We may see a functional, widely accepted cryptocurrency someday, but it won’t be bitcoin.#Crypto #cryptocurrency #cryptocurrencies #bitcoin #Ethereum #investing #stocks #StockMarket #BanyanHillhttps://t.co/re4MOkoAPo
— Ted Bauman Guru (@Ted_B_Guru) January 23, 2018
The year 2017 saw a rise in the value of cryptocurrencies especially Bitcoin. The price of Bitcoin reached an all-time high of $20,000, and many experts feel that the price might go up even more in the coming years. Being an unregulated market, the value has been drawing more customers looking to make some extra money. The major benefits of using Bitcoin is that they can be used by the users rather than going through the banks or other financial institutions. Bitcoin uses blockchain technology meaning that they cannot be copied making them very useful.
The advocates of Bitcoin are too mesmerized by the benefits of the currency that are overlooking the limitations that it has. Since Bitcoin uses electronic gadgets and technology to operate, there would be a big problem in case the power goes off. Also, the processing time for all Bitcoin transactions is quite long and can be quite inefficient for any country’s economy. The structure of Bitcoin is such that the speed of the transactions depends on their security. Thus, it is vital for the Bitcoin miners to find a way to not only accelerate the processing time but also make it more secure as hackers are finding ways to counterfeit the digital currency as well. Follow Ted Bauman at stocktwits.com
Ted Bauman wrote an article talking about the drawbacks of Bitcoin as currency when most others were in awe of the growing value of Bitcoin. There has been news of people putting their homes for a mortgage to purchase Bitcoins. But, according to Ted Bauman, it is not a wise decision to make as it would eventually lose its charm if they cannot change the structure of their data to not only increase the transaction time but also to ensure privacy. The performance issues of Bitcoin need to be dealt with professionally to make it to the race for mainstream currency.
Ted Bauman was born in the US but spent most of his growing years in South Africa. He earned two post-graduate degrees from the University of Cape Town. He has spent many years working with non-profit organizations offering them financial advice. He then returned to the US and joined Banyan Hill Publishing in 2013. He currently writes for the publication monthly on many different topics that would help his readers to make wise financial decisions. All of his articles are easy to read and understand along with real-life examples. Learn more:https://medium.com/@TedBauman