Ted Bauman Points Out Needed Changes To Bitcoin

Imagine that it’s 2020 and cyber currencies are widely accepted. You walking around a parking lot of an airport trying to find your car and bitcoin is the new way to pay, good thing because you don’t have your actual wallet, you don’t have any credit cards or cash to use instead. When you attempt to pay the fee it takes twenty minutes for the completion of the transaction.

This is an actual possibility if bitcoin’s underlying technology does not change. The way things are going bitcoin will cease being a currency soon. Known as cryptocurrency, Bitcoin is a network that is decentralized meaning it only exists in computers. The government cannot manipulate it since it is private. Mining is the computerized process that creates bitcoins. Bitcoin transactions and creation go on simultaneously, the process of creating bitcoins has to be completed before the sending or receiving of the currency can be completed. Read more about Ted Bauman at Ezine Articles

When comparing bitcoins to credit cards it doesn’t look good for bitcoin because it can take a to long for them to be processed. Transactions for Visa cards totaling one hundred and fifty million take place every day. An average of seventeen hundred transactions using credit card are processed each second, with the ability to complete as many as twenty-four thousand transactions a second. There are only six and a half bitcoin transactions processed each second and the majority take approximately ten minutes for completion.

Bitcoin transactions can take nearly an hour to execute, and wait time is increasing as more people start using them. Bitcoin will no longer be a currency if people cannot use them when they need or want to. People will opt out of using it if the wait time is to long, and this requires fixing. Bitcoin is not stable and will continue being speculative until the processing times are reduced. Visit Ted Bauman at to know more.

The data in a block to be processed being reduced can help to speed up the processing time. The information processed can be increased by making the data blocks larger. Segregated witness, a new technology, has been used by some to attempt speeding up the time that it takes to process transactions. Data is reduced by taking a portion to another block where it is not verified.

The security of the technology made some people worry so a hard fork was used instead. New transactions are created from existing transactions with a larger system. The process of verification is sped up by the larger block size. Check:


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