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Binance Academy – Blockchain and Crypto Explained
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Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume.
Binance have had a very successful start since they were created in 2017. They are now averaging more than $1 billion in daily trades, making them the largest exchange for alt-coin trading. In fact, Binance grew so quickly, that in January 2018 they had to suspend new registrations. This was because too many people were trying to open a Binance account.
What Will The Next ‘Halving’ Mean For The Price Of Bitcoin?
On May 20, 2020, an event will take place that could change the value of bitcoin forever. Yet, even with increased public awareness and media attention around bitcoin, it’s an event that few are talking about or understand — despite the fact that it’s already happened twice before.
I’m talking about the next “Halving.” Today I’ll explain what this is, why it can be significant for your portfolio and the crypto markets as a whole, and what you can do to prepare.
The Bitcoin Halving Explained
Unlike fiat currencies, which can be printed by central banks at will, the supply of bitcoin is limited algorithmically. There will only ever be 21 million bitcoins in existence. This, by definition, makes it a deflationary asset, as opposed to an inflationary one.
Every 10 minutes, a “block” of bitcoin transactions is solved by miners and added to the bitcoin blockchain. This is complicated and expensive work, demanding a lot of electricity and specialized hardware. So why would anyone do it in the first place? Because the algorithm rewards miners with new bitcoins, which are generated and added to the circulating supply every 10 minutes. This distribution of new BTC is known as the “block reward.”
When bitcoin first appeared, the block reward was 50 BTC. This means that every 10 minutes, somebody, somewhere, was getting 50 bitcoins delivered to their wallet. This was back in the days when BTC was worth pennies and you could mine it using only a laptop.