Ted Bauman Isn’t Completely Sold on Bitcoin

While many have invested in bitcoin praising it as the currency of the future financial expert Ted Bauman continues to warn of the dangers of cryptocurrency. As flawless as bitcoin is, he knows every kind of currency comes with risks. Recently, he exposed what could be bitcoin’s biggest problem. This problem could potentially hinder the overall expansion of bitcoin. What’s the big problem? Scalability. Bitcoin isn’t very adept at processing large numbers of transactions quickly and efficiently. If this weakness isn’t worked out bitcoin’s popularity will inevitably die out.

Ted Bauman is a member of Banyan Hill Publishing and serves as the editor of The Bauman Letter. The letter is a monthly publication where Ted shares his financial insights and expertise. In it he alluded to the fact that while bitcoin has won favor with the public its popularity could be costly in the long run.

Bitcoin’s slow processing speed could lead to users having to wait a considerable amount of time for a transaction to complete. For example, Bitcoin’s ability to process transactions is still miles behind major credit card companies like Visa. In fact, most credit card transactions go through instantaneously. Bitcoin is going to have to improve its scalability a lot to compete.

Bitcoin miners are actively trying to process transactions at a faster rate. The solution is integrating SegWit2x, a technology specifically designed to improve the scalability of bitcoin by decreasing data. However, this idea was not well received by the bitcoin community due to concerns about the security of the new system. Leaders in the community opted to try and find another solution.

Bitcoin cash was launched as an alternative to the original. While the new cryptocurrency shows promise Ted is still skeptical. he still remains cautious about the prospect of cryptocurrency.

About Ted Bauman

Ted bauman is a master investor and credible financial consultant. He has rare experience providing innovative solutions to challenges in international business and finance. Ted Bauman attended the University of Cape Town in South Africa and possesses postgraduate degrees in economics and history. He elected to stay in South Africa after graduating and has forged quite the career.

Read this link:https://ezinearticles.com/expert/Ted_Bauman/1964192

 

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