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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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8 Things You Don’t Know About BBNaija Dorothy Bachor (Biography)

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Big Brother Naija BBNaija Season 5 housemate, Dorathy Lynda Bachor also known as Dorothy has been able to gather a huge fan base hours after she entered into the BBN house.

We at Gistvic Blog have been able to put together Eight solid things you don’t know about BBN Dorathy.

See 8 Things/Biography Of BBNaija Dorothy Bachor:

  1. Dorathy full name is Dorathy Bachor Lynda.
  2. Dorathy Bachor obtained a Bachelor’s degree in Accounting from Joseph Ayo Babalola University (JABU) in 2016.
  3. Dorothy Bachor is the Chief Executive Officer of her brand, Shop For Me, Nigeria.
  4. Dorathy was born in the year 1996.
  5. Dorathy Bachor is from Delta State But Lives In Lagos.
  6. Dorathy finished from Lagos State Model college, Igbokuta.
  7. Dorathy Bachor lost Her Father at Age 14.
  8. Dorathy Bachor Lost Her Dad On November 2nd, 2010 at 2:37pm.

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Facebook CEO Mark Zuckerberg is now worth $100 billion

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Mark Zuckerberg has joined the world’s most exclusive club of the ultra rich.

The Facebook CEO on Thursday became a centibillionaire, someone who is worth at least $100 billion.

He crossed the milestone after shares in the social network surged. Only two other men, Amazon (AMZN)’s Jeff Bezos and Microsoft (MSFT)’s Bill Gates, have bigger personal fortunes.

mark zuckerberg

Zuckerberg co-founded Facebook from his Harvard dorm room in 2004, and his biggest asset is still his 13% stake in the company, according to the Bloomberg Billionaires index, which tracks the world’s wealthiest people.

The 36-year-old is also Facebook’s chairman and controlling shareholder.

Zuckerberg’s wealth got its latest bump as Facebook’s stock climbed 6.5% Thursday, a day after the company launched its TikTok clone, Reels, on Instagram.

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BBNaija 2020: Nengi BBNaija Housemate Profile & Biography | BBN Pictures, Age, State, Occupation

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Rebecca “Nengi” Hampson is a 22 years old entrepreneur from Bayelsa State, Nigeria. She is a former model and MBGN Top 5 contestant who loves learning new things, having fun, travelling, taking on new adventures, and being true to herself.

Nengi, as she prefers to be called, studied communications at the University of Port Harcourt and is a proud Capricorn. She proclaims: “If you want the job done right, give it to a Capricorn. I give 110% of my energy and enthusiasm into everything I do.”

Full Name Rebecca Nengi Hampson
Age 22 Years (2020)
Sex Female
Nationality Nigerian
Place of Birth Bayelsa
Marital status Single
Occupation Model and Entrepreneur

Facts about Nengi

  • What new habit or skill did you acquire during lockdown?

The ability to talk to myself and enjoy the conversation.

  • What are your words to live by?

Live and let live.

  • What is your biggest achievement?

Getting my BSc. So many times, I could have dropped out, but I persevered.

Pictures of Nengi BBNaija

Nengi BBNaija

Meet Nengi

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#BBNaija: Throwback photos of Lucy selling roasted plantain and fish

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Big brother Naija 2020 housemate, Lucy Essien once revealed to her fellow housemates that she used to sell roasted plantain (Bole) in Calabar.

BBNaija Lucy

Lucy who was Head of House in the show’s second week, is a 30-year-old entrepreneur from Lagos state. Here are throwback photos of her from the hustle days.

Lucy is a self-proclaimed simple girl and assures everyone that she is far from average. She believes in fairy tales, and hopefully, Biggie’s House will deliver just that for her.


According to Lucy, her biggest achievement is her grill business, getting into Big Brother Naija, graduating with a 2.1 and not falling pregnant after all these years.

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BBNaija 2020: 11 Things You Didn’t Know About Erica

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Obviously, all of the housemates in the house had lives before going into the house and although we have access to these housemates lives 24/7, there are some things we still don’t know about them from watching the television.

So, We did some digging from the archives and we’re here today to share with you 11 things you didn’t know about BBNaija’s Erica.

1. She won Miss Photogenic at MBGN 2014.
You might not know this but Erica KNOWS that she’s good looking. In fact, she is so confident in her looks that she contested in the Most Beautiful Girl in Nigeria Pageant in 2014. Although she didn’t take home the overall crown, she did win Miss Photogenic!

