Bitcoin Isn’t the Only Winner on Halving Day, More Cryptocurrencies Will Profit

Bitcoin can be said to be the protagonist of this summer. At the same time, various competing coins (altcoins) have also embarked on a path of stable development. As the most stable digital currency, Bitcoin's market acceptance is getting higher and higher.

Since the UK successfully left the EU, the price of Bitcoin has seen a sharp rise. The instability of the global economy has prompted the world market to "abandon" the British pound and turn to digital currencies. Investors believe that digital currencies are a safe haven that can protect their funds from the "persecution" of the market. After the UK's withdrawal from the EU, the British pound plummeted, and the prices of many countries' fiat currencies were also implicated. When the British pound and the euro were in a slump, Bitcoin became the best choice for investors.

In a few days, the bitcoin production will be halved, which will push the price of bitcoin even higher. Halving is intended to prevent inflation and appropriately reduce the number of bitcoins in circulation. Bitcoin is produced by a complex mining process that requires a lot of computing and advanced equipment. Increasing the difficulty of mining in this way can limit the number of bitcoins in circulation, thereby achieving the purpose of controlling the price of bitcoin.

Some companies focus on Bitcoin mining. In order to ensure that supply does not exceed demand, the number of Bitcoins mined will be halved. Simply put, if your mining company can mine 200 Bitcoins per hour, then after the halving, you can only get 100 Bitcoins per hour. With more and more mining companies, halving can slow down the mining speed. The halving date is currently scheduled for July 9. As the output of Bitcoin decreases, its value will definitely rise.

However, the halving may also make it harder to get Bitcoin, which could lead some people to invest in other digital currencies instead. People choose altcoins for a variety of reasons, such as seeking a high degree of anonymity or simply wanting to get a cryptocurrency. Unlike Bitcoin, altcoins are easier to obtain. Altcoin mining equipment can be a home computer, while Bitcoin mining requires a powerful and expensive computer. In addition, altcoins are not as restrictive as Bitcoin. Most altcoins can be circulated in larger quantities. For example, Litecoin has a total of 84 million, while Bitcoin only has 21 million.