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Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

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Bitcoin halving is often referred as “Halvening”, it’s a formulated reduction in the reward coins offered to the miners using a predefined blockchain algorithm.

Bitcoin halvings take place once in every four – 4 years approximately, or for every 210,000 block transactions.

The process of halvening started in the year 2012, approximately after 4 years of invention of bitcoin i.e 2008, but practically bitcoins came into play in the year 2009.

After the first bitcoin halving, the block reward of 50 bitcoins per transaction were reduced to 25 bitcoins per block or transaction, later this reward was further reduced to 12.5 and will now fall to 6.25 after halvening in 2020.

The main idea of halvening is to create scarcity for the coins and to control inflation, as bitcoins issuance is limited to 21 million coins as per the idea of Satoshi Nakamoto, inventor of Bitcoin.

The production of 21 million bitcoins involves 32 halvenings, we are now done with two halvenings and this might continue till or come to an end in the year 2140.

To know the overview of Bitcoin Halving (Just in minutes), checkout the following infographic developed by Abishai James at WinBTC.net.

WinBTC.net– This is the original source of the infographic, it was developed by Abishai James. If you are sharing or using this infographic on your website, please give us this original source (https://winbtc.net/bitcoin-halving/) below the infographic.

Before we get into the Bitcoin Halving Guide, we have a Funny Meme Here –

Before & After Bitcoin Halving

Why is Bitcoin halving done?

Bitcoin halving has always been one of the most notorious concepts of the crypto world as this will lead to the less number of bitcoin production per transaction or block.

Satoshi Nakamoto, the inventor of bitcoin always wanted bitcoin to be the rarest and precious of electrical or crypto currency ever, limiting its production to 21 million coins.

Bitcoin halving is done every 4 years or for every 210,000 block transactions to reduce 50% of production of bitcoins per block as issuance or production of bitcoins is limited to 21 million to prevent inflation and to create scarcity leading to increase in demand for the bitcoins.

How does Bitcoin Halving work?

Halvening works on an underlying predefined blockchain algorithm. According to this algorithm, the bitcoin production per block is reduced to 50% for every 210,000 block size.

Each transaction is considered as a block and as soon as the block count reaches 210,000 halving takes place, this might approximately take 4 years.

When is the next Bitcoin Halving?

Bitcoin Halving 2020: As there have been two halvenings, the next one is going to be somewhere in the month of May 2020 when the block size hits 630,000 transactions. Halvening 2024 will happen when the block height reaches to 840,000, and the block reward becomes 3.125 BTC.

Did Bitcoin Halving happen before?

Yes, Halvening dates history of occurrences. As of now, there have been two halvings.

First Bitcoin Halving : Bitcoin’s block size or subsidy was reduced from 50 Bitcoins per block to 25 Bitcoins per block on November 28, 2012.

The First bitcoin halving took place when the block size or the number of transactions hit 210,000.

Second Bitcoin Halving : Bitcoin’s block size or subsidy was reduced from 25 Bitcoins per block to 12.5 Bitcoins per block on July 9, 2016.

Does Bitcoin Halving have an impact on BTC price?

This might not surely show any positive impact on the price of the bitcoin, we get to know this by observing price changes during the previous bitcoin halving dates.

Halving even has a bright side helping in increase in demand for bitcoins, people will be lured to buy bitcoins on the note of reduced production due to halving.

Halvening Price Prediction – Bitcoin price might increase if the demand increases or remains the same according to supply – demand rule.

How will the Bitcoin miners be affected by Bitcoin Halving?

Miners and traders are the ones highly affected by the halvening. Mining a single bitcoin might cost around 3000$ to 6000$ based on the equipment and electricity used or consumed as mining requires a lot of energy to perform computations on computers.

There is a high competition in the market and if the bitcoin reward reduces, basic or naive miners might quit their job as they won’t be profited anymore.

There are many such miners who have already stopped mining and many are about to, as the reward after halving of 2020 will be completely reduced to 6.25 coins which is very less for the hard work involved by miners.

Once all the 21 million bitcoins are mined, miners will no longer be rewarded with bitcoins. Instead, they start charging transaction fees to the users for providing a secure network for the process.

How many Bitcoin Halvings will occur?

According to the blockchain algorithm introduced by Satoshi Nakamoto, there will be 32 bitcoin halvings only. We have already dealt with 2 halvenings so there are 30 to come.

This halvenings might continue till 2140, by this time all the bitcoins will be mined and the production will come to an end.

What will happen when 21 Million bitcoins are mined?

