Greetings Steemians! We all know that Steemit Engagement Challenge Season 12, Week 2, has started. So today I am here to take part in a beautiful contest organised by the SCA community. The topic is "Steem Vs Bitcoin halving," which is an interesting one.
What could be the effect of Bitcoin halving on cryptocurrencies? Explain
The bitcoin halving in the bitcoin blockchain is an automatic event that takes place every four years. We all know that every blockchain has miners that are responsible for validating the transactions and adding new blocks, for which they get tokens of that specific blockchain.
So when this event occurs, the reward for the bitcoin miners is reduced by half. For example, if the miners are getting 13 bitcoins per block, then after the bitcoin halving, this reward is reduced to 6.5 bitcoins per block for the miners. This is an essential part of the bitcoin network, and it takes place after 4 years.
When this event occurs, the supply of bitcoin reduces and the demand increases, and when the demand for any crypto increases, it leads that crypto to an upward trend. From the creation of bitcoin till now, it has experienced three halvings; the last one occurred in 2020, and the next will take place in 2024.
Now let's talk about its effects on the crypto market. So bitcoin is the king of the crypto market, and when the bitcoin halving occurs, it reduces the supply and increases the demand, which increases the BTC price. As BTC is the king of the market and other cryptocurrencies depend on it, it can take the overall market on an upward trend.
How was the price of STEEM affected by the latest Bitcoin halving? Explain and show screenshots.
Well, as I said above, the latest bitcoin halving took place in May 2020. So after that biccoin halving, the price of the BTC increased a lot in the year 2020. Below is a screenshot in which we can see that after some days of Bitcoin halving, we saw an uptrend in the price of BTC.
On the other hand, in the same month of 2020, we can also see an increase in the price of the STEEM token. The price of STEEM did not rise the way BTC performed after the Bitcoin halving in 2020.
The latest Bitcoin halving was on May 11, 2020 and if we look at STEEM/BTC above, we can see the price of STEEM token rising in the same month. So from this I can say that bitcoin halving had a positive effect on the price of STEEM for a few days.
Make a technical analysis of the price you forecast for STEEM at the time of the Bitcoin halving. Screenshots are required.
In the above daily STEEM/USDT chart, we can see that STEEM is now holding its major support, and if it breaks this support, then the price of STEEM can further decrease to 0.10$ but it is its major support. And if it breaks its next resistance, which is 0.17$, then the next resistance will be 0.22$, and if Steem further breaks its next major resistance which is nearly 0.26$, then we can see a further increase in the price of Steem.
There are many predictions that the price of BTC will cross 1 lakh dollor after the Bitcoin halving, and if this happens, then there is a lot of chance that the price of STEEM will be more than 1 dollor. But keep in mind that it is just a prediction. Above is my analysis, but you guys can do your own research and analysis.
Advantages and disadvantages of the Bitcoin halving, for the cryptocurrency world.
Everything has some advantages and disadvantages. Bitcoin halving also has pros and cons, so let's start.
Advantages
When the bitcoin halving takes place, the creation rate of the BTC reduces, which increases its demand.
With the occurrence of this event, the security and stability of the Bitcoin blockchain increase.
From the historical data, we can see that after the Bitcoin halving, the price of BTC increased.
It attracts more investors to invest in the crypto market, which has a positive impact on the crypto world.
Disadvantages
The reward for the miners who are responsible for validating transactions decreases.
The mining becomes less profitable for small miners, and because of that, they leave, which can reduce network security.
The mining will be centralized because small miners who do not have enough resources will find it difficult to compete with large miners.
Everyone thinks that the price will surely increase after bitcoin's halving, but no one can predict the crypto market's future. So that is why we can face loss.
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Greetings brother, I really commend you for the efforts you dedicated yourself into in putting up such a wonderful presentation as it is self explanatory and comprehensive enough even for the layman.
You have proven that, bitcoin halving process indeed has the ability to affect the price of Steem in a positive way which I was happy to see, but I must say I was afraid of your future prediction but I believe and see reasons with knowing that no amount of analysis is exactly 100%.
Good luck in the contest, and I wish you all the best life has in store for you my friend.
