Bitcoin Halving 2020

Hello! I'm Dcrypto. In this article, we
will be talking about the Bitcoin halving, or "halvening" event that will take place
in May of 2020. We will go over what, halving is, why having taken place, and
what implications halving has for the, future of Bitcoin. There are three key
concepts about the Bitcoin network you, need to know that will make Bitcoin
halving easier to understand.

The concepts, we will go over are the Bitcoin
blockchain, Bitcoin mining, and the, Bitcoin supply. Let's get started. Concept
number one: the Bitcoin blockchain. First,, let's briefly talk about the Bitcoin
blockchain. The Bitcoin blockchain is, basically a live running record of all
understand what blockchain means is by, separating the word "block" from the word
"chain." So imagine records of an individual, transactions like payments sent to or
from one person to another getting, listed or indexed one after the other.
Once a certain amount of transactions in, the list has been reached, a block is
formed. This is because each block has a maximum amount of transaction data it
can store. Once the maximum amount of, transaction data for the block has been
met, the block is added behind the, previous block of transactions. Now
imagine these blocks of transactions, linked together with a chain. So blockchain is simply a group of transaction data, that are linked together. The basic
structure of the Bitcoin blockchain consists of a network of computers
around the world with Bitcoin software, installed on them. When Bitcoin
transactions occur, the data is, communicated to this network of
computers that validate the transaction,, add the transaction to their copy of the
Bitcoin ledger, and then broadcast the ledger changes to the other computers on
the network. There's a maximum amount of, data that can be saved per block so
approximately every 10 minutes a new, block of Bitcoin transactions is created
verified and published to the Bitcoin, blockchain if you want a more in-depth

let's talk about how all of these, Bitcoin transactions are getting
verified on the Bitcoin network the, verification and posting of transactions
on the blockchain is completed by miners, via a process called mining miners are
people are pools of people that use, computer processing power to maintain
the Bitcoin blockchain this includes, keeping the ledger of Bitcoin
transactions clean consistent and, permanent by grouping new transactions
into blocks and broadcasting them to the rest of the Bitcoin network for
verification each new block of, transactions have a cryptographic hash of
the block published before it which is, what links all of the blocks of
transactions together to form the, blockchain so for a new block to be
accepted by the network miners are, required to follow a proof-of-work
a system which involves creating a new, cryptographic hash of the newly
completed block so new blocks of, transactions have a unique hash from the
previous block and to get published too, the ledger
it requires the creation of another, unique hash which will go through a
validation process and then get passed, on to the next block and so on and so
forth to create a new unique hash for, the block of transactions miners compete
with each other using computer power to, try to be the first one to come up with
a 64 digit hexadecimal number or the, hash that is less than or equal to the
the explanation so without losing sight of, the focus of this Bitcoin having
the technical intricacies of the Bitcoin, mining process the basic concept you
need to know about Bitcoin mining to, better understand the Bitcoin having
event is that miners are rewarded with, Bitcoin each time they verify a new
block of transactions mining rewards are, a combination of newly minted Bitcoin
units that were not previously, circulating and transaction fees of
Bitcoin that was already circulating, these rewards are in place to
incentivize miners to participate in the, mining process to ensure the Bitcoin
the network continues to be audited and, essentially maintained
cool let's move on concept number three,the Bitcoin supply Bitcoin is a digital
currency developed by an unknown person, or group of people that go by the
pseudonym Satoshi Nakamoto the more you, learn about and start to understand
Bitcoin the more similarities you will see between Bitcoin and gold this is
because Satoshi developed the digital, currency Bitcoin to intentionally Harbor
characteristics of the precious metal, gold we recognized this in the mining
the process we previously discussed, prospecting for new gold deposits
building out a mine and operating in, mine
to extract gold is laborious similar to.