Halving Of Bitcoin Cash... So What?

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Avatar for quantum888
3 years ago

On Wednesday at block height 630,000 estimated on 12:20 UTC time, Bitcoin Cash will undergo the so- called "halving" which reduced the reward from 12.5 BCH per block to 6.25 BCH of miners. This event will also happen in Bitcoin and BitcoinSV because of their similar algorithm.

What does this mean for us? Well, if your are a miner who maintained and operate this expensive ASIC mining hardware, you really have to care about your profit in this event. Reducing the mining reward, means reduced money. Miners maybe thinking to switch back and forth into Bitcoin Cash, Bitcoin and BitcoinSV, which they can do to a very limited time because halving event will almost occur in the same time at 630,000 block to the three coins, and whichever can bring much profit. So really this hype "halving event" is only for the miners.

What about the users? Like you and me it doesn't matter at all. Mining cryptocurrencies is a way of validating every transactions in the network. Just like what is happening in the ATM card as we swipe it. We really care less about that process. What the users care is if the transactions made are done. If one withdraw BCH from an exchange, what matter most is if that BCH reflect in the user's wallet. The same goes when sending.

So what next after the halving? Will reduce reward means increase in value? I think nothing much will change, except for the reduced reward of miners. This mining process is very crucial to the security of the network. When miners migrate to other coins to seek for better profit, it reduces the credibility of the network because its reduces decentralization leading to a centralize network and will be prone to the so called 51% attack. As for the value of Bitcoin Cash, an increase in value will only come when a much larger adaption will happen. The masses which will adapt this new kind of money will only care less about how transactions processes are done in the backward. As fiat currencies are still very easy and secured to used, cryptocurrencies still have many things to worked on.

:)

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3 years ago

Comments

You realize this happened weeks ago for bitcoin cash. The next event is the network upgrade which happens on the 15th.

$ 0.05
3 years ago

The future of cryptocurrencies and blockchain technology is very bright; but much still have to be done in the area of mass adoption and security.

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3 years ago

You must have done zero research before posting this.

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3 years ago

Well, halving or no halving cryptocurrencies are still better than fiat currencies in many perspectives. As business persons, the miners will strategize on how to improve their profits.

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3 years ago

This article is completely wrong.

Bitcoin Cash is already way past 630,000 blocks, it's on block 634,809 as I write this.

The poster could have checked that simple fact using any block explorer.

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3 years ago

Apologize for the mistake, I check the event and I'm a month too late.. sorry for that, Im thinking now what really went wrong. Thank you for bringing up to me.

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3 years ago

What does this mean for us? Well, if your are a miner who maintained and operate this expensive ASIC mining hardware, you really have to care about your profit in this event. Reducing the mining reward, means reduced money. Miners maybe thinking to switch back and forth into Bitcoin Cash, Bitcoin and BitcoinSV, which they can do to a very limited time because halving event will almost occur in the same time at 630,000 block to the three coins, and whichever can bring much profit. So really this hype "halving event" is only for the miners.

This is serious

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3 years ago