2. She was in a hit Nollywood movie.
Did you see or hear of the movie, Hire a Woman? Of course you did. But, did you know that Erica acted in this movie? In fact she did!

She played the character of Nifemi in the movie. Did you spot her? Maybe go and rewatch the movie then you’ll see her. It’s available on Netflix.

3. She’s a WORKING model.
When Erica says she’s a model, she’s just saying it simply for bants. No, Erica is an ACTUAL WORKING model, no be struggling.

She has done modelling work for companies including Nature’s Gentle Touch, Zaron Cosmetics, Access Bank, Diamond Bank, Hollandia, Globacom, Jumia, Stanbic IBTC, Etisalat and Peak Milk.

4. Her dream is to lead an action movie.
In an interview with The Guardian magazine, when asked what her dream is, Erica said:

My dream role would be to be the main character in an action film. I have always loved female action stars like Angelina Jolie and Charlize Theron and dreamed of acting like them. I’m currently training myself to be ready whenever that role presents itself.

5. She has a foundation.
Erica is a girl who gives back. In 2018, she launched the Erica Nlewedim Foundation, a foundation that at one time, fed 1000 people during the Christmas holidays.

6. She worked in an oil company
Yup! Erica worked as the marketing manager for MEI Oil and Gas before going into the Big Brother house.

7. She has a hair company
Erica is also a business woman. She runs a hair company named Beluxia Hair of which she is the CEO.

8. Her name is special to her.
Erica posted (but has now deleted) an explanation about her name to Instagram and which part of it she doesn’t like answering to. She said:

My dad’s name is Eric Nlewedim. He calls me junior cos I’m named after him – Erica Nlewedim, my full name is Erica Ngozi Ugomma Blessing Nlewedim

9. She is an only child
Her and her mum are also really close.

10. She has a solid educational background
She started her secondary school education at Victory Grammar School in Lagos and completed the 6 years secondary school program at Command Secondary School in Ikeja, Lagos.

She then went on to pursue a BSc in Business Administration from Covenant university before later going to the Met Film School, London to learn acting for screen.

11. She won’t act nude.
For any casting directors or people fantasizing out there, squash your hopes now. In her personal profile for Mandy.com, a website for creatives to upload their profiles and find work, Erica disclosed that she will NOT perform nude.

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Why Naijaloaded Is So Successful

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Naijaloaded is the biggest music website in Nigeria, it was launched October 1st 2009 by its founder Azeez Makinde.

naijaloaded

Over the years, naijaloaded has grown to be the most visited website in Nigeria surpassing Lindaikeji and the likes.

The secret to the huge success of this website will be unraveled as you read on.

Although the website had a problem at the start, hacking issues to be precise. They later pivoted to music and they killed the music game.

YOU MAY ALSO LIKE: How To Invest In Bitcoin – With Damian Stewart(Trading Expert)

During the time of blackberry smartphones, whenever an artist drops a song, other platforms are very quick to put it on their site and there’s always a down side to everything and as such blackberry users could not download these songs from those kind of music website but naijaloaded was able to code/create a plugin that could do that and so whenever a new song comes out whoever wants to download will have to wait for the almighty naijaloaded to post so they could either listen or download and that was how Naijaloaded was able to kill the game.

But music is not the only market of Naijaloaded, they’ve gone on their way to featuring news, sport, riddles, and even giveaways and so on and they are killing it.

Naijaloaded is so unique and very easy to navigate, unlike some music websites that will stress you before you can download the song you want, Naijaloaded loves simplicity and that’s why they rank so high.

Today Naijaloaded ranks no1 most visited website in Nigeria and has an Alexa rank of 2109 worldwide with over 800,000 daily visitors and over 7 million page views daily. Now you can see that this website is a giant and it keeps growing.

I’d very much like my site to reach that height someday if you ask me.

Well thanks for reading, do leave your thoughts below in the comment section.

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Rema’s Biography, Awards, Networth And Cars In 2020

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Rema’s Biography

Divine Ikubor known professionally as Rema, is a Nigerian singer and rapper, he was born on the 1st of May 2000. In 2019, he signed a record deal with Jonzing World, a subsidiary of Mavin Records. He rose to prominence with the release of the song “Iron Man”, which appeared on Barack Obama’s 2019 summer playlist. Rema was born into a highly spiritual Christian family in Benin City, Edo State Nigeria. Rema grew up singing and rapping while in secondary school. He attended his primary and secondary school in Edo State.

