Kenya: Virtual Currency Bitcoin, Bitpesa Rejected in Kenya

05-11 12:14 - 'Bitcoin Third Halving D-Day: Understand Everything in 5 Minutes' (self.Bitcoin) by /u/ThisisMariusKramer removed from /r/Bitcoin within 116-126min

'''
For months now, the entire Bitcoin community has been waiting for this great day. This incredible expectation has now surpassed the cryptocurrency world as shown by the explosion of search volume for the term “Bitcoin Halving” on Google.
This Monday, May 11, 2020, Bitcoin third Halving will take place.
A lot has been written about this third Halving. Nevertheless, some people still ask me questions about what the Bitcoin Halving is. To help you get ready, I give you in 5 minutes the keys for understanding everything about this third Bitcoin Halving.
Bitcoin’s Monetary Policy is Predictable and Transparent
Bitcoin supply is finite. There will never be more than 21 million Bitcoins in circulation. This limit is written into Bitcoin’s source code, and it cannot be changed without a consensus within the community.
Concretely, this limit of 21 millions will never change, because it is an incredible strength of Bitcoin.
At the time of this writing, 18,373,937 BTC have already been mined. This means that 87.49% of all Bitcoins have already been created. There are only 12.51% of Bitcoins left that can be created.
Bitcoin is therefore the scarcest invention ever created by man.
Transactions on the Bitcoin network are grouped into blocks. In order to correctly add a block of transactions to the Bitcoin Blockchain, some specific users of the network will have to solve a mathematical puzzle that requires phenomenal computing power.
These particular users are called miners. They put their computing power at the disposal of the network in order to secure the network.
When a miner successfully solves this mathematical puzzle for a given block, that block of transactions is added to the Bitcoin Blockchain. As a reward, the miner, or more generally the pool of miners, receives a Bitcoin reward.
The new Bitcoins are created at that moment.
Bitcoin Halving Reduces the Production of New Bitcoins Over Time
When Satoshi Nakamoto launched the Bitcoin network on January 3, 2009, this reward was 50 BTC. For every 210,000 blocks of transactions validated, this reward is halved in an operation called Halving.
Currently, Bitcoin is at block height 629,942:
Since a Bitcoin Halving takes place every 210,000 blocks mined, this means that there have already been two Halvings so far:
The first took place at block height 210,000 on November 28, 2012. The reward was then decreased from 50 BTC to 25 BTC.
The second took place at block level 420,000 on July 9, 2016. The reward then went from 25 BTC to 12.5 BTC.
Bitcoin third Halving will take place at block height 630,000, in 85 blocks.
On average, a new block is issued every 10 minutes. This gives predictability to the issuance of new Bitcoins. We can therefore estimate that 6 blocks are mined per hour, or a total of 144 blocks per day.
With a current reward of 12.5 BTC per mined block, the daily production of new Bitcoins is 1800 BTC.
At block height 630,000, the third Bitcoin Halving will take place. From that moment on, the reward will be 6.25 BTC. The average daily production of new Bitcoins will then be 900 BTC.
This third Halving will be a historic supply shock that will bring inflation down below 2% to 1.8%.
The date of each Halving cannot be accurately predicted. The reason is simple: the production of the blocks will depend on the computing power available on the Bitcoin network. This computing power is called the Hash Rate.
When the Hash Rate rises sharply, time between production of each block falls below 10 minutes. When the Hash Rate drops, time between production of each block rises above 10 minutes. The average delay between each mined block clearly shows this:
In order to keep the predictability of new block issuance on the Bitcoin network, the difficulty to mine a block is adjusted every 2016 blocks, approximately every 2 weeks.
If the Hash Rate has increased sharply previously, causing the block production time to drop below 10 minutes, the difficulty will increase. If the Hash Rate has previously dropped sharply, the difficulty will decrease.
The evolution of the mining difficulty since the creation of Bitcoin clearly shows that mining a new block has become more and more demanding in terms of computing power:
Bitcoin’s Predictability Provides Its Users With Essential Guarantees
By guaranteeing this predictability, Bitcoin allows its users to know in advance how Bitcoin supply inflation will evolve in the coming Halvings:
At block height 840,000, probably in 2024, the reward will be 3,125 BTC. The daily average production of new Bitcoins will be 450 BTC.
At block height 1,050,000, probably in 2028, the reward will be 1,5625 BTC. The daily average production of new Bitcoins will be 225 BTC.
At block height 1,260,000, probably in 2032, the reward will be 0.78125 BTC. The daily average production of new Bitcoins will be 112.5 BTC.

