Bitcoin halving security tips for first timers.

[EL MOHA]

Yes this is just another thread on bitcoin halving but instead of speculating on the price I will like to warn newbies or probably members who are just experiencing their first bitcoin halving.

First the bitcoin halving only cuts the block subsidy which is also know as the block reward into halve (this time from 6.25bitcoin to 3.125 bitcoin) and nothing special or different changes again from the way the past blocks were mined. The size of the block and also how fees are calculated and payed are still the same.

Secondly which is for Naive newbies, there’s no special giveaway or airdrops that is accompanied with this event. Be very wary of scammers who ask you to connect your wallets to some sites to receive airdrops for celebration of the halving, it’s a phishing scam. I wouldn’t say other shitcoins won’t run airdrops but it will be risky to connect your wallet to any site for airdrops.

Thirdly Excess or high transaction fees payed in the past blocks are not returned to you after this halving, it is also scammer tactics to get access to your wallet.

Lastly Bitcoin halving doesn’t coherently means that the bitcoin price will skyrocket, yes base on past events they do go up some months after the halving, but that doesn’t mean you should go and invest an amount that you can not afford to lose. Past events are just speculations and do not reflect what will happen in the future.

Stay safe, accumulate your bitcoin and secure your wallet properly. May the pump be with us.

[MusaMohamed]

The size of the block and also how fees are calculated and payed are still the same.

Not true so because halving contributes to increase Bitcoin adoption and demand.

It means Bitcoin blocks will possibly used in bigger size than before the halving to its maximum size. Demands increase so there will be more chances that there will be less space unused in future blocks.

It will cause Bitcoin transaction fee more expensive because there are limited transactions for each Bitcoin block. Transaction fee is calculated with a same formula before and after halving but paid fee will be different because there is possibility that people will have to use higher fee rate for their transactions.

This chart shows effects of halvings and bull runs on Bitcoin transaction fees. You can see it in years like 2017, 2018, 2020, 2021.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#alltime

[Plaguedeath]

It's too exaggerate IMO, I haven't see any giveaway sites about Bitcoin halving that ask to connect wallet, phishing etc etc.

What I see so far they ask to guess the Bitcoin price at halving event in public or they ask to follow their social medias in order to eligible.

This old school scam happen at any time, any event or any topic, just who can get scammed by this is too innocent.

[Z390]

Good advice. He who have ears let him hear.

I saw two posts on Twitter yesterday promising people about free tokens in celebration of the Bitcoin halving, and since I have been around for too long, I knew it was a scam strategy to steal people's crypto assets.

Mind you, halving do contributes to Bitcoin adoption and demand, just like what MusaMohammed said.
My first Bitcoin halving was in 2016 and I don't have much interest in Bitcoin at the time, but I was aware, I was one of those newbies who thought that I was already too late knowing Bitcoin at the time, looking at thr past history, the price don't always surge immediately after the halving, it takes time.

People lost hope after the halving of 2020 because the price didn't surge immediately, too many people were expecting the price to surge, but it didn't happen, so they thought it was over until somewhere around the third quarter of 2020, the price started climbing slowly.

I am not saying that the same thing will happen this time, but remember that we never had ETFs in the past years, there was a rumor but it never happened, this time it happened, and things could be different.

It's too exaggerate IMO, I haven't see any giveaway sites about Bitcoin halving that ask to connect wallet, phishing etc etc.

What I see so far they ask to guess the Bitcoin price at halving event in public or they ask to follow their social medias in order to eligible.

This old school scam happen at any time, any event or any topic, just who can get scammed by this is too innocent.

Just because you don't see it doesn't mean its not happening. There are many halving giveaway on Twitter, both real and fake ones.

[tabas]

and also how fees are calculated and payed are still the same.

Nope, the fees are dynamic.

Source from mempool.space

Secondly which is for Naive newbies, there’s no special giveaway or airdrops that is accompanied with this event. Be very wary of scammers who ask you to connect your wallets to some sites to receive airdrops for celebration of the halving, it’s a phishing scam. I wouldn’t say other shitcoins won’t run airdrops but it will be risky to connect your wallet to any site for airdrops.

For gullible ones, they might fall for those airdrops halving and giveaways, there's no such everyone and you have to remember that.

Thirdly Excess or high transaction fees payed in the past blocks are not returned to you after this halving, it is also scammer tactics to get access to your wallet.

Refer to the picture that I've quoted, that's what we're experiencing right now. But I think scammers that still use the moment to scam everyone who wants to pay cheap with fees and they have to be careful still with that.

