There is the promise of no unwanted interference from the government and the ability to move money privately and safely with bitcoin. It is being praised at the future’s currency. Ted Bauman has pinpointed a problem with the widespread use of bitcoin, it is unable to process massive amounts of transactions efficiently and quickly. Bauman uses The Bauman Letter to share monthly financial insights.
He used his monthly insight to ask people to think of a future with the general population more widely accepting of bitcoin. There are pitfalls when it comes to bitcoin even though it would be a positive development for its recognition to increase. The processing speed for bitcoin is slow and according to Ted Bauman, this could be the fatal flaw. Compared to credit cards which process thousands of transactions at the same time bitcoin can take up to forty minutes or longer when there are a lot of transactions to process.
While Bauman thinks the processing speed or lack of could cause people to turn away from bitcoin he did offer a solution. Processing speeds could increase drastically by increase data blocks or reducing the amount of data in each block. There are some miners of bitcoins who looked in using technology to move some data to another block but abandoned it when they realized it had security issues. Learn more at Crunchbase about Ted Bauman
Bitcoin Cash, a new cryptocurrency from the original bitcoin was developed after a new strategy for scalability was put into place. A hard fork strategy was initiated by miners of bitcoin which led to the creation of bitcoin cash. The new system put new transactions into blocks that were larger than the original. The goal was to increase the process of confirming transactions. There is promise with Bitcoin Cash and there is still potential for bitcoin, but Bauman is still rather skeptical.
Ted Bauman is accomplished and experienced as a fund manager, financial consultant, investor, and investor giving him unique qualifications to off the cryptocurrency sector innovative solutions to the challenges it faces. He had an excellent reputation in both international finance and business prior to becoming involved with bitcoin. Read more:https://seekingalpha.com/user/48547799/comments