After the 21 million bitcoins are generated or mined or produced Bitcoin will be hard capped i.e bitcoin production will be freezed. As the ICO – Initial Coin Offering amount for bitcoins was done for 21 million coins.

And further no new bitcoins will enter the market but the circulation of the existing coins might take place.

Bitcoin Halving FAQ

Q : Is Bitcoin Forking and Bitcoin Halving similar?

A : No, Bitcoin Forking is not the same as bitcoin halving. Forks occur when a group in the bitcoin community decides to upgrade the performance of token’s software but halving occurs without any involvement of community members.

Q : What is the block size for bitcoin halving?

A : For the bitcoin halving, the block size should hit 210,000.

Q : Will bitcoins be more than 21 million?

A : No there won’t be more than 21 million coins as bitcoin will be hard capped at 21 million coins.

Q : When will all 21 million coins be mined?

A : As per the Satoshis algorithm all the bitcoins will be mined by 2140, but more than 98% of the bitcoins will be mined by 2030.

Q : Is Bitcoin Halving necessary?

A : Yes, as Halvening is the only way to control the supply. This prevents inflation of the coins.

Q : How will the bitcoin miners gain money after 21 million coins are mined?

A : Once the block subsidy expires, miners will gain income by charging transaction fees for securing the block network.

Q : What is the approximate block generation time?

A : Approximate block generation time is 10 minutes.

Q : When is bitcoin hard capped?

A : Bitcoin is hard capped after production of 21 million coins.

Q : Will all the 21 million bitcoins mined?

A : According to the blockchain formula Bitcoin count will never reach to exact 21 million coins as the count will only reach 20,999,999.9796 coins.

Q : When will 2024 halving take place?

A : The halving in 2024 will take place as soon as the block size hits 840,000 it might even take place in 2023.

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4 Basic Ways To Keep Your Crypto Safe

By Chaudhry

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Just a week ago, Google removed 49 Chrome extensions imitating MEW, Ledger, Trezor, and other popular cryptocurrency wallets. Phishing attempts are on the rise, and in this stressful time, it’s also easy to make an irreversible mistake losing your crypto whether you’re new to crypto or an experienced hodler.

Whether you're moving funds to pay rent or panic buying BTC and ETH to hedge the markets, the last thing you need during a financial crisis is to lose your crypto. Since 2017, our support team has talked to thousands of crypto holders.

Here are some of the most common ways crypto is lost or stolen and how you can avoid it.

With crypto freedom, comes crypto responsibility.

When you own crypto—you become your own bank. While this is empowering because you have complete control and sole anonymous access to your assets, it’s also a heavy responsibility because, if you lose your crypto, there’s no way to recover your funds. You might be asking yourself,

If a hacker gets my funds, why can’t you just get my crypto back?

Blockchain is maintained in a decentralized fashion so that each user has complete control and sole anonymous access to their assets. There is no way to reverse or refund transactions, nor can MEW, or any wallet you might use, trace the IP address of a phisher or determine ownership of any wallet address.

So what does this mean for you? It means you need to be careful any time you access or move your funds. Do it when you can concentrate, and avoid doing it during an emotional or stressful time like this Reddit user who lost their XRP to a Chrome phishing extension that asked for her hardware wallet seed phrase.

99% of the mistakes that will lose your funds are preventable with “good hygiene”. Just like the safety steps we’re all taking for COVID-19, you can protect yourself from the biggest mistakes and scams in crypto. Nearly all cases of lost crypto that we've seen through hundreds of support interactions could have been prevented through more awareness of good security practices.Here’s what you need to know to avoid these pitfalls.

#1: Never share your private key.

Giving a hacker access to your private key is like turning over all your banking information to a criminal, except it’s irreversible, harder to trace back, and doesn’t come with FDIC insurance. Though you would never knowingly hand over personal data, never ever give your private key, mnemonic phrase (also known as recovery or seed phrase), or Keystore files.

This means don’t enter them directly into a website or give them to a fake ‘support’ representative via messages, emails, and phone calls. Where there is money, there will always be people looking to steal it, and crypto is no exception. The support teams at reputable crypto companies will never ask you for your key, even while helping you resolve issues.

#2: Be wary of Chrome Extensions, Plugins, Giveaways, and “helpers” offering to help you swap other coins to ETH or BTC.

These types of hacks have been on the rise since the economic uncertainty around COVID began. Additional traps to look out for: Giveaways that sound too good to be true, often on Twitter. Any statement like “send us ETH and get double ETH back” or the “give us your private key to get free tokens dropped to your address” is targeted at newcomers, don’t fall for it.

