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Comparing Halving Events: Bitcoin and Other Cryptocurrencies

In the dynamic world of cryptocurrencies, 'halving' is a common yet distinct process for each currency. Along with Bitcoin, cryptocurrencies such as Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dash (DASH), and Zcash (ZEC) have undergone halving, each with its unique ways. This article delves into the nuances of these halving events. Crypto Halving: The Basics Crypto halving is a significant event in the lifecycle of certain cryptocurrencies, most notably Bitcoin and its derivatives. It refers to the process of halving the reward that miners receive for adding new blocks to the blockchain. This happens at pre-set intervals, typically after a certain number of blocks are mined. Halving reduces the rate at which new coins enter circulation, aiming to prevent inflation and increase scarcity, similar to mining precious resources. It has a notable impact on a cryptocurrency's economy, including price, mining profitability, and network security. List Of Crypto Halving Dates The table below is a summary of the coins that halve and relevant parameters as of 12/12/2023. Bitcoin(BTC) Litecoin(LTC) Bitcoin Cash(BCH) Bitcoin SV (BSV) Dash (DASH) Zcash (ZEC) Genesis block 2009 2011 2017 2018 2014 2016 Max supply 21M 84M 21M 21M 18.9M 21M Periodic halving (years) 4 4 4 4 - 4 Block time (mins) 10 2.5 10 10 2.5 1.25 Current block reward 6.25 BTC 12.5 LTC 6.25 BCH 6.25 BSV 1.67 DASH 2.5 ZEC Bitcoin Halving Bitcoin (BTC) is the first and most well-known cryptocurrency, invented by an unknown person or group of people using the pseudonym Satoshi Nakamoto in 2009. It operates on a decentralized network of computers using blockchain technology, allowing secure, peer-to-peer transactions without the need for intermediaries. Bitcoin quickly gained popularity among early adopters and tech enthusiasts, and its value skyrocketed from a fraction of a cent to over US$1,000 within a few years. In the following years, other cryptocurrencies such as Litecoin, Polkadot, and Cardano were created, each with its own unique features and use cases. The 2024 Bitcoin halving will happen at 840,000 block height (the number of blocks mined), which is going to happen between April 25th and May 8th, 2024. Here's a timeline of Bitcoin halving events: Bitcoin Halving Event Date Block Height Reward per block Launch date January 2009 Genesis block 50 BTC The first halving November 2012 210,000 25 BTC The second halving July 2016 420,000 12.5 BTC The third halving May 2020 630,000 6.25 BTC The next halving May 2024 (approx) 840,000 3.125 BTC For insights into Bitcoin's halving, consider exploring these articles: Bitcoin Halving 2024 Countdown A Beginner’s Guide to Bitcoin Halving Bitcoin's halving: Top 10 Burning Questions Answered Litecoin Halving Created by Charlie Lee, a former Google engineer and Director of Engineering at Coinbase, in October 2011, Litecoin is often seen as the "silver" to Bitcoin's "gold." It operates on a decentralized, open-source global payment network. Lee aimed to overcome certain Bitcoin limitations, leading to Litecoin's faster transaction confirmation times and making it more suitable for everyday transactions. Litecoin's halving, like Bitcoin's, is a predetermined event where the block reward halves approximately every four years or after every 840,000 blocks. This cycle is projected to continue until 2142. While its market impact is less pronounced than Bitcoin's, LTC typically sees increased trading volume and price volatility preceding a halving event. Litecoin Halving Dates: Litecoin Halving Event Date Block Height Reward per block Launch date October 2011 Genesis block 50 LTC The first halving August 2015 840,000 25 LTC The second halving August 2019 1,680,000 12.5 LTC The third halving August 2023 2,520,000 6.25 LTC The next halving July 2027 (approx) 3,360,000 3.125 LTC Bitcoin Cash Halving Bitcoin Cash emerged in August 2017 from a Bitcoin blockchain hard fork. Known for processing over 100 transactions per second due to its larger block size, BCH offers a decentralized currency system, emphasizing peer-to-peer electronic cash. Bitcoin Cash's first halving occurred in April 2020. Contrary to expectations, BCH's halving did not coincide with Bitcoin's due to a different mining algorithm, which led to an accelerated block mining rate and an earlier halving date. Bitcoin Cash Halving Dates: Bitcoin Cash Halving Event Date Block Height Reward per block Launch date August 2017 Genesis block 12.5 BCH The first halving April 2020 630,000 6.25 BCH The next halving April 2024 (approx) 850,000 3.125 BCH However, right after the halving event took place, it experienced almost a 2-hour standstill before the next block was mined. Despite Bitcoin Cash's capability to handle around 116 transactions per second, this rate plummeted to just 1.11 TPS. Right after halving, block 630,001 is only mined 2 hours later (source: blockchair.com) This is due to BCH sharing the same mining mechanics as Bitcoin, miners can easily do a switcheroo. This led to a substantial number of miners leaving the Bitcoin Cash network in search of better profits elsewhere. As a result, the mining difficulty levels increased, making it less profitable for miners who continued to mine BCH tokens. As such, the upcoming BCH halving event can be quite controversial. Bitcoin Satoshi Vision (Bitcoin SV) Halving Bitcoin SV (BSV), forked from BCH, was created in November 2018, by a group led by Craig Wright, who claims to be Satoshi Nakamoto. BSV's unbounded block size, reaching up to 4GB, enables low and stable transaction fees. BSV's uncapped block size allows miners to choose their preferred block sizes. However, this flexibility poses a centralization risk and vulnerability to attacks, as evidenced by an incident in October 2022 where an unknown miner controlled over 51% of the hash power. Bitcoin SV Halving Dates: Bitcoin SV Halving Event Date Block Height Reward per block Launch date November 2018 Genesis block 12.5 BSV The first halving April 2020 630,000 6.25 BSV The next halving 2024 (approx) 840,000 3.125 BSV Dash Halving Dash is an open-source cryptocurrency that came into existence in 2014, branching off from the Bitcoin protocol. It functions as a decentralized autonomous organization (DAO) and is managed by "masternodes" (Powerful servers backed by collateral held in Dash, and are designed to provide advanced services and governance on the blockchain). Unlike the abrupt halvings of other cryptocurrencies, Dash undergoes a gradual 7.14% reduction approximately every 383.25 days. Zcash Halving Developed by experts from MIT and Johns Hopkins, Zcash stands out for its privacy technology, offering confidential transactions. Zcash has a unique reward allocation. Upon launch, Zcash set up a reward allocation plan dubbed Founder’s Reward (FR) to fund Zcash's development. According to the reward plan, 80% (5 ZEC) of the mining rewards would be given to miners, while 20% would be distributed among Electric Coin Company founders and investors. Source: electriccoin.co After FR expires, the community voted and approved that Miners will receive 80% of the mining reward. The remaining 20% will be divided between grants to fund independent 3rd party developers (8%), Electric Coin Co (7%), and the Zcash Foundation (5%), which help to sustain miners from continuing to mine ZEC. Zcash Halving Dates: Zcash Halving Event Date Block Height Reward per block Launch date October 2016 Genesis block 0 ZEC Slow-start mining October 2016 20,000 12.5 ZEC Blossom upgrade December 2019 653,600 6.25 ZEC The first halving (Canopy upgrade) November 2020 1,046,400 3.125 ZEC The second halving May 2023 2,092,800 1.5625 ZEC The next halving 2027 (approx) 3,139,200 0.78125 ZEC Despite varying halving mechanisms, these cryptocurrencies share a common purpose: to regulate the influx of new tokens, balance supply and demand, and maintain token value. As the crypto landscape evolves, these halving events play a pivotal role in shaping each currency's future. Stay updated with the latest developments in this fascinating domain at Bitget Academy. Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.

