Ted Bauman an editor in Banyan Hill publishing is a well-known specialist in asset protection and a guru in low-risk investment strategies. He has been channeling his knowledge about financial protection and wealth expansion in his publication The Bauman Letter, Alpha Stock Alert and Plan B Club. He and his family reside in Atalanta, though in the previous years he has been skirting different parts of the world on work bases.
With the eyes of the whole world being firmly fixed in the Bitcoin cryptocurrency, Bauman, being a Bitcoin skeptic, has also had his view and analysis on the same. In one of his publications, he says that bitcoin has a tremendous problem which unless changes are put in place, especially its underlying technology, bitcoin will have no success in becoming a currency.
However, despite that being the case, one can still profit out of it if wisdom in the game is applied. By the fact that bitcoin is a cryptocurrency, meaning that it only exists virtually, it uses a decentralized approach, which makes it hands-off from any government manipulations not forgetting very safe and private. Read more at ezinearticles.com about Ted Bauman
— Ted Bauman Guru (@Ted_B_Guru) January 18, 2018
Transactions and speed
In the creation of new bitcoins, mining, a very intensive computerized process takes place through which transactions are processed. The catch here is that this particular process is quite slow compared to other currency transactions such as credit cards or bank processes with only 6.5 transactions possible per second. This means that a transaction can take 10 or more minutes to be processed.
Time-consuming transactions are normally very unwelcome, undoubtedly a major problem that has the capacity of limiting chances of the bitcoin becoming a currency worth transacting.
So what is the solution?
According to Ted Bauman, there are viable solutions, in fact, two.
The first one is to reduce the size of the bitcoin mining blocks so as to make transactions faster or Increase the size of the data blocks creating room for more information to be processed in one mining process.
A technology known as segregated witness or SegWit2x was chosen by most miners to help in the reduction of the bitcoin block size by moving the excess data from the initial large block to another unverified block. However, this process may not be so secure as it creates a loophole for possible data alteration or forging. This initiative was canceled recently.
The other option is to use a new system to start another transaction branch from a blockchain, through a technology called “hard fork.” This new branch has been named “Bitcoin Cash” which generated free bitcoin cash to bitcoin owners. Good deal, huh!
However, all these do not seem to bring a longterm solution to bitcoin, and there is a high possibility of another short-term fix coming up in the near future to try to save the situation.
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