You have just disembarked from the plane. You go to the airport garage to fetch your car ready to hit home since its cold and rainy. You need that great rest. The year is 2020 and bitcoin has taken over. Lucky for you, your parking machine takes in the cyber currency; you are ready to cruise home. You wait thinking it will take few second but twenty minutes later, your ticket is available.
If bitcoin’s underlying technology is not changed or advanced, the delays will rise. There is a solution that you can benefit from if you play your cards right. The popular Bitcoin is a cryptocurrency which is supported by a network of computers, which is decentralized. The decentralization is what makes bitcoin free from government manipulation, private and secure.
When creating new bitcoins, there is a very intensive computer process known as mining, which allows bitcoin transactions take place concurrently. If you are sending bitcoins at that time, it means you have to wait until the mining process is over for your deal to go through. This is a slow process if you compare it to credit card transactions. For instance, Visa can take 150 million transactions daily, which roughly translates to 1700 transactions per second. It can also reach 24000 transactions per second.
Bitcoin, on the other hand, takes 6.5 transactions per second. An average bitcoin transaction process will take approximately 10 minutes. Sometime last year some of the bitcoin transactions could take more than 42 minutes. Bitcoin use is growing and waiting time is getting longer due to the process. For bitcoin to succeed, it must allow people to carry out transactions, but the long wait impedes everything. For it to work entirely, the problem of transaction process must be resolved.
Who is Ted Bauman?
Ted Bauman is the editor of The Bauman Letter, Alpha Stock Alert, and Plan B club. His articles focus on privacy, asset protection, internal migration issues as well as low-risk investment strategies. Ted Bauman started working at Banyan Hill Publishing in 2013, and he has spent his life assisting people on getting in touch with the resources required for a sovereign life devoid of government oversight and corporate greed.
Ted was born in Washington DC but migrated to South Africa where he attended the University of Cape Town. He graduated with post-graduate degrees in Economics and History. His stay in South Africa saw him serve different executive roles. He has published many international journals and has co-authored a book; Where to Stash Your Cash (Legally) with his father, Robert Bauman a former US Congressman.