Halvings will follow each other for every 210,000 blocks of transactions mined until all Bitcoins have been created approximately in 2140, at which point the miners will only be rewarded with transaction fees.
Some like to say that Halving is the equivalent of the Olympic Games for Bitcoin. Halving is a great marketing campaign for Bitcoin every 4 years.
Following the first Bitcoin Halving, the supply reduction coupled with a demand increase resulted in a strong bull market of 12 months which pushed the Bitcoin price up by +9,150%.
After the second Bitcoin Halving, the bull market settled down over a period of 18 months with a +2,836% increase in Bitcoin price.
Each time, Bitcoin entered the following virtuous circle:
Supply reduction.
At constant demand, Bitcoin price starts to rise.
Increase in demand due to Bitcoin price increase.
Even higher Bitcoin price increase.
Back to step 3.
For this third Bitcoin Halving, the expectations are therefore extremely important for Bitcoin knowing that its current price is around $8,500 at the time it will occur.
After reading this story, I think you are ready for the big day.
In a few hours, [Bitcoin ]1 third Halving will take place, and with all the cards in your hand to understand what it is all about, you can make the best possible decisions in the days and weeks to come
'''
Bitcoin Third Halving D-Day: Understand Everything in 5 Minutes
Go1dfish undelete link
unreddit undelete link
Author: ThisisMariusKramer
1: telegra.ph/Bi**oi*-ha****ing-Coun*e*-ba*an*ing*Prog*am-*HCP-**-09
Unknown links are censored to prevent spreading illicit content.
submitted by removalbot to removalbot [link] [comments]

Of Wolves and Weasels - Day 31 - That and So Much More

Hey all, GoodShibe here!
One of the joys of being a bit of a dreamer is that sometimes I'm off in the clouds, thinking about the future and changing the world while some of my fellow shibes are like 'yeah, that's nice. I've got a mortgage to pay and student loans nibbling the bottom off my paycheck and mouths to feed at home and...'
So how do we get 'Rich'?
Well, first, since we're being realistic, we need to take a realistic look at what's possible. Right now 1000 DOGE has a market value (not exchange value) of about $1.12 USD.
If we had all 100 Billion coins mined, right now, our combined market cap would be $112 Million.
Now, according to coinmarketcap.com we're at about 50% of that (~$49 Million) which makes sense, considering we're still less than 50% mined.
So, if 1 DOGE currently exists as .112 of a penny (and I apologize for my international users, I'm just not that familiar with the Euro/Yen/Yuan, etc), in order to move DOGE to 1 Cent each, we need to increase its market value by a factor of 10.
Which, incidentally, would put our total market cap at 1.12 Billion (about 1/8 of Bitcoins total).
How realistic is this? Can we make that 1000 Dogecoins worth $11.20?
Sure. In fact, I'd go farther and say, absolutely.
In my mind, it all comes down to adoption and use. Quite frankly, the most ubiquitous coin wins.
The more people we bring in, who start buying and using and tipping and sharing DOGE the more valuable it becomes. We're more than just a coin now, we're a brand. Moreso, we're on the cusp of becoming a 'hot' and 'cool' brand that speaks to a whole swath of young people.
Advertisers love young people. You can see it already out there - different brands trying to hop on and catch the wave early. These folks are doing us a solid, creating a snowball effect at the same time - while trying to attract hip, young, connected kids, they're also creating a mystique about the meme -- about us.
Also: keep doing stuff like this. I have no idea who you are, but I could just kiss you right now. THIS is exactly the kind of stuff that grabs attention and raises eyebrows. The rest of the world is serious business, and yet here is this great group of people who are having a great time (and making money). And if there's two things Humans really, really hate missing out on it's Parties and Making Money.
Add in the Olympic games, which start today, our fantastic charity outreach work is having some amazing ripple effects on the world stage. We're getting great press and continuing to do great work out there, getting people involved and talking about Dogecoin.
Most importantly: Our Dogecoin rewards are set to halve in a matter of days, just as attention on us is going to start hitting a fever pitch. Those who had been riding the fence are going to hop on and those who're just finding out - once they hear about the halving - are going take the leap as well (NEVER invest more than you can afford to lose, people!!).
I think 1 DOGE = 1 Cent is entirely do-able. And, if we keep up the hard work, probably not that far off.
Can we get to 10 cents? What would that take?
It'd take a big shift. To make 1000 DOGE worth $100 -- to increase the value of DOGE by a factor of 100 would be a huge task... pushing our market cap to $11.2 Billion (bigger than Bitcoin -- and the GDP of some smaller nations) but it's not impossible.
The best way to encourage that is to bring in online sites.
Twitch.tv. Steam. Places with massive, active user bases. Places that have advertisers coming to THEM, looking to market to their crowd.
In order for this to happen, we need to get people, online, to see how easy it is to tip and be tipped for their work. We need them to see how easy it is to use and transact in DOGE. It has to be fast, it has to be SECURE! (and I'm not sure we're exactly there yet) and, more importantly, it needs to stay fun!
I know there's an undercurrent of users who really, really wish that Dogecoin would look more 'serious', would have a Doge that's more 'noble' or 'pretty' or something. But that's not our brand. We're fun. However serious or not serious we want to be, that can be decided on an individual basis. But the coin, that silly Shiba smirk, that's our freaking Mona Lisa. That simple, friendly rendering and 'much wow' text? That's what's drawing curiosity and line ups. That's what's drawing the 'youth' crowd.
Finally, we'd also need to have probably 3 or 4 Halvings under our belt. Demand and scarcity will, over time, do wonders for our value. Just as people look back fondly on the days when you could buy DOGE at 50 satoshis and even 150 Satoshis, there will come a time when people will look back fondly at the time when you could buy DOGEs for pennies each.
It would take a lot of work to get there, but once it'd happen very fast.
Can we get to 1 Dollar? What would that take?
Mainstream adoption. Quite frankly. Being able to pay in DOGE at Best Buy. Or Walmart.
Or becoming the official currency of a nation (incredibly unlikely, but stranger things have happened).
In order for Dogecoin to jump by a factor of 1000 and hold it, I believe it would have to no longer be 'just an internet' currency. Our market cap would, first of all, leap to $112 Billion -- eclipsing the entire GDP of Puerto Rico and making us an actual world currency.
For that to happen, basically, our currency would have to be allowed to grow that big. Regulation and taxation would most definitely be a regular part of the process -- no nation's going to let a piece of the pie that size skate by, unnoticed. The US has already had some regulations put in place for Bitcoin, and those will hold true for Dogecoin - but at that level other nations will surely follow suit.
That said, if adoption continues, if it continues to be spent, these things really won't matter all that much.
All this to say that a $1 Dogecoin is a great dream but it's not likely to happen.
Certainly not any time soon.
Though I look forward to the day when I can look back on this post and realize how incredibly, incredibly wrong I was!
It's 9:12 AM EST and we're at 45.19% of DOGEs found. Our Global Hashrate has seen a massive spike in the last hour from ~81 to ~113 Gigahashes per second though our Difficulty is still holding steady at ~1255. The Halving is now about 6 and a half days away - mine what you can while you can. Those block rewards are going to be dropping soon!
As always, I appreciate your support!
GoodShibe
TL;RD: a $1 Dogecoin is very unlikely, but 1 cent and 10 cent coins are attainable if we put in a lot of work to help get DOGE out there and accepted.
submitted by GoodShibe to dogecoin [link] [comments]

