馃攳
Bitcoin Will Hit $1,000,000 Because of THIS (Bitcoin Halving Cycle Explained) - YouTube
Channel: BitBoy Crypto
[0]
the Bitcoin having has been a catalyst
[3]
for every Bull Run we've seen in the
[5]
history of crypto knowing about the
[7]
Bitcoin having and its historical effect
[9]
on the crypto Market gives us Clues as
[12]
to where we are in the current market
[13]
cycle when the best time to invest is
[16]
when to take profits and wear Market
[18]
prizes I go from here my name is Ben and
[21]
today I'm diving into the Bitcoin having
[23]
what it is what it does how it affects
[25]
the price let's get it
[31]
the Bitcoin having is an event where the
[33]
reward for mining Bitcoin is cut in half
[35]
when the first Bitcoin was mine back in
[37]
2009 the reward for solving a block was
[40]
50 BTC there have been three having
[43]
events since in 2012 the reward was
[45]
halved to 25 BTC 2016 the reward was cut
[49]
to 12.5 Bitcoin per block the most
[51]
reason Bitcoin having took place on May
[53]
11 2020 where the reward was reduced to
[56]
6.25 Bitcoin to understand the having we
[59]
first have to understand Bitcoin mining
[61]
mining for Bitcoin is when people use
[64]
computing power to process and validate
[67]
transactions on the Bitcoin Network
[69]
it's the basis for network security
[71]
bitcoin's proof of work which means that
[74]
miners are rewarded with Bitcoins for
[76]
their work cost and Equipment required
[78]
to process transactions when computers
[81]
are mining Bitcoin they solve
[83]
mathematical problems and confirm
[86]
transactions these transactions are then
[89]
added to a block which creates a chain
[92]
of transactions this is what forms the
[94]
backbone of a term we all know
[96]
blockchain
[97]
we don't know who Satoshi Nakamoto the
[100]
founder of Bitcoin really is but we do
[102]
know that this person or group of people
[105]
programmed the having into the Bitcoin
[107]
blockchain to regulate mining rewards
[109]
and increase the asset scarcity over
[112]
time
[113]
these are complicated ideas first
[115]
introduced by the Bitcoin Network and
[118]
copied by many proof of work blockchains
[120]
have emerged since nothing explains
[123]
Mining and Bitcoin better the Bitcoin
[126]
white paper itself which by the way is
[128]
worth a read white paper explains that
[131]
block rewards are the reason that anyone
[133]
would want to become a node is miners
[136]
are called in the white paper on the
[137]
Bitcoin Network and that reason is
[139]
financial rewards nodes help secure the
[143]
network and put more coins into
[145]
circulation the first transaction in a
[147]
block is called the coinbase
[149]
and this reward creates the incentive
[152]
for nodes to support the network
[153]
provides a way to initially distribute
[155]
coins into circulation
[157]
the document Compares gold miners using
[160]
resources to add more gold to
[162]
circulation to CPU time and electricity
[165]
resources being used to get more Bitcoin
[168]
into circulation
[169]
since Bitcoin mining became the
[171]
profitable industry it is today gpus or
[174]
graphic processor units have replaced
[176]
CPUs which now have been replaced Again
[179]
by specialized chips called Asics which
[183]
specialize in hash calculations
[185]
first Bitcoins were mined by Satoshi
[187]
Nakamoto on January 3rd 2009 using a
[190]
personal computer solving a puzzle is a
[193]
Brute Force effort in which
[194]
computational device tries a computation
[196]
over and over again until it finds the
[198]
answer over time with increasing
[200]
competition the difficulty of the
[202]
algorithm increases in order to secure
[204]
the network using a PC wasn't powerful
[207]
enough So gpus eventually A6 became the
[210]
norm we'll get into hash rate difficulty
[213]
a little later make sure to go ahead and
[214]
smash that like button and subscribe to
[216]
the channel That helps get this crypto
[218]
content out to more people keeps you in
[221]
the know about crypto the white paper
[224]
goes on to explain that since the
[225]
rewards will decrease over time starting
[227]
at 50 Bitcoin per block and halves every
[230]
four years transaction fees are
[232]
introduced as a secondary incentive to
[234]
minors to make sure that the miners we
[237]
rely on to validate and secure the
[238]
network we'll have incentive to stay
[240]
active on the network even once all 21
[243]
million Bitcoin have been mined this
[245]
will occur sometime in the year 2140.
