What Is Bitcoin Halving | The Code Behind Bitcoin Halving Explained
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- Опубликовано: 13 мар 2020
- Bitcoin halving is an event that reduces the supply of newly produced bitcoins by half. It occurs every 4 years or to be precise every 210000 blocks and it is a part of the validation logic in the Bitcoin source code.
Bitcoin halving is important to discuss as it affects miners profitability and often has an impact on the Bitcoin price. It is also one of the main reasons why Bitcoin is perceived as sound (hard) money with the inflation rate steadily trending to zero and becoming deflationary in a long run in opposite to all the other fiat currencies.
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amazingly explained. Enjoyed it
just out of curiosity ...what did you used to make this animated typed video?
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thanks, it's Videoscribe
very good explained
VERY EXCELLENT EXPLANATION ABOUT BITCOIN HALVING....THANKS BRO
Excellent. Thanks!
I really get that now thanks this is great well explained
Thank you!
Well explained.
Thanks!
Great video, stay awesome bro.
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thank you for this awesome video it was so informative
Glad it was helpful!
"the right bit shifting" around 9:30 is still a mistery to me. But thx anyway, it's better now for me than it was before :)
I'm not sure but if you convert 5000000000 to the binary it will be 100101010000001011111001000000000 and when you right shift it 32 times it will become 1 and when you right shift it 33 times it will be 0 meaning that you move every number in the binary 33 or 32 times to the right I hope that makes sense
The right shift assignment operator (>>=) moves the specified amount of bits to the right and assigns the result to the variable.
In normal (decimal, i.e. base 10) numbers, shifting a number one position to the right is the same as dividing by ten. For example, if you shift 25000 to the right by one, the right-most zero falls off and you get 2500, i.e. divided by ten. It's the same in computer (binary, i.e. base 2) numbers, except the base is 2 instead of 10, so shifting to the right is the same as dividing by two, i.e. "halving". For example, the decimal number 12 is "1100" in binary, and shifting it to the right by one makes the right-most zero fall off, and you get "110" in binary, which represents the decimal number 6, i.e. you have "halved" 12 to get 6. In general, if your numbering system is in base X, then shifting one to the right represents dividing by X.
Thankyou ❤️
You don't need halving to make yearly inflation rate go towards 0. A constant reward also has yearly inflation rate going towards 0, albeit slower. Both are disinflationary. In the presence of ongoing coin loss, the former is deflationary, while the latter stabilizes to where yearly supply balances yearly coin loss.
Correct. Halving magnifies the speed of inflation rate going towards 0. Grin is a good example of a cryptocurrency without halvings where inflation rate is slowly trending towards 0.
Total of bitcoin is 21 million unit only and why in the 3rd halving is more than 21 million ?
Who creates the Bitcoins to reward the miners?
*Supply* is not cut in half. *Production* is cut in half. Everything you said about supply and demand is wrong because of your confusion between supply and production. Other than that, the rest of the video is fantastic.
"Supply of newly produced bitcoin" is cut in half which is correct. The whole supply of bitcoin is of course not cut in half. Thanks for the comment.
@@Finematics "Supply of newly produced bitcoin" is called "production". You are clinging to the word "supply", but it doesn't apply here.
Why would you want to permanently deflate a currency? It'll become useless in time, defeating the purpose of a currency. A currency IS NOT a store of value, it is a tool of exchange. If you understand finance, you don't save currency, you save ASSETS you invest that currency into. A currency must therefore maintain a balance between being just scarce enough to temporarily store some value (deflate), and abundant enough that so that everyone recognizes, accepts it, and is available in sufficient amount to maintain trade (inflate). Fiat currency attempts to fulfill that role, it is meant to be a stablecoin, albeit prone to manipulation.
Unless the BTC limit cap is increased, eventually, BTC will become so scarce, that it'll be useless for daily usage, like gold, or diamonds. You don't walk down to the corner cafe shop, order an espresso and pay with a gold coin, do you? Obviously not since a gold coin is worth much more. In that same way, you will eventually not be able to pay for anything with a single satoshi since it'll be worth too much. BTC will just end up piled up in vaults like all other precious metals, and we'll keep on using stablecoins, the true currencies.
Spanish? :(