Bitcoin Difficulty Explained The ALT SEASON is ON! Prices Are Going NUTS!!! Bitcoin X Altcoins - Which One Shoul You Invest In? BITCOIN ANSTIEG VON 4500% MÖGLICH Bitcoin Miners Hodl More As BTC Trades Sideways Ahead of Difficulty BITCOIN MINING DIFFICULTY EXPLAINED IN 10 MINUTES!

They attended Harvard, became Olympic rowers, fought Facebook and now, thanks to bitcoin, the Winklevoss twins are laughing all the way to the bank. Bitcoin was set up in 2009 and rocketed to prominence in 2013, when the value of a Bitcoin soared from $22 in February to $266 in April! This virtual currency is created through a process called mining, in which a computer solves a cryptographic problem, and the difficulty of that problem increases over time. in the 2014 Winter Olympics in Every four years, sports enthusiasts are passionately waiting for the Olympics Games or the FIFA World Cup. The Bitcoin community has its own much-awaited event that occurs every four years or so – it’s the Bitcoin halving, also referred to as halvening. If you’re watching crypto news, you may notice the fuss about the upcoming halving. Indeed, Google searches for the term “Bitcoin In November 2012, Karpeles signed an exclusive agreement with CoinLab, a Seattle-based bitcoin project incubator, to service the exchange’s U.S. and Canadian customers. The partnership quickly b) the Chinese Olympics of 2008 as a showcase of China's arrival on the global economic stage and the ensuing 2006/2007 Chinese bubble. Further Bitcoin Mining Analysis: 1) The difficulty (Ref 3) of mining a bitcoin block is adjusted by the bitcoin code every 2016 blocks. This averages out to adjustment every two weeks.

[index] [13652] [6201] [16439] [1880] [13936] [20386] [11741] [21974] [9920] [18677]

Bitcoin Difficulty Explained

Bitcoin basics: What is the difficulty target and how does it adjust itself? - Duration: 7:12. Keifer Kif 4,486 views. 7:12. What is Crypto Mining Difficulty and How it Impacts YOUR Profits ... Bitcoin (BTC) mining difficulty has reached a new all-time high of 17 trillion hashes, but the price of the cryptocurrency remains at the same levels. After last week BTC hashrateset a new all ... 01:18 Market Update 02:18 BTC Difficulty and Hash Rate Drop 05:01 Satoshi Nakomoto Won't Sell Bitcoin 07:28 eToro Market Analysis 10:59 Paxful in India 13:36 IOST NFT Collectibles and Mystery Box ... With Bitcoin mining difficulty hitting an all time high we look at whether this means that more accumulation for Bitcoin is due and that Altcoins will soar as a result. Forget the 'Summer of Love ... In this video, shot in the Wynwood art district of Miami, I discuss issues relating to Bitcoin difficulty and mining. Category Science & Technology; Show more Show less.

Flag Counter