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Explicit Explanation Of Bitcoin Halving (2020)BITCOIN HALVING CHART

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Bitcoin Halving Chart

Hey crypto geeks👋

Today we will be talking about the special event occurring on the bitcoin network called the “bitcoin halving”

but what does this even mean, what is getting halved means?

is it talking about the number of bitcoins being cut in half or what?

Well not Exactly, rather it’s a topic that is focused around how new bitcoins are created.

In order for us to see the whole picture we will have to take a journey into the bitcoin protocol and break it down piece by piece.

First, imagine the bitcoin protocol as a planet in outer space, let’s be super creative and call it “planet bitcoin”.

On this planet there are a limited number of resources available and they are just 21 million of them.

READ ALSO: 15 Amazing Websites That Pays You $200+ To Write Blog Posts For Them

Secondly imagine us a “space explorers” on a mission to extract the resources A.K.A. the bitcoin miners,

after landing safely on planet bitcoin, we Step off the spaceship and head inside to one of the many bitcoin factories.

Every factory on this planet is connected to the Internet and is constantly communicating with each other and what happens next is a crucial step to the mining process, pay attention because one day you too may own a bitcoin factory.

Now imagine that every 10 minutes a new puzzle is presented to all of the factories,

it’s a race between the factories to see who can solve the puzzle first after solving It is publicly shown for all the other factory to see,

at this time they will take a look at your puzzle to make sure you didn’t cheat after reviewing your work they can vote either yes or no and this process of voting is also known as Consensus.

If everyone vote yes on your puzzle then you are the winner, these puzzles are known as blocks and you may now claim your prize which is called the block reward and what do you think the reward is?

You guessed it right “bitcoins” new bitcoins are created in every blocks and reward goes to each winner respectively.

When the bitcoin protocol began in 2009 the reward was 50 points per block however,

there’s a problem with this steady rate of bitcoin creation,

If 50 bitcoins are made every 10 minutes then we would hit the limit of 21 million quickly and all the resources would be exhausted within eight years.

READ ALSO: 3 Insightful Things You Need To Know About Inksnation Decentralized Blockchain Ledger

Without longevity planet bitcoin would not be sustainable. Introducing the bitcoin halving,

Satoshi Nakamoto proposed a way to make the bitcoin supply stay around longer so he decided the block reward should be reduced by half every four years,

same amount of work and effort but half the payout, but why would anyone want to do this?

why would anyone want to work the same amount and get paid only half the amount?

Well let’s take a quick look at some simple economics starting with inflation.

bitcoin halving chart

According to the federal reserve bank of St. Louis, the amount of currency in circulation has been ever increasing.

The total amount of money was under $200 billion up until 1986,

in 2020 we currently stand at $1.8 trillion that’s an increase of nine times the original amount in the past 34 years and that’s  not good.

Imagine that planet Bitcoin has a limited supply of 25 Tamagotchis,

it is the year 1970 and it cost one dollar to buy one of these precious digital pets as time progresses there’s more demand for Tamagotchis however, due to the lack of resources they can only be 25 Tamagotchis at a time.

Because the demand rises while the supply remains the same the cost for Tamagotchi also rises.

By the time 2020 rolls around the price for Tamagotchi has increased to 5 dollars.

The increased price of goods and services in an economy over a long period of time is also known as inflation.

This also means that the price of our buying power of our currency has decreased because more money has to be put into the economy to keep up with growing demand and rising prices.

READ ALSO: How to start your journey as a freelance writer: A Step by Step Guide

Satoshi knew this and wanted to make the buying power of bitcoin increase over time,

with the halving the amount of bitcoin going into circulation every four years is cut in half increasing the purchase Power of the coin.

According to the bitcoin source code provided by a forum moderator “murch”

it states that the subsidy of bitcoin is cut in half every 210,000 blocks which will occur approximately every four years.

For example,

in 2009 it cost you 10 bitcoins to buy 1 Tamagotchi and in 2012 it only cost you 5 bitcoins to buy 1 Tamagotchi while in 2016 it cost 2.5 btc and now in 2020 it will cost you 1.25 bitcoin for the digital pet.

