Bitcoin has received praises from people who are devoted to it, as the future currency. But Ted Bauman has stated that bitcoin may not grow as expected because large transactions cannot be processed faster and effectively. Bauman is actively involved in writing financial newsletters and in one of his letters, he talks about the disadvantages that come with the development of bitcoin. Unlike credit cards where transactions are processed immediately, in bitcoins you can wait from minutes to hours. This may make most people avoid bitcoin.
Bauman further states that if Bitcoin would eliminate some of the data processing during the transactions, the processing time could increase and people would consider using bitcoin. To improve on the speed, bitcoin miners have come up with SegWit2x, which is a technology that was aimed at decreasing the amount of data used in bitcoin transactions. However, the technology was not integrated due to security concerns. There is a huge difference between the processing time of credit cars such as Visa and Bitcoin. Visa can complete 20,000 transactions in one second while bitcoin handles six to seven transactions in one second.
A new cryptocurrency, Bitcoin Cash was developed by some bitcoin miners to fasten the transaction processing. Bitcoin Cash is a new system which allows many transactions to take place at the same time. Bitcoin Cash has been successful since it was integrated, but Bauman advises people to be careful as the cryptocurrency markets may not be stable at the moment.
Ted Bauman, advises from his experience, as a successful investor, publisher and as a consultant for financial services. Bauman’s reputation has grown internationally in the finance industry. Ted Bauman was born in Washington, DC and later moved to South Africa for his studies. In the University of Cape Town, he earned himself postgraduate degrees in both economics and history. He worked for many years in South Africa in different areas such as researcher, financial planner, and consultancy services.
Through his consultancy services, he has offered financial expertise to major clients around the world. These clients include the World Bank, the United Nations, South African government and financial agencies based in Europe.
After all these accomplishments, Ted Bauman ventured into research, writing and publishing his work in the finance and investment industry. Today, he edits for the famous The Bauman Letter, Smart Money Alert and Plan B Club. Bauman is also passionate about traveling as he has visited over seventy countries.