You have just come from a long flight and you are headed to the airport’s parking garage for your car. It’slate and cold, and you need nothing short of a good rest. You want to get home with nothing else on your mind apart from refreshing. The year is 2020 and bitcoin craze has reached fever pitch. Everything is paid for through bitcoin. However, you misplace your wallet and credit cards,so you are unable to pay for your parking ticket in cash. You decide to pay with bitcoin since the machine takes cyber currency, thinking the process will only take few seconds. Your ticketpop out twenty minutes later.
The above scenarios of delay may rise if the bitcoin’s fundamental technology is not improved. However, you can solve this problem if you play your cards right. Bitcoin relies on a decentralized system of computers, which enables it to bypass any form of government manipulation. The creation of bitcoin follows a process known as mining. When mining is underway, bitcoins transactions is also happening. This implies that you have to wait for the mining process to complete before the transactioncan be finalized.
Comparatively, this is a slower process than a credit card transaction. Visa Cards take more than 150 million transactions in a day. A breakdown of this sees 1700 transactions per second with a possibility of taking up to 24000 transactions per second. This spells doom for bitcoin, which takes 6.5 transactions per second. These transactions take between 10 to 42 minutes for processes to be finalized.
However, bitcoin is becoming more popular and waiting time is gradually increasing. Bitcoin currency may be lost if people are unable to transact when they are using it. For bitcoin to become entirely successful, technological changes must be utilized to ease the transaction process. Check this article at Bloomberg.com to know more about Ted Bauman
About Ted Bauman
Ted Bauman is the Editor of Alpha Stock Alert, Plan B Club, and The Bauman Letter. Through his articles,Ted Bauman communicates about privacy, asset protection, international migration and other important matters.
Born in Washington DC, Ted moved to South Africa, attended the University of Cape Town forhis Postgraduate degrees in Economics and History. For 25 years,Bauman has served in different executive roles. Bauman has also co-authored a book titledWhere to Stash Your Cash (Legally) with his father, Robert Bauman. He is currently based in Atlanta.
— Ted Bauman Guru (@Ted_B_Guru) January 29, 2018