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
Ted Bauman wrote a piece on The Bauman Letter a few weeks ago breaking down how traders can benefit from the looming forex market situation and make some money off of it. Mr. Bauman begins his article giving his personal account of how he bought an undisclosed asset more than 30 years ago which has really paid off handsomely over the years. He says that this was made possible by the fact that the foreign currency was weaker when put up against the US Dollar at the time and thus enabling him to make the purchase quite affordably.
In the article, Mr. Bauman also elaborates the love-hate relationship that exists between the Americans and their currency, the US dollar. This is because the strength of the dollar, for the most part, shows the strength of the American economy and the position they hold in the world. For instance, if an American were to take a vacation in a country where their currency is weaker when put up against that of the US dollar, the individuals find stuff to be relatively cheaper on the other side. However, on the flip side, a strong US dollar makes products manufactured in the United States expensive especially in countries with a weaker currency when put up against the US dollar and as a result, this hurts the manufacturing industries and in turn affecting the job market. Conversely, individuals living in the United States find products made in countries with a weaker currency when put up against the US dollar cheaper and this encourages some American consumers to buy foreign products, in turn, harming the trade balance between the two countries.
With analysts already warning of a whopping $1.5 trillion in federal deficits following the tax cuts that were passed by the lower house, the US dollar is expected to shed off some of its strength providing the perfect opportunity to make some money. Ted Bauman recommends buying a foreign asset priced in local currency so that when the dollar weakens, the asset will be worth more in US dollars than when it was bought. Follow Ted Bauman at tumblr.com
A word on Ted Bauman
Ted Bauman is a low-risk investment expert who has dedicated most of his adult life to helping ordinary people grow their fortunes through his publications in The Bauman Letter, Alpha Stock, and Plan B Club Newsletters. Mr. Bauman is also the editorial director at Banyan Hill Publishing.
To know more, Visit:http://www.talkmarkets.com/contributor/Ted-Bauman