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.
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.
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.
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.
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.
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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#EndSARS Protests: I Have No Dime, No Kobo Investment In The Tollgate – Tinubu
Former governor of Lagos State, Chief Bola Ahmed Tinubu says he has no dime in the funds generated at the Lekki Tollgate.
Tinubu follows claims and reports that his interest and involvement in the shooting that took place on Tuesday is based on the fact that he was making money of the tollgate, a source of income that was crippled following days of the #EndSARS protest.
In a telephone interview with Channels Television, the All Progressives Congress (APC) stalwart said, ““I have no dime, no kobo investment in the tollgate”.
He also denied having any investment in the Lekki Concession Company, the firm which manages the tollgate.
Tinubu further denied being the one who gave the orders for the shooting of protesters at the Lekki Tollgate saying “I will never, never be part of any carnage. I will never be part of that.”
Tinubu questioned the logic behind the use of live arms on protesters who were unarmed.
The APC chieftain said he was accused and reported to the presidency that he was behind the protests.
He said their are still claims that it was him who sponsor of the protesters.
According to Tinubu, it was his intervention that that spurred Governor Babajide Sanwo-Olu to respond to the demands of the protesters.
“That was why he (Sanwo-Olu) set up the Judicial Commission of Inquiry. The governor has gone to the home of one of the victims to appeal to them.
“He has put N200m together as part of restitution and compensation for those attacked.”
Earlier on Tuesday, Tinubu cautioned protesters against giving the impression that they wanted to cause anarchy.
He warned that “any government will necessarily have to act with the requisite decisiveness and force to restore law and order” if it is convinced that chaos is the purpose of any protest organized.
lekki-shooting: some-losses- are-irreplaceable and- we-will- get-justice-OSINBAJO speaks
– Vice President Osinbajo has reacted to the shooting of #EndSARS protesters in Lekki, Lagos state – Osinbajo expressed sadness over the deaths so far recorded while pledging that the FG will get justice for all of them – The vice president noted that he has spoken with some survivors of the ugly incident
Nigeria’s vice president, Professor Yemi Osinbajo, has expressed sadness over the killing of some #EndSARS protesting youths at Lekki Tollgate in Lagos state on Tuesday, October 20. In a thread of tweets posted on his verified Twitter handle, @ProfOsinbajo, on Wednesday night, October 21, the vice president also registered his condolence over the deaths of some policemen and other Nigerians in different parts of Lagos and other states. Noting that he has spoken to some survivors in the hospital, Professor Osinbajo admitted that some losses so far recorded can not be replaced.
Lekki shooting: Some losses are irreplaceable, we’ll get justice for all, Osinbajo speaks. Photo credit: Professor Yemi Osinbajo Source: Facebook He, however, pledged that the Nigerian government will get justice for all of them. He said: “I spoke to some of those in hospital. The pain of these terrible events is palpable in our towns and cities, and some losses are irreplaceable, but we can and will get justice for all of them. I stand with Lagos & all other affected states in these trying times.” The vice president also prayed that the nation will never see a repeat of such tragedies again.
The monarch who is the president-general of the Nigerian Supreme Council for Islamic Affairs (NSCIA) made the move over the unrest across the country that has led to the loss of lives in Lagos, Benin and other locations. The monarch requested all Imams across the country to dedicate their sermons to the ongoing crisis in the country, by calming down the strained nerves with their clement preaching for peace as well as their verbal ventilation of the national atmosphere for permanent tranquillity to the benefit of all and sundry.
EndSARS: Obaseki gives escaped inmates 3-days ultimate to return
Edo State Governor, Godwin Obaseki has given the inmates who escaped from the Benin Medium Security Correctional Centre, Sapele Road and the Oko Medium Security Correctional Centre up till Friday, October 23 to return voluntarily or face the wrath of the law.
According to Nigerian Tribune, the governor gave the three-day ultimatum in Benin on Wednesday, October 21, while on an assessment tour of the facilities in company of the the Controller of Correction, Edo State Command, Babayo Maisanda, who announced that six out of the 1,993 inmates who escaped during the jail breaks had voluntarily returned.
