Shadowing Practice: Bitcoin Halving Explained (Animated) - Why, How, and What it Means for You! - Learn English Speaking with Video
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We are assuming you've seen Marvel's Endgame, and if you haven't, there will be a small spoiler alert, so don't blame us.
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In the movie Endgame, Thanos' main motive is to find all the stones for the Infinity Gauntlet,
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and then he wants to be able to snap and wipe away half of the population from the world.
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His vision is that with a lower population, there would be less competition, and thus, people would be happier with the same amount of resources.
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He believed there was overpopulation and that it was a big problem.
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Similarly, around every four years, a certain metric in Bitcoin is cut in half.
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Now, you don't have to be a genius to know that if we look forward in the future, there will eventually be a time where that metric is close to zero.
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Welcome to Whiteboard Crypto, our YouTube channel where we explain the topics of cryptocurrency using analogies, stories, and examples so that way you can easily understand them.
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Today, we want to explain what the Bitcoin halving event is
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and what you should expect to see roughly in 2024 and many years after.
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So, what is Bitcoin having?
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Well, before we get too deep into this video, you need to know basics of how Bitcoin works.
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First, let's assume that you know Bitcoin is a cryptocurrency.
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Second, let's assume that you know that Bitcoin uses a proof-of-work mechanism, which simply means a bunch of people are competing to solve a problem, and when they win that problem,
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they get the reward of some Bitcoin, but they also get the reward of getting to add the next block to the blockchain.
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If you don't know what this means, and if you want to learn more, we actually have a specific video about proof of work including what this specific problem that they're solving is.
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And third, let's assume that you know Bitcoin was launched in 2009.
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So now that you know what these three things are, let's teach you about the halving event.
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Every four years, the amount of Bitcoins that are given out as a reward is cut in half.
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So in 2009, the rewards of solving a Bitcoin block was 50 Bitcoins.
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Actually, all the way from 2009 to 2012,
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the block reward was 50 then from 2012 to 2016 The reward for solving the problem was 25 bitcoins
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and then from 2016 to 2020 the reward for solving the Bitcoin problem was 12
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and a half and now since 2020 all the way to 2024 the reward will be
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6.25 bitcoins per block after 2024 you guessed it the reward will be half of 6.25
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which is 3.125 125 so moving on what's the reason for this well
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if you think about any fiat currency
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that you currently carry you can better understand what is happening
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Let's take the US dollar for example whenever the United States of America needs more cash
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or when it wants to reach certain Economic goals it can print it literally it can print more money
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And if the US starts to see
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that there's too much in circulation They will print less
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and less next year and vice versa
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if they think there needs to be more being humans You can probably guess
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that we usually print more than we need anyways this ever-increasing The increasing rate of money printing causes something called inflation.
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The topic of inflation is a bit out of the scope for this video, but you need to know that it makes the value of your dollar less over time.
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If you want to support inflation here on this channel, consider clicking the like button, because as there's more and more likes on this video,
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we will require more and more likes to have the same motivation to create another video.
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Moving on, Bitcoin is different than US cash though, because it does have a hard limit.
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More and more bitcoins get added each day.
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However, each day, the clock is ticking down to there being less and less Bitcoins created.
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If the price stays the same, inflation will happen, but it doesn't happen at an exponential rate like the US dollar does.
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In fact, inflation of Bitcoin happens less and less as time goes on.
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Actually, eventually Bitcoin theoretically will become deflationary, meaning as time goes on, there will be less and less of it.
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Why?
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Because people will probably accidentally send Bitcoin to wallets that they do not have access to, meaning that the total circulating supply of Bitcoin will drop.
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And due to this, and due to the law of supply and demand, if demand stays the same, but more Bitcoin is lost each year than the amount that is mined, the price should increase.
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That's getting a little technical, so let's move on to how does the Bitcoin halving actually happen.
