Bitcoin Pioneer Charlie Shrem Shares Notable Post About Very First BTC Halving

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Charlie Shrem, a Bitcoin trailblazer and co-founder of the Bitcoin Foundation, recently recounted an intriguing tale about the first-ever Bitcoin halving on X social media. (2012)

Back then, he and his teammates had a significant worry that they have since passed on to the cryptocurrency world.

Here’s what happened before first BTC halving

Charlie Shrem recalled the initial Bitcoin halving, which happened in late November 2012, during his X post. He stated in a tweet that miners previously received 50 Bitcoins as reward for a new block but afterward, this was lowered to 25 Bitcoins.)

Back in the day, Early Bitcoin advocate Shrem posted a picture including himself, Erik Voorhees, and Roger Ver. In the image, all three had smiles on their faces, but hidden beneath were concerns: the impending first-ever Bitcoin halving might not succeed as planned.

The bitcoin network usually grows quiet prior to a halving event. I recall the initial halving in November 2012, when the reward for mining a new block was cut from 50 to 25 Bitcoins. Here’s a snapshot taken on that day. Most of us early Bitcoin users were hopeful but uncertain if this change would be successful. Can you identify some of the first Bitcoin adopters?

— Charlie Shrem (@CharlieShrem) April 16, 2024

This week, the international Bitcoin crowd anticipates the fourth Bitcoin reward reduction, or “halving.” Miners currently earn 6.25 Bitcoins per block, but this will decrease to 3.125 Bitcoins after this event.

With each halving event, the number of new Bitcoins entering the market decreases, making the cryptocurrency even more scarce than before. This is because the remaining supply of 21 million coins is mined more gradually every four years. Consequently, fewer new Bitcoins are added to circulation. The final Bitcoin is predicted to be mined in the year 2140.

Bitcoin price in free fall

Bitcoin, the leading digital currency globally, has experienced a significant decline over the past week. This downturn began on April 12, and since then, its value has dropped by over 10%. Despite two unsuccessful attempts to bounce back, Bitcoin’s price has dropped from nearly $71,000 on that day to currently being priced at $63,513.

Over the past weekend, there has been a significant drop in the markets, which some people attribute to unfavorable geopolitical news from the Middle East. Additionally, comments made by Federal Reserve Chairman Jerome Powell suggesting that inflation may be more robust than previously thought have contributed to this downturn continuing.

The chance of the Federal Reserve decreasing interest rates significantly has greatly diminished, bringing unfavorable news for riskier investments such as Bitcoin.

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2024-04-17 13:48