Bitcoin has become one of the most popular forms of cryptocurrency. People all over the world are buying up as much as they can. Bitcoin is an online driven currency that gives the people the privacy to conduct transactions free from government intrusion. Despite its revolutionary power, Ted Bauman does not believe it is workable as a new currency. Bauman has said that a currency survives on its efficiency at processing transactions. Ted Bauman believes that the lengthy time it takes for Bitcoin to process transactions is keeping it from being a workable currency. Visit Ted Bauman at medium.com to know more
Ted Bauman compared it to Visa, which processes nearly 1,700 transactions every second, while having the power to process nearly 24,000 transactions per second. Currently Bitcoin can only process 6.5 transactions per second. While more people continue to switch over to Bitcoin currency, the processing time will begin to get slower and slower, creating a longer waiting time.
Attempts have been made to fix that flaw but no solution has been found. Ted Bauman says this is because of the issue of security and speed. Increasing the speed of processing transactions, requires Bitcoin to either reduce the data being processed in each mining block or increase the size of the data blocks being processed. When you attempt either of these options, some data becomes less secure as it moves out of the blockchain. Bitcoin Cash was introduced as a way to speed up transactions by changing the data structure. Bitcoin Cash allowed bitcoin users to receive Bitcoin Cash tokens for every bitcoin they owned. This led to users receiving free money. Follow Ted Bauman at stocktwits.com
Inflation Is Staring You in the Face. Are You Prepared? Will You Profit?#inflation #economy #quantitativeeasing #monetarypolicy #interestrates #stockmarket #stocks #investing #banyanhillhttps://t.co/dGcqmqThc0
— Ted Bauman Guru (@Ted_B_Guru) December 4, 2017
Ted Bauman is a editorial director for Banyan Hill Publishing. He joined the publishing company in 2013. Along with his work at Banyan Hill, he is also the editor of the Bauman Letter, Plan B Club and Alpha Stock Alert. He has amassed years of experience in issues such as asset protection, privacy, low-risk investing and international migration. Ted Bauman was born and raised in the Washington D.C., region. Ted Bauman later emigrated to South Africa, where he studied economics and history at the University of Cape Town. While in South Africa, he spent 25 years in executive positions with several nonprofit based organizations.
Ted Bauman currently lives with his family in Atlanta, Georgia. He continues to help people live a life free from governmental intrusion and corporate greed. Ted Baumen continues to help clients in need of advice.
Read more on BanyanHill:https://banyanhill.com/expert/ted-bauman/