Bitcoin Halving Is Finally Here! What Does This Means for The Crypto Market?

crypto market
DMM Bitcoin

The 3rd Bitcoin halving is finally here! With the current instability in the market downfall, can Bitcoin identify its value in the market within the following crucial months?

Earlier in the day, the top-ranked digital asset on CoinMarketCap managed a quick 8% rally from $8,475 to $9,168 but it was quickly snuffed out once the price dropped below the support at $8,750. 


Image Source: Aleksi Räisä, Unsplash

When was Bitcoin created on the 3rd of Jan 2009, when Satoshi Nakamoto mined the first Genesis block also known as Bitcoin block (Block 0). The author of Bitcoin whitepaper, Satoshi Nakamoto published an online article titled Bitcoin, a peer-to-peer electronic cash system. He then released the Bitcoin white paper, the network officially launched when Nakamoto mined the first block, block 0 on January 3rd 2009, marking the birth of bitcoin’s underlying technology.

Who is the ”Real” Satoshi Nakamoto?

Image Source: Zack Chmeis, Unsplash

Who is this mysterious founder of bitcoin? Satoshi Nakamoto, the creator and developer of  Bitcoin published the Bitcoin White Paper on November 1st, 2008 and mined his first Bitcoin on January 3rd, 2009. He was able to utilize the Bitcoins from the Genesis Block. Except for test transactions, Nakamoto’s coins remain unspent since mid January 2009. At bitcoin’s peak in December 2017, his coins were worth over US$19 billion. 

Although on his 2012 P2P Foundation profile, Satoshi Nakamoto claimed to be a 37-year-old male who lives in Japan. Satoshi has yet to disclose any personal information. There were also many circulations that Satoshi may not be from japan after all. This is due to his perfect use of english and his bitcoin software not being documented or labelled in japanese.

Throughout the years, many people claimed to be the “real” Satoshi Nakamoto, however, there was no solid evidence to back up their statements. In 2014, hackers managed to  access Satoshi Nakamoto’s email address and found the owner to be Dorian Nakamoto. However, Dorian Nakamoto stated that he had obtained the email address and password by chance, and that he’s not Satoshi Nakamoto. 

In the recent 2016, an Australian computer scientist Craig Wright, claimed to be the real Satoshi Nakamoto and also claimed  that he could provide the private key. However, Wright could not respond to all the doubts that were being expressed and reverted the statements. Till this day, the real identity of Satoshi Nakamoto has yet been known.

The Creation of Bitcoin

Satoshi Nakamoto, Bitcoin whitepaper author, produced the first block of Bitcoin, “The Genesis Block”, on a small server located in Helsinki, Finland. It was believed that the first block Satoshi mined was mined using a Windows-powered PC’s CPU. Satoshi Nakamoto then obtained the first 50 Bitcoins as a reward. Further, to commemorate the birth of Bitcoin, Nakamoto put that day’s headline of The Times article (Chancellor on brink of second bailout for banks) to authenticate the time as the birth of Bitcoin.

The headline “Chancellor on brink of second bailout for banks” published in The Times published on 3 January 2009 was created by Satoshi Nakamoto. The note acts as a timestamp of the genesis date and a sarcasm directed towards the instability caused by fractional-reserve banking. 

Defying the Traditional Banking System?

Image Source: Cottonbro, Pexels

In the past, people used commodities such as animals or gold as currency. Due to their scarcity they were used as a store of value. Nowadays, we use banknotes as they are cheap and easy to produce. Banknotes are highly valuable as they are backed by the government. They can be traded for high valued goods like cars, houses etc. 

With the rising trend of the internet, we went from banknotes to bank accounts, figures are added or subtracted when we receive salary or make purchases. Only banks have the right to alter our bank accounts. During the 2008 global financial crisis, the Federal Reserve used its power to increase the supply and circulation of money. Satoshi Nakamoto found this unreliable and worked on the creation of a new payment system method where everyone has bookkeeping rights, a controlled currency supply and hope to develop a completely fair and transparent ledger system. This initiated the driving force behind the birth of Bitcoin.

What Makes Bitcoin Different?

Image: Moose Photos, Pexels

1. No ownerships or controls

2. Transparency 

3. Lower Transaction Cost

Bitcoin provides transparency, unlike currencies which are controlled by governments, Bitcoin is not owned by anyone. It is decentralised and transactions are verified by users on the Bitcoin network. Importantly, no government has the power to shut it down, unless they are able to shut down the internet. 