[249]
incentivizing miners to continue
[251]
validating the network indefinitely
[253]
hinges on the value of Bitcoin going up
[255]
over time which is the trend we've seen
[257]
for Bitcoin so far the first Bitcoin was
[260]
traded in July 2010 the price of one BTC
[263]
was .08 cents the price has gone
[266]
parabolic since then reaching an
[268]
all-time high this past November of 69
[270]
044 February price trends continue over
[274]
time validating the network for
[275]
transaction fees will still be
[277]
profitable even if the transaction fee
[280]
average stays the same as it is now
[282]
which is about 0.15 BTC per block
[286]
the having was built into the network to
[288]
increase scarcity and it also creates
[290]
secondary benefit that increases the
[293]
price of Bitcoin having the mining
[295]
rewards creates new Buzz for the asset
[297]
causes investors to get excited about
[300]
investing in Bitcoin again
[302]
the months average having are usually
[304]
followed by bull runs where we see the
[306]
price of Bitcoin and the broader crypto
[308]
Market increased dramatically
[311]
reducing the amount of new Bitcoin
[312]
coming into circulation great scarcity
[315]
which is the Cornerstone of supply and
[318]
demand economics for the first having in
[321]
November of 2012
[322]
the price Rose from 11.50 to 270 dollars
[327]
following the next having in July 2016
[329]
price went from six hundred and fifty
[332]
dollars to about twenty thousand dollars
[334]
for Bitcoin by December 2017. in each
[337]
case the price appreciated over twelve
[340]
thousand percent and each time it took
[342]
roughly twice as long to experience the
[345]
same growth
[346]
the third having started the most recent
[349]
Bitcoin Bull Run in May of 2020 where by
[352]
December the price had seen an over 300
[354]
increase at the beginning of the year
[357]
price started out at nine thousand six
[359]
hundred dollars and so Heights of just
[361]
under thirty thousand dollars 2021
[364]
Bitcoin doubled in value to sixty four
[366]
thousand dollars for Bitcoin but saw a
[368]
massive drop later in 2021 the race most
[371]
of the gains in that year
[373]
another price jump in November of the
[375]
same year when the price saw a new
[377]
all-time high of 68 000 by January 2022
[382]
the price had dropped back to thirty
[384]
five thousand dollars again
[386]
so whether we've seen the end of the
[388]
Bull Run following the third having well
[390]
that still remains to be seen some
[392]
analysts believe that we are now in the
[394]
bear Market While others believe there
[397]
will be more upside for this bull cycle
[399]
only time will tell if having Cuts minor
[402]
rewards in half which decreases
[404]
inflation and lowers the available
[405]
Supply what are they having does not
[408]
increase price demand will minors
[411]
continue validating the network with
[412]
have the incentive and no dramatic
[415]
increase in the price in USD
[417]
well safeguard for this has been
[419]
programmed into the network a change and
[422]
difficulty to get those mining rewards
[424]
when the reward has been halved and the
[426]
value of BTC doesn't increase the money
[429]
difficulty is then reduced excuse Meyers
[432]
incentivized because they can mine more
[434]
Bitcoin shorter amount of time
[436]
conversely mining difficulty increases
[438]
when market conditions are bullish there
[441]
are more folks trying to mine Bitcoin
[442]
which means more competition
[445]
so the rate of blocks being made needs
[448]
to be maintained although the price of
[450]
Bitcoin has historically seen major
[453]
price crashes following the havings and
[455]
their subsequent bull runs prices always
[458]
settled higher than before the having
[460]
event
[461]
when the price of Bitcoin dropped from
[462]
20K to 3 200 2017 to 2018 there's still
[468]
much higher than the price before the
[469]
having which was 650 bucks
[473]
still the effect of the having for
[474]
investors is different from the
[477]
effectual miners for investors the
[479]
having means increased prices and reduce
[481]
Supply many people who've been in crypto
[483]
for a long time see that having is a
[486]
great entry point to get ahead of the
[488]
market invest in Bitcoin and other
[490]
cryptocurrencies after a long boring
[493]
bear Market
[494]
for minors the having means dimensional
[497]
rewards making it more difficult to
[499]
compete against larger mining operations
[501]
have a better chance at solving a block
[504]
after all mining is a competition where
[508]
one Miner will win the full reward
[510]
solving new block
[512]
when large operations of miners come
[514]
together in mining pools they share the
[517]
reward for mining a new block making
[519]
their profitability much higher giving
[522]
them a greater chance it's all in the
[523]
block the price increased the benefits
[525]
investors also benefits minors though
[528]
because when they do receive a reward
[530]
it's value in dollars is higher of
[533]
course
[534]
it's possible that in the future the
[536]
having and the competition that comes
[538]
along with it can increase the
[539]
probability of a 51 attack on the
[541]
Bitcoin Network now if any one percent
[543]
attack is when a group of people gains
[545]
control over 50 percent of the
[548]
blockchain's hash power Bad actors could
[551]
then prevent transactions from getting
[552]
confirmed and halting some or all the
[555]
payments this will allow them to reverse
[557]
transactions double spend coins
[560]
that's why we do need havings to
[562]
initiate price increases difficulty
[564]
adjustments to increase and decrease
[566]
rewards to keep a wide variety of minors
[569]
incentivized to continue validating
[570]
transactions and by securing the Bitcoin
[574]
Network
[575]
if the price of Bitcoin continues on an
[577]
upper trajectory
[579]
even the fees were validating the
[581]
transactions on the Bitcoin network will
[583]
be incentive enough to keep miners
[585]
working in the industry and keep the
[587]
Bitcoin Network secure
[589]
so that's the scoop on the Bitcoin
[591]
having so you learned a little bit more
[593]
about what it is why it's been
[595]
programmed into the Bitcoin Network and
[597]
what it does for Bitcoin and blockchain
[599]
and of course the prize of the very
[602]
first crypto asset BTC that's all I got
[605]
be blessed way out
[610]
[Music]
[612]
foreign
[613]
[Music]
Most Recent Videos:
You can go back to the homepage right here: Homepage