Bitcoin continues to gain popularity around the world. Stakeholders have great hope for the future of bitcoin. They see it as the future currency. Ted Bauman, who is an experienced financial expert, claimed that bitcoin has weaknesses in the way it operates.
Ted said that the currency cannot process enormous numbers of transactions in a quick and efficient manner. Ted added that this is the only reason that could hinder it from achieving success.
Bauman further expounded that bitcoin has a very low speed when it comes to processing compared to other major credit card enterprises that have the capability of processing transactions at a faster speed and rate.
Ted Bauman gave an example of Visa which can comfortably handle and complete 20,000 transactions in one second when busy. Visa is capable of processing about 1700 transactions per second on average. This is a brilliant speed that helps to save time. Read more about Ted Bauman at Bloomberg
Bitcoin carries out 6.5 transactions in one second. The transactions complete in about 10 minutes. Some of the transactions are executed in 42 minutes or more. More hustles are expected in future if more people choose to use bitcoins. This is what will scare others to join.
Ted Bauman said that bitcoin miners have noticed what awaits them in future and they are trying their best to come up with ways that can solve the issue. The miners tried to develop a technology known as SegWit2x that was intended to make transactions quick.
The technology was expected to reduce the quantity of information in each bitcoin block by moving it to the extended block. The saddest part of this is that the plan was not implemented as expected. It was cancelled by leaders who have authority in the bitcoin community.
They did this because there were worries about the security of the new system. The leaders who signed the decision off include WencesCasares, Jihan Wu, Peter Smith, Mike Belshe, Erik Voorhees, and Jeff Garzik. Visit Ted Bauman at thesovereigninvestor.com to know more.
Tedman Bauman is a competent investment consultant and an outstanding financial expert. He is the editor of The Bauman Letter, Plan B club and Alpha Stock Alert articles at Banyan Hill Publishing.
Ted joined the company as an editor in 2013. The articles that he edits specialize in low-risk investment strategies, privacy, asset protection, and issues of international migration. He is a family man and lives in Atlanta, GA.
— Ted Bauman Guru (@Ted_B_Guru) January 29, 2018
To know more, visit:https://ideamensch.com/ted-bauman/