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INTRODUCTION |
Greetings everyone and welcome to my entry for this week's engagement challenges, our topic of discussion this week is on STEEM and Bitcoin Halving, hence we are exploring how these two relate to each other.
The STEEM token as we all know by now is a special cryptocurrency, a support mechanism for content creators in the Steemit community. Whereas, Bitcoin Halving is an event that happens every few years. Then, what is the connection between STEEM and Bitcoin Halving other than both being part of the cryptocurrency world is what we want to learn this week.
How could the Bitcoin halving in April 2024 influence investors' general perception of cryptocurrencies, and in particular, what impact could it have on the STEEM token? |
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BITCOIN as we know by now is not just a cryptocurrency by the Grand Patron of all cryptocurrencies (digital assets). On the other end, HALVING is simply the means of sharing something into two equal parts (halves). Therefore, the compound phrase "Bitcoin Halving" is simply an occurrence or process in the Bitcoin network where Bitcoin rewards for the successful mining of new blocks are being divided into two equal parts (Halves), where miners get only half of what they were getting before the halving occurred.
In other words, when Bitcoin undergoes halving, it means that the reward Bitcoin miners receive for successfully mining and verifying any Bitcoin transaction is reduced by 50%, hence reducing the number of new Bitcoin units released into the circulation supply. So then, why and when do we have a Bitcoin Halving this year?
The process of halving is an automatically programmed event into the Bitcoin protocols to happen in an interval of every 210,000 blocks mined (which is calculated to occur approximately every four (4) years) and this halving process is expected to continue till the year 2140 at which it's expected to have its last and 32nd halving event, this is also estimated to be the period at which Bitcoin hit its maximum supply.
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The image above shows the Bitcoin Halving years and their rewards for every block mined starting from 2009, its inception year to 2044. With Bitcoin rewards of 50 BTC for each block mined in 2009 to ~0.098 in 2044. This also shows that after Bitcoin Halving by April, the amount of Rewards for each block mined will be down to 3.125 Bitcoin.
Knowing what Bitcoin Halving is all about now, how could Bitcoin halving influence investors' general perception of cryptocurrencies, and in particular, what impact could it have on the STEEM token?
Bitcoin being the grand patron of all cryptocurrencies tends to have a strong pull on all other cryptocurrencies with the exception of the stablecoins, which are pecked at a constant rate to a fiat currency of a certain economy e.g. the USDT which is pecked to the US Dollars.
Bitcoin seems to have this strong pull on other cryptocurrencies because it is the benchmark for all cryptocurrencies. The halving process affects the supply and demand dynamics of Bitcoin by reducing the amount of new BTCs entering the supply market, hence, effectively reducing the available supply.
Applying our basic Laws of Economics, the law of Demand and Supply, hence with the decrease in supply, assuming demand increases or remains constant, it is expected to bring about an increase in the price of BTC, which tends to rub off on other cryptocurrencies too.
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Another big influence of Bitcoin halving is that it usually generates or increase an improved market awareness and publicity in the cryptocurrency world and not only Bitcoin. Therefore, using the investors' expectations and market sentiment of lower supply and a likely price increase as the fuel among potential and new investors and traders resulting into higher demand for Bitcoin and other cryptocurrencies (Alternative Coins) like STEEM, for those who can not afford the Bitcoin as investors and traders alike seek to profit from the expected price gain.
Now regarding how the Bitcoin halving process could impact STEEM tokens depends on various factors.
One factor to consider would be the relationship between STEEM and Bitcoin prices. As I've earlier stated, it is a general conception that when Bitcoin prices go up, other cryptocurrencies will/may increase in value as well, hence, if the price of Bitcoin declines, it is also expected that other cryptocurrencies will/may also decrease in value.
Another important factor we should consider is the overall market sentiment towards cryptocurrencies before, during and after the halving event. If the general market sentiment is positive and there is an increase in demand for cryptocurrencies, it can also lead to an increased demand for STEEM as well. However, if the market sentiment is negative, it is likely to affect all other cryptocurrencies negatively, STEEM included.