Additionally, watch out for scammers in your DMs on sites like Twitter, Instagram, and Telegram. Common scams include impersonating a famous crypto personality to get your private information or offering to help you unload tokens into Bitcoin.

Here are some ways to check if an account is legit, more resources here.

#3 Don’t accidentally send your crypto to the wrong wallet.

There is no way to reverse or refund transactions if you make a mistake. So be super careful, even send a really small test amount first if you’re nervous because once it’s gone, it’s gone. This is an easy mistake to make, as each Ethereum address is 42 characters long and just one wrong letter results in a completely different wallet.

Bottom line: Take your time being very careful with address entry, use a trusted QR code, or assign a blockchain domain name like .crypto or .eth to your wallet to avoid panic sends to the wrong address.

#4: Use a hardware wallet as well.

While mobile and browser-based wallets offer convenience and in MEW’s case, access to DApps, DeFi lending, and the Ethereum ecosystem, hardware wallets like Ledger and Trezor are a great option for larger amounts and long-term storage.

New smartphone-based secure enclave wallets keep your information secure within the smartphone's local storage function similarly to a hardware wallet.

Pandemic or not, phishing tactics are rampant and constantly evolving. While it’s hard to keep track of all the different ways hackers are out there trying to steal your funds, your vigilance and knowledge on key safety and security will keep you safer out there.

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Costco Is Cooking Up a Batch of Post-Pandemic Free Food Samples

By Chaudhry

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Costco shoppers have a reason to be excited as the company is reviving its free food samples.
Costco relies on the in-store experience to drive foot traffic.
Despite eliminating free samples in March due to health concerns, Costco still managed to beat analyst expectations.

For shoppers who crave Costco’s (NASDAQ:COST) hotdogs, cheap food court finds, and free samples, there’s a reason to be excited. The membership-only retailer is bringing back free samples and reopening almost all of its food courts by the middle of next month, according to CFO Richard Galanti.

Costco Relies On Free Samples To Lure Shoppers

Costco will revive its free food offerings after suspending the legendary customer experience in March over health and safety concerns. But gone are the pre-pandemic days when shoppers can sample on an open tray.

Galanti says:

We’re going to start doing some things in mid June on a slow rollout basis in sampling. I can’t tell you any more but it’s – needless to say – not going to be where you go and just pick up an open sample with your fingers,

Galanti also said Costco plans to add previously-removed items back on the menu beginning in the third quarter.

The free food sample is so popular among Costco members that many consider the in-store experience a part of their shopping routine.

Costco shoppers really look forward to the free samples

Others can’t help but express their excitement when offered to taste some samples.

Some go to extreme lengths just to get more free food.

Doing a quick transformation for more free food. | Source: Twitter

Doing a quick transformation for more free food. | Source: Twitter

Costco relies on foot traffic to drive sales as the retailer has been slow to expand on the e-commerce front.

Costco Sales Soar Despite Pandemic

While foot traffic dropped 2% in fiscal Q3, Costco reported revenue growth due to panic buying.

The company beat consensus estimates after reporting earnings per share of $1.89 with $37.3 billion in revenue. Analysts predicted that Costco would print earnings per share of $1.85 on sales of $36.55 billion.

On Thursday, Costco’s stock rose 1.2% to finish at $309.56. Shares of the giant retailer are up 5.5% year-to-date.

Disclaimer: The above should not be considered trading advice from Waheedch.com. The writer does not own any Costco shares.

This article was edited by Sam Bourgi.

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Meghan Markle Won’t ‘Find Freedom’ – Because She Never Wanted It

By Chaudhry

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Queen Elizabeth told Meghan Markle and Prince Harry that they couldn’t use “Sussex Royal” in their branding.
As of today, their website using that title is still live.
This says more about the “Hollywood Royals” than you might realize.

It was through gritted teeth that both Meghan Markle and Prince Harry had to back down from their scheme to exploit the “Sussex Royal” branding.

The “Hollywood Royals” had grand plans to use the Sussex Royal title as the foundation of their future endeavors, even going as far as filing trademark applications to tie up the title for future use.

Until the Queen decided to put her foot down.

I know Meghan Markle isn’t used to be told what to do. She’s usually the one giving orders and manipulating people for her own means, but Queen Elizabeth isn’t your average 94-year-old woman.

She may look like your kindly old grandmother, but she’s as savvy as they come, and she saw right through Meghan Markle and Prince Harry’s plans to use her family name and reputation to make money.