Crash Course on Cryptocurrency

From the groundbreaking innovation of Bitcoin to the diverse ecosystem of altcoins, cryptocurrencies are revolutionizing the way we think about money, finance, and the world. With their offer of a decentralized and secure alternative to traditional financial systems, cryptocurrencies hold the potential to reshape industries and empower individuals. In this article, we will take you through the definition, history, and different types of cryptocurrencies you need to know to navigate the crypto landscape. Definition Cryptocurrencies are digital or virtual currencies that secure and verify transactions and issue new coins/tokens with cryptography. Unlike traditional currencies issued by governments or central authorities, (most) cryptocurrencies are decentralized and operate on a peer-to-peer network. This means that transactions can be conducted directly between individuals without intermediaries such as banks. Cryptocurrencies are often built on blockchain technology, a distributed ledger that records and verifies transactions across a network of computers. Some popular examples of cryptocurrencies include Bitcoin, Ethereum, and Dogecoin. A brief walk into the history The history of cryptocurrencies can be traced back to the late 1990s, when computer scientist Wei Dai proposed the concept of a digital currency called "b-money." However, the first fully decentralized cryptocurrency, Bitcoin, was created in 2009 by an unknown person or group under the pseudonym Satoshi Nakamoto. Bitcoin quickly gained popularity among early adopters and tech enthusiasts, and its value skyrocketed from a fraction of a cent to over US$1,000 within a few years. In the following years, other cryptocurrencies such as Litecoin, Polkadot, and Cardano were created, each with its own unique features and use cases. Despite their popularity, cryptocurrencies have faced several obstacles and controversies throughout their journey. They have been associated with illegal activities and are subject to theft and hacking. Governments and financial institutions have also been skeptical of cryptocurrencies, with some countries banning or restricting trading and/or using them. The world of cryptocurrencies has continued to flourish in the face of these challenges. New innovations and technologies are emerging every week. Some businesses and individuals have even started accepting cryptocurrencies as a form of payment, and the technology behind them has the potential to transform various industries beyond just finance. Different types of cryptocurrencies Currency As its name suggests, cryptocurrencies were originally designed as a medium of exchange or a store of value, similar to traditional fiat currencies. Most cryptocurrencies fall into this category as they can be traded for fiat or other cryptocurrencies. Notable examples include Bitcoin, Litecoin, and Bitcoin Cash. Utility Utility cryptocurrencies are designed to perform a specific function or utility within a particular ecosystem or platform. Examples include Ripple (XRP), used for fast and low-cost international money transfers, Filecoin (FIL), used for decentralized storage and file sharing, and Arbitrum (ARB), granting its owner governance rights in the Arbitrum DAO protocol. Other The world of crypto has never been in shortage of innovations and surprises. What comes with those are new (and fun) types of cryptocurrencies. There are stablecoins, which are pegged to real-world assets such as USD, EUR, or gold; meme coins, which tend to take the world by storm every few months, like DOGE and PEPE did last time; NFTs, which are all unique in their own way. There are many other types of cryptocurrencies, of course, as the crypto world continue to grow and blossom! Lesson 1: What Is Blockchain? << >> Lesson 3: Real-World Use Cases (P1)