The block reward for each block in 2009 was 50 bitcoins and two halving have occurred since then and the third halving is scheduled to take place this coming May 2020, cutting the current block reward of 12.5 to 6.25.

There will be a total of 64 halvings that will take place before the block reward reaches 0.

This means that the last bitcoin will be mined around the year 2140 and we won’t be around anymore until then I hope you enjoyed my breakdown of the bitcoin halving, if you did feel free to comment your thoughts below in the comment section.

 

 

 

 

 

 

 

 

 

 

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Newton is a Nigerian blogger, video creator and also a crypto trader that is always aspiring GROWTH in knowledge and finance as well his blogging career...

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We may have been denied justice, but we will never keep quiet – Nigerians mark three months anniversary of #LekkiMassacre

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Today, 20th of January, 2021 is a sad day for many Nigerians as it marks 3 months since peaceful protesters demanding an end to police brutality were shot at, leaving many wounded and over a dozen killed.

The incident has left a sour taste in the mouths of victims, families and Nigerians who watched the horrid incident that took place on a Tuesday night at the Lekki toll gate, Lagos state.

According to videos shared on that night, military men were seen opening fire on the youths protesting under the #EndSARS banner and causing serious casualties. A case of which Nigerian Army authorities have denied on several occasions, stating that soldiers fired only blank bullets in the air.

Today marks exactly 3 months month since the shooting event of October 20, 2020 and Nigerians have taken to social in remembrance of those who lost their lives.

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A look at BBNaija Erica’s comparison of Nigerian and Ghanaian Jollof (video)

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• After tasting Ghanaian Jollof presented to her by supporters, Erica insists Nigerian Jollof is better.

• The 2020 BBNaija star earlier today traveled to Ghana from Dubai for a meet and greet with fans.

Former Big Brother Naija season 5 Lockdown reality television star cum actress, Erica Nlewedim has concluded on which among Nigerian and Ghanaian Jollof tastes better and in other word, sweeter.

You could recall that Erica made it to Ghana earlier today, Wednesday, January 20 after her successful trip to Dubai courtesy of Nigerian-based travel company, Travelbeta.

The reality star utilized the opportunity to meet with her Ghanaian supporters who graced the airport in the early hours of morning to welcome their Star Girl and Queen of Elites.

However, in a video posted via her Instagram story, Erica was spotted with some of her fans who hosted her in a lounge with lots of gifts presented to her.

Also, the Star Girl was served the popular African recipe, Jollof rice which she tasted and confirmed which among Nigerian and Ghanaian Jollof is better and probably tastes sweeter.

After tasting the food, Erica stated that Ghanaian Jollof is good but it can’t be compared to Nigerian Jollof and she told her supporters who were present that there’s no amount of sweetness from Ghanaian Jollof that would supersede one cooked in Nigeria.

In her words, “It actually looks very pretty, but Nigerian Jollof is better. Most people already know. You already know Nigerian Jollof is better.

“Let me tell you. No matter how nice it tastes, I will still say it, Nigerian Jollof is better. Well, it’s actually nice, but Nigerian Jollof is better.

Watch video below.

 

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BBNaija’s Lucy reacts after being accused of online begging (video)

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• Rumours have made the rounds stating that all the gifts Lucy received from people were as a result of her begging for them.

• The Ex-Lockdown star stated that as long as she knows the God she serves, He will always provide for her and not through begging.

Big Brother Naija season 5 Lockdown reality television star and ex-housemate Lucy Edet Essien has taken out time to retort an accusation by people who claim she begs for gifts.

In a video the reality star posted via her Instagram story on Wednesday, January 20, she mentioned that a lot of people have been saying she begged for all the gifts she received since after BBNaija Lockdown show.

And this could be linked to a recent package the BBNaija star received from someone whom her colleague Kiddwaya gave her phone number. She has also received a cash from her female co-reality star Nengi who according to Lucy, gave her money totalling thousands of naira.

However, Lucy believes the secret to her gifts has been because she’s doing the right thing which is GIVING, hence, the bible verse, ‘give and you shall receive.’

