If there is one invention that is a pure embodiment of uniqueness and is capable of revolutionizing an entire industry – it is Bitcoin. This cryptocurrency presented the world with a new payment method that is often referred to by experts as the future of payments. So far, there are over 5 million Bitcoin users, and due to its popularity, many analysts believe that Bitcoin has the potential to become the universal global payment method in the distant future.
But, many governments and banks around the world still oppose it, which is why it is hard to determine its future on this topic. As you know, Bitcoin is self-sustainable and cannot be controlled by any bank or authority. That is the reason why they labelled it is an outlaw currency.
These days, Bitcoin is mainly used for making a profit. The current value of this cryptocurrency exceeds $50,000 and it is on the same scale as gold. Speaking on making a profit, we wanted to take a look at one event that is closely tied to Bitcoin’s surges in the price – halving. We are going to explain how this event influences Bitcoin’s value, how many events of this type have taken place so far and take a look at the process of making money with Bitcoin. Let’s begin.
The magic of selling Bitcoins and making a profit takes place at reputable trading platforms such as the yuanpaygroup. This specific trading platform uses an advanced AI system that collects all the data on Bitcoin from the market, analyzes it and uses the results to determine the future fluctuations of the cryptocurrency.
After traders receive valuable information on what Bitcoin’s future price will be, they know when will be the best time to sell them, thus generate the highest possible revenue. As for earning Bitcoins, it is done through mining. This process involves solving numerous complex puzzles. Each puzzle solved means that the miner has successfully verified a Bitcoin transaction. Mining Bitcoins is extremely hard but free. The second way to earn Bitcoins is to purchase them from trading sites like the one we just mentioned
Halving events take place when 210,000 Bitcoins have been mined, whichusually takes 3-4 years. When these events are held, Bitcoin’s flow into the network is cut at a massive rate. It becomes very hard for people to mine it. The difficulty in mining Bitcoin during this time is the reason why its value starts to go up shortly after they take place. The fewer Bitcoins are in the network – the more valuable they are.
To prove this claim, we are going to take a look at all halving events in Bitcoin’s history.
As of 2021, there have been a total of 3 halving events. The first event took place in 2012. Shortly after that (2014), Bitcoin’s price surged to over $700, which was an all-time high at that time. After several police raids in the USA, Bitcoin then plunged.
The second halving event took place in late-2016. A year after that event, Bitcoin broke the record and reached over $19,000 in value. Finally, the third halving event took place in May 2020, and as you can see now, Bitcoin is soaring and peaked at more than $50,000 in February of this year. Since it took 1 year for Bitcoin to peak with the last 2 halving events, we can only imagine how much Bitcoin’s price will jump in May of this year. One thing is certain – its popularity is rising at a high rate. Thousands of people are joining the network and many companies are open to investing in it.
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