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Although there are still approximately 8 months until it is supposed to happen, the crypto community is already preparing itself for the 2024 Bitcoin halving. It happens every four years, and it draws a whole lot of attention – not only from crypto exchangers, but also from companies and startups that are in the crypto sector.
At Bintense, we want our customers to be well-informed about what goes on in the industry, especially when it comes to such a major event as Bitcoin halving. That’s why we want to dive deeper into the process, so you can understand what it means to you.
What does Bitcoin halving mean?
Bitcoin halving is a special event, since it happens roughly every four years. Imagine you have a chocolate bar, and every day, you can only break it into smaller pieces to give to people.
But here’s the catch: the number of pieces you can break it into gets cut in half every four years. So, if you started with 8 pieces, after the halving, you’d only be able to break it into 4 pieces, and then 2 pieces, and so on.
This is similar to how Bitcoin works. It’s like a digital currency, and the halving makes it harder for new Bitcoins to be created. This scarcity is what makes Bitcoin special because there’s a limited supply, like gold. People get really excited about halving because it can affect how people use it, especially when demand goes up, at a time when supply is falling.
The 2024 Bitcoin halving
When it comes to specifics related to the 2024 Bitcoin halving, you should know that it is scheduled to take place on April 15th. That’s the day when the block reward will be cut in half, from 6.25 right now to 3.125.
It’s the 4th Bitcoin halving since the blockchain was established. Although the exact time of day can’t be anticipated (due to potential delays), the halving will take place at block number 740,000.
We would also like to mention that halvings occur once every 210,000 blocks until the maximum supply of 21 million Bitcoins will be generated by the network. Because of this dynamic, Bitcoin is driven by deflation. Similar to gold, users interested in buying Bitcoin will find it increasingly difficult to find a matching supply, since the reward is lower.
Benefits of halving
Bitcoin halving offers several notable advantages to the cryptocurrency ecosystem. First, it acts as a built-in mechanism to control the rate of new Bitcoin issuance, ensuring a controlled and predictable supply growth. This controlled supply is pivotal in establishing a sense of scarcity, comparable to precious metals like gold, which can foster a perception of value and trust among users.
Second, halving events serve as a form of schedule-driven economic stimulus. We at Bintense believe that the reduced creation of new Bitcoins might encourage users to hold onto their existing holdings. This, in turn, can contribute to the stability and resilience of the Bitcoin network by incentivizing user participation and contribution to the decentralized ecosystem.