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Well, it's important to note that Bitcoin doesn't use real-world time to determine when to cut miners' rewards in half.
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Instead, it uses its own block numbers.
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But more about that later.
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Bitcoin actually has an internal clock that is just a little off.
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It aims so that every 10 minutes, a new block is created, or mined, by the miners.
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But you might be asking, what if a ton of new miners join, and then because of that, the block is solved every 5 minutes?
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Because there's more people attempting to solve it, and by the law of probability, the rate at which the math problem is guessed is quicker.
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What happens then?
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Well, Bitcoin has something called a difficulty, and this is how it makes sure that on average it takes 10 minutes to solve a block.
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It goes, oh, you have that much mining power?
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Well statistically with that much mining power, I'm going to make the problem harder, so that it takes exactly 10 minutes to solve the problem each time.
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In other words, Bitcoin makes the problem to solve the block harder
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or easier depending on how many miners there were in the last two weeks.
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Basically every two weeks it adjusts itself.
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That's right, every two weeks, or actually, 2016 blocks, Bitcoin will change its difficulty so that the average block, or the problem that is solved, is solved in 10 minutes.
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So that was a little confusing, but you just need to know that Bitcoin has an internal clock, and due to that, we just need one more piece of information,
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and that is that Bitcoin halves its block rewards every 210,000 blocks.
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And if we use our average block time of each block taking around 10 minutes to solve, what What we get is the average halvening event happens every 4 years.
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So what should you do if you own or maybe you're a miner of Bitcoin?
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Let's go over that.
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As an owner, you don't need to do anything.
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Some investors use the halving event as an event to speculate price, as the last few halvings have caused the price to increase.
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But this could also be simply due to the fact that Bitcoin is in the news more often, and not because the supply is restricted a little bit.
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On the other hand, if you're a miner, you might need to look and see if your operation is still profitable.
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As a smaller reward is given out to the same amount of equipment, the large players who have what is called economies of scale,
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which are things like large cooling warehouses or solar panel power, those miners might have an edge.
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And on the other hand, if a bunch of people stop mining, then the difficulty will drop, which may increase your own profitability.
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Either way, we highly recommend you to do your own research and err on the side of caution whenever investing.
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This brings us to one last problem.
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What happens when it keeps halving and it halves to zero?
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Because one day the miner rewards will be so low
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that the price of mining may not be worth the rewards that you get from mining it.
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What happens then?
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Well, we don't really know.
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But maybe we can save that question for another video.
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So now it's your turn.
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What do you think of this halving idea?
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Is it good for inflation?
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Is it good for the miners?
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Do you think it should be increased or decreased?
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Was Thanos right snapping half the population away?
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We'd love to know your opinions below.
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But before fully signing off, I want to take a moment to really thank you guys for watching our videos and supporting us from the comments section.
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As the channel has been growing, you all have been our main motivators, and it makes creating this type of content much easier knowing that you guys are there with us along for the journey.
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As always, we hope that you enjoyed today's video, we really hoped you learned something, and most importantly, we hope to see you in the next video.
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Thank you.
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Woordenschat en spreektips bij deze les
Deze video bevat 94 zinnen en 1487 woorden om na te spreken. Het gesproken deel duurt 7:16. De spreker praat snel, ongeveer 204 woorden per minuut, dus reken op verbonden en ingeslikte klanken. 86% van de woorden hoort bij de 3.000 meest gebruikte Engelse woorden; de rest kun je beter vooraf bekijken.
