With the rise of decentralized cryptocurrencies, especially bitcoin, experts such as Ted Bauman have concerns with the technology concerning scalability, reliability, and speed compared to more mainstream forms of currency exchange. Compared to current credit card technology that can process 24,000 transactions per second, bitcoin’s process can process less than 7 and can take about ten minutes to complete. While this may be considered an acceptable loss for the advancement of technology when you are casually purchasing something off of a website, the scenario completely changes when time is of the essence. Imagine trying to quickly order a coffee from your favorite shop that just adopted bitcoin technology. Read more at banyanhill.com to know more on Ted Bauman
This problem is largely based on what bitcoin is and where the data is stored (or more accurately. There is no physical currency or database attached to bitcoin, instead the data is spread across a large, decentralized network. While the decentralized nature makes bitcoin private and unattached to any government entity, it leaves the industry mainly unregulated. Many people are taking this risk though and bitcoin reached over $3,300 per unit in August 2017. What started out as a niche market to purchase shady things off the internet has quickly become a serious investment to many despite its risky nature.
As the technology becomes more widespread, the wait times will only become worse unless something is done about it. Unfortunately, nobody seems to be able to agree on what should be done about the problem without sacrificing security.
Ted Bauman was born in Washington D.C. and later emigrated to South Africa where he received two post-graduate degrees in Economics and History from the University of Cape Town. Currently living in Atlanta, Georgia with family, Bauman has worked as a consultant for diverse clientele such as the South African goverment, the United Nations and the World Bank. He has also worked on various different international housing projects as well as specializing in privacy, asset protection, and low risk investment strategies. Ted Bauman personally believes that diversifying your business and wealth both in location and strategy is the best way to ensure the safety of your wealth now and in the future. Learn more:https://medium.com/@TedBauman