We may see a functional, widely accepted cryptocurrency someday, but it won’t be bitcoin.#Crypto #cryptocurrency #cryptocurrencies #bitcoin #Ethereum #investing #stocks #StockMarket #BanyanHillhttps://t.co/re4MOkoAPo
— Ted Bauman Guru (@Ted_B_Guru) January 23, 2018
Ted Bauman is an editor at Banyan Hill Publishing. Bauman also acts as an editor for Bauman Letter where he provides advice on investment strategies, asset protection among other current issues. Ted was born in Washington, D.C. He grew up in Maryland. Ted’s family migrated to South Africa. He joined the University of Cape Town where he graduated with degrees in Economics and History. He worked in the non-profit sector in different capacities for 25 years. He was involved in the fund management of low-cost house projects before joining Banyan Hill in the year 2013.
Ted recently shared his insights on the potential of bitcoin in growing economy in the Bauman Letter issue of December 2017. As a cryptocurrency, bitcoin only exist in the decentralized network. It implies bitcoin is private, transparent, and free. He explained that miners create new bitcoins through mining which is an intensive process. The network continuously processes bitcoin transactions. However, anyone intending to send bitcoins or receive has to wait until the completion of the mining process to transact.
Bauman argues that the process is quite slow when you compare to debit or credit processing time. For instance, Visa can complete 150 million transactions in a day or 24,000 transactions per second. On the hand, bitcoin network process approximately 6.5 operations every second. Additionally, on average a bitcoin transaction requires around 10 minutes to complete. Others take even more extended periods. Ted Bauman outlines that as bitcoin use grows, waiting time for processing a deal will get longer.
Ted argues that for bitcoin to succeed as a currency, the long processing time needs a solution. Bitcoin should provide a platform for people to transact business efficiently. Bitcoin networks need to solve the problem to grow exponentially and eliminate speculations of success.
Ted Bauman offers two solutions to bitcoin long processing time. He recommends reducing the data processed in mining blocks or enlarge data blocks to enhance processing of information at the same time. To speed up transactions, bitcoin miners hope to adopt technology that can reduce the size of blocks. However, Ted outlines that eliminating some data from blocks lowers the security bitcoin.
The emergence of bitcoin cash aims to enhance the scalability of bitcoin. Bitcoin Cash involved the creation of new transactions on the system using bigger block size. The more significant block size hopes to accelerate confirmation of trades in bitcoin. Bauman adds that bitcoin remains to hold potential growth in future. However, due to the volatility of prices and swings in markets, he is cautious about the market.
Ted is an editor for Bauman Letter. It focuses on investment strategies. Additionally, the monthly publication also provides advice on wealth, asset protection, and privacy. Ted also writes on stock trading to offer reader on developments in the stock market and provide useful information in profitable stocks.
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