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Solution 2 would cope 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 percent of the networks computing electricity required to incorporate a program that will reduce 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 out of a block and join 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. Although this team agreed with the need for a solution to scaling, they feared that adopting segregated witness technology would not completely address 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 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 seemed an entirely worthwhile thing to do. I had recently started working as a research manager in the Institute for the Futures Blockchain Futures Lab, and that I wanted firsthand experience with bitcoin, a cryptocurrency which uses a blockchain to record transactions on its network.

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It had been surprisingly easy to buy stuff with the cryptocurrency. I utilized the airBitz app to purchase Starbucks credit. I utilized Purse.io to obtain a wireless security camera doorbell from Amazon. I used bitcoin at Meltdown Comics in Los Angeles to purchase 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 an internet wallet, however I wanted great site to transfer them into a more secure location. Many online bitcoin services retain their customers private bitcoin keys, which means the accounts are vulnerable to hackers and fraudsters (remember the time Mt. Gox dropped 850,000 bitcoins from its customers 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 experts, and each of them told me that that safest way to safeguard your cache was supposed to use something called a hardware wallet.

I settled on a hardware wallet known as the Trezor (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 arrived, I plugged it into my computer and went to the Trezor site 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 like aware, proceed, fashion, and sour. I wrote them on a piece of orange paper. Next, I was motivated to create a PIN. I wrote it down (choosing a couple of short number combinations I was familiar with and could easily recall) on precisely the same bit of paper since the 24-word list.The Trezor website explained these 24 phrases were my retrieval 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 safe, because anyone could use it to steal my 7.4 bitcoins. I transferred my currency from my web-based wallet into my Trezor, tossing the Trezor and the orange piece of paper into a desk drawer in advice my home office.

I was going to get it done directly 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 take a vacation in Tokyo.

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

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