Ted Bauman recently published an article talking about the limitations of Bitcoin as a currency and the reason why it would take a massive technology change to be accepted as currency. Even though most people know Bitcoin because it was in the news recently for its enormous growth in value, many do not understand how it can be used. While the supporters of Bitcoin currency have been talking about its benefits, very few are stating the facts about it. Bitcoin has many drawbacks that need to be addressed if one wants to find out what returns it can give in the future. Ted feels that the only reason why more people are investing in Bitcoin is that everyone else is doing it and they do not want to be left out. But, one needs to be careful about where they invest their hard-earned money.
One of the limitations of Bitcoin that cannot be ignored is its long processing times. While credit card transactions are completed within milliseconds, Bitcoin transactions can take anywhere between 20 minutes to a couple of hours to be finished. As a currency, the transaction time is too long and inefficient for businesses and individuals. Since the usage of Bitcoin is not vast, the Bitcoin miners can spend time on developing its technology and ensure that the transaction times goes down dramatically. Ted Bauman explains that for any currency to function, it should offer fast transaction in a timely and safe manner. Bitcoin fails entirely in this feature, and it is the reason why Bitcoin cannot be considered a currency for varied use. Bitcoin miners are spending time and effort to find a way through this, but the results are not favorable so far. Since the speed of transactions and security are directly linked, the miners have to find a way to ensure that the Bitcoin network security is not compromised at any point.
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
Ted Bauman wants to warn people against investing in Bitcoin for the long term as it can lead to high losses. Since there is no solution still in sight, it might be interesting to see how the value of Bitcoin grows. Ted Bauman recommends investing in gold will be beneficial to the investors rather than putting their money into Bitcoin. He is a financial expert with more than 25 years of experience that he shares with his readers through his publication, the Banyan Hill Publishing. More information here:https://tedbaumanguru.com/