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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% of their networks computing electricity voted to incorporate a program that would reduce the amount of data needed to confirm each block. That is, they went with Solution 1.

The app which miners voted to add to the bitcoin protocol is called a segregated witness, or SegWit. This term 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 from a block and attach them as an extended block.

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

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 looked an entirely worthwhile thing to do. I'd recently started working as a study director in the Institute for its Futures Blockchain Futures Lab, and 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 simple to buy stuff with the cryptocurrency. I used the airBitz program 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 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 a web-based wallet, but I wanted to move them to a more protected location. Many online bitcoin providers retain their customers private bitcoin keys, which means 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 they all told me that that safest way to protect your cache was supposed to use something referred to as a pocket.

I settled on a hardware wallet called the Trezor (that the Czech term for secure ), described by the manufacturer as bulletproof. I bought one on November 22 for $100 on Amazon (again, through Purse.io).When the Trezor came, I plugged it into my computer and went into the Trezor website 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 piece of orange paper. Next, I had been motivated to make a PIN. I wrote it down (choosing a couple short number combinations I had been familiar with and could easily his explanation recall) on precisely the same bit of paper as the 24-word list.The Trezor website explained these 24 words were my retrieval words and could be employed to generate the master private key for my bitcoin.

It was important for me personally to keep the newspaper hidden and secure, because anyone could use it 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 right 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 at college in Colorado. My wife Carla and I had been getting ready to leave for the airport to have 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 have the ability to acquire the bitcoins. The coins had nearly tripled in value since I bought themand 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.