It would be recalled that some hoodlums who highjacked the peaceful #EndSARS protest in the state had on Monday attacked the two Correctional Centres and freed the inmates after unleashing terror on the facilities, its personnel and their properties, mostly, vehicles. [Swipe]
‘History Will Remember You’: Ighalo Slams Govt Over Lekki #EndSARS Protest Shooting
Nigerian forward Odion Ighalo has slammed Nigerian authorities over the shooting of #EndSARS protesters by soldiers in the Lekki area of Lagos State.
He condemned the shooting by the security operatives which led to the death and injury of several protesters on Tuesday evening at the Lekki toll gate.
“I am sad and heartbroken; I don’t know where to start from,” the Manchester United striker said in a Twitter video after the English Premier League side won their Champions League fixture against Paris Saint-Germain (PSG).
He added, “Today, October 20, 2020, you people will be remembered in history as the first government that sent the military to the city to start killing their own citizens.”
Ighalo, who says he is not the type that gets involved in politics, believes it will be a disservice for him to keep quiet on the shooting.
He took a swipe at the government for the incident, stressing that the people were tired of them and could not condone such a reckless act any longer.
The 31-year-old said, “I can’t keep quiet anymore on what is going on back home in Nigeria. I will say Nigerian government, you guys are a shame to the world for killing your own citizens; sending the military to the streets to kill unarmed protesters, it is uncalled for.
“I am ashamed of this government, we are tired of you guys, and we can’t take this anymore.”
He, therefore, called on the United Nations and the United Kingdom among others to intervene in the crisis in Nigeria.
Ighalo also urged them to help the poor Nigerians and caution the local authorities against “killing their own citizens”.
He appealed to the youths to, as much as they could, stay safe and steer clear of activities that could lead to a recurrence of the ugly incident.
UN Condemns Shooting Of Lekki Protesters, Calls For End To Police Brutality In Nigeria
The United Nations’ Secretary-General, Antonio Guterres, has called for an end to police brutality in Nigeria, condemning violent clashes that claimed multiple lives and caused many injuries.
This position was contained in a communiqué by his spokesperson, Stephane Dujarric.
According to the statement, the Secretary-General has been following recent developments in Nigeria and has called for an end to police brutality and abuses.
Mr Guterres condemned the shooting of protesters on Tuesday at Lekki in Lagos which resulted in multiple deaths and caused many injuries.
He expressed his condolences to the bereaved families and wished a speedy recovery to those injured.
The Secretary-General called on the Nigerian authorities to investigate the incidents and hold the perpetrators accountable.
The UN chief urged the security forces to act at all times with maximum restraint while calling on protestors to demonstrate peacefully and to refrain from violence.
The Secretary-General encouraged the authorities to swiftly explore avenues to de-escalate the situation.
He reiterated the readiness of the United Nations to support national efforts towards finding a solution.
Step By Step Guide On How To Trade Boom 500 and Crash 500 index
How To Trade Boom 500 and Crash 500 index
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Laycon: Biography, Networth And All You Need To Know
Olamilekan Agbeleshie popularly known as Laycon is BBNaija’s housemate for this year’s Lockdown Edition. Laycon before joining the house is a singer and a rapper who hails from Lagos.
The 26 year old was born in 1996 to Mr & Mrs Agbeleshe.
Laycon started his music journey at an early age. Many have tagged Laycon as the new school of rap music in Nigeria. He is a graduate of the University Of Lagos with philosophy.
Laycon also describes himself as being versatile and able to coin words together to soothe scenarios and moods.
According to Laycon he said during the lockdown, he developed the ability of singing and reading my bible.
His song ‘Fierce’ featuring rapper Reminisce and Chinko Ekun making it to MTV BASE Top ten charts for six months is one of his biggest achievements.
After his inclusion, Laycon has gotten numerous endorsements from most celebrities just for him being a rapper.
Laycon Social Media Handle
You can follow Laycon on his instagram account @itslaycon and on twitter @itsLaycoon
According to reports, Laycon is networth is estimated to be around $7,000