Even with bitcoin’s envisioned potential to transfer money safely and confidentially, Ted Bauman says that some drawbacks could hinder its success. Unlike credit cards which complete thousands of transactions within seconds, bitcoin can carry out less than seven transactions in 10 minutes. As explained by Bauman, persons making payment with bitcoin may have to wait for a long time to receive services. This is because of its slow processing rate.
Ted Bauman, a financial expert and investment consultant, revealed that Bitcoin’s inability to conduct transaction swiftly and efficiently will affect its growth and extensive acceptance. According to Ted Bauman, by decreasing each mining block’s processing data or enlarging the data block’s size bitcoin can improve its processing speed.
Bauman explains that bitcoin miners have started working on the subject. In order to reduce each block’s data amount, bitcoin has initiated the transfer of data to an extended block by use of SegWit2x technology. According to Ted Bauman, Bitcoin Cash resulted from bitcoin’s efforts to increase its scalability. He added that regardless of the efforts put in place to enhance bitcoin’s operations, he still remains cautious about the new currency especially due to cryptocurrency’s markets and unpredictable bitcoin prices.
About Ted Bauman
Ted Bauman was born in Washington, D.C. but raised in Maryland, United States. When he was still a young man, Ted moved to South Africa where he enrolled at the University of Cape Town to further his studies. It is here that he earned his postgraduate degrees in Economics and History. While in South Africa, Bauman served as a fund manager for a non-profit organization which worked to house low-income earners. Through Slum Dwellers International, Bauman helped settle more than 14 million individuals in 35 different nations. Read more about Ted Bauman at Bloomberg
With his financial expertise, Ted Bauman has worked with eminent organizations including United Nations, World Bank, South Africa government and several Europe market grant agencies. He has also served Habitat for Humanity International as international housing programs director. Ted Bauman currently resides in Atlanta, GA where he works with Banyan Hill Publishing as the editor of Plan B Club, Smart Money Alert and The Bauman Letter.
He also researches, writes and publishes articles regarding asset protection, international finance, and investment planning. To stay informed on such subjects, Ted Bauman conducts constant research from various sources of information. He advises individuals and businesses on various emerging stock market investment opportunities. Ted remains one of the most insightful financial analysts of his time. Read more on Talk Markets:http://www.talkmarkets.com/contributor/Ted-Bauman