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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 approximately 80% to 90 percent of their networks computing power required to incorporate a program that will decrease the amount of information needed to confirm each block. In other words, they went with Solution 1.

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

Less than a month later in August 2017, a group of miners and developers initiated a hard fork, 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 feared 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 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 purchase 7.4 bitcoins. At the time, it looked an entirely worthwhile thing to do. I had recently begun working as a study director in the Institute for the Futures Blockchain Futures Lab, and 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 easy to buy stuff with the cryptocurrency. I used 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 picture novels.By November, bitcoins value had nearly doubled since January and has been continuing to increase almost everyday.

Id been keeping my bitcoin keys on an internet wallet, but I wanted to move them into a more protected location. Many online bitcoin providers retain their clients private bitcoin keys, which means 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 seized by US District Court for New Jersey in August, freezing the assets of its users). I interviewed a handful of bitcoin specialists, and they all told me that safest way to protect your cache was supposed to use something called a hardware wallet.

I settled on a hardware wallet called the Trezor (the Czech word for safe), explained by the manufacturer as bulletproof. I bought one on November 22 for $100 on Amazon (again, via Purse.io).When the Trezor came, 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 word at a time. The words were just like conscious, proceed, fashion, and bitter. I wrote them on a sheet of orange paper. Next, I had been prompted to make a PIN. I wrote it down (choosing a couple short number combinations I had been familiar with and could easily remember ) on the exact same bit of paper as the 24-word list.The Trezor website explained that these 24 words were my recovery words and could be employed to generate the master private key to 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 from my web-based wallet into my Trezor, tossing both 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 leave for the airport to take browse around these guys a vacation in Tokyo.

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