Belangrijke woorden in deze video
15 woorden uit de video die het leren waard zijn, met uitspraak en betekenis:
| Woord | Uitspraak | Betekenis |
|---|---|---|
| reward zelfstandig naamwoord | /ɹɪˈwɔɹd/ | beloning, prijs |
| solve werkwoord | /sɒlv/ | oplossen |
| miner zelfstandig naamwoord | /ˈmaɪnə(ɹ)/ | mijnwerker, kompel |
| bitcoin zelfstandig naamwoord | /ˈbɪtˌkɔɪn/ | bitcoin |
| inflation zelfstandig naamwoord | /ɪnˈfleɪ.ʃən/ | inflatie |
| clock zelfstandig naamwoord | /klɑk/ | teller, kilometerteller |
| difficulty zelfstandig naamwoord | /ˈdɪfɪkəlti/ | moeilijkheid |
| topic zelfstandig naamwoord | /ˈtɑpɪk/ | onderwerp, thema |
| metric bijvoeglijk naamwoord | /ˈmɛt.ɹɪk/ | metriek |
| compete werkwoord | /kəmˈpiːt/ | wedijveren |
| resource zelfstandig naamwoord | /ɹɪˈzɔːs/ | bron, hulpbron |
| currency zelfstandig naamwoord | /ˈkʌɹ.ən.si/ | munteenheid, valuta |
| roughly bijwoord | /ˈɹʌf.li/ | grofweg |
| alert bijvoeglijk naamwoord | /əˈlɝt/ | alert, waakzaam |
| genius zelfstandig naamwoord | /ˈd͡ʒin.jəs/ | genie |
Uitspraak om op te letten
De spreker gebruikt 14 samentrekkingen en verkorte vormen, zoals don't, doesn't, you're. Spreek ze kort uit, zoals je ze hoort.
- De klanken “sh” en “zh”: inflation /ɪnˈfleɪ.ʃən/, motivation /ˈmoʊ.tə.veɪ.ʃən/, caution /ˈkɔːʃ(ə)n/, circulation /ˌsɝkjʊˈleɪʃən/, deflationary /dəˈfleɪ.ʃənˌɛɹ.i/
- Lange woorden — let op de klemtoon: difficulty /ˈdɪfɪkəlti/, similarly /ˈsɪm.ə.lə.li/, mechanism /ˈmɛk.ə.nɪ.zəm/, accidentally /ˌæk.sɪˈdɛnt(ə)li/, motivation /ˈmoʊ.tə.veɪ.ʃən/
Zo oefen je met deze video
- Luister de hele video één keer zonder te spreken en noteer de woorden die je niet kent.
- Begin op 0,75× snelheid, spreek zin voor zin na en ga terug naar normale snelheid zodra het makkelijk gaat.
- Neem jezelf op en vergelijk met het origineel; let daarbij op woorden als reward, solve, miner.
Grammatica in deze video
De structuren die de spreker het meest gebruikt, met de exacte woorden uit de video:
| Structuur | In de video |
|---|---|
| Voorwaardelijke zinnen if + zin, will/would + werkwoord — een voorwaarde en het gevolg | if you haven't, there will be |
| Lijdende vorm be + voltooid deelwoord — het gaat om wat er gebeurt, niet om wie het doet | is cut · was launched · are given |
| Present perfect have/has + voltooid deelwoord — iets uit het verleden dat nu nog telt | you've seen · have caused · have been |
Wat is de Shadowing-techniek?
Shadowing is een wetenschappelijk onderbouwde taalleermethode die oorspronkelijk is ontwikkeld voor professionele tolkentraining en gepopulariseerd door polyglot Dr. Alexander Arguelles. De methode is eenvoudig maar krachtig: je luistert naar native Engelse audio en herhaalt het onmiddellijk hardop — als een schaduw die de spreker volgt met slechts 1–2 seconden vertraging. In tegenstelling tot passief luisteren of grammaticadrills, dwingt shadowing je hersenen en mondspieren om echte spraakpatronen tegelijkertijd te verwerken en te reproduceren. Onderzoek toont aan dat het de uitspraaknauwkeurigheid, intonatie, ritme, verbonden spraak, luisterbegrip en spreekvaardigheid aanzienlijk verbetert — waardoor het een van de meest effectieve methoden is voor IELTS Speaking-voorbereiding en echte Engelse communicatie.