Ted Bauman Expresses His Reservations on Bitcoin as a Currency

      On a recent post published by Banyan Publishing, Ted Bauman writes a damning article on bitcoin’s capabilities of being used as currency if some fundamental changes are not effected on its underlying technology.

Basically explained, Bitcoin is an encrypted form of digital currency that only exists within a given network of computers. This computer network is decentralized; meaning it exists on computers all around the world. That decentralized approach is basically what makes bitcoin a currency that is private, secure and above all free from manipulation from governmental agencies like central banks.

Ted explains that creating new bitcoins, a computer-intensive process referred to as “mining”, anybody transacting by either sending or receiving bitcoins must wait for the mining process to complete for their transactions to be processed. This can take a long time, especially in this digital age of the “instant generation.”

Ted goes further to compare how bitcoin fairs with other transaction processing methods such as credit cards. Visa for instance currently processes up to 1,700 transactions per second with capabilities to do upwards of 24,000 transactions per second while bitcoin currently does 6.5 transactions per second. With more users joining bitcoin, this is expected to even go lower.

About Ted Bauman

Ted Bauman currently works with Banyan Hill Publishing as the editorial director. He is also the editor of Plan B Club, The Bauman Letter, and Alpha Stock Alert newsletters. He has vast experience and knowledge in asset protection, contemporary privacy matters, international migration and low-risk investment. Ted has been heavily involved in helping people get whatever resources they need to help them live a comfortable life, free from corporate greed and oversight from governmental.

Ted was born in Washington, D. C. but bred and raised in Maryland. As a kid, Ted flew to South Africa where he spent most of his childhood to early adulthood. He later joined the University of Cape Town from where he graduated with postgraduate degrees in both Economics and History. In South Africa, Ted built a successful career of more than 25 years serving in important positions of a number of reputable organizations predominantly as a fund manager for affordable housing projects mostly in the nonprofit sector. One of the projects Ted was involved in starting is the Slum Dwellers Internationals which has been credited with helping over 14 million individuals from around the world by providing them with decent low-cost housing.

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