The countdown is approaching zero.
The excitement at BTCX is high. Will the price rocket as it has on previous occasions?
Almost four years have passed since the last time, and now there are only days left until bitcoin's third reward halving. This is a very interesting event for several reasons.
If you are not familiar with what "Halving" means then we'll do a brief explanation here (it certainly does not mean that you should get any less bitcoin):
Bitcoin's so-called blockchain is like a long record of all transactions that happens in the system. A "block" can be likened to one page in this book of transactions. When one page is full, the page turns, and you start on the next page. Page after page, ie Block after block. This occurs approximately every 10 minutes. In the system it is programmed from the start that every time you have turned 210,000 "pages" the supply of bitcoin should be halved.
Here we might need another explanation.
Imagine that the bitcoin system is a huge gravel pile that you have to dig in to find gold nuggets. Every 10 minutes, when you start a new page in the books, 12.5 gold nuggets are thrown out in the giant gravel pile, and everyone starts to dig for them. In reality, this gravel pile is a huge amount of data, and the gold nuggets, of course, are bitcoin.
But, in the beginning, on January 3, 2009, there were 50 gold nuggets every 10 minutes. Since 2012, there were only 25 and since the summer of 2016, 12.5 nuggets are thrown out in the gravel pile at regular intervals. And now, early in the morning of May 12, 210.000 blocks will have passed, and once again the supply will be halved. This time to 6.25.
This is called Reward Halving because the bitcoins can be considered a reward to those who engage computer power in the network. What will happen to the price of a bitcoin this time is unknown, but historically the halving in supply has meant an increase in value, which can be considered quite natural.
The graph below shows the last two halving events. If you feel like it's time to buy bitcoin, do it HERE!