Lastly Bitcoin halving doesn’t coherently means that the bitcoin price will skyrocket, yes base on past events they do go up some months after the halving, but that doesn’t mean you should go and invest an amount that you can not afford to lose. Past events are just speculations and do not reflect what will happen in the future.

Stay safe, accumulate your bitcoin and secure your wallet properly. May the pump be with us.

As always, invest what you can afford to lose.

[Kelward]

Thanks to the OP for sharing this tips, it's better to be informed as newbies and be reminded as experienced members, so that if we're faced with any similar halving scams, we'll remember that we've been forewarned about them. I've not had any halving experience, but I'm quite knowledgeable about it from my interactions in this forum, and I'm sure that I won't fall for any post halving scams. Newbies should be especially careful and watchful about any free giveaways and airdrops that's related to halving, I just have the feelings that scammers might try to cook up some scams to try and dupe some naive newbies.

[hugeblack]

With the current high fees, I doubt that anyone will be able to transmit a transaction within the next 24 hours, but thanks for the advice.
Many beginners may believe anything even though the event of halving is well covered and it is easy to get answers to all your queries.

[EL MOHA]

Not true so because halving contributes to increase Bitcoin adoption and demand.

It means Bitcoin blocks will possibly used in bigger size than before the halving to its maximum size. Demands increase so there will be more chances that there will be less space unused in future blocks.

It will cause Bitcoin transaction fee more expensive because there are limited transactions for each Bitcoin block. Transaction fee is calculated with a same formula before and after halving but paid fee will be different because there is possibility that people will have to use higher fee rate for their transactions.

What I mean was that the block size will still be the same which is the normal 4 million weight units (as per segwit soft fork) the transaction volume or weight in the block is not something we can say will increase just like that, it is still a speculation that the demand will increase after halving. Also the increase or congestion of transactions are still speculations we can’t still be certain that people will make more transactions.

[Fiatless]

Lastly Bitcoin halving doesn’t coherently means that the bitcoin price will skyrocket, yes base on past events they do go up some months after the halving, but that doesn’t mean you should go and invest an amount that you can not afford to lose. Past events are just speculations and do not reflect what will happen in the future.

This is one of the biggest misconceptions about the halving. Most people are buying cryptocurrencies during this period because they believe that the price will pump a few days after the halving. They don't know that they might need to wait for some months before the price will start pumping.

Stay safe, accumulate your bitcoin and secure your wallet properly. May the pump be with us.

Thank you for the heads up. Newbies need such information to avoid falling prey to criminals.

It's too exaggerate IMO, I haven't see any giveaway sites about Bitcoin halving that ask to connect wallet, phishing etc etc.

You have not experienced or seen such a scam does not mean that it is not happening. Scammers can use any means or event to defraud novices in the industry. I heard people talking about halving and when I asked them the meaning they knew nothing about the event. I later discovered that they have invested money in a shitcoin because they were informed that the bull run will make them millionaires through the worthless coin. There is no exaggeration in such security tips because scammers are innovative.

[stadus]

With the current high fees, I doubt that anyone will be able to transmit a transaction within the next 24 hours, but thanks for the advice.
Many beginners may believe anything even though the event of halving is well covered and it is easy to get answers to all your queries.

Right, high fees are currently annoying so most probably, beginners will also be bothered and won't create new transactions these days, good thing for them so they won't end up with new ways of scams. That's why being aware how this halving works and how scamming gets highly visible these days are crucial, so that you won't be trapped in such scam situations to the point of losing everything what you have in your wallet. Being cautious and vigilant are the keys.

[The Cryptovator]

Thanks for sharing your thoughts with the community. It would help newbies prevent fraud. Halving does nothing except reduce block rewards. So nothing special there in Halving event. Its true, many scammers would try to drain your wallet in various ways. So we need to be very careful. However, Halving has ended, and everything is normal now. So don't believe it if you hear anything like a giveaway or free money about Halving. 

[Odusko]

Good of you to have shared this proactive thought's about bitcoin halving, it roles, significance and timing, this is very educative to newbies who may have been carried away with the event hypes, some may have hard a misconceptions of what to expect from bitcoin halving and because of the hype around the event, they may get misled, but if paraveture they come across this thread, it means they will understand better the concept of bitcoin halving and what to expect form the new block rewards sieze and how the market react to it in the long run.

[bayu7adi]

With the current high fees, I doubt that anyone will be able to transmit a transaction within the next 24 hours, but thanks for the advice.
Many beginners may believe anything even though the event of halving is well covered and it is easy to get answers to all your queries.

