Ted Bauman is the editor of The Bauman Letter, Plan B Club, and Alpha Stock Alert, focusing mainly on asset protection, privacy, and low-risk investment strategies. He is enthusiastic and passionate about helping people protect and grow their wealth. As a writer, he brings value to the Banyan Hill Publishing. More recently, he expressed the problems facing the surge of Bitcoin.
For years, Bitcoin has been viewed as a kind of currency that can provide users flexibility, all the while providing for a safe and government-free transaction. However, Bauman points out one large flaw: Bitcoin is incapable of processing large transactions efficiently. If Bitcoin ever surges into the mass market and becomes one of the top currencies, this problem could lead to its downfall.
For example, if a person were to exit/enter a parking garage and were using Bitcoin, they can be expected to wait upwards of 20-30 minutes for a single transaction to process. Moreover, companies such as Visa can outsource and completely relinquish Bitcoin of any market position. In fact, while Visa can process around 20,000 transactions per second, Bitcoin can only process six and seven. This could be Bitcoin’s only fatal flaw — something fully capable of destroying any hopes of the currency’s acceptance in the general population.
Luckily, Ted Bauman also offers a solution. If Bitcoin could somehow reduce the data processed per second in a single mining block or increase the size of the block, then the overall processing speed could be significantly bolstered.
With this problem looming as Bitcoin constantly hits record highs, Bitcoin miners have begun trying to fix the issue. They wanted to link a technology, SegWit2x, into Bitcoin to reduce the mining block — one of Bauman’s possible solution. However, the initiative was canceled because of the system’s new security concerns.
Ted Bauman writes that there could be another solution to Bitcoin’s scalability. The new cryptocurrency, Bitcoin Cash, solves almost all of Bitcoin’s original problems. More prominently, they have increased the block size, which speeds up the verification process. However, Bitcoin’s plunges and soars have virtually made it impossible for Bitcoin Cash to prosper.
Bauman has given expertise to various clients, including the World Bank, the government of South Africa, and the United Nations. His expertise is highly valued and any company seeking to grow should seek his advice.