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Solution 2 would cope 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 voted to incorporate a program that will reduce the amount of data needed to verify each block. In other words, they went with Solution 1.

The app that miners voted to increase the bitcoin protocol is called a segregated witness, or SegWit. This term 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 join them within 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 same codebase as bitcoin. Although this team agreed with the need for a solution to scaling, they worried adopting segregated witness technology would not completely address the scaling issue. .

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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 allow a performance of around two million transactions per 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 looked an entirely worthwhile thing to do. I'd recently started working as a research director in the Institute for the Futures Blockchain Futures Lab, and I wanted firsthand experience with bitcoin, a cryptocurrency that uses a blockchain to record transactions on its network.

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It was surprisingly simple to buy stuff with the cryptocurrency. I utilized 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 buy picture novels.By November, bitcoins value had nearly doubled since January and was continuing to increase almost daily.

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Id been keeping my bitcoin keys on an internet wallet, but I wanted to transfer them to a more protected place. Many online bitcoin services retain their clients confidential bitcoin keys, which means that the accounts are vulnerable to hackers and fraudsters (remember the time Mt. Gox lost 850,000 bitcoins out of its customers 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 the assets of its customers ). I interviewed a handful of bitcoin experts, and they all told me that safest way to protect your cache was supposed to use something called a pocket.

I depended on a hardware wallet known as the Trezor (the Czech term 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 arrived, I plugged it into my computer and went to the Trezor site to set it 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 piece 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 recall) on the exact same piece of paper since the 24-word list.The Trezor website explained these 24 words were my recovery words and could be used to generate the master private key for my bitcoin.

It was important for this page me personally to maintain the paper 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 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 have a vacation in Tokyo.

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What if I do for 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 they bought themand that I could imagine them being worth $50,000 one day. I took a pen and wrote on the paper:Jane, if anything happens, show this paper to Cory.

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