Ted Bauman is a financial guru and editor with the Plan B Club and Alpha Stock Alert at Banyan Hill Publishing. He specializes in asset protection, privacy, international migration issues and low-risk investments. Ted Bauman currently writes for the daily publication “The Sovereign Investor Daily.” He has served as a consultant for many organizations including the United Nations and a few groups based in Europe. He previously served in the nonprofit sector working in south Africa. He continues to write extensively on the financial field. He recently turned his focus on bitcoin.
Ted Bauman is an interested skeptic of Bitcoin, but acknowledges it has some flaws which if go unnoticed, will cause Bitcoin to not become the currency of the future.Ted Bauman describes Bitcoin as a cryptocurrency, that is only based on a decentralized network, meaning it’s not based in a physical location, but exists on multiple computers all over the world. The decentralization is what gives its charm, making it private, free from government control. One of the problems Ted Bauman points to is when the currency is created. While the bitcoins are being “created” transactions are also being processed at the same time.
The real snag is when people are attempting to send or receive the cyber currency, they must wait until the original process is completed before their transactions will be processed. Ted Bauman says some transactions can take more than 42 minutes to process, making banking the quicker method currently. Adding to that is the number of people trying to make a transaction, which will lengthen the waiting times.
Ted Bauman has said that the cyber currency will die, if it can’t solve the long wait time problem. However, he does pinpoint two solutions. First, the data processed during the creation of bitcoins, must be made smaller or make the data packets bigger, so that more data can be processed at a single time. According to Bauman a group attempted this type of operation, and increased the size to 8 megabytes, which accelerates the verification processes.
This new method for transactions has led to the creation of bitcoin cash. As news of bitcoin cash continued to rise, the price of bitcoin currency has declined. All of bitcoin cash’s increases have led to the fall of bitcoin. More people continue to look for ways to modify bitcoin, but for now all there’s for now is bitcoin Cash, leaving Ted Bauman to wonder if owning bitcoin is the right thing, allowing you to make money for nothing.