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

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

The program which miners voted to increase the bitcoin protocol is called a segregated witness, or SegWit. This term is an amalgamation of Segregated, meaning to different, and Witness, which describes signatures on a bitcoin transaction. Segregated Witness, then, means to separate transaction signatures from a block and attach them as an extended block.

Less than a month later in August 2017, a group of miners and programmers initiated a hard fork, leaving the bitcoin network to make 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 handle 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 two million transactions every 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 buy 7.4 bitcoins. At the moment, it looked an entirely worthwhile thing to do. I'd recently started working as a study manager in the Institute for the Futures Blockchain Futures Lab, and that I wanted firsthand experience with bitcoin, a cryptocurrency that employs a blockchain to record transactions on its network.

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It was surprisingly simple to buy stuff using the cryptocurrency. I utilized the airBitz program to purchase 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 purchase graphic novels.By November, bitcoins value had nearly doubled since January and was continuing to increase almost daily.

Id been keeping my bitcoin keys on a web-based wallet, however I wanted to transfer them to a more protected location. Many online bitcoin services retain their clients confidential bitcoin keys, which means the accounts are vulnerable to hackers and fraudsters (remember the time Mt. Gox lost 850,000 bitcoins out of its customers Best Crypto Exchange accounts in 2014) or governments (such as 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 users). I interviewed a handful of bitcoin experts, and each of them told me that that safest way to safeguard your cache was to use something referred to as a pocket.

I depended on a hardware wallet called the Trezor (that the Czech term for safe), explained by the manufacturer as bulletproof. I bought one on November 22 for $100 on Amazon (again, via Purse.io).When that the Trezor arrived, I plugged it into my computer and went to the Trezor site to set it up.

The website instructed me to write down 24 words, randomly generated by the Trezor one phrase at a time. The words were like aware, move, fashion, and sour. I wrote them on a sheet of orange paper. Next, I was motivated to create a PIN. I wrote it down (choosing a couple of short number combinations I was familiar with and could easily remember ) on precisely the same piece of paper as the 24-word list.The Trezor website explained that these 24 phrases were my recovery words and could be employed to generate the master private key to my bitcoin.

It was important for me to maintain the paper hidden and secure, because anyone can 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 blog here orange piece of paper into a desk drawer in my home office.

I was going to get it done directly after 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 were getting ready to depart 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 acquire the bitcoins. The coins had 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 paper:Jane, when anything happens, show this newspaper to Cory.