The Bitcoin craze continues to this day, even with some hiccups along the way. Ted Bauman recently discussed the reality of Bitcoin becoming a serious form of currency. His concerns focus around the lengthy transaction processing time. He believes it can not be taken seriously as a currency if a user has to wait more than 40 minutes for a single transaction to complete. Learn more at Crunchbase about Ted Bauman
What makes a currency relevant is the ability to process transactions in a secure and efficient manner. Ted Bauman compared Bitcoin with Visa, which can process nearly 1,700 transactions per second, while Bitcoin can only process 6.5 transactions per second. As more people continue to buy into Bitcoin, the processing time will become longer, while creating an even longer waiting time.
Technology experts have attempted to solve this problem but nobody has been able to find a fix. Ted believes it is because of the need to balance speed and security. To speed up transaction times, there are two ways of doing it. First, the amount of data processing needs to be reduced. Second, you can increase the size of the data blocks being processed. However, if you attempt both these options, some data is being made less secure by falling out of a blockchain.
Ted Bauman is the editorial director for Banyan Hill Publishing. He started there in 2013. Along with Banyan Hill Publishing, he is also editor of The Bauman Letter, Plan B Club and Alpha Stock Alert. His specialties include privacy matters, asset protection, low-risk investments and matters concerning international migration. Visit Ted Bauman at medium.com to know more
Ted Bauman was born in the nation’s capital but raised in Maryland. As a child he emigrated to South Africa. Ted Bauman attended the University of Cape Town and studied economics and history. While in South Africa, he spent 25 years working different executive positions with several nonprofit organizations. Ted Bauman works to help people life a life free from government interference and corporate greed. Ted Bauman now lives with his family in Atlanta, Georgia. Ted Bauman has worked with a variety of ocmpanies including SouthStar Energy, Sapient, Mirant Corporation and the Structure Group. Ted Bauman graduated from the State University of New York with a Bachelor’s in Business Administration. He earned his master’s from Georgia State University. Ted is also the founder of Slum Dwellers Internationals, which helps over 14 million people in 35 different countries. Ted continues to help those who need his sound advice.