Bitcoin is gaining popularity. There are indeed many advantages to using Bitcoin. For example, there is more privacy and less intrusion. At the same time, Bitcoin has a massive problem, as pointed out by financial expert Ted Bauman.
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
According to Ted Bauman, let us envision a scenario from the future when Bitcoin has become a widely used currency. After all, the people who are fans of Bitcoin are saying that it has the ability to become the main currency that people use. The problem is that transactions are just so slow. It takes a long time to conduct a transaction with Bitcoin.
Bitcoin has nowhere near the capacity to make transactions on the frequency that Visa and other major payment companies do. In fact, it can take many minutes before a transaction is confirmed. If everyone in the world would start using Bitcoin, it would probably take hours or even days until a transaction would go through. This would be a big problem in many situations. For example, if you need to pay a fee in order to get out of the parking garage, you may need to wait an hour until your transaction is processed. That is just unacceptable. This means that Bitcoin can not become a widely used currency unless something changes.
Visa, on the other hand, has the ability to conduct over twenty thousand transactions in just one second. Bitcoin can not even compare. They can only do six or seven transactions each second. When the networks are busy and a lot of people are making transactions, it often takes forty minutes or more to make a transaction. Visit Ted Bauman at twitter.com to know more.
Ted Bauman says that there is a way to fix this. You just need to make more space in each data block. To do this, you can make the blocks bigger. Alternatively, you can reduce the amount of data each individual block contains. Some Bitcoin people are working on this. The result was the Bitcoin Cash hard fork, which was made so that transactions would go faster. However, Ted Bauman says that he is still skeptical about Bitcoin, since there is just so much volatility in the market.