How Will the Bitcoin Halving Impact My Bitcoin?
If you’re one of the many amazing players here at BitStarz that loves to play in Bitcoin, then there’s a good chance you’ve heard about something called the halving. For the uninitiated into the Bitcoin world, the halving might sound like a very scary event and undoubtedly raises a number of questions.
But you need not fear for BitStarz Casino is ready to answer all your Bitcoin halving questions so you can relax and carry on winning big in the number one cryptocurrency, Bitcoin!
What is a Halving?
We’re going to start off by explaining what a halving is, and hopefully this knowledge alone should put you at ease and help you sleep at night once more. Bitcoin, and all blockchains for that matter, use things called blocks to run – hence the name blockchain. These blocks contain transactions that have been made, as well as a rough list of every wallet and its balance. Now, people called miners run really big and powerful machines that create these blocks and allow your Bitcoin transactions to be processed.
For doing this amazing work and making Bitcoin run, they’re given what’s called a block reward. This reward is written into the Bitcoin code and these miners get the reward every time they finish a block. As it stands, miners get 12.5 BTC for each block. Once the halving occurs, this reward will get cut in half to 6.25 BTC per block. Due to the fact miners get half the fees, this event has been dubbed as a halving – a rather apt name, wouldn’t you say.
This is written into the code and will happen automatically once a specific number of blocks have been mined, meaning there will be no interruptions of Bitcoin transactions and it will be business as usual.
Do I Need to Do Anything?
You don’t need to do a single thing during the halving, this is only something that impacts the code of Bitcoin. The halving will automatically take place, and the only people it will impact are Bitcoin miners. The impact won’t be one that requires and changes for them either, it simply means they get paid half as much for doing the same work. All you have to do is sit back, sip your favorite drink and spin the reels of your favorite Bitcoin slots!
Will My Balance Change?
We understand that the intricate workings of Bitcoin might be confusing, so we’re more than happy to answer as many questions as you might have. Another question we keep being asked is will the halving impact your balance at BitStarz? No. Nothing will happen to your balance, it will remain exactly the same as it was before the halving. You can carry on playing as normal.
Will There Be Any Delays on Deposits and Withdrawals During the Halving?
Many people are worried that something might go wrong during the halving and are worried that a deposit might get delayed or a withdrawal might get stuck. But, you don’t need to fear. Everything will run as smoothly as normal, so you can still take full advantage of the blazing-fast BitStarz Bitcoin deposit and withdrawal times.
There is one scenario where you might notice a slight delay, but this is a very unlikely scenario. If thousands of Bitcoin miners stop mining, then transactions could pile up and this might mean your transaction takes a little longer to be processed by the Bitcoin network, but this is very, very unlikely. If this does happen, the worst case is that instead of your transaction taking about 10 minutes, it might take half an hour. But we must stress, this is very unlikely to happen.
That Seems Rather Easy, Let’s Do This Halving!
You’re totally right, the halving is incredibly simple. You will not notice any difference in Bitcoin during or after the halving. If anything, your Bitcoin will likely become more valuable in around 6 months’ time thanks to the effects of supply and demand in the Bitcoin world. Now that’s a really nice bonus of the halving we can’t wait to start enjoying!
If you want to keep up to date with the latest Bitcoin halving information, you can find everything you need at our sister site, FullyCrypto. Here you’ll find all the Bitcoin halving information that you need. If you have any more questions or fears, don’t hesitate to reach out to our support heroes and they’ll explain anything you need!