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Thank you so much for visiting, I am glad that my article was informative for you.
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I think all users, investors and traders will be ready to welcome this quadrennial crypto party in 2024, Bull run! Is the end of September the right time to start accumulating/buying Bitcoin and other altcoins before the halving day?
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Yes many investors and traders are waiting for it. All cryptos are at very cheap price we can buy cryptos here by applying DCA strategy. Thank you so much for visiting.
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My pleasure ...
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Es interesante este mecanismo deflacionario que aplica Bitcoin. El halving que viene cada 4 años renueva las fuerzas en la principal criptomoneda. Su influencia indudablemente arrastra a las Altcoins, todo lo que pase con el BTC afectará al sistema entero.
Saludos y éxitos.
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Yes I agree with you all things. Thank you so much for visiting.
Have a good day!
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Bhai aapka is engagement challenge mein participate karne ka aur hamen Apne knowledge se aagah karne ka bahut bahut shukriya aapane har chij ko bahut acche se explain Kiya hai iske alava main aapki baat se ittefaq karta Hoon ke har block chain per kuchh miners hote Hain Jo ke blockchain ke blocks ko add karne ke liye aur transactions ko validate karne ke liye maujud hote Hain aur jab Bitcoin per mining Hoti hai To iske natije mein miners kuchh Bitcoin karte hain aur jab 4 sal bad white paper ki statement ke bad Bitcoin ki halving ka event aata hai to tab miners ko half reward milta hai
Iske ilava agar Main second question ki baat karun to aapane bilkul theek kaha ki last time jab yah event hua tha to BTC halving ka steem rate pr bahut jyada effect nahin tha lekin agar ab ham aane wali BTC halving ki baat karen to isase sabko bahut jyada ummid hai ke iski vajah se steem rate bahut jyada upar jaane wala hai aur agar Bitcoin ka vo rate Jo expected hai vahan tak pahunch Jata hai To definitely steem bhi 1$ cross kr jaye ga
Aapane hamen bahut acche tarike se favoid aur nuksan ke bare mein bataya hai ki kis Tarah Bitcoin halving ka event nuksan pahuncha sakta hai aur kis Tarah fayda pahuncha sakta hai aur overall aapane is post mein kabile tarif effort hi hai aur main aapki sari mehnat per aapko dad deta hun aur aapko mazid aapke future ke liye good Luck kahta hun
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Bhai jan har bar ki tarah ek acha comment karny ka bht bht shukria.
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Dear, I have been reading your post for a long time as I have come to know more about bitcoin halving. I read your pros and cons of bitcoin halving. You explained it very simply. You have analyzed data from tradingview.com. I will go to this link and study. Good luck with your writing.
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Thank you so much for visiting brother.
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Bhai kaise hain aap Main ummid Karti hun ki aap theek honge iske alava agar main aapki post ki baat Karun to aapane topic ko bahut acchi Tarah se cover kiya hai aur apne andaaz mein har sawal ko explain bhi Kiya hai iske alava mujhe aapki creativity dekh Kar Khushi Hui aapane ek imaginary example di ke agar ek miner Tera Bitcoin karta hai ek block validation may to Bitcoin halving ke bad use 6.5 ka reward milega kyunki Miner ka reward half ho jana hi Bitcoin halving Hy
Agar Main aapke analysis ki baat karun to aapane use ek deep mein explain Kiya hai jisse main acchi Tarah vah har baat samajh sakti hun jo aapane Ham sab tak pahunchane ki koshish ki hai aur ham sabko Apne knowledge se ab aap karne ki koshish ki hai main aapki besh Baha kamyabi ke Liye Dua go hun
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Behan apki bht bht meharbani k apny kafi acha comment kia ha. Acha kam jari rakho. Shukria
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Hola cariño 😊😊 que buena información tras la investigación que has hecho, te confieso que aprendí mucho de este gran tema y ahora estaré muy pendiente del próximo halving que va a realizarse y esperando que tenga un excelente efecto en nuestro steem
Saludos éxitos y bendiciones para ti
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Yes we can hope for the best and thank you so much for the comment dear amiga.
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