Ted Bauman challenges bitcoin relevance

Bitcoin’s possibility of becoming the next great currency has become an issue debated by thousands all over the world. Bitcoin is the one currency that is not being controlled by banks and the government. Despite all that Ted Bauman pointed out that Bitcoin faces a massive hurdle in becoming the new currency. Ted Bauman says that in order for a currency to really take off, its transaction time must be fast.

Ted Bauman fired back at Bitcoin for their long transaction processing time. Bauman says its not a real currency if you have to wait more than 40 minutes to process transactions. He compared Bitcoin’s capability to Visa which can process up 1,700 transactions per second, with the ability to process up to 1,700 transactions per second. Bitcoin is currently only capable of processing 6 transactions per second. As more people buy into bitcoin, the processing time will get longer and longer, as more people join the waiting line.

Attempts have been made to solve this massive problem but no breakthrough has been made. Ted Bauman believes this is because of a number of reasons. One of them and most importantly is the tradeoff between speed and security. To increase processing time, either the amount of data being processed needs to be reduced or increase the amount of data being processed so that more info can be processed at a time.

Ted Bauman is the editorial director at Banyan Hill Published. He is also currently the editor of The Bauman Letter, Plan B Club and Alpha Stock Alert. Ted Bauman specializes in protection and privacy matters and also low-risk investments. Ted Bauman was born in Washington D.C. and later moved to South Africa. Ted Bauman attended the University of Cape Town, studying Economics and History. Ted Bauman spent 25 years in the nonprofit sector working as an executive with several organizations. Ted Bauman dedicates his life to helping others lead a life, free from governmental oversight and corporate greed. He is currently based in Atlanta, Georgia. One organization that Ted Bauman founded was Slum Dwellers Internaitonal, which has helped over 14 million people.

Ted Bauman continues to help people within the financial industry. Ted Bauman earned his Bachelor’s degree in Business Administration from the State University of New York. He later earned his MBA from Georgia State University. Ted Bauman continues to publish his own writings across a variety of platforms.

Read more:https://www.bloomberg.com/research/stocks/private/person.asp?personId=264684898&privcapId=109183793&previousCapId=109183793&previousTitle=The%20Sovereign%20Society

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