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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 roughly 80% to 90 percent of the networks computing power required to incorporate a program that will decrease the amount of data needed to confirm each block. In other words, they went with Solution 1.

The program that miners voted to add to the bitcoin protocol is known as 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 out of 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 create a new currency using the identical codebase as bitcoin. Although this group agreed with the need for a solution to scaling, they worried adopting segregated witness technology would not completely address 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 two 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 looked an entirely worthwhile thing to do. I had recently started working as a study manager at the Institute for the Futures Blockchain Futures Lab, and I wanted firsthand experience with bitcoin, a cryptocurrency which uses a blockchain to list transactions on its network.

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It had been surprisingly simple to buy stuff using the cryptocurrency. I utilized the airBitz program to purchase Starbucks credit. I utilized Purse.io to buy a wireless security camera doorbell from Amazon. I used bitcoin at 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 transfer them into a more secure place. Many online bitcoin providers retain their clients confidential bitcoin keys, which means the accounts are vulnerable to hackers and fraudsters (remember the time Mt. Gox dropped 850,000 bitcoins out of its customers 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 experts, and they all told me that that safest way to protect your cache was to use something called a hardware wallet.

I depended on a hardware wallet called the Trezor (that the Czech word for secure ), described by the site manufacturer as bulletproof. I bought one on November 22 for $100 on Amazon (again, via Purse.io).When the Trezor came, I plugged it into my computer and went to the Trezor website 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 aware, move, fashion, and sour. I wrote them on a piece of orange paper. Next, I had been prompted to make a PIN. I wrote it down (choosing a couple of short number combinations I had been familiar with and could easily remember ) on the exact same bit of paper since the 24-word list.The Trezor website explained that these 24 words were my recovery words and may be used to generate the master private key to my bitcoin.

It was important for me to keep the paper hidden and secure, because anyone can use it to steal my 7.4 bitcoins. I transferred my currency from my online 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 do it right after the holidays.The Mistake: these details 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 were getting ready to depart for the airport to take 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 already nearly tripled in value since they bought them, and that I could imagine them being worth $50,000 one day. I took a pen and wrote on the newspaper:Jane, when anything happens, reveal this paper to Cory.

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