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Solution 2 will cope with scaling by allowing for more information to be processed each 10 minutes. .

In July 2017, bitcoin miners and mining companies representing approximately 80% to 90 percent of their networks computing electricity voted to incorporate a program that will reduce the amount of data needed to confirm each block. That is, they went with Solution 1.

The app that miners voted to increase the bitcoin protocol is called a segregated witness, or SegWit. This term is an amalgamation of Segregated, meaning to separate, and Witness, which refers to signatures on a bitcoin transaction. Segregated Witness, then, means to separate transaction signatures out of a block and attach them within an extended block.

Less than a month later in August 2017, a bunch of miners and developers initiated a hard disk, leaving the bitcoin network to create a new currency using the same codebase as bitcoin. Though this group agreed with the need for a solution to scaling, they feared that adopting segregated witness technology would not completely address the scaling problem. .

Instead, they went with Solution 2. The resulting currency, called bitcoin cash, increased the blocksize to 8 Mb in order to accelerate the verification process to allow a performance of around 2 million transactions per day. In the time of writing, Bitcoin Cash is valued at $545.00 to Bitcoins $6,328.11.

The Trezor: January 4, 2016: 7.4 BTC $3,000In January 2016, I spent $3,000 to purchase 7.4 bitcoins. At the time, it looked an entirely worthwhile thing to do. I'd recently begun working as a research director at the Institute for the Futures Blockchain Futures Lab, and I wanted firsthand experience with bitcoin, a cryptocurrency that uses a blockchain to record transactions on its network.

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It had been surprisingly simple to buy stuff using the cryptocurrency. I utilized the airBitz app to buy Starbucks credit. I used Purse.io to buy a wireless security camera doorbell from Amazon. I used bitcoin in Meltdown Comics in Los Angeles to buy graphic novels.By November, bitcoins worth had nearly doubled since January and was continuing to increase check my site almost everyday.

Id been keeping my bitcoin keys on an internet wallet, however I wanted to transfer them to a more protected location. Many online bitcoin providers retain their customers private bitcoin keys, which means that the accounts are vulnerable to hackers and fraudsters (recall the time Mt. Gox dropped 850,000 bitcoins out of its clients accounts in 2014) or governments (like the time BTC-e, a Russian bitcoin exchange, had its domain captured by US District Court for New Jersey in August, freezing the assets of its customers ). I interviewed a handful of bitcoin specialists, and they all told me that that safest way to safeguard your cache was to use something referred to as a hardware wallet.

I settled on a hardware wallet called the Trezor (that the Czech word for secure ), described by the manufacturer as bulletproof. I purchased one on November 22 for $100 on Amazon (again, through Purse.io).When that the Trezor came, I plugged it into my pc and went to the Trezor website to set it up.

The site instructed me to write down 24 words, randomly generated by the Trezor one phrase at a time. The words were just like aware, proceed, fashion, and bitter. I wrote them on a sheet of orange paper. Next, I was motivated to make a PIN. I wrote it down (choosing a couple short number combinations I had been familiar with and could easily recall) on the exact same bit of paper since the 24-word list.The Trezor website explained these 24 phrases were my retrieval words and may be used to generate the master private key to my bitcoin.

It was important for me personally to maintain the paper hidden and safe, because anyone could use it to steal my 7.4 bitcoins. I transferred my currency from my online wallet into my Trezor, tossing both the Trezor and the orange piece of paper into a desk drawer in my home office.

I was going to get it done directly following the holidays.The Mistake: March 16, 2017: 7.4 BTC $8,799It was 6:30 in the morning. My 14-year-old daughter, Jane, was in London on a school trip, and my older daughter, Sarina, was college in Colorado. My wife Carla and I had been getting ready to leave for the airport to take a vacation in Tokyo.

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What should I do for this When our plane plowed into the ocean, Id want my daughters to be able to get the bitcoins. The coins had already nearly tripled in value since I bought them, and that I could imagine them being worth $50,000 one day. I took a pen and wrote on the newspaper:Jane, when anything happens, show this paper to Cory.