With the Bitcoin halving approaching, there’s growing excitement in the cryptocurrency world. Recent discoveries of comments attributed to Bitcoin’s anonymous founder, Satoshi Nakamoto, have fueled further intrigue and debate among crypto enthusiasts as they eagerly await this significant event.
The statements, allegedly made by Nakamoto prior to disappearing from social media, have once again brought attention and contemplation to the importance of the bitcoin halving.
Three years after releasing Bitcoin’s foundational document and mining its first block, Nakamoto formally departed from the cryptocurrency community. On April 23, 2011, he communicated this decision to another Bitcoin developer through an email, stating that he had shifted his focus towards new projects.
With only one day and 11 hours remaining until the highly anticipated Bitcoin halving occurs, the bitcoin community takes a moment to look back. According to Oklink’s latest update, we are now in the final stages of this significant event.
“The major issue with traditional money is the reliance on trust in institutions to keep its value stable. However, history shows that this trust has been broken many times.”
On April 20, 2024, Bitcoin will experience its fourth decrease in new supply creation, occurring around block number 840,000. This event is a built-in mechanism designed by Satoshi Nakamoto as a response to the ongoing devaluation of traditional currencies.
— Galaxy (@galaxyhq) April 17, 2024
In their report, Galaxy explained that Satoshi designed the bitcoin halving mechanism as a response to the continuing devaluation of fiat currencies. This led to further thought about Satoshi Nakamoto’s related comment.
On April 20, 2024, Bitcoin will experience its fourth halving around block 840,000. This means that the reward for mining a new Bitcoin block will decrease from 6.25 to 3.125 Bitcoins. Consequently, the annual production of new Bitcoins is projected to decrease from approximately 1.7% to roughly 0.85%. At this point, about 93.7% of all existing Bitcoins will be in circulation.
The following information highlights the fact that Bitcoin’s monetary policy is unchanging, with each halving event serving as proof of its durability. These events will recur, but it’s important to note that those invested may not receive assistance from traditional financial systems during times of change. The upcoming halving, slated for April 20, 2024, underscores these essential characteristics and acts as a reminder to the market of Bitcoin’s distinct qualities.
If you’re skeptical or have difficulties understanding me, I regret that I don’t have the luxury of time to persuade you further, Galaxy Research explained, referencing a quote from Satoshi Nakamoto from July 29, 2010.
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2024-04-18 19:35