However, for newbies who don't even understand transaction fees on the dynamic Bitcoin blockchain network, they may not think about this and the possibility of what is happening is fraud from other parties to take advantage of this moment. Unofficial third parties more often create problems by taking advantage of the moment. moment that is happening, so this high transaction fee can actually be a powerful weapon for them to deceive newbies.

Whatever the moment that is happening, I think a newbie should not easily trust other parties who want to charge more for their services, including buying and selling on the grounds of the bad conditions currently occurring.

[Luzin]

, some may have hard a misconceptions of what to expect from bitcoin halving and because of the hype around the event, they may get misled, but if paraveture they come across this thread, it means they will understand better the concept of bitcoin halving and what to expect form the new block rewards sieze and how the market react to it in the long run.

It's there all the time, but the Halving moment can be utilized more because it happens once every four years. If new friends here encounter gifts or airdrops, we can discuss it here. I think many friends will provide explanations related to that problem. So getting used to asking or researching will be better.

Halving is very different, beginners should be careful and read up a lot. It's better not to join a reward program if it's dubious. There may be criminals who are hoping that Halving is similar to a Hardfork where new coins can be rewarded. 

[Asiska02]

Good tips and information for newbies to know about the bitcoin halving. I have already seen some threads on the forum where some persons told their friends to invest in bitcoin because after the halving, the price will go up and they’ll earn massively in their investments in bitcoin. He has just spread a false news about the halving events and maybe those friends will never trust or believe in bitcoin again because their first intuition about it matters and has already failed them. Good piece and I hope more newbies will see this and understand what the halving is all about and not the misinterpretation spread about it.

[GiftedMAN]

This is a very important information op and I think it is meant for everyone not just the newbies because sometimes even the pros in the bitcoin investment also fail victim to scammers even though most people don't come out publicly to speak out, personally I have gotten a lot of invites to participate in airdrops which they promised to be rewarding in Bitcoin as the halving is approaching but the information here alone is much to keep me away from scammers because they always come in form of a helping hand before reaping where they didn't plant. Op, the halving is already here and since it's going to happen again in the next 4years, it's another opportunity for everyone including the newbies to see for themselves and learn more instead of being deceived by what they hear from different scammers and haters of Bitcoin.

[nakamura12]

Newbies should think that halving is all about the block rewards that will be halved every 210000 blocks mined and there's no indication that there will be airdrops, giveaways or it's price increasing. My thoughts before was that if there will be halving then the price will increase which isn't always the case. As I have learned before that halving is halving and it doesn't mean there's giveaways, airdrops, price increase or the transaction fee increases.

[Hyphen(-)]

Not only for newbies, but some of us here are also new to Bitcoin halving because we joined the forum after the last halving and some of us get to know about Bitcoin after joining this forum, therefore, these tips will be useful for both beginners and other forum ranked members.

Scammers are everywhere trying to get money from newbies and people that greedy to fall in their traps, they are trying to use this bull run as an opportunity to make it big again with scams that is why we need to be very careful and cautious in whatever we are doing in crypto space because any mistake can caused a lost of funds.

[PX-Z]

Scammers are everywhere trying to get money from newbies and people that greedy to fall in their traps, they are trying to use this bull run as an opportunity to make it big again with scams that is why we need to be very careful and cautious in whatever we are doing in crypto space because any mistake can caused a lost of funds.

If more people will avoid socmed, interacting from anonymous chats such as telegram, verify the users if legit representative of the group especially asking help related to financial problems, lesser people will be scammed. Although some came from email contacts but mostly they came from social medias.

[AprilioMP]

Lastly Bitcoin halving doesn’t coherently means that the bitcoin price will skyrocket, yes base on past events they do go up some months after the halving, but that doesn’t mean you should go and invest an amount that you can not afford to lose. Past events are just speculations and do not reflect what will happen in the future.

Not surprisingly for people who do not fully understand how Halving and for people who think the price of Bitcoin will skyrocket when Halving might be said to be a beginner who just entered into this world.
I initially thought that the price of Bitcoin would skyrocket when Halving Bitcoin occurred. This Halving Bitcoin is the first thing I feel myself and it turns out that the price does not occur when Halving and the possibility is true if the increase or the bullish market will occur after Halving.

Stay safe, accumulate your bitcoin and secure your wallet properly. May the pump be with us.

This is still the best to continue. Bitcoin collected should not be stored in a wallet carelessly and about wallets must be truly proven and tested. The process must be done properly and correctly to ensure the Bitcoin assets are safe in it.

Maybe the price increase does not occur in April, will occur in another month. The point is that will happen.