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Bitcoin Halving Competition!
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Bitcoin Halving Competition!

Earlier on, we posted a tweet for a Bitcoin halving competition. Though many of you in the community have been here long enough to know exactly what this is, we recognise there are many of you that don’t. Everyone loves a competition, so we thought we’d take this opportunity to bring those of you that don’t know up to speed so you can take part!

What is Bitcoin?

Bitcoin (BTC) is a digital and global money system currency that was invented under the pseudonym Satoshi Nakamoto following the 2008 financial crash. Powered by blockchain technology, BTC allows people to send and receive this digital money anywhere in the world, in a quick and secure manner, even to someone they do not know or necessarily trust.

Credit: Cointelegraph.Credit: Cointelegraph.

What is Bitcoin halving?

BTC transactions are verified by Bitcoin miners for which they are rewarded new BTC for doing so. At the very beginning, this was 50 BTC reward for each block, an astronomical amount in today’s market. However, to ensure longevity for the token, rewards were later cut by 50% after the first 210,000 blocks, by which point 10.5 million BTC was in circulation.

There have been two Bitcoin halving’s since its creation in 2008: first in 2012 where mining rewards dropped to 25%, and again in 2016 to 12.5%; after each halving, BTC had surpassed its previous all-time high (ATH). For this upcoming halving, BTC mining rewards will drop to 6.25%, so history dictates that the price of BTC could skyrocket yet again.

Why is Bitcoin halving significant?

Bitcoin’s halving ensure that BTC tokens are distributed at a steady rate. Unlike fiat currencies — pounds, dollars, euros and so on — BTC is deflationary, meaning new tokens cannot be created and entered into circulation; there will only ever be a maximum of 21 million BTC that exist. This is what makes cryptocurrencies stand out.

There will only ever be 32 BTC halving events, once the final halving event has past, there will not be anymore BTC released as the maximum supply will have already been reached.

Make your predictions now!

So, to be in with a chance of winning 1,000,000 IGG ($60) and 0.005 BTC ($40), you must Like, Retweet and comment your prediction of what the price of 1 Bitcoin will be once the halving occurs. The person with the closest prediction will be the winner!

If you would like to participate in our Twitter competition, the “Terms and Conditions” can be found here.

Good luck!

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