This Is A Fight That Meghan Markle Doesn’t Want (And Can’t Win)

Prince Harry and Meghan Markle seem unable to accept the ruling from Queen Elizabeth and move on. | Source: John Stillwell/Pool Photo via AP

prince harry, meghan markle, queen elizabeth — Prince Harry and Meghan Markle seem unable to accept the ruling from Queen Elizabeth and move on. | Source: John Stillwell/Pool Photo via AP

Following the Queen’s ruling, the House of Malibu published the following statement:

As The Duke and Duchess will no longer be considered full-time working Members of The Royal Family, it was agreed that use of the word ‘Royal’ would need to be reviewed as it pertains to organizations associated with them in this new regard.

Reality check time. It wasn’t “agreed.” Meghan and Harry were told it was happening.

Surely they want to rid themselves of the last of their royal ties? | Source: Twitter

The statement continues:

While there is not any jurisdiction by The Monarchy or Cabinet Office over the use of the word ‘Royal’ overseas, The Duke and Duchess of Sussex do not intend to use ‘Sussex Royal’ or any iteration of the word ‘Royal’ in any territory (either within the UK or otherwise) when the transition occurs Spring 2020.

This comment hints at what may be Meghan Markle and Prince Harry’s downfall. They seem unable to accept the ruling from Queen Elizabeth and move on.

Do they think their cheap little dig about the Monarchy not owning the word “royal” went unseen by those in power at Buckingham Palace?

Petulance aside, the key part of that statement is the last sentence that mentions Spring 2020.

It’s The End Of May, And The Sussex Royal Website Remains Active

The “Hollywood Royals” had plans to use the Sussex Royal title as the foundation of their future endeavors. | Source: Simon Dawson/Pool via AP

meghan markle, prince harry — The “Hollywood Royals” had plans to use the Sussex Royal title as the foundation of their future endeavors. | Source: Simon Dawson/Pool via AP

While no hard date for Meghan and Harry to stop using the term was ever published, royal commentator Richard Fitzwilliams told The Express:

Their website still uses sussexroyal.com/spring-2020-transition/ as a link which is curious as Spring, when the change is supposed to occur as stated on their website, officially ends on May 31. I assume that it will no longer be used after that date.

If the Markles take down the website at the very last moment, it would scream of petulance – and expose both Meghan and Harry for the childish, spoiled brats that they seem to be.

Time is running out to remove the Sussex Royal website. | Source: Twitter

If the site remains active past the official beginning of the new season, new questions will emerge.

Fitzwilliams comments:

If the use of Sussex Royal continues into the summer, which would be in breach of the agreement to do so, I trust they will issue a statement as to why this is.

One thing is for sure. Meghan Markle and Prince Harry cannot claim they want to be free of the royal family.

And their decision to work with Omid Scobie and Carolyn Durand on a biography titled “Finding Freedom” only makes their desperate attempts to cling to the last remnants of their royal lives all the more comical.

Disclaimer: The opinions expressed in this article do not necessarily reflect the views of Waheedch.com.

This article was edited by Josiah Wilmoth.

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Latest Posts

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Before & After Bitcoin Halving

Why is Bitcoin halving done?

How does Bitcoin Halving work?

When is the next Bitcoin Halving?

Did Bitcoin Halving happen before?

Does Bitcoin Halving have an impact on BTC price?

How will the Bitcoin miners be affected by Bitcoin Halving?

How many Bitcoin Halvings will occur?

What will happen when 21 Million bitcoins are mined?

Bitcoin Halving FAQ

Q : Is Bitcoin Forking and Bitcoin Halving similar?

Q : What is the block size for bitcoin halving?

Q : Will bitcoins be more than 21 million?

Q : When will all 21 million coins be mined?

Q : Is Bitcoin Halving necessary?

Q : How will the bitcoin miners gain money after 21 million coins are mined?

Q : What is the approximate block generation time?

Q : When is bitcoin hard capped?

Q : Will all the 21 million bitcoins mined?

Q : When will 2024 halving take place?

4 Basic Ways To Keep Your Crypto Safe

With crypto freedom, comes crypto responsibility.

If a hacker gets my funds, why can’t you just get my crypto back?

Costco Is Cooking Up a Batch of Post-Pandemic Free Food Samples

Costco Relies On Free Samples To Lure Shoppers

Costco Sales Soar Despite Pandemic

Meghan Markle Won’t ‘Find Freedom’ – Because She Never Wanted It

This Is A Fight That Meghan Markle Doesn’t Want (And Can’t Win)

It’s The End Of May, And The Sussex Royal Website Remains Active

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