Ted Bauman: Bitcoin not the real currency of the future
Financial wizard Ted Bauman recently tackled the problem Bitcoin faces as a possible future currency. His main concern was that the technology behind Bitcoin caused it to have a length processing time, which has yet to be solved. He said Bitcoin as a currency is not a reality yet, if you have to wait 40 minutes to process a single. Strong currencies operate well because they can process transactions securely and efficiently.
Ted Bauman compared Bitcoin to Visa, which can process at least 1,700 transactions every second and has the capability to process nearly 24,000 transactions a second, while bitcoin can only process 6 transactions each second. Financial experts believe that as more people start using Bitcoin, the transaction time will grow longer, meaning a longer wait time.
Ted Bauman does acknowledge efforts have been made but no real solutions have been reached. Ted Bauman belives its because Bitcoin has to decide between speed and security. In order to increase the speed of transactions, more data will be moved out of the blockchain increasing the possibility of making it less secure.
Ted Bauman is the editorial director of Banyan Hill Publishing. He started at Banyan Hill Publishing in 2013. He is also editor of The Bauman Letter, Plan B Club and Alpha Stock Alert. His specialty has become asset protection and privacy matters. Ted was born in Washington D.C but later grew up in South Africa. He earned his postgraduate degrees from the University of Cape Town. Ted Bauman has spent 25 years as an executive in several nonprofit organizations.
Ted Bauman is driven to helping people live a life free from government control and corporate greed. Ted Bauman is currently residing in Atlanta, Georgia. Ted Bauman is also helping others better control their financial future. He found a system that did not experience a single loss in the last 10 years even during the 2008 and 2009 crisis. He previously did work as a consultant and researcher in the United States, South Africa and Europe. Ted Bauman’s successes has landed him in a number of business journals including the Journal of Microfinance and Small Enterpise Development, Environment and Urbanization. He has also been featured in the Guardian, Cape Argus and the Cape Times. He’s also written several books including “Where to Stash your Cash.” Ted Bauman continues to help others grow their finances while living a life not controlled by government interference.