The Halving - Good or Bad for Bitcoin?

[futureofbitcoin]

i've already explained above that they can lower the minimum fee if the value of bitcoin get too high, so this is not a problem

10k satoshi is too high? well do it 1k, but this will be only be a concern when the value of bitcoin will be very high not right now, and not at 5k or 10k per coin

and miners, as i said above, need $50k a day as a reward, so this mean that the total sum of the whole transaction per day must give them that amount

this is correlated with the value of bitcoin, so i can't understand why you keep repeating that it is not important, i'm taking about the value in usd per coin, not the value in bitcoin of each transaction fee

Let's say they need $50k/day of rewards like you said.

The Price of bitcoin will not change that. If bitcoin goes up 100x, miners won't suddenly require less fees per day. If anything, they will require more fees.

So whether the price per bitcoin in USD is $1 or $100 or $100000, the burden of fees in USD value will not change, for users of bitcoin. They will still need to pay that $50,000's worth of fees.

[Amph]

i've already explained above that they can lower the minimum fee if the value of bitcoin get too high, so this is not a problem

10k satoshi is too high? well do it 1k, but this will be only be a concern when the value of bitcoin will be very high not right now, and not at 5k or 10k per coin

and miners, as i said above, need $50k a day as a reward, so this mean that the total sum of the whole transaction per day must give them that amount

this is correlated with the value of bitcoin, so i can't understand why you keep repeating that it is not important, i'm taking about the value in usd per coin, not the value in bitcoin of each transaction fee

Let's say they need $50k/day of rewards like you said.

The Price of bitcoin will not change that. If bitcoin goes up 100x, miners won't suddenly require less fees per day. If anything, they will require more fees.

So whether the price per bitcoin in USD is $1 or $100 or $100000, the burden of fees in USD value will not change, for users of bitcoin. They will still need to pay that $50,000's worth of fees.

well it should, because otherwise micro payment will not be sustainable, miners fee will not remain as it is right now, that's my point, they will be adjusted maybe with an hard fork or something

btw it's 50k for each coin, so much more than that, because right now they are earning 32 btc in fee, and they need the equivalent of the reward earning in $, which is 3600 coin x 400 = 1440000 currently

so you need to increase the value of the fee in bitcoin in the future, or the value in $ need to be 100x higher

anyway we are saying the same thing, fee will remain the same in $(or they must remain acheap anyway to allow micro payment), as they are right now, but for this to happen they need to adjust the fee itself

[futureofbitcoin]

OK, since we're in agreement, my concern is that in the future, the fees will be too high for people to use, especially for micro-transactions and stuff.

I mean I personally don't care for microtransactions, but they are a big value proposition. I only care for bitcoins because I think it has the potential to go up by 100x or even more. But there are some long term worries, IMO, when the block rewards run out.

I don't see the benefit of having a hard cap vs keeping the number of active bitcoins at around 21,000,000 (as in, the inflation rate at the end will be equal to the rate coins are lost through accidents, death, etc)

[Amph]

OK, since we're in agreement, my concern is that in the future, the fees will be too high for people to use, especially for micro-transactions and stuff.

I mean I personally don't care for microtransactions, but they are a big value proposition. I only care for bitcoins because I think it has the potential to go up by 100x or even more. But there are some long term worries, IMO, when the block rewards run out.

I don't see the benefit of having a hard cap vs keeping the number of active bitcoins at around 21,000,000 (as in, the inflation rate at the end will be equal to the rate coins are lost through accidents, death, etc)

yeah that is an issue, but it can be fixed if they lower the minimum fee(in bitcoin), if 10k satoshi will be worth $40 in the future, they need to lower that to 100 satoshi, i don't know if this si possible or it will rise some concerns

[jt byte]

Well the halving can be good but also bad for the bitcoin, the bitcoin will then rise, this is good for the people who have already bitcoin. But I think it will drop heavily after.

If the bitcoin will rise to a record height it will be good for the popularity of bitcoin thats a plus point.

[Bitcoinbro]

Well the halving can be good but also bad for the bitcoin, the bitcoin will then rise, this is good for the people who have already bitcoin. But I think it will drop heavily after.

If the bitcoin will rise to a record height it will be good for the popularity of bitcoin thats a plus point.

I don't think its bad. Because it will be later more worth.
And if it is more valuable people will sell it.
Or they buy fast a Bitcoin now.

[avw1982]

Well the halving can be good but also bad for the bitcoin, the bitcoin will then rise, this is good for the people who have already bitcoin. But I think it will drop heavily after.

If the bitcoin will rise to a record height it will be good for the popularity of bitcoin thats a plus point.

Nope dude. There is no chance for bitcoin to go down after block halving. Because once halving done mining will be reduce in miners So demand will grow high only. So no need to worry about it dude.

[BellaBitBit]

How can it be bad if it was the original plan of Satoshi?  Are miners not aware and prepared for this?  Obviously it will be good for the price, not sure about the other areas.

[arbitrage]

Well the halving can be good but also bad for the bitcoin, the bitcoin will then rise, this is good for the people who have already bitcoin. But I think it will drop heavily after.

If the bitcoin will rise to a record height it will be good for the popularity of bitcoin thats a plus point.

I only hear calls for buying right now!
We will see pre halving pump very soon!
This is the nature of bitcoin manipulations, don't miss train!

