159

Merit: 102

Quote from: agamasrori on March 11, 2017, 09:54:21 PM

Quote from: PaymyBills on March 05, 2017, 06:11:02 PM

Now we can see a little effect of last halving! This is a great tool to manage inflation

Yes I agree with that. halving is one of the things that make bitcoin better than fiat. if bitcoin can be printed continuously like fiat money, inflation will get to make bitcoin become worthless. will come when there is no more bitcoin can in mine, and all that remains is deflation.

I think it is not the halving, but the final limit of the coins, which is 21 million.

agamasrori

sr. member

Activity: 364

Merit: 250

Quote from: PaymyBills on March 05, 2017, 06:11:02 PM

Now we can see a little effect of last halving! This is a great tool to manage inflation

Yes I agree with that. halving is one of the things that make bitcoin better than fiat. if bitcoin can be printed continuously like fiat money, inflation will get to make bitcoin become worthless. will come when there is no more bitcoin can in mine, and all that remains is deflation.

Gameroid

hero member

Activity: 798

Merit: 501

Quote from: PaymyBills on March 05, 2017, 06:11:02 PM

Now we can see a little effect of last halving! This is a great tool to manage inflation

the previous halving was a very good effect it make the bitcoin price very stable and you can see that at that time the price of bitcoin was trading in a very very stable manner.

asriloni

legendary

Activity: 3038

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

Quote from: NEWGOODOUBLE on March 05, 2017, 06:34:06 PM

Quote from: Antoshka on March 05, 2017, 02:20:03 PM

Maybe this is good for those who are engaged in mining Bitcoins. But in general - is a good thing. Through this process, Bitcoin is always expensive, and the price for it will grow

halving it will make mining revenue decreases in the future dude and finally no one did mine again because its not profitable anymore. by halving it makes prices rise

But the miners will still get his reward through the transaction fees. And it's really worth with the price of bitcoin in the future caused by the halving.

NEWGOODOUBLE

sr. member

Activity: 476

Merit: 250

Quote from: Antoshka on March 05, 2017, 02:20:03 PM

Maybe this is good for those who are engaged in mining Bitcoins. But in general - is a good thing. Through this process, Bitcoin is always expensive, and the price for it will grow

halving it will make mining revenue decreases in the future dude and finally no one did mine again because its not profitable anymore. by halving it makes prices rise

PaymyBills

member

Activity: 90

Merit: 10

Now we can see a little effect of last halving! This is a great tool to manage inflation

Question123

sr. member

Activity: 1624

Merit: 267

I think both the halving have good and bad effect. The good effect of halving the price of bitcoin is increasing high because during halving many people are holding their bitcoin .The bad effect is after halving they are possibility the bitcoin price is decreasing why? Because during halving the people their bitcoin and when people see the price high many of them are sell their bitcoin to make a profit. What if many people sell their bitcoin the price is crushes. That's my opinion only and my observation.

deadpoolx

hero member

Activity: 560

Merit: 500

If there was no halving inflation would always be very high, and this would not only be a problem for people holding it, but would also be something that would drive away new investors. To take a deeper view of this, I think you should read some articles comparing an inflationary currency with a deflationary currency.

Antoshka

sr. member

Activity: 270

Merit: 250

Maybe this is good for those who are engaged in mining Bitcoins. But in general - is a good thing. Through this process, Bitcoin is always expensive, and the price for it will grow

deisik

legendary

Activity: 3514

Merit: 1280

English ⬄ Russian Translation Services

Quote from: jaysabi on March 05, 2017, 08:15:16 AM

Quote from: DoublerHunter on February 28, 2017, 09:45:13 PM

Quote from: rajasumi3 on February 28, 2017, 09:08:40 PM

In my opinion the halving is very good .as because of halving the price of bitcoins would go high up as the demand of bitcoin would increase.it is also done to make the price of bitcoin make more stable and i dont think it was any bad intentions.

Nope, Halving is not pure "good" effects on bitcoin because in the other side, Halving can be a risky event for bitcoin because it halves the block reward which will make the miners to earn less than they earn before and also if the prices dump after halving then it will be a hype for the other bitcoin users to sell their bitcoins too. Not all the times, the prices go up because it is always up to the investors,miners and hodlers.

