Market

Bitcoin Pioneer Charlie Shrem Shares Notable Post About Very First BTC Halving

Wed, 17/04/2024 – 10:35

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Contents

  • Here’s what happened before first BTC halving
  • Bitcoin price in free fall

Advertisement

Charlie Shrem, a Bitcoin pioneer and the Bitcoin Foundation co-creator, has taken to the X social media platform to share a notable memory about the very first Bitcoin halving that took place in 2012.

He and his colleagues shared a major concern back then, which he has shared with the crypto community now.

Here’s what happened before first BTC halving

In a recent X post, Charlie Shrem shared his memories of the very first Bitcoin halving that took place at the end of November 2012. Shrem tweeted that on that day, the miner’s reward for a new block was reduced from 50 BTC to 25 Bitcoins.

Sharing a photo from that day, on which Shrem, Erik Voorhees and Roger Ver can be recognized, early Bitcoiner Shrem wrote that they were smiling but secretly fearing that the very first BTC halving would fail to work.

This week, the global Bitcoin community looks forward to the fourth Bitcoin halving, which will reduce block rewards from 6.25 BTC to 3.125 BTC for miners.

Each halving increases Bitcoin’s deflationary feature and makes it more scarce than before since the remaining amount of the 21 million supply gets to be mined more slowly every four years, allowing for a smaller amount of new BTC to be injected into circulation on the market. In the meantime, the very last Bitcoin is scheduled to be mined in 2140.

Bitcoin price in free fall

The world’s flagship cryptocurrency, Bitcoin, has been rapidly falling for almost a week now, since Friday, April 12. Since then, it has lost more than 10% of its value, despite two major attempts to recover. Having traded at close to $71,000 on that day, at the time of this writing, Bitcoin is going for $63,513. 

The plunge over the weekend is believed by many to have started due to negative geopolitical developments in the Middle East and to be continuing due to the statement by Fed Reserve chairman Jerome Powell about inflation being stronger than it was assessed earlier.

Now, the likelihood of the Fed cutting down interest rates has drastically dropped, which is negative for risk assets, including Bitcoin.

SOURCE

Leave a Comment

EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI EsI Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl Esl