[vero]

I think that it is good for the bitcoin currency because price will rise after halving but will bad for miners company.

[BruceLee007]

of course it is good for bitcoin because it makes the price to keep on rising in my opinion thats the main reason of the halving isnt it? i think its really good

[yohanip]

If we wanted the miners to keep on mining so that our transaction would become confirmed, then the price needs to become doubled when the halving occurred.. if not, what is the point of running those miners?

[Patatas]

of course it is good for bitcoin because it makes the price to keep on rising in my opinion thats the main reason of the halving isnt it? i think its really good

I think people here only minimal amount of knowledge about halving or miners need to read more on how stuff works around.Everyone around has the same opinions ,halving will increase the price but will be sad for miners.I'm not saying its wrong but the explanation is quite vague. I could write a 10 line paragraph on it but too bored to type .Check out this nice article about halving and bitcoin prices in 2016.Gives nice insights on the entire system : http://forklog.net/bitcoin-halving-and-its-impact-on-the-price-in-2016/

[chennan]

of course it is good for bitcoin because it makes the price to keep on rising in my opinion thats the main reason of the halving isnt it? i think its really good

I think people here only minimal amount of knowledge about halving or miners need to read more on how stuff works around.Everyone around has the same opinions ,halving will increase the price but will be sad for miners.I'm not saying its wrong but the explanation is quite vague. I could write a 10 line paragraph on it but too bored to type .Check out this nice article about halving and bitcoin prices in 2016.Gives nice insights on the entire system : http://forklog.net/bitcoin-halving-and-its-impact-on-the-price-in-2016/

You've got a very good point..

It's not so much a good thing, because of many factors.  For one thing, miners will drop out and the total mining power will end up becoming more centralized, which I'm not trying to say that it is going to become fully centralized... but as time goes on it will start to weed out the smaller guys and then after a while, I think it will become a duopoly or oligopoly where only a couple big guys will be the only ones mining.

This is definitely a bad thing, because of the fact that when miners are dropping out, it decreases the hashing rate and thus decreasing the security of the blockchain that we depend on.  On top of all of that, there is still an issue with what the block size should be, so that just puts more fuel on the fire of what's about to occur...

Sure, you as a holder of some bitcoins will be happy when speculation starts up and the price per bitcoin rises, but there will come to a point where the people will start selling because they will start to realize that they shouldn't be pouring money into something that essentially is a huge risk to lose everything every time they move bitcoins around to other wallets, cold storages, or simply just buy things with.

[justspare]

of course it is good for bitcoin because it makes the price to keep on rising in my opinion thats the main reason of the halving isnt it? i think its really good

I think people here only minimal amount of knowledge about halving or miners need to read more on how stuff works around.Everyone around has the same opinions ,halving will increase the price but will be sad for miners.I'm not saying its wrong but the explanation is quite vague. I could write a 10 line paragraph on it but too bored to type .Check out this nice article about halving and bitcoin prices in 2016.Gives nice insights on the entire system : http://forklog.net/bitcoin-halving-and-its-impact-on-the-price-in-2016/

All I know it's that halving is good for bitcoin because the price will rise. Well it's good for me. 

[avw1982]

I think that it is good for the bitcoin currency because price will rise after halving but will bad for miners company.

Even for miners also they will get pay more from blockchain So it will be good for both side for users and miners. When halving done mining level only will reduce other than that everything ll be goes good only.

[Swordsoffreedom]

As the title says, is the halving good or bad for the price of bitcoin?

The halving will decrease the supply of bitcoin, whole keeping the demand, so that would make bitcoin worth more.

But the halving will make mining profitibilty worse, meaning less miners, a higher trans. fee, and maybe causing a smaller demand.

What's your verdict?

I think bitcoin will still go up, as the fees might, let's say, double, but that's still a smaller transaction fee than through the banks...

I came in last time around the halving, it was a fun year with radical swings in prices looking back it at those were the times I wished I had a lot more Bitcoin this time around I am ready to see it through and look forward to a wild ride, the progression over the years is significant to back then the community has grown and we have not seen that bubble period all time high in a long time so I'm damn optimistic about this halving

[fair_player]

I strongly believe it is an excellent thing for bitcoin and all the community since most probably the price will rise then and more people will get interested in bitcoins. Question is, though: since everybody already knows about the halving, isn't it in the price already??

[futureofbitcoin]

I strongly believe it is an excellent thing for bitcoin and all the community since most probably the price will rise then and more people will get interested in bitcoins. Question is, though: since everybody already knows about the halving, isn't it in the price already??

Probably. Plus there are so many factors affecting the price, that the halving really is probably an insignificant factor in the grand scheme of things. People on this forum are waaaaaaay overestimating the affect the halving will have on the price.

[randy8777]

I strongly believe it is an excellent thing for bitcoin and all the community since most probably the price will rise then and more people will get interested in bitcoins. Question is, though: since everybody already knows about the halving, isn't it in the price already??

i strongly believe the block halving isn't already priced in 100%. the rise at the end of 2015 might have been due to the people scooping up coins early to not stay behind, but there is still plenty room for profits. i think the real peak will be much higher than when the price comes down and stabilize for a bit. i think we might see a peak of $800 to $900 and after everything has cooled down, i can see the price nicely stay around $600 to $700.