What adjustments in the supply and demand dynamics of cryptocurrencies could result from the Bitcoin halving, and how could these changes influence the valuation of the STEEM token? |
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Bitcoin halving like I explained earlier can affect the supply and demand dynamics of cryptocurrencies in various ways, these changes can potentially lead to changes in the valuation of the STEEM token. Some of the adjustments in supply and demand dynamics resulting from the Bitcoin halving that can influence the STEEM token include;
Decrease in the supply of Bitcoin:
Bitcoin Halving is a protocol infused to reduce the supply of new Bitcoin tokens coming into the supply market, thereby decreasing the overall supply of Bitcoin. This decrease in Bitcoin supply can lead to an increase in demand for Bitcoin, which in turn can lead to increased demand for other alternative cryptocurrencies (AltCoins) like STEEM.
Increased adoption of cryptocurrencies:
The news of Bitcoin halving brings potential attention to the world of cryptocurrency as a whole, sparking curiosity among investors which can potentially lead to increased adoption and interest from investors. The increase in interest and adoption can lead to an overall increase in demand for all cryptocurrencies, including STEEM, which can lead to an increase in STEEM price.
Higher transaction fees
With the demand for Bitcoin and other cryptocurrencies increasing due to the Bitcoin Halving, this could also lead to higher transaction fees as more people compete to have their transactions processed on the blockchain. This may be a blessing in disguise for STEEM as it is fast and transactions on the STEEM Blockchain are free which can attract more users.
Market sentiment changes:
Bitcoin Halving is a very big event in the world of cryptocurrency, hence, it could impact the overall market sentiment towards cryptocurrencies, including STEEM. If the market sentiment becomes more bullish, STEEM could also benefit from increased demand and valuation. Like the recent rumours spreading across the world that this year is a BULLISH year in the world of Cryptocurrency because of the upcoming Bitcoin Halving.
How might specific characteristics of the STEEM token, such as its content-based reward mechanism, be impacted by macroeconomic changes resulting from the Bitcoin halving? |
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Microeconomic changes are little tweaks or adjustments that happen in the smaller parts of the economy. This can include things like changes in prices, supply and demand for specific goods or services, or even shifts in consumer behavior.
Therefore, since the STEEM token is a content-based reward mechanism, the specific characteristics of the STEEM token that might be affected by macroeconomic changes as a result of the Bitcoin Halving may include;
Increased demand for cryptocurrencies:
The Bitcoin halving event is believed to potentially increase the overall demand for not just Bitcoin but other cryptocurrencies also, meaning this could also positively impact the demand for STEEM where more people may look to invest in cryptocurrencies, including STEEM, to take advantage of potential increase in price.
Decreased overall market liquidity:
This happens as a cause of potential investors shifting all their focus and investment towards Bitcoin, hence decreasing the overall liquidity of the cryptocurrency market, including the STEEM token, which can result to a negative impact on STEEM and make it more challenging to trade.
Changes in market sentiment:
Bitcoin halving could bring about changes in the market sentiment of cryptocurrencies and this can lead to either a positive or negative impact on the demand for the STEEM token.
Increased transaction fees:
As more people start using cryptocurrencies, transaction fees may increase, this can be a positive pact on the STEEM token since STEEM is a content-based reward mechanism, which incentivizes content creators rather than miners, making it an attractive alternative to cryptocurrencies that rely on mining.
What lessons can investors learn from previous Bitcoin halvings to anticipate market trends and make informed decisions regarding the STEEM token? |
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Looking back at the previous Bitcoin Halving history, investors can learn several lessons to anticipate market trends and make informed decisions regarding the cryptocurrency market and the STEEM token. Below are some potential useful lessons;
Price increases may not happen immediately:
Previous data shows that Bitcoin's price has historically increased within a few days, weeks, months or even a year after the Bitcoin halving event. Hence, this shows that it may take some time before the market sees an impact. Therefore investors should pay attention to the various indicators of price movements, and not base all their decisions solely on the expectation of an immediate price increase.