In 2018, Rema posted a viral freestyle to D’Prince’s track “Gucci Gang”. The post caught the attention of D’Prince who flew him to Lagos to offer a record deal. Rema signed a record deal with D’Prince’s Jonzing World, a subsidiary of Mavin Records in 2019 and started recording immediately. He released his eponymous debut EP Rema in 2019. It peaked at number 1 on Apple Music Nigeria for months.

Rema’s Awards And Recognition So Far

On 19 October 2019, Rema won Next Rated and later was nominated for Viewer’s Choice at the 13th edition of The Headies. On 12 January 2020, he received the Souncity MVP award for theBest New Artist. On 15 June 2020, Rema was nominated as Best Viewers Choice: International Act on the 2020 BET Awards. He was nominated on the awards alongside Burna Boy and Wizkid, they were the only Nigerian Artistes nominated for the awards edition of 2020.

Rema’s Songs And Album

Singles

“Iron Man” (2019)

“Why” (2019)

“Dumebi” (2019)

“Corny” (2019)

“Boulevard” (2019)

“American Love” (2019)

“Spiderman” (2019)

“Trap Out The Submarine” (2019)

“Bad Commando” (2019)

“Lady” (2019)

“Rewind” (2019)

“Spaceship Jocelyn” (2019)

“Dumebi Remix” (featuring Becky G) (2020)

“Beamer (Bad Boys)” (2020)

“Rainbow” (2020)

“This Fame” (2020)

“Ginger Me” (2020)

“Alien” (2020)

Eps

Rema (2019)

Rema Freestyle (2019)

Bad Commando(2019)

Rema Remix (2020)

Rema’s Net Worth In 2020

Rema who is still a very young and successful artist has found himself rubbing shoulders with richest artists in Nigeria. He is present among the richest and the most influential artists in the Nigerian music Industry. According to his assets and endorsement deals as of 2020 Rema is said to have a  net worth estimated to be N348million.

Rema’s Cars In 2020

Rema is a young and successful artist and has been getting a lot of royalties from his music streams online. Like every other celebrity he loves flashy and nice cars, here are list of cars he own.

BMW Beamer

Rema BMW

Rema, received the Honorary Membership Award from the BMW Club of Nigeria for his commitment and promotion of the brand in his recent hit single, “Beamer” (Bad Boys). Rema was received by the members of the BMW club at Eko Atlantic in Lagos where they bonded over races and drifts with Rema and he got to experience the famous “Thanos”, a BMW M4 which he called Godzilla after getting a taste of the beast ride steered by the Club’s new Vice President, Theo Samouris.

GAC SUV

GAC SUV

This is a nice spacious SUV he got it from winning the next rated award s at the 2019 Headies. It is a 5.7-liter V8 with enhanced acceleration adds to the power behind the prestige. Brave design. Experience Amazing. Putting People First. With a commanding stance and eye-catching LED illumination, the GAC dominates with style and grace.

MSRP: From ₦34 million

Towing capacity: 7,000 lbs

MPG: 12 city / 16 highway

Dimensions: 200″ L x 78″ W x 75″ H

Horsepower: 383 hp

2010 Lexus Rx 350

2010 Lexus Rx 350

This is a car he gifted  his mom in 2017, that was before the fame and the accolades, a lot of questions popped up on social media asking where he got such money from at the age of 17. The car features the following , the RX 350’s interior is one of the most plush and best-made offerings in its class, and this SUV has smooth, car-like handling as well. The RX 350’s fuel economy is outstanding, but if 18/24 mpg city/highway in all-wheel drive models isn’t enough, the RX is available as a hybrid as well.

MSRP: From ₦18 mllion

Dimensions: 193-197″ L x 75″ W x 67-68″ H

MPG: Up to 20 city / 27 highway

Horsepower: 295 hp

Seating capacity: 5, 6, 7

Overall NHTSA safety rating: 5 star, 4 star

Conclusion

Rema has been so focused on his musical career and has been working tirelessly, dropping hits on hits, according to rema he said he spend most of his time in the studio. He is still young and has a long way to go, with this level of focus and hard work the sky is a starting point for him. Thanks for reading.

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