Crypto Currency

A massive Bitcoin event is coming next week. Here’s what you need to know.

Early next week, Bitcoin is about to experience its third-ever halving, a hugely important event that could shift the balance of power within the network. Historically the event, also called the halvening, drove the price of Bitcoin up, especially in the long term. There are also certain dangers associated with this event — though you…

Early next week, Bitcoin is about to experience its third-ever halving, a hugely important event that could shift the balance of power within the network. Historically the event, also called the halvening, drove the price of Bitcoin up, especially in the long term. There are also certain dangers associated with this event — though you probably don’t need to worry too much. 

So what is the halving, and what do Bitcoin owners need to know about it? Read on. 

What is it?

Bitcoin’s network is run by miners, users who run special software on powerful, specialized computers, solving an increasingly complex math problem. Every time the math problem is solved, a new “block” in Bitcoin’s blockchain is created and verified by all the other miners. Each block contains the latest batch of transactions on the network. Once a new block is found, the math problem is replaced by a harder math problem, and the cycle begins anew. 

The system ensures that the miners keep running the Bitcoin network by giving them a good incentive to do so: The miner who finds a new block is rewarded with bitcoins. The miner (typically a massive pool of many individual machines put together) has spent a ton of electricity and processing time to find the block, but the reward typically makes up for it. Currently, the reward per block is 12.5 BTC (around $115,000 at writing time).

WATCH: What you need to know about Bitcoin halving

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This system has worked tremendously well in the decade or so that Bitcoin has been running. But there’s a problem: As Bitcoin becomes more popular and its price rises, more and more miners flock in to reap the rewards.

Satoshi Nakamoto, the pseudonymous creator of Bitcoin, anticipated this, so he built in several safety features to keep bitcoins from being mined too fast. One is the increasing difficulty of mining: as the total computing power of miners increases, it gets more and more difficult to solve the math problem that yields a new block. 

Then there’s the halving. Every 210,000 blocks, miner rewards for finding a new block are, well, halved. In 2009, the reward was 50 BTC per block. In 2012, it got cut in half, and in 2016, it was cut in half once again to 12.5 BTC per block. 

The total number of Bitcoins that will ever be mined is set to 21 million.
The total number of Bitcoins that will ever be mined is set to 21 million.

Now, on May 11 (the date is probable but not exact as it depends on how fast Bitcoin’s blocks are mined), the halving will cut the reward to 6.25 BTC pe

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Crypto Currency

Bitcoin wipes coronavirus losses, passes $10,000 again

There’s a popular meme that shows Bitcoin on a perpetual rollercoaster. It’s true: The world’s largest cryptocurrency by market cap is a very volatile asset.  But it’s not often that Bitcoin goes up past the  $10,000 mark. On Monday, it happened again, and this time it may carry special significance.  The price swiftly rose from…

There’s a popular meme that shows Bitcoin on a perpetual rollercoaster. It’s true: The world’s largest cryptocurrency by market cap is a very volatile asset. 

But it’s not often that Bitcoin goes up past the  $10,000 mark. On Monday, it happened again, and this time it may carry special significance. 

The price swiftly rose from roughly $9,620 to $10,180 late on Monday according to CoinMarketCap, before settling down at about $10,100. Other cryptocurrencies, including Ethereum and XRP, are in the green as well, with the total value of all cryptocurrencies hovering around the $285 billion mark. 

The ten-thousand-dollar mark is always a big psychological milestone. But it’s worth taking a look of how Bitcoin got there this time. 

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Image: coinmarketcap

In mid-February 2020, Bitcoin was happily trading above $10,000 with a pretty strong bullish momentum, but then the spectre of the coronavirus pandemic took down the stock markets and cryptocurrencies alike

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Crypto Currency

Samsung makes it easier to buy Bitcoin on its phones

Samsung is diving deeper into cryptocurrencies.  On Thursday, the smartphone company announced a partnership with cryptocurrency exchange Gemini, making it easier for users in the U.S. and Canada to buy cryptocurrencies such as Bitcoin on Samsung phones.  This is done through Samsung’s Blockchain Wallet, which now integrates with the Gemini mobile app, allowing users to…

Samsung is diving deeper into cryptocurrencies. 

On Thursday, the smartphone company announced a partnership with cryptocurrency exchange Gemini, making it easier for users in the U.S. and Canada to buy cryptocurrencies such as Bitcoin on Samsung phones. 

This is done through Samsung’s Blockchain Wallet, which now integrates with the Gemini mobile app, allowing users to buy and sell cryptocurrencies. Users will also be able to view their Gemini account balances in the Samsung Blockchain Wallet app, as well as transfer their crypto into col

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Crypto Currency

Cryptocurrency Hardware Wallets Can Get Hacked, Too

Whether you think cryptocurrency is a scam or a salvation, those digital coins can store real-world value. The safest place to keep them is in what’s known as a “hardware wallet,” a device like a USB drive that stores your currency and private keys locally, w…

Whether you think cryptocurrency is a scam or a salvation, those digital coins can store real-world value. The safest place to keep them is in what’s known as a “hardware wallet,” a device like a USB drive that stores your currency and private keys locally, w…
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Crypto Currency

J.K. Rowling is four cocktails in and talking trash about Bitcoin

J.K. Rowling has been drinking a lot and you’d better believe she has some thoughts on Bitcoin. Noted TERF and author of The Cuckoo’s Calling, Rowling decided Friday was the perfect time to learn about the cryptocurrency Bitcoin. And so, like any celebrity who wants to start her day off with a ray of positivity,…

J.K. Rowling has been drinking a lot and you’d better believe she has some thoughts on Bitcoin.

Noted TERF and author of The Cuckoo’s Calling, Rowling decided Friday was the perfect time to learn about the cryptocurrency Bitcoin. And so, like any celebrity who wants to start her day off with a ray of positivity, she hopped on Twitter to engage

“I don’t understand bitcoin,” Rowling tweeted to Coindesk’s Leigh Cuen. “Please explain it to me.”

Over the course of the next several hours, as legions of crypto try-hards leapt at the opportunity to explain consensus algorithms, Rowling’s nascent views on Bitcoin turned from mildly inquisitive to a friendly mocking.

SEE ALSO: Not above the law: Steven Seagal’s shady crypto past under siege by SEC

Perhaps it was the fourth Old Fashioned speaking?

“People are now explaining Bitcoin to me, and honestly, it’s blah blah blah collectibles (My Little Pony?) b

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