Bitcoin has taken the world by storm in the past months since its value increased by a considerable percentage. People want to invest in Bitcoin just because everyone else is doing it. It is leading people to invest in Bitcoin even though most people have no idea how it works and what the future holds for it. One good thing about Bitcoin is that they operate independently and cannot be influenced by the government. The users enjoy some freedom and security with it, but it is not without its flaws. Bitcoin transactions take much more time than other digital transactions. See the complete profile on LinkedIn
Ted Bauman has researched Bitcoin and is warning people against investing in them. According to him, the use of Bitcoin is limited, and its use is unlikely to increase if it continues with its existing technology. Compared to the time required by credit card transactions, Visa, which processes about 1,700 transactions in a second, Bitcoin can complete just approximately 6.5 transactions in that time. In the past years, the average amount of time required to complete the Bitcoin transaction is 10 minutes and the time is likely to increase with the number of users. For faster transaction time, Bitcoin network technology has to be improved otherwise people would not find it easy to use it and lead to a decline in value. Ted Bauman is discouraging people from investing in Bitcoin till Bitcoin miners can find a way out of this problem. The good news is that they are already working on a few, but nothing has worked till now. The problem they are facing is that the security and the speed are interlinked. Bitcoin needs to find a way to increase the speed of transactions without compromising on the safety of these transactions. Bitcoin has a bright future ahead but only if it takes its competitors seriously or they would be left behind.
We may see a functional, widely accepted cryptocurrency someday, but it won’t be bitcoin.#Crypto #cryptocurrency #cryptocurrencies #bitcoin #Ethereum #investing #stocks #StockMarket #BanyanHillhttps://t.co/re4MOkoAPo
— Ted Bauman Guru (@Ted_B_Guru) January 23, 2018
Ted Bauman is the director and the author of Banyan Hill Publishing. He published many financial resources weekly to help his readers find new opportunities and learn the truth about the different aspects of the financial world. He uses simple language that is understandable by everyone without using financial jargons here and there. His articles are rich in information and offer a great read even for those who are just looking for some tips to invest their money wisely. Apart from finance, he is also an expert in the topics of asset protection and international migration.Visit:https://stocktwits.com/tedbauman