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

In July 2017, bitcoin miners and mining companies representing roughly 80% to 90 percent of their networks computing electricity voted to incorporate a program that will decrease the amount of data needed to verify each block. In other words, they went with Solution 1.

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

Less than a month later in August 2017, a bunch of miners and programmers initiated a tricky disk, leaving the bitcoin network to make a new currency using the identical codebase as bitcoin. Although this team agreed with the need for a solution to scaling, they worried adopting segregated witness technology would not fully handle the scaling problem. .

Instead, they went with Solution 2. The resulting currency, known as bitcoin money, increased the blocksize to 8 Mb in order to accelerate the verification process to allow a performance of around two million transactions per day. At 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 time, it seemed an entirely worthwhile thing to do. I had recently started working as a research director at the Institute for the Futures Blockchain Futures Lab, and I wanted firsthand experience with bitcoin, a cryptocurrency which employs a blockchain to record transactions on its network.

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It had been surprisingly easy to buy stuff using the cryptocurrency. I used the airBitz program to buy Starbucks credit. I used Purse.io to obtain 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 everyday.

Id been keeping my bitcoin keys on a web-based wallet, but I wanted to transfer them into a more secure place. Many online bitcoin providers retain their customers private bitcoin keys, which means the accounts are vulnerable to hackers and fraudsters (recall the time Mt. Gox lost 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 go the assets of its users). I interviewed a handful of bitcoin experts, and each of them told me that that safest way to protect your cache was to use something called a hardware wallet.

I depended on a hardware wallet my company known as the Trezor (the Czech term for safe), explained by the manufacturer as bulletproof. I purchased one on November 22 for $100 on Amazon (again, through Purse.io).When the Trezor arrived, I plugged it into my computer and went into the Trezor site to set this 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 conscious, move, fashion, and sour. I wrote them on a sheet of orange paper. Next, I was prompted to create a PIN. I wrote it down (choosing a couple short number combinations I had been familiar with and may easily recall) on precisely the same piece of paper as the 24-word list.The Trezor website explained that these 24 phrases were my retrieval words and may be employed to generate the master private key for my bitcoin.

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

I had been 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 at college in Colorado. My wife Carla and I had been getting ready to depart for the airport to have a vacation in Tokyo.

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What if I do for this If 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 they bought themand 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 newspaper to Cory.