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What is bitcoin halving, should I worry about it?

May 5, 2020 By Branzel

Bitcoin Halving
Bitcoin Halving. Source: Xataka

“Oh no bitcoin halving is coming, what I going to do, oh no Bitcoin will die” – A friend of my, on these days.

What is Bitcoin halving?

My friend, I know you are a little bit worried about these buzzwords, I want to tell some things. Do you have bitcoin? If your answer was yes so do not worry all is going to be ok, although if your answer was no, you do not have to worry either. Bitcoin halving is an important, exciting, and interesting event, here you have some definitions:

A halving – sometimes referred to as halvening – is a planned reduction in rewards miners receive (the term is mentioned in Bitcoin’s code). Halvings happen once every four years or so – more precisely, every 210,000 blocks of transactions. As the name suggests, each one cuts the amount of Bitcoin miners receive per block reward in half. At Bitcoin’s launch in 2009, miners received 50 Bitcoin per block, but that reward was reduced to 25 in the first halving, in 2012, to 12.5 in 2016, and will fall to 6.25 tokens in the next. – www.bloomberg.com Vildana Hajric and Brandon Kochkodin

As part of Bitcoin’s coin issuance, miners are rewarded a certain amount of bitcoins whenever a block is produced (approximately every 10 minutes). When Bitcoin first started, 50 Bitcoins per block were given as a reward to miners. After every 210,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2140). As of now, the block reward is 12.5 coins per block and will decrease to 6.25 coins per block post halving. www.bitcoinblockhalf.com

According to the BTC protocol, BTC’s total supply is 21 million, and the amount of BTC generated per block with rewards is set to decrease geometrically, with a 50% reduction every 210,000 blocks. The average BTC block generation interval is 10 minutes, so that BTC halving occurs every 4 years. The upcoming halving will occur when its block height reaches 630,000. .www.okex.com

In all their infinite wisdom, Bitcoin’s anonymous inventor Satoshi Nakamoto decided that only 21 million BTC would ever exist. They wanted new coins to be released gradually into the market — but at the same time, it was crucial for a generous supply of Bitcoin to start circulating sooner rather than later. www.coinmarketcap.com

Block halving is an event that occurs once roughly every four years wherein the block reward miners receive upon solving a block on the Bitcoin network is reduced by half. As a result, the rate at which new bitcoins are generated decreases. The halving event is periodical and is programmed into Bitcoin’s code. According to the Bitcoin algorithm once every time 210,000 Bitcoins enter circulation, a halving takes place. www.nexo.com

Past halving price performance

There is no surprise that something is going to happen after the bitcoin halving event. Some people think that nothing is going to happen after the halving, however, other people think that bitcoin price is going to fall, at Branzel we have some ideas about this topic, so here we go:

Bitcoin halving
Bitcoin halving chart, Tradingview

A bitcoin halving of supply should cause an increase in price if demand for Bitcoins is equal or greater than what it was before the halving event. Above is a chart showing the past price performance of the two halving events.

Bitcoin Halving Searches on Google Hits All-Time Highs

search for halving bitcoin
Searches for bitcoin halving

People are a little bit worried about the bitcoin halving, so they started to search for this word, since February 2020 google shows an increase in its google trends web page about this halvening event.

So, should I buy o sell my bitcoin?

Being honest this a good time to buy bitcoins, let me explain to you why:

Bitcoin halvening prediction
Bitcoin halvening prediction. Source: CyrptoPatel from https://www.tradingview.com/

Predictions say there are two ways, bitcoin will go down to 5700 USD or up 19000 USD. This is a good time to buy.

However, I suggest you only buy until May 15th because the bitcoin halving may produce a decrease in the bitcoin price. So, be careful with your investment.

All the evidence says something good is going to happen, what do you think?

Filed Under: Bitcoin News

How did the LIGHTNING NETWORK change in 2018?

January 20, 2019 By Branzel

How did the LIGHTNING NETWORK change in 2018?
How did the LIGHTNING NETWORK change in 2018?
  • In January 2018 the network single tennis 69 nodes. He’s over 5,000 today.
  • Better design for the user, the anchorage of the channels and their resistance to DDos, great challenges.

One of the biggest challenges of Bitcoin is the scalability of its network, that ability to maintain the efficiency of its protocol even in the midst of the massive and global use of its Criptomoneda and its chain of blocks. Lightning Network (LN) has been devised and developed to offer a possible solution from the second layer of payment channels and bitcoins routing outside the main chain.

During 2018 the network Lightning network experienced an important expansion, not only in terms of the number of nodes, payment channels, and routing capacity but in development and applications using their characteristics that allow transactions with bitcoins in a way Immediate and low cost.

