Bitcoin is a decentralized and cryptography-based digital currency that operates without the need for intermediary financial institutions like banks or brokers. It has grown to a market capitalization of C$1.7 trillion as of April 18, attracted investments from hundreds of publicly available stocks, and has posted returns of 113.14 per cent year-over-year, and approximately 20,000 per cent going back a decade, currently trading at about C$87,000 per coin.
The cryptocurrency operates through a blockchain, which is a ledger that records transactions between Bitcoin users. To validate transactional data on a block and add it to the blockchain, miners must compete to solve complex equations, with the winner receiving a pre-determined amount of Bitcoin.
With the upcoming halving expected on April 19-20, 2024, miners will suffer a 50 per cent reduction in Bitcoin rewards for each block they add to the…