Market sentiment can impact prices:
We have all learned that sentiment in the cryptocurrency market plays a significant impact on price movements, before and after the halving event. Hence, investors should keep an eye on general cryptocurrency news and other news related to their various Cryptocurrency choices, market sentiment, and social media activity to identify potential moves in the market.
Increased difficulty for miners:
Because Bitcoin halving is all about reducing the miners' rewards, it therefore brings about difficulties for miners to mine new coins after each halving, leading to an increase in competition among miners, which may lead to increased transaction fees and slower transaction time. However, this could be good news for STEEM since it can lead to an increased adoption and valuation of cryptocurrencies like STEEM, which runs on free and fast transactions.
Focus on fundamental analysis:
While technical analysis can help us predict potential price movements after the halving event, we should also focus on the fundamental analysis to make better informed decisions, I.e. we should carry out our own research and analyze the developments, adoption, and real-world use cases of our portfolio, as well as any potential risks and threats.
Diversify your portfolio:
We learn to diversify our portfolios, i.e. learning not to put all our eggs in one basket, but rather to invest in different assets. By investing in several different cryptocurrencies, including STEEM, we can help spread our risk across our investments and increase our chances of good returns.
Of course all this won't make sense to us if we only looked into the theories without having the virtual knowledge of the historical data of the Bitcoin halving effects, therefore I will like to share with us the historical data of the effect of Bitcoin halving on Steem in the last two halvings dating back to 2020 and 2016.
Bitcoin Halving in 2016 which took place on July 9, was the second in the history of Bitcoin Halving, and the first for STEEM, however it showed significant effects not only on the Bitcoin price, but also on STEEM price. Below are screenshots showing this impact and the various lessons:
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From the screenshots above, Frame A shows the market price and volume of a STEEM token at the beginning of July 2016, at ~$0.237 and $5,739.93 respectively. However, on Frame B, the said day of the Halving being 9th of July, significant changes where recording in the trading volume, moving from $5,739.93 to $57,425.33 a difference of $51,685.4 indicating a lot of activities in the STEEM market, which also lead to doubling the STEEM price from ~$0.237 to ~$0.536
There was a price change experienced on the day of halving, however, STEEM experienced an all time high in price as shown on Frame C, 4 days after the halving moving from ~$0.536 to ~$4.11 over 667% increase and a market trading volume of $2,313,217*. However, in Frame D, when the dusts settled, STEEM closed that month on ~$2.3, a significant increase from the ~$0.237 an increment of ~870.46%.
Bitcoin Halving in 2020 took place on May 11, the third in the history of Bitcoin Halving, and the second for STEEM, below are screenshots showing this impact and the various lessons:
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In Frame A above, we can see the price of STEEM started the month May 2020 at ~0.186, then on the 11th of May 2020 the day of the Halving, Frame B shows price of STEEM depreciated to ~0.167 around the 02:27 am GMT +1, However, 9 days later in May 2020, in Frame Cthe price of STEEM when up to $0.329 a 97% increase in price at 8:10 p.m GMT +1 on May 20, 2020. However, in Frame D it ended the month of May 2020 around ~$0.211 which opened at $0.186 an increase of about 13.44%.
This proves that the price of STEEM is positively affected by the positive outcome of the last two Bitcoin halvings, and also showing that the best increase in price doesn't always come at the time of halving.
CONCLUSION |
At the end of this discussion, we have come to learn how STEEM and Bitcoin halving relate to one another, with the Bitcoin halving event impacting the entire cryptocurrency market, STEEM included because Bitcoin is the founding father of all other cryptocurrencies. Therefore, showcasing the various possibilities within the cryptocurrency world and reminding us of the dynamic nature and relationships of these digital assets.
I wish to invite @yakspeace, @ninapenda, @ruthjoe, @drhira and @suboohi
Thank You for your Time
NOTE: Always have a smile on your face, as you are never fully dressed without one.