Bitcoin is pseudonymous, not anonymous. All bitcoin transactions are logged in a public ledger which anyone can access. For example, blockchain.info broadcasts every transaction.This is transparent and law enforcers can trace the transactions right back to the day the bitcoin was mined, which can greatly help them in finding crooks. With that being said, it is not easy to link the digital transactions or Bitcoin address directly to an individual.

Do not underestimate this as many big banks and payment companies such as Visa and MasterCard make loads of money off transactions every second. With Bitcoin, you can overcome credit card purchases of 2-3% transaction costs, telegraphic transfer fees and even remittance taxes. Businesses can share the cost savings with consumers by taking out the middleman. The low transaction costs made micro-payments possible, which further enhances the possibilities for micro-lending and crowd-funding activities. Without Bitcoin, you would probably incur a transaction cost larger than the amount you wanted to pay. 

The Last Block Mined

What’s next after the Bitcoin halving? Bitcoin starts a new cycle in price. Predictions have shown that reducing remuneration by half every four years leads to an increased market value of the cryptocurrency.

What do you think about this Bitcoin halving? Has BTC already reached its all time high? Or will it break it’s all time record in the 2020,2021?

Bitcoin’s all time high value: 20,089 USD [2017]

The current price of Bitcoin: 8,600 to 8,700 USD

Effects on The Crypto Market?

Today’s daily sentiment score and tweet volume show that on the day of its third halving, conversations on Bitcoin surged 72% (vs. the 30 day moving average) as Bitcoin surpassed 50K daily tweets for the first time since June 2019. 

In the month prior to the halving, the event became the dominant narrative for Bitcoin, as it was the most used word in Twitter conversations around the coin. Despite recent downwards price movement, 51% of tweets mentioning the halving remained positive today as Bitcoin’s Daily Sentiment Score quickly doubled from monthly lows just two days ago.


Keep a lookout for our upcoming market predictions and don’t forget to follow our social media platforms to get our latest updates! 

Official Twitter: @DigiFinex

Official Facebook: @digifinex.global

Official Instagram: @digifinex.global


Bitcoin Halving, Bitcoin History, Bitcoin Price Prediction

You can share this post on

Reletad Post

What Is NFT Real Estate and How Is It Changing the Real Estate Industry?

NFT real estate is virtual property you can purchase on a metaverse platform. 

There are many use cases for NFT real estate but it is most commonly used as a space to socialize, work, and game.

The value of NFT real estate can be affected by its utility, project, and demand. 

Thanks to blockchain technology, the tokenization of real-world assets (such as real estate) has made the industry’s processes more efficient, transparent, and secure.

Arbitrum Project Introduction

From 2020 to now, many public blockchains such BSC, Solana, Polkadot, and Avalanche raced to take over ETH’s users and market. Their advantages on low gas fee and quick transaction time made ETH eager to release effective Layer2 program to expand the capacity. Since Arbitrum was released, its ecosystem grew up rapidly and already owned many mature and popular featured projects on different race tracks.

Polkadot, the King of Cross-chain Explained

What is Polkadot? Polkadot is a heterogeneous blockchain founded by Gavin Wood, former CTO of Ethereum, is an impeccable blockchain project that is perfect in every sense. Its founder, Gavin Wood, is the author of the Ethereum White Paper and the person who knows the defects of Ethereum at heart. Polkadot was founded with the idea to solve Ethereum’s shortcomings and replace it as the “King of the Public Chain”. Read to find out more!

Fil Mooned Right Away After I Sold It. Am I One of the Weak Hands?

“Fil mooned right away after I sold it. I am the weakest hand in the crypto world.” said one of my friend who has been trading cryptocurrency for many years. He is a user during the public sale and bought FIL at the price of $2. After the FIL is unlocked, he sells coins wildly every day. But even so, he still hates the slow process of unlocking, so he directly sold all the publicly purchased Fil at the price of dozens of dollars.

What is EIP-1559? How will it affect Everyday Users? Will it Pump Up ETH Price?

What is EIP-1559? How will it affect Everyday Users? Will it Pump Up ETH Price? The EIP-1559 we will be talking about in this article is an example of Ethereum improvement proposal. This proposal was first put forward in November 2018 by Eric Conner, an ETH developer. It aims to reform the GAS fee bidding system of ETH, so to reduce the cost for users to transfer money on ETH.

DigiFinex Apollo IEO Project HGOLD Token Sale Announcement & Sponsoring Michael Madsen’s Imprint Ceremony in Hollywood

5 rounds of HollyGold Limited Token Sale came to an end smoothly last Friday, Nov 13rd, 2020. Not only was it a successful token sale, its’ results were indicating a positive growth in the project HollyGold. HollyGold has also sponsored Michael Madsen at his celebratory imprint ceremony in Hollywood recently.

%d bloggers like this: