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As the cryptocurrency market draws the attention of investors and researchers, the impending Bitcoin halving event has raised the question of whether it is responsible for the newfound strength of the cryptocurrency. This article delves into a comparative analysis of Bitcoin and the emerging cryptocurrency Big Eyes Coin (BIG), examining the similarities and differences between the two and assessing the impact of Bitcoin's halving event on the wider crypto market.
Bitcoin is a decentralized digital currency that operates autonomously without any centralized authority, government, or financial institution like central banks overseeing its transactions. It utilizes peer-to-peer software and cryptography to enable secure and safe transactions. All Bitcoin transactions are recorded on a public ledger called blockchain, which ensures the integrity of the BTC and prevents double-spending.
Since its launch in 2009, Bitcoin has grown to become the most widely used and valuable cryptocurrency in the digital realm. As of writing, Bitcoin was trading at $29,906 with a market capitalization of over $578 billion.
Bitcoin halving is a significant event that takes place approximately every four years on the Bitcoin network. During this event, the rewards for miners who add new blocks to the blockchain are halved, resulting in fewer tokens earned for their work. This process is a deliberate attempt to regulate the number of new Bitcoins entering the market, which is capped at 21 million. The halving process is designed to restrict the number of Bitcoins that can be mined, leading to an anticipated increase in demand, which could ultimately result in a rise in the value of Bitcoin.
Bitcoin has undergone three halving events so far in 2012, 2016, and 2020. The next Bitcoin halving is scheduled to take place in April 2024.
During the halving cycle, the available supply of Bitcoin tokens decreases, leading to a potential increase in the value of yet-to-be-mined coins. The first halving event in November 2012 resulted in Bitcoin's value skyrocketing from around $12 to almost $1,000 within a year. In the most recent halving in May 2020, Bitcoin's price was $8,787, but it experienced a significant surge in value in the following months, highlighting the potential for substantial changes in the cryptocurrency market after each halving event.
Big Eyes Coin is a newly launched meme coin that has gained popularity due to its unique cat-themed design and features. Running on the Ethereum blockchain, the Big Eyes Coin uses the Proof of Stake (PoS) consensus algorithm, resulting in lower energy consumption and mining costs compared to Bitcoin.
The project aims to make a positive impact on the world by allocating 5% of its supply to charities focused on ocean conservation. Big Eyes Coin has already raised over $34 million by the 13th stage of the presale, and the project team is now offering new incentives to attract more investors before the presale ends on June 3rd.
Currently, the project offers a rare opportunity to receive a 300% bonus by using the code END300 when purchasing BIG tokens or Loot Boxes.
In the past, Bitcoin's price and adoption have been significantly affected by the halving event. However, as Big Eyes Coin operates on the PoS algorithm, its mining rewards are based on the number of coins held by miners, rather than computational power. Consequently, the impact of the Bitcoin halving event on Big Eyes Coin may be minimal.
Despite having a lower adoption rate compared to Bitcoin, Big Eyes Coin's popularity among investors and traders is on the rise due to its potential for growth and low transaction fees.
Presale: https://buy.bigeyes.space/
Website: https://bigeyes.space/
Telegram: https://t.me/BIGEYESOFFICIAL
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
