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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 approximately 80% to 90% of the networks computing power required to incorporate a program that would decrease the amount of data needed to verify each block. That is, they went with Solution 1.

The program 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 different, and Witness, which refers to signatures on a bitcoin transaction. Segregated Witness, then, means to separate transaction signatures from a block and attach them within an extended block.

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

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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. 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 time, it seemed an entirely worthwhile thing to do. I had recently started working as a research manager in the Institute for its Futures Blockchain Futures Lab, and that I wanted firsthand experience with bitcoin, a cryptocurrency that employs a blockchain to list transactions on its network.

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It had been surprisingly simple to buy stuff with the cryptocurrency. I utilized the airBitz app 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 graphic novels.By November, bitcoins worth had nearly doubled since January and has been continuing to increase almost daily.

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Id been keeping my bitcoin keys on a web-based wallet, however I wanted to transfer them to a more protected location. 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 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 customers ). I interviewed a handful of bitcoin experts, and each of them told me that that safest way to safeguard your cache was supposed to use something referred to as a hardware wallet.

I depended on a hardware wallet known as the Trezor (that the Czech word for secure ), described 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 website to set it up.

The website instructed me to write useful link down 24 words, randomly generated by the Trezor one phrase at a time. The words were just like aware, proceed, fashion, and bitter. I wrote them on a sheet of orange paper. Next, I was motivated to make a PIN. I wrote it down (choosing a couple of short number combinations I had been familiar with and could easily recall) on precisely the same piece of paper as the 24-word list.The Trezor website explained these 24 words were my recovery words and may be used to generate the master private key for my bitcoin.

It was important for me personally to keep the newspaper hidden and safe, because anyone can use it to steal my 7.4 bitcoins. I transferred my currency in my web-based wallet to my Trezor, tossing the Trezor and the orange piece of paper into a desk drawer in my home office.

I was going to get it done 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 college in Colorado. My wife Carla and I were getting ready to depart for the airport to have a vacation in Tokyo.

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

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