According to Bauman, decentralization of Bitcoin is the only attractive element of the currency. The cryptocurrency exists only within computer networks all over the world hence private, secure and free from government policies.
Ted Bauman speculates a situation in 2020 when you arrive at an airport and you have no other means of payment other than bitcoin. Payments on the airport counters require effective and fast modes of payment because of the number of clients at every time. Bitcoin transfer system is relatively slow as compared to other credit card payments system. Visa for instance which processes up to 24,000 transactions per second while bitcoin processes only 6.5 transactions in every second. The cryptocurrency takes more than 40 minutes for a standard transaction. As more people join the network in the computer money transfer, the longer the transaction process on linkedin.com. This is because the mining process has to complete before any transaction goes through.
As a currency, bitcoin should achieve one primary function, allow people to transact. A 40-minute wait for a mere transaction is bad for business and the entire economy. The management adopted SegWit2x, a technology that reduces data from blocks and moves to an unverified block for faster transactions according to banyanhill.com. However, this method exposes users to risks of forgery or altering the destinations. Unless bitcoin resolves the long transaction time, it remains an unstable as well as money for nothing.
Ted Bauman was born in Washington Dc and later moved to South Africa where he built his career which he dedicated to helping people access resources essential for a sovereign life, free from corporate and government manipulation. After his postgraduate studies in Economics and History from the University of Cape Town, he has mainly served as a fund manager with non-profit organizations for housing projects according to crunchbase.com. Among his major achievements during the twenty-five-year career in South Africa include the foundation of Slum Dwellers International that spread to over 35 countries, helping approximately 14 million people.
Bauman later ventured into research and writing on housing, finance, and urban planning for international organizations including the World Bank and United Nations. He was also behind projects by the South African government and grant agencies in Europe. He got back to the United States of America in 2008 where he worked as an executive in the International Housing Programs for Habitat for Humanity International until 2013 when he joined Banyan Hill Publishing as a full-time editor and researcher.
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