Bitcoin has been making headlines over the past few weeks for all the right reasons. This is one of the reasons that just the other day, Mr. Ted Bauman did an article breaking down the possibilities of Bitcoin being used as currency in future and gave some recommendations on what can be done in an effort to overcome the current challenges. Learn more at Crunchbase about Ted Bauman
The article begins with a depiction of a scenario in which Ted imagines an individual is at an airport parking garage, it is late, cold and raining. The individual is also tired and hungry and cannot wait to get home. In his pocket is his bitcoin wallet and by then hopefully the parking machines can accept cryptocurrency, so the individual pay the fee only to wait for 20 minutes for the ticket to come out. Ted says that this is what will happen if the underlying technology of bitcoin is not improved. He even goes further to doubt if bitcoin’s going to happen at all as a currency if things remain as they are.
Some may ask what bitcoin is to start with. Ted explains it as an encrypted type of currency that only exists within a network of computers meaning that it is decentralized and exists on computers all around the world. This is one of the reasons that make bitcoin private, secure and free from manipulation by governmental authorities.
Every now and then comes a time when new bitcoins are created, this is a very computer resource hungry process that is called mining. Bitcoin’s transactions are all processed at that same time so that anyone trying to transact either by sending or receiving bitcoins while the mining process is going on will have to wait until the mining process is through so that their transactions can then be processed. This also means that as more people join the bitcoin bandwagon, the times they are going to wait for their transactions to go through will also be getting longer.
Ted suggests that in order to reduce these painstakingly long transaction times, the amount of data being processed in each bitcoin mining block must be reduced and or increase the size of each bitcoin mining block in order to have more transaction information being processed at the same time. Learn more at Seeking Alpha about Ted Bauman
About Ted Bauman
Ted Bauman is an expert of low-risk investment and asset protection. He also serves as the Editorial Director at Banyan Hill Publishing.
For more info, Click here:https://medium.com/@TedBauman
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