Bitcoin Price: The Last Time This Happened, Bitcoin Prices Soared 3950%

Bitcoin PricesSomething big is about to happen to the bitcoin price, and it could send bitcoin prices through the roof.

You see, this digital currency has a unique monetary policy. Bitcoins are created roughly every 10 minutes, but there can only ever be 21 million of them. The rate at which bitcoins are created will drop by half every four years until all 21 million bitcoins are in circulation.

Last time the halving event happened was in November 2012, when the price of a bitcoin was around $12.00.

Since then, the bitcoin price skyrocketed. At $473.80 apiece, the price of a bitcoin has increased by 3,950%!

The next halving event is expected to happen in less than two months. This could spark a new rally in bitcoin prices.

However, there is a major concern about the event. For the Bitcoin system to function, it relies on a group known as miners to keep processing the transactions. What is the incentive for miners? They get the new bitcoins created every 10 minutes.

Now, if the number of newly created bitcoins drops by half, miners would get fewer rewards unless the price of bitcoins doubled immediately.

Should you worry about the

Read more ... source: TheBitcoinNews

  • RoseTattoo

    I think you mean Nov 2012 when the price was $1200.00