Main network

While the first whitepaper (or white paper) on Ln, written by Joseph Poon and Thaddeus Dryja, was published in 2016, LN’s main network was presented to the public in January 2018. Although, then, only the developers were using it, given its instability and the novelty of its operation. Then, Blockstream announced a small online store to purchase merchandise allusive to the brand by making payments using Bitcoins through LN.

lightning network
lightning network

At that time, Lightning Network was a small network, and developers were urging each other to enable nodes with low BTC amounts and pay channels with even smaller amounts, this to prevent the tests from leading users to have losses Important.

Only in March 2018, Lightning Labs, one of the three main development teams of this network, released a stable version of its own client, Lightning Daemon (NLD). At that time, although the technical requirements remained important, less technical users began to be added, leveraging the growth of the LN, which has not stopped.

 

Lightning Network today
Lightning Network today This is how the network is currently seen, according to Lndexplorer. Source: Lndexplorer.

Although the network was promoted and gained popularity for micropayments thanks to these low limits, it should be emphasized that its design does not definitively limit the capacity that will have to route payments, which could be significantly increased in the future.

There is currently a capacity limit of 0.16 BTC and payments of 0.04 BTC, but this feature is not definitive and can be modified with the definitive stabilization of the network.

Available Customers

When it was presented in partnership, Lightning Network had only two clients. There are currently up to 6 client versions to use the network. In addition to those of Lightning Labs-LN Daemon or NLD (written in Goland)-, Blockstream-known as C-Lightning (written in c)-and the version of Eclair (developed at Scala), we have three other clients, less popular but equally compatible with those already mentioned.

We are talking about lit, created in Goland by MIT; Lightning-Onion, also written in Goland but focused on privacy, using the Red Lightning via TOR and Ptarmigan, which is still in development but is being written in Goland.

These six versions are completely compatible with each other, due to the collaborative nature of the development of this technology. Remember that all LN development teams use the same base specification, which makes payment channels and nodes work together despite the different version.

In this way, the developers have been able to make more emphasis in a certain area of the product without their technical specifications making their versions unviable to each other, this in favor of the network and the increase of users and operators of nodes.

If you want to know the applications available in this network-from games to points of sale, passing by self-service pilots, among others-you can consult this special work on the applications presented during 2018, and its second part.

Nodes, channels, and routing capability

The numbers are important and the growth of the network is significant in terms of data. Thus, if we talked about 69 nodes in their first presentation to the public, today the network has a total of 5,536 public nodes. This number would have to add an unknown amount of private nodes, whose configuration limits the visibility of their channels in the LN browsers that exist.

The number of nodes is fundamental for the decentralization and strength of the network. In fact, it is important to note that, despite being a solution for the scalability of Bitcoin, Lightning Network has more nodes than popular cryptocurrency like Litecoin, Bitcoin Cash or XRP.

Lightning Network nodes
Lightning Network nodes The key numbers of Lightning Network this January 20, 2019 Source: 1ml.

Lightning Network already has more than 20,000 channels of payment through which a total of 544.64 BTC can be routed, which amounts to a little more than 2 million of dollars with the current prices of the market.

The average capacity of these channels is 0.026 BTC, which is equivalent to almost 100 dollars per channel. It is estimated that each node of the network has about 15 channels of payment and with a capacity of 0.198 BTC, which translates to about 730 dollars.

Technical development and challenges

But, despite its exponential growth during 2018, the red Lightning still has many challenges ahead, especially in terms of the technical scope and its definitive expansion towards less technical users, with much friendlier user interfaces.

Thus, in addition to the modifications that should be given in the Bitcoin base protocol to deepen the bitcoin design (we talk, for example, of Eltoo and the need to add SIGHASH_NOINPUT to the Bitcoin scripts for implementation in LN), the development itself LN technician must evolve.

The main challenges of the network are the simplification of the interfaces and their construction on the basis of the users, but it is also critical the anchorage of the pay channels, the need for the users to be online, the simplification of the routing between Channels and their potential combination as well as the review scheme for updating your balance. These elements, although they have already been theorized, are still in full development.

Thus, the advent of lighter ST clients, such as Neutrino, the ultimate breakthrough of the Atomic multipath payments (AMP) or increased channel security and the operation of Ln are some of the important points on the development agenda.

Some researchers have even shown that, at the topological level, and especially in relation to the relationship between the nodes and the channels, there are still important problems, which could make the network potentially sensitive to a rational attack that collapses the network. Thus, in addition to nodes that concentrate the largest number of channels, the impotence against DDoS attacks and the possibility of collapsing the network are critical elements still to be solved.

