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Total number of Bitcoins hits 10.5 million, production halves to stop inflation

Today the Bitcoin community celebrates the first halving day! It is the day where half of all bitcoins to ever exist have been created and the reward for keeping the network secure and for validating new transactions is being halved from 50 to 25BTC/10min on average.

As expected and predicted the halving went without a hitch as can be witnessed here: http://blockchain.info/block-index/322335/000000000000048b95...

The Verge wrote an article about it that you can read here: http://www.theverge.com/2012/11/28/3701434/total-number-of-b...

Total number of Bitcoins hits 10.5 million, production halves to stop inflation

Can technology replace the Federal Reserve?

By Adrianne Jeffries on November 28, 2012 10:44 am Larry

The total number of Bitcoins in circulation just hit 10.5 million, triggering a safeguard against inflation that was hardcoded into the digital currency. This means a drastic change in the number of new Bitcoins being created, which is expected to have a huge impact on the economy that has been developing around the ecurrency.

The safeguard has to do with the "block reward," the number of Bitcoins that can be created at a time, which has dropped from 50 to 25. Bitcoin miners, geeks who configure their own computers to mint the cultish digital currency, have been waiting for this moment for a long time — about four years, which is how long Bitcoins have been in circulation.

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That phrase alone ought to get folks' ears perked up here!



GREAT NEWS! And the best thing, you don't have to give up all the "conveniences" of regular money. (okay, for now, it is not so convenient, but it already is better than cash in some ways, and soon it will be EVERYWHERE!)

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]