Ted Bauman: The Future of Bitcoin, Can It Be Saved
If you are unfamiliar with Bitcoin, here is what it is. Bitcoin is a cryptocurrency that is both private and also free from government manipulation. The reason it is private is because Bitcoin is transmitted through a decentralized network only available througfhthe world’s computers.
The one problem with Bitcoin is the speed if the transactions. If the speed doesn’t increase, Bitcoin could be obsolete in the future because it isn’t as convenient as most other payment methods
One scenario given too describe how slow the process is when using Bitcoin is imagining you are in an airport parking lot, cold, tired, and ready to make it home. The only currency you have to use is Bitcoin and nothing else, no credit or debit cards as back up. So you pay for your ticket with your Bitcoin currency. You wait for your ticket,but nothing happens for 5 minutes, 10 minutes. Finally, after 20 minutes, the ticket you paid for pops out. Visit Ted Bauman at medium.com to know more
Thus is the problem that can eliminate Bitcoin. Every other currency out there can process hundreds and even thousands of transaction per second. Bit coin can only process about 6 1/2 transactions per second. That is quite a big difference.
Bitcoins are “mined” or made through a computerized process. While Bitcoin transactions are processing, the mining process is going on at the same time too. This is why the process as it is now takes so long.
The fear is, if the process isn’t going to change in time and the usage of Bitcoin will slowly decline, until it is eventually obsolete. People are more about convenience, and waiting isn’t something people of convenience can easily do. Read:https://banyanhill.com/expert/ted-bauman/
Good news though, there are actually a few things that can be done to speed up the process for Bitcoin transactions. One is decreasing the amount of data in the mining block. They can also increase the amount of information that is being processed at one time in the mining block.
Some of the other technologies that have been used to try to speed up Bitcoin transactions are a security risk. We will have to see what the future holds for Bitcoin.
Ted Bauman grew up in Maryland, and was born in Washington D.C. After high school, Ted Bauman moved to South Africa where he attended college at the University of Cape Town. Here he earned two postgraduate degrees there, in History and Economics. Follow Ted Bauman at tumblr.com