A better understanding of network topology is essential to improving the robustness of complex systems, such as LN. The resistance of the networks depends on their topology. The high level representations of the LN topology convey a false sense of security and robustness.

István András beings

And is that, the better the Red Lightning works, the more robust its protocol the greater liquidity will attract, bringing to Bitcoin the possibility of fulfilling an old yearning: the realization of immediate transactions and with very low commissions.

In 2018, Andreas Brekken concentrated the greater routing capacity of Bitcoins de LN, in order to “promote itself”. The problem is that Brekken was self identify as an enemy and open Bitcoin critic, so, at the time, Brekken’s decision was interpreted as the portico of an attack on Lightning Network.

The network has been marked as centralized, especially by the way it is graphically represented, with important channel hubs, which could be critical points in this routing network.

These elements are warnings about the clearest challenges of the network, the key points to conquer during this 2019.

Remember that in 2017, at a meeting of developers, he ventured that in “18 months” the LN would be completely fit. Since then, the date became a sort of joke, to mock the slowness of its development.

However, as seen in 2018, 2019 may be a year of strengthening and deepening the network and its potential as a solution to the scalability of Bitcoin.

Filed Under: Bitcoin News

BITCOIN transaction fees reached their minimum in 3 years

January 7, 2019 By Branzel

bitcoin minimum price
bitcoin minimum price
  • 2019 initiated with a fee of USD 0.02 per transaction in the Bitcoin network.
  • That figure was not recorded since October 2015.

Bitcoin transaction fees reached their minimum in 3 years
Transaction fees on the Bitcoin network reached its lowest level on January 1, 2019, by registering a median of 0.02 USD per operation. Amounts like this were not recorded since October 2015, according to Visual Bitcoin data.

This figure occurred despite the fact that the volume of Bitcoin operations is currently 75% higher. Analyst Kevin Rooke highlighted in a tweet that on October 13, 2015, the previous date that the rates were located 0.02 dollars, 134,741 transactions were registered, while on January 1 of this year the figure reached 234,576 operations. In his view, the fact that Bitcoin mining is validating more transactions for the same fees represents progress.


Daily transaction costs were placed at 0.02 for the first time in three years. Source: Bitcoin Visuals.

 

It should be recalled that during the frantic growth of the bitcoin price at the end of 2017, transaction fees were shot to more than 65 dollars for an operation. At its highest point, which occurred on December 23, 2017, the median of the commissions per transaction was 33.67 dollars.

vitcoin visual fees transaction
bitcoin visual fees transaction

In 2017, commissions were paid up to 65 dollars per transaction. Source: Bitcoin Visuals.

The commissions that apply to transactions in the Bitcoin network constitute the fees that miners receive as an incentive to maintain mining. This activity allows to validate the transactions to avoid the double expense and at the same time to keep the Bitcoin network secure. However, too-high commissions make it infeasible to adopt this criptomoneda as a means of payment at the retail level.

The figures reveal that currently moving bitcoins is cheaper than in 2017, a fact that could be explained by the incorporation of scalability solutions such as SegWit. This update, which was launched in August 2017, had reached a 40% adoption one year after its activation. According to Segwit. Space data, on October 10th, 2018 the largest number of Segwit transactions was recorded in the Bitcoin network, at 51.64% of total operations. Currently, the transactional prevalence of Segwit is maintained at around 38%.

segwit space
segwit space

 

Another solution that promises to take the adoption of Bitcoin, is the Red Lightning Network (LN), a second-tier, designed to make instant micropayments of bitcoins, with minimal transaction rates. The LN network, which was launched almost a year ago with just 69 nodes and 135 channels of payment, already has more than 5,000 public nodes and 17,800 payment channels, showing exponential growth.

The development of these technologies poses a favorable scenario for the massing of Bitcoin, beyond speculation with its price.

first appeared

  • https://cointelegraph.com/explained/bitcoin-futures-explained
  • Criptonoticias

Filed Under: Bitcoin News Tagged With: Bitcoin News

BITCOIN falls below $5.000 dollars dragging the crypto market

November 19, 2018 By Branzel

Bitcoin falls under 5000 dollars
Bitcoin falls under 5000 dollars Source: Cointelegraph

The main Criptocurrency broke the support of the 5,000 dollars after several weeks stable.

The Crypto market in general lost, in a few hours, more than 21 billion dollars.

The crypto market experienced this Wednesday a day of negative results with Bitcoin falling below the US $5.800, which led to a downward trend in most crypto currency, displaying red numbers. Bitcoin (BTC) lost almost 10% to be quoted in USD 5.770, ether (ETH) fell 12.26% to locate in $183.54, Ripple (XRP) marked a decline of 13.76% ($0.44) and Bitcoin Cash recoiled 19.1% ($428).

