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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% of the networks computing electricity required 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 which miners voted to add to the bitcoin protocol is called a segregated witness, or SegWit. This expression is an amalgamation of Segregated, meaning to separate, and Witness, which refers to signatures on a bitcoin transaction. Segregated Witness, then, means to separate transaction signatures from a block and join them within 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 same codebase as bitcoin. Although this group agreed with the need for a solution to scaling, they worried that adopting segregated witness technology would not fully handle the scaling problem. .

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Instead, they went with Solution 2. The resulting currency, known as bitcoin cash, increased the blocksize to 8 Mb in order to accelerate the verification procedure to permit a performance of around 2 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 moment, it looked an entirely worthwhile thing to do. I had recently begun working as a research manager in the Institute for its Futures Blockchain Futures Lab, and that 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 app to purchase Starbucks credit. I utilized Purse.io to obtain a wireless security camera doorbell from Amazon. I used bitcoin in Meltdown Comics in Los Angeles to buy graphic novels.By November, bitcoins value had nearly doubled since January and was continuing to increase almost everyday.

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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 that the accounts are vulnerable to hackers and fraudsters (remember the time Mt. Gox dropped 850,000 bitcoins out of its clients accounts in 2014) or governments (such as 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 customers ). I interviewed a handful of bitcoin specialists, and each of them told me that safest way to protect your cache was supposed to use something called a hardware wallet.

I depended on a hardware wallet known as the Trezor (that the Czech word for safe), explained by the manufacturer as bulletproof. I purchased one on November 22 for $100 on Amazon (again, through Purse.io).When that the Trezor came, I plugged it into my computer and went into the Trezor site to set it 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, proceed, fashion, and sour. I wrote them on a sheet of orange paper. Next, I had been motivated to make a PIN. I wrote it down (choosing a couple of short number combinations I had been familiar with and may easily remember ) on the same bit of paper as the 24-word list.The Trezor website explained official statement that these 24 words were my recovery words and could be used to generate the master private key for my bitcoin.

It was important for me to keep the newspaper hidden and secure, because anyone could use it to steal my 7.4 bitcoins. I transferred my currency from my web-based wallet to 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 do it right 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 When our plane plowed into this page the ocean, Id want my daughters to be able to get the bitcoins. The coins had already 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 paper:Jane, when anything happens, show this paper to Cory.

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