The Cross Rivers State-native added that people should understand that whenever you know the God you serve, you don’t have to beg, because He will always provide for you.

She said, “Hi guys, good morning. I just want to say one thing. The rules of giving are very simple. Even the bible tells you say, give and you shall receive.

“If you’re getting pissed that I’m getting gifts and all that, have you ever sat down to ask yourself ok, may be she’s actually doing something right, may be she’s actually giving to people.

“I don’t know how you should be expecting that I would come and announce, oh! I gave to this one, I gave to that. Not all of us have that mindset.

“God said that what you’re doing, your left hand must not know. If you give with the right, your left hand should not know. That’s how you get your own reward.

“If I decide to announce when I’m given things, that’s my own choice. If I decide not to shout when I’m not given, or okay, God is going to bless me, that’s my own principle, that’s my own belief.

“I don’t see why I have to come and explain to anybody or people telling me, oh! me I’m going around begging.

“All I just have to say is that if you know the God you serve, basically, you don’t have to beg, God would always provide.”

Watch video below.

 

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Opinion: “The Shippers Need To Rest” – Laycon Stylishly Shades Erica Fans in a recent freeystyle rap (Details)

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The drama after big brother naija lockdown house seems not want to end soon, as exhousemates keep shading one another in any slightly opportunity given to them on social media.

This time, Laycon has stylishly shades Erica through his Jimmyjump off at Jimmyjat studio. The bbnaija winner and musician said shippers should need to rest, that he got a lot to brag of, but he just decided to stay humble.

However, no one need to tell before you know that he was referring to Erica fans and Erica, because Erica fans are always found of shipping Erica with Kidwaya and Laycon.

Recalled that Erica once said that Laycon doesn’t worth her and she also said that, she don’t want people to google her name and see Laycon with her name. That is why the young musician said that, he got a lot to brag about but he is humble.

In Laycon bars through Jymmyjat jumpoff, he said;

“So the shippers need to rest

There is a lot to brag about but I stay humble

Just let the music speak

And also let the number speak

Am not even at the top but they wanna cry

They keep saying my music won’t pop because of the show

Remember, the Music made me go into the show

I went on the show

Caught cruise on the show

Made money on the show

Made money off the show

Since I won the show

Let’s end the fucking show!”

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Reactions As Ozo Pecked And Hugged Nengi In New Video (Watch)

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Bbnaija stars, Ozo and Nengi are 2 people that fans want together, right from the days of the Big Brother Naija show, fans always wanted them to date.

Yesterday a video was released online, and it has sparked reactions from the fans of Ozo and Nengi already.

The video showed the moment Ozo gave Nengi a peck on her cheeks, and also hugged her, while she blushed.

This made their fans really happy about it, as it seems like Nengi an Ozo would be in a new show soon.

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“There are some guys who can never cheat on their girlfriend, me and 6 others”- Prince says

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Big brother naija reality star, Prince Nelson Enwerem, says he is very faithful to his girlfriend.

Prince bbnaija

 

The reality TV star shared a post by a twitter influencer, telling his followers that there are some men in this world that can never cheat on their girlfriends, unfortunately its only him and six others.

 

The influencer wrote:

 

“I know some people will not believe this but there are some guys in this world who can never cheat on their girlfriends”

He retweeted the post with a caption:

 

Prince bbnaija

 

Prince Nelson Enwerem is yet to publicly reveal his girlfriend, however, himself and colleague, Dorathy Bachor are very close.

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“See how you use a 3month old car” Fans react as Dorathy shares picture of the state of her car. (Details)

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Bbnaija star, Dorathy took to her social media page to share a Short clip of the state of her Benz Car which attracted whole lots of reactions from fans on social media.

Dorathy was given the Benz car by her fans on the 4th of November. So the car is just 2 month old and some weeks.

Seeing the state of the car it shows everything some fans were saying some weeks back is true.

Some fans that reacted to this are of the opinion how can somebody use car like this within that short period of time.

Is not everyone that deserves expensive gifts- A fan wrote

Another set of fans that reacted to this are of the opinion she is so careless and also not using the car well or that the car is not good truly.

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