The popularity of Bitcoin has been on the rise. More and more people are looking to get a piece of the pie since the value of Bitcoin is increasing daily. But, even with this kind of popularity, Bitcoin is not without its problems. According to financial expert, Ted Bauman, Bitcoin may face a considerable backlash in the coming months if it does not change the way that it processes the payments. Since the number of people using Bitcoin for purchases is quite small in number, things are getting by. But, once it begins to be used as a large scale payment method, it will have difficulty in transactions. Many users recently have said that average Bitcoin processing time is about 20 minutes and no one wants to wait that long for the payment to go through.
To understand the problem with Bitcoin transactions, one needs first to understand other digital payment methods such as credit cards. Credit cards transaction time is about hundreds of thousands in a second alone while for Bitcoin, it is about less than a dozen. Once the number of Bitcoin transactions increases, the processing time will reduce further if the Bitcoin miners do not do something about it immediately. The waiting time for Bitcoin transactions will increase any time from 20 to a few hours. Thus, if the Bitcoin miners want it to become a real currency, it is essential that something is done about it slow processing time or more people would be scared away from using them. Visit Ted Bauman at thesovereigninvestor.com to know more.
Ted Bauman, in one of his column recently wrote about the solution to this problem. One was to reduce data in each mining block, but it could lead to security problems. Another method being used to overcome this problem is the introduction of Bitcoin Cash. The value of Bitcoin Cash has also been increasing, but it too has some problems that need to be addressed quickly. There is no doubt that Bitcoin has potential, but it is to be seen how the Bitcoin miners handle its flaws in the coming months.
Ted Bauman is one of the top investment expert, blogger, and editor of the Bauman Letter. He has been working with Banyan Hill Publishing for a few years now. Banyan Hill Publishing allows people to learn more about investment opportunities and will enable them to find new opportunities that they cannot find anywhere else. They aim to make people self-reliant by advising them on investment plans rather than going through investment advisors that work only for themselves. Read more on Sovereign Society:http://sovereignsociety.com/meet-the-experts/ted-bauman/