After BTC halving, commissions will increase
The first cryptocurrency will very soon survive a major event. Halving, that is, a regular decrease in the mining reward, will take place this month. After this, not only the direction of the further development of the Blockchain will change, but also less obvious moments. For example, according to the forecasts of specialists from the large cryptocurrency exchange BitMEX, halving will affect the growth of transfer commissions. Is this so serious and should money be put aside right now to pay the growing margins? Let’s get it right. The material requires a responsible approach, so read carefully and do not miss anything important. So let’s get started.
What exactly do they say in BitMEX?
First, a little about the company. For those who don’t know, BitMEX is one of the largest digital exchanges that deals not only with the exchange and sale of traditional assets, but also with the so-called “derivatives”. This is a kind of analogue of futures, which is sold not for the actual, but for the expected price. So, the specialists of this company constantly analyze the market and build their own forecasts for the future, which help customers of the company and ordinary users to better survive system changes. This time, experts noted that halving would negatively impact transaction costs. The fact is that in addition to useful nuances, halving reduces the reward for mining crypto by 50%. This is absolutely logical. Bitcoin is growing, new people and new miners are coming into the system, which means that to have enough crypts for everyone, you have to reduce the reward for mining new coins. The fault is the limited issue of coins, but we will not analyze the technical imperfection of Bitcoin.
Much more important is the fact that due to a decrease in the reward for mining, the pace of coin mining will greatly change. At first, users will look at Bitcoin. Miners need time to calculate whether work with the first crypt is justified or not. As a rule, such calculations and final decisions take no more than a week, but changes will already take place during this time. Users will need to continue to transfer money, which is impossible without the support of miners. The lack of high rates of production will increase the waiting time for the transfer and its cost. Thus, to quickly send your own funds, you have to pay more. BitMEX did the right thing by warning its users in advance about the fees. An increase in value of approximately 30% is expected.
Preliminary informing will allow us to draw certain conclusions today.
Are you afraid of commissions?
Extra spending almost always causes experience and uncertainty. Will there be enough funds for transfers? Is it worth saving money to pay commissions? In fact, there is no reason for concern. We would recommend to postpone a little money only if you need to make an urgent transfer on the day of halving. Then, of course, additional finances will not interfere. In all other cases – work calmly and do not be afraid of the growth of commissions. This is a temporary process that does not last long. Very soon after such an important event as halving, Blockchain will calm down and begin to work in the usual mode.
We have no doubt that halving will bring exceptional benefits to the first cryptocurrency. When the event takes place, we will inform you about it and additionally describe how to properly transfer such a major event. So stay tuned for all the news of the crypto industry with us. We publish only high-quality and unique material. Thank you for the attention. Good luck!