No one is setting prices, it's purely a function of where supply meets demand of the traders across all the exchanges. Bitcoin is perhaps one of the most free-market goods available, and the volatility speaks to that with sentiment and rumor sometimes affecting the price more than it would in any other type of good. There's nothing supporting Bitcoin price except mass consensus, because Bitcoin doesn't fundamentally do anything another currency (digital or physical) can't also do much cheaper (fee-wise)

I heavily disagree with your stance

And I assume that you will have to agree with mine. Fundamentally (I see your point, don't worry), the major difference is that Bitcoin is inherently coupled with a payment system. Basically, it is a currency and a payment system in its own right. Any other currency (apart from Bitcoin and its copycats) needs a separate payment system. In the case of fiat, it is a banking system and payment processors like Visa or PayPal which should be available to make transactions possible. Cash doesn't need a payment system altogether but that's what limits its use to a very narrow circle, so it is basically out of the question completely

jaysabi

legendary

Activity: 2044

Merit: 1115

★777Coin.com★ Fun BTC Casino!

Quote from: DoublerHunter on February 28, 2017, 09:45:13 PM

Quote from: rajasumi3 on February 28, 2017, 09:08:40 PM

In my opinion the halving is very good .as because of halving the price of bitcoins would go high up as the demand of bitcoin would increase.it is also done to make the price of bitcoin make more stable and i dont think it was any bad intentions.

Nope, Halving is not pure "good" effects on bitcoin because in the other side, Halving can be a risky event for bitcoin because it halves the block reward which will make the miners to earn less than they earn before and also if the prices dump after halving then it will be a hype for the other bitcoin users to sell their bitcoins too. Not all the times, the prices go up because it is always up to the investors,miners and hodlers.

No one is setting prices, it's purely a function of where supply meets demand of the traders across all the exchanges. Bitcoin is perhaps one of the most free-market goods available, and the volatility speaks to that with sentiment and rumor sometimes affecting the price more than it would in any other type of good. There's nothing supporting Bitcoin price except mass consensus, because Bitcoin doesn't fundamentally do anything another currency (digital or physical) can't also do much cheaper (fee-wise).

jaysabi

legendary

Activity: 2044

Merit: 1115

★777Coin.com★ Fun BTC Casino!

Quote from: Rahar02 on February 26, 2017, 05:57:07 AM

Quote from: giveen on February 26, 2017, 05:31:30 AM

Quote from: mastica on January 05, 2017, 03:15:51 PM

Quote from: Woodie on January 05, 2017, 08:47:33 AM

I think the current raise in bitcoin can be attributed by block halving and other factors of course and I guess we are just seeing the benefits of it.

No way, the next halving will occur at 2020, its far away to be from those event, at June we had the halving already and price went from 400 to 600 dollars, if were those you were refering. The halving is good for bitcoin as it make it get more value over time, if we remove the halving we will have a coin of pump and dump and just that.

Yeah that's true I remember when the last halving happened the price was really high that time. And I also agree if there's no halving bitcoin would have never been what it has been able to be today for sure. And by the next halving the price will be 5000$+ for sure or maybe more than that.

Next halving will happen at Saturday, 27 Jun 2020 which 3 years later. I agree it is good for bitcoin to limit the supply meanwhile the demand keep increase. Miners will generate less bitcoin but the fees should be enough as the price at that time maybe just like you said, reach $5000, my prediction around $3500 per BTC1. I hope the fees to send bitcoin doesn't exceed $0.5 or people will consider it is not cheap anymore even though it is affordable for some users.

If Bitcoin reaches prices like that, it will probably be probitively expensive to use it to transfer value any longer. Look at the fees right now, miners are increasingly demanding higher fees to even consider processing transactions. Current rates are around 100 sats/byte to process a lower priority transaction, which puts the average transaction price at 20k says for a simpler (low input/output) transaction. If Bitcoin ever reaches $5000, that would put the transaction fee at $1 per transaction, which is a ridiculous fee to pay for each transaction. Also consider that as rewards are reduced, miners demand more fees to compensate for the loss of income there. This transaction fee issue is only going to get larger in the future and become a major impediment to bitcoin growth.

Kvazimoda

sr. member

Activity: 287

Merit: 250

It seems to me that for miners, it is not too good. If the complexity of Bitcoin mining is constantly growing, and the profit is reduced, it can be easy to lose interest in the production. Nobody wants to work for a small fee

Topic: The Halving - Good or Bad for Bitcoin? (Read 83110 times)