Hello dear friend greetings to you, Hope you are having good days there.
The history of BTC halving is; First Halving was at 2012, then 2016 and the recent one was at 2021. It is the history of BTC that in every halving it breaks it previous high. In recent Halving it has made a high of 68k dollars, which is still the highest of all time and not broken yet. This is the reason we call Bitcoin halving a market bull Run.
Bull run always have positive effects on Steem coin. In first bull run at 2016 it touches a high of $7, which is it's all time high. Then in 2021 bull run it touches $1.26. Now we can expect that Steem will touches $2 in this bull run. The minimum target according to me is $1.5.
The best post dear, best wishes for the contest.
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TEAM BURN
Congratulations, your comment has been successfully curated by @inspiracion at 5%.
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Thank you so much for the support dear.
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My dear friend, it is great to hear from you. I hope you're having fantastic days over there too?
Talking about the history of BTC halving. It happened in 2012, then again in 2016, and most recently in 2021 and here is the interesting part, every time there's a halving, Bitcoin tends to break its previous highest price. In the last halving, it reached a whopping $68k, which is the highest it's ever been and hasn't been surpassed yet. That's why we call it a market bull run. And you know what? Bull runs have positive effects on Steem coin too.
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This due to the Bitcoin halving that we all are anticipating for is going to push the crypto market to a greater heights which I can't afford to lose. I think this is the best time for we to start building our portfolios as it is what smart Investors are applying ahead of time. Success to you sir.
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Absolutely, the upcoming Bitcoin halving is generating a lot of excitement in the crypto market. It's anticipated to have a significant impact and potentially drive the market to new heights. It's definitely a great opportunity to start building our portfolios and make some smart investment moves. Let's stay ahead of the game, my friend. Wishing you all the success too.
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Thank you, friend!
I'm @steem.history, who is steem witness.
Thank you for witnessvoting for me.
please click it!
(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)
The weight is reduced because of the lack of Voting Power. If you vote for me as a witness, you can get my little vote.
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Your post has been successfully curated by @inspiracion at 35%.
Thanks for setting your post to 25% for @null.
We invite you to continue publishing quality content. In this way you could have the option of being selected in the weekly Top of our curation team.
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Saludos cordiales gran amigo sahmie, un gusto para mi saludarte y leer tu participación.
Muy buenos tus análisis de los precios del steem en cada reducción a la mitad que ha sufrido el BTC, hemos podido ver que siempre es afectado positivamente, por lo tanto esperamos que en este 4to evento ocurra igual.
Te deseo muchos éxitos, feliz y bendecido día.
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It's so great to hear from you again. I always enjoy our conversations and reading your insightful thoughts.
You're absolutely right about how the prices of Steem are influenced by BTC halvings. It's fascinating to see that each time BTC goes through a halving, Steem tends to be positively affected as well. So, it's definitely something we're hoping for in this 4th event too.
Thank you so much for your kind wishes. I also wish you all the success in your endeavors. Have a super happy and blessed day, my friend.
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Bro, you've provided excellent answers to all the questions.
You've explained all the halving events in a better way. The table depicting Bitcoin halving is also well-presented. After Bitcoin's supply halving, it will decrease, and the demand might increase because investors' interest is likely to grow. Bitcoin's price may also rise when investors invest more money. I also believe that investors should consider investing in Steem. The price of the Steem coin will definitely be higher after the halving.
I also want to make one correction, you wrote 'Microeconomics' as the first word in the third answe, please change it to 'Macroeconomics.'
Better luck for your contest enty
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Thank you for the kind words. I'm glad my answers were helpful and that you found the explanation of the halving events and the Bitcoin table well-presented. It's exciting to think about the potential impact of Bitcoin's supply halving. With a decrease in supply and growing investor interest, it's possible that the demand for Bitcoin could increase, leading to a rise in its price, and I also agree that considering Steem as an investment option could be a smart move too. The price of Steem might see a boost after the halving.