The capitalization of the Cryptocurrency market went from 209 billion dollars, during the early hours of November 14, to US $188 billion during the afternoon, a fall of more than 21 billion dollars, that is to say about 11%, according to figures of CoinMarketCap.

Before the downturn, the bitcoin top quote was 6.371 dollars close to 1:00 in the morning (California time), and then collapsed to the $5.770 around the 9:00 in the morning. The capitalization of the main crypto currency of the market went from 110 billion dollars, to 100 billion dollars, a setback of 10%. Of the 100 crypto most important currencies, due to their volume in the market, 96 were throwing red figures. Those that lost more ground were WAX (22.93%) and IOST (21.22%).

Bitcoin Charts coinmarketcap
Bitcoin Charts. Source: Coinmarketcap

Reasons for the Fall
One of the reasons that would have influenced the fall of the Cripto market would be to see that this Wednesday was defeated one of the futures of BTC in the Chicago Board options Exchange (CBOE), the largest market for financial options in the United States. This is the XBT/X8 that was quoted between 5,565 and 6,295. Other futures that follow are the XBT/Z8 with maturity on December 19, the XBT/F9 which expires on January 16, 2019 and XBT/G9 with cut-off date on February 13 of next year.

According to analyst Willy Woo, the market would bottom out in the second quarter of the 2019, and then climb consistently. In his Twitter account @woonomic, Woo said:

“I suspect the time to get to the bottom can be around the second quarter of 2019. After that we start the real band of accumulation, only after that, we will begin a long routine upward. “

In another message, this time quoting a tweet of his shared in September, Woo asserted that market indicators, published 2 months ago, were still at stake. At that time the analyst predicted the following: “Prepare for it. Our most likely way is to fall below the support of the $5,800 with some free falls (…). The following support is $4,900, which should slow down the fall, but 4,400 is the next real line of defense. ”

During the last 3 months the bitcoin price remained relatively stable with quotes ranging from 6,100 dollars, in mid-August, to 7,360 dollars in early September. In addition, between 1 October and Tuesday 13 November the value remained between 6,900 dollars and 6,354, with a variation of almost 600 dollars.

Source CriptoNoticias

Filed Under: Bitcoin News Tagged With: Bitcoin News

‘Bitcoin is common in our lives’ says Rapper Eminem on his new album Kamikaze

September 2, 2018 By Branzel

bitcoin eminem kamikaze
Bitcoin Eminem kamikaze

The surprise release of the new album of American rapper Marshall Mathers, better known as Eminem, not only excited fans, but also the bitcoin community, since one of the simple mentions is made to Bitcoin, the cryptocurrency more important ecosystem blockchain.

A sample of the cryptocurrency is entering more and more mass culture.

His new production “Kamikaze”, rapper Eminem, whose release was announced by the artist through Twitter.

“Not Alike” is titled and the Eminem shares with Ryan Daniel Montgomery, known as Royce Da 5’9, who is a guest in their songs.

Royce Da 5’9 says in the song: “Remember everybody used to bite Nickel, now everybody doing Bitcoin”.

This is the mention of the cryptocurrency in the entertainment industry, where frequently dealt with the everyday issues with which the common people is identified, as Bitcoin.

It is not the first time that concerns the world of rap with the cryptocurrency. In the month of June, another famous rapper announced the creation of its own cryptocurrency. The singer and activist Akon launched the crypto active Akoin, which aims to support the economic situation in Africa.

The constant growth of the cryptocurrency has led to being a recurring theme in the world of entertainment.

In the music industry, celebrities have created projects based in altcoins. For example, recently held the OMF Festival, a project of the American DJ Justin Blau, better known as DJ 3lau, who seeks to create your token for the production of musical performances live via a token created over the network from Ethereum.

On the other hand, the producers of film and television, have included the cryptocurrency in the frames of movies and series. Such is the case of the “Startup” series premiered in 2016, where the story revolves around a fictitious cryptocurrency called GenCoin.

Other television series such as The Big Bang Theory, the Simpsons, and Family Guy, have included episodes on cryptocurrency.

Also on the big screen has been present bitcoin, with productions in various regions of the world. The premiere of “Crypto” the first Hollywood film whose plot revolves around the cryptocurrency is announced for next year.

According to Forbes, a “significant” aspect of the mention of Bitcoin on the subject of Eminem, is that it does not associate the crypto active with corruption and dirty business, nor suggested it as a means to get rich quick, but as something that “everyone”, and is as common as any routine activity.

Filed Under: Bitcoin News

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  • What is bitcoin halving, should I worry about it?
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