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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 power required to incorporate a program that will reduce the amount of information needed to verify each block. That is, they went with Solution 1.

The program which miners voted to increase the bitcoin protocol is known as a segregated witness, or SegWit. This expression 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 bunch of miners and programmers initiated a hard disk, leaving the bitcoin network to create a new currency using the identical codebase as bitcoin. Although this team agreed with the need for a solution to scaling, they worried that adopting segregated witness technology would not completely address the scaling issue. .

Instead, they went with Solution 2. The resulting currency, called bitcoin cash, increased the blocksize to 8 Mb in order to accelerate the verification procedure to allow a performance of around 2 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 seemed an entirely worthwhile thing to do. I'd recently begun working as a research director at the Institute for its Futures Blockchain Futures Lab, and that I wanted firsthand experience with bitcoin, a cryptocurrency which uses 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 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 picture novels.By November, bitcoins worth 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 to a more protected place. Many online bitcoin services retain their clients private bitcoin keys, which means that the accounts are vulnerable to hackers and fraudsters (remember the time Mt. Gox lost 850,000 bitcoins from its clients 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 customers ). I interviewed a handful of bitcoin specialists, and each of them told me that safest way to protect your cache was to use something referred to as a hardware wallet.

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

The website 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 bitter. I wrote them on a sheet of orange paper. Next, I had been prompted to create a PIN. I wrote it down (choosing a couple short number combinations I was familiar with and could easily remember ) on precisely the same piece of paper since 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 for my bitcoin.

It was important for me to maintain the newspaper hidden and safe, because anyone could use it here are the findings to steal my 7.4 bitcoins. I transferred my currency in 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 was going to do it 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 were getting ready to leave for the airport to have a vacation in Tokyo.

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What if I do with this When 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 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, if anything happens, reveal this paper to Cory.