Thanks for pointing out the correction. I'll would have to change the "Microeconomics" to "Macroeconomics" in the third answer but I guess I'll have to wait until after the review so it doesn't look like I tempered too much with my entry. I Appreciate your keen eyes, and thank you for the good luck wishes for my contest entry. Fingers crossed 🤞
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La reducción del valor de la recompensa a la mitad por el minado del BTC influye en la economía general de las criptomonedas. La ley de la oferta y la demanda tendrá un peso importante en el movimiento del mercado, ya que al afectarse la rentabilidad del minado disminuirá la oferta de Bitcoin y en consecuencia incentivará la demanda ante la escasez y aumentará el precio.
Ciertamente el halving del Bitcoin no tendrá un efecto inmediato sino que los inversores deben prestar atención a los indicadores y no tomar decisiones apresuradas basadas solo en una expectativa de aumento inmediato.
En efecto todo cuenta a la hora de tomar una decisión, no tiene sentido si no conocemos los datos históricos del halving, así como los aspectos fundamentales.
La estrecha relación entre el Bitcoin y el resto (altcoins) traerá beneficios a partir del having, esto incluye al Steem.
Gracias por compartir, te deseo mucho éxito con el halvig.
¡Un fuerte abrazo!
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Basically, when the reward for mining Bitcoin gets halved, it has a big impact on the whole cryptocurrency world. It's like a supply and demand thing. With less Bitcoin being mined, there's less of it available, which makes people want it more because it becomes scarce. And when something is in high demand, the price usually goes up.
But here's the thing, the effects of the halving won't happen right away. It takes time for the market to adjust and for people to react. So, investors need to be patient and not rush into decisions based on immediate expectations of price increases.
It's also important to look at historical data and understand the fundamental aspects of the halving before making any decisions. And remember, the relationship between Bitcoin and other cryptocurrencies, like Steem, can have some benefits too.
Thanks for sharing this with me, and I wish you lots of success with the halving too. Sending you a big hug.
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Upvoted! Thank you for supporting witness @jswit.
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Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
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@sahmie Your in depth analysis of the connection between STEEM and Bitcoin Halving is truly impressive. Your clear explanations about Bitcoin Halving and its potential impact on the crypto market are educational. Your use of historical data and charts adds a layer of authenticity to your insights. It's evident you have put a lot of effort into researching and presenting the information. Best of luck
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Thank you for the kind words. I'm really glad you found my analysis on the connection between STEEM and Bitcoin Halving impressive. It's important to understand how Bitcoin Halving can impact the crypto market, and I'm happy that my explanations were educational for you. I did put in a lot of effort in researching and presenting the information, so I'm happy that you appreciated it. Thank you for the good luck wishes too, let's keep learning and exploring together.
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Brilliant perspective! The historical data indicating a delayed impact after Bitcoin halving provides the need for investors to consider various indicators beyond immediate price expectations.
Monitoring market sentiment, staying informed on crypto news, and understanding the challenges for miners provide a well rounded approach to navigate the aftermath of Bitcoin halving.
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You are right brother, when it comes to Bitcoin halving, it's important for investors to look beyond just the immediate price expectations. Historical data has shown that the impact of halving can be delayed, so considering various indicators is key.
Keeping an eye on market sentiment, staying informed about crypto news, and understanding the challenges faced by miners can help investors navigate the aftermath of Bitcoin halving in a well-rounded way. It's all about taking a comprehensive approach to make informed decisions. Thank you for your supportive words.
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Your post is as always outstanding and marvellous and true inspiration for Crypto.
You have explained so well how steem price will rise when there is decrease supply and this is very positive impact for all of us.
You go in very much depth of demand and supply and this is I must say you have very good knowledge regarding this.
Very well explained about macroeconomic changes can influence the steem price.
Great entry indeed as always.
Well best of luck my friend
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Thank you so much for your kind words, I'm more than thrilled that you find my posts outstanding and inspiring for the world of crypto. It means a lot to me.
