Ted Bauman: The Future of Bitcoin is at Stake

Home / Ted Bauman: The Future of Bitcoin is at Stake

Ted Bauman works for Banyan Hill Publishing. His particular works are Alpha Stock Alert, Bauman Letter, and Plan B Club. His specialties are protecting assets, privacy, strategies for investing with low risks and international migration issues. All his expertise is always utilized in helping people. He uses his knowledge to guide people to get the right resources for what they need.

As a young man who was raised in Washington D.C, Ted preferred relocating to South Africa. He joined the University of Cape Town and studied Economics and History. For twenty-five years, Ted lived in South Africa and worked for non-profit organizations. He became their fund manager. During his work, Ted helped people in slums from various countries. The issue of housing has been an area of interest for Ted. He has researched urban planning issues.

In 2008, he traveled back to his home country, USA. When he first settled, Ted worked for International Housing Programs. It was a program for Humanity International. Finally, he decided to leave all those executive positions and just focus on research and writing.

Recently, Ted wrote a very informative article about bitcoin challenges. People are euphoric about the profits bitcoin trading is bringing nowadays. No one is talking about the problems of this currency and possible future outcomes. In his article, Ted Bauman points out the slowness of a bitcoin transaction. He compares it to other mediums such as Visa debit and credit cards.

In one second, only 6.5 transactions are possible for a bitcoin. On the other hand, Visa cards can complete up to 24,000 transactions per second. If the bitcoin’s decentralized technology is not improved, the future may have no place for it. One transaction is taking too long, and people will decide to use visa cards instead.

Another issue is the instability of this currency. Since it is not regulated by any government, a bitcoin fluctuates and sometimes becomes very unpredictable. People can only speculate the product. For some people, it is not an option to own bitcoin because they are trading at very high prices.

Resolving the speed of transaction could be done by reducing the amount of data a mining block is processing. Increasing the data blocks is also a suitable alternative. It will increase the amount of information being processed at any one particular time. In other words, these changes will ensure that transaction time is fast, and people do not have to wait for so long.

Read more on Talk Markets:http://www.talkmarkets.com/contributor/Ted-Bauman