As investors and researchers keep a close eye on the cryptocurrency market, the question on everyone’s mind is whether the fast-approaching Bitcoin halving event is the factor behind its newly-obtained strength. In this article, we will explore the similarities and differences between Bitcoin and the emerging cryptocurrency Big Eyes Coin (BIG), analyzing how the “first” cryptocurrency’s halving event has and and will continue to impact the crypto market.
Bitcoin – The Pioneer
Bitcoin is a decentralised digital currency that functions independently of any centralised authority or the watchful eye of governmental or other financial institutions such as central banks. It relies on peer-to-peer software and cryptography that enables safe and secure transactions. A public ledger called blockchain records all Bitcoin transactions and prevents the BTC from double-spending.
Launched in 2009, Bitcoin has grown to become the most popular and valuable cryptocurrency in the virtual world. At the time of writing, Bitcoin was trading at $29,906 with over 578 billion dollars market capitalization.
What Is Bitcoin Halving?
Bitcoin halving is an event that occurs once in every four years on the Bitcoin network. During this event, the reward that Bitcoin miners receive for adding new blocks to the blockchain is reduced by half, meaning they earn fewer tokens for their work. This mechanism is designed to control the supply of new Bitcoins entering circulation, limiting it to 21 million. By reducing the number of Bitcoins that enter the market, the halving is expected to increase the demand for Bitcoin, potentially leading to a rise in its price.
The last three Bitcoin halving events occurred in 2012, 2016, and 2020. The next Bitcoin halving is expected to take place in April 2024.
Why Does Halving Matter?
As the halving cycle occurs, the supply of Bitcoin tokens available reduces, resulting in an increase in the value of coins that are yet to be mined. The first halving event in November 2012 witnessed Bitcoin’s value rise from approximately $12 to almost $1,000 within a year. In the most recent halving in May 2020, Bitcoin’s price was $8,787, but it surged in the following months, indicating the potential for significant changes in the crypto market after each halving event.
Earn BIG Using END300 Code
Big Eyes Coin is a newly introduced meme coin with a cat-themed design that has gained popularity due to its unique characteristics. The Big Eyes Coin operates on the Ethereum blockchain and leverages the Proof of Stake (PoS) consensus algorithm to validate transactions executed on the blockchain, which results in lower energy consumption and mining costs than Bitcoin.
The project’s goal is to make a positive impact on the world by allocating 5% of its supply to charities focused on ocean conservation. At the 13th stage of the presale, Big Eyes Coin has raised over $34 million, and the project team has been introducing new incentives to attract more investors before the presale ends on June 3rd.
Currently, the project is offering a rare opportunity to receive a 300% bonus by using the code END300 when purchasing BIG tokens or Loot Boxes.
Conclusion
The halving event had a significant impact on Bitcoin’s price and adoption in the past. But Big Eyes Coin is a PoS algorithm, therefore BIG’s mining rewards are based on the number of coins held by miners, rather than on computational power. Hence, the Bitcoin halving event may have very little impact on the Big Eyes Coin.
Although Big Eyes Coin has a lower adoption rate than Bitcoin, it has been gaining popularity among investors and traders due to its potential for growth and its low fees.
For More On Big Eyes Coin (BIG):
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
Opensea: https://opensea.io/collection/big-eyes-lootbox-cards