I try my best to explain things in a way that everyone can understand, and I'm glad you appreciate my knowledge on supply and demand dynamics. It's true that when the supply of Steem decreases, it can have a positive impact on its price. Understanding macroeconomic changes is important in analyzing how they can influence the price of Steem.
I really appreciate your support and encouragement, my friend. Best of luck to you too.
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Let's hope this is going to be fortune for us
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Absolutely, let's keep our fingers crossed and hope for the best. May this bring us good fortune and exciting opportunities ahead.
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True inshallah
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I am happy that you have shared data about historical Bitcoin halving event about year 2016 and 2020.You are right that halving word actually means cut down of one thing in two equal halves.I wish you success
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Thank you for your kind words, I'm glad you found the data about historical Bitcoin halving events in 2016 and 2020 helpful. You are right, halving means cutting something into two equal halves. It's a significant event in the Bitcoin world.
I appreciate your well wishes and support. Success to you too.
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Your welcome 🤗
It was really very joyful to visit your post and to learn all those terms that I didn't know before and to understand some of the deep concepts that you tried your best to explain through your own analysis that you do in detail way and it is not only good for your success because also helpful for you to making your exact analysis.
Thank you so much for wishing me success also
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Hey pal. Thanks for your kind words. I'm glad you enjoyed my post and found it helpful. Your support means a lot to me. Wishing you success too.
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Your support is also means a lot for me and by supporting and encouraging each other we may get a lot of success
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Hey brother you have been working so hard in your quest to share quality articles on steemit and I really appreciate such qualities and uniqueness on steemit.
Therefore you are really right blockchain only accept 210,000 blocks on Bitcoin is supply over a period of time, so therefore whenever the supply of Bitcoin reached 210,000 Bitcoin in the ecosystem Bitcoin halving would be triggered.
Thank you very much for sharing, please you can check my own entry here
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Hey brother, thank you for appreciating my hard work on sharing quality articles on Steemit. It means a lot to me that you recognize the uniqueness and effort I put into it.
You are right about the blockchain and Bitcoin supply. The blockchain only accepts a certain number of blocks, and when the supply of Bitcoin reaches 210,000, Bitcoin halving is triggered. It's a fascinating process that helps regulate the Bitcoin ecosystem.
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Greetings, my friend @sahmie! Your detailed analysis on how Bitcoin halving impacts the crypto market, especially Steem, is impressive. The historical data comparison and insights provide valuable information. 📈 It's like decoding the crypto puzzle! All the best in the contest, success for you! 👍
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Thanks for the kind words, I'm glad you found my analysis on how the Bitcoin halving impacts the crypto market, including Steem, helpful. It's like unraveling a crypto puzzle and understanding how different pieces fit together.
I appreciate your support and well wishes for the contest. Success to you too, my friend.
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Thanks a ton! Your encouragement means a lot. All the best! 🌟
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@sahmie
Yes, in mid-April, Bitcoin will grow exponentially, and since it will be halved, it will reach 50 percent, which will benefit people and investors in the market. The trend of things that will grow rapidly, if we talk about Steem, it will grow a lot. As the growth will be faster, if we talk about it, what is Steem is now rewarding us in the form of SP and Steem, but then if its price goes up, then we will start getting what SBD is. Which will also benefit us more. Other post very well prepared by you and congrats for your success.
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It's exciting to hear that Bitcoin is expected to experience exponential growth in mid-April. And since it will be halved, it means the supply will be reduced by 50 percent, which can be beneficial for people and investors in the market. That scarcity can really drive up the value.
Now, talking about Steem. If Bitcoin's growth is fast, then we can expect Steem to experience significant growth as well. Currently, Steem rewards us in the form of SP and Steem, but if its price goes up, we might start receiving more of SBD, which can be even more beneficial for us.
Thank you for the kind words about my post, I really appreciate it. Wishing you continued success and good luck in your own endeavors. Keep up the great work.
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