Bitcoin's continued success can also be fostered by technological condemnation. For the time being, this crypto is still considered too expensive and also too slow to be used freely as an alternative to traditional payment systems such as Visa. In fact, programmers are still working on a technology called Ligtening Network. It is supposed to significantly reduce costs as well as the time needed to validate blocks.
In a new system with the help of Bitcoin, transactions should take literally seconds, and at very low charges. This will make Bitcoin attractive to both consumers and retailers. This is especially true for those who focus on e-commerce. This is what makes Bitcoin look like PayPal. This will make it the preferred payment method for services such as Amazon and eBay.
Halving Bitcoin blocks
It is expected that the next halving of Bitcoin blocks will take place around May next year. This event, which is already announced in the news Bitcoin, may have a significant impact on the price of this cryptocurrency. Thus, the general view that 2020 will be a record year has been strengthened.
We are all fully aware that Bitcoin cannot be created indefinitely. Only 21 million coins can be extracted, and the rewards for extracting them are halved every 210,000 blocks. At the very beginning, those who mine Bitcoin earn a block of 50 Bitcoins. Four years later, this award was reduced to an accurate 25 Bitcoin. Today, miners receive only 12.5 BTC.
In May 2020, the Bitcoin award will again be split to 6.25 BTC. That is why the number of new Bitcoins entering the market will decrease. However, this in turn reduces the supply of Bitcoin, with constant or increasing demand. So it's really worth keeping up to date with Bitcoin News.