Recently, the prospects associated with cryptocurrency, have caused the market for Bitcoin to increase exponentially in recent times, but finance expert, Ted Bauman, recently raised a valid point in Banyan Hill Publishing’s, Bauman Letter, suggesting this particular deficiency may hinder it from reaching its incredible potential. Bitcoin has seen such an upswing due to its ability to move value from place to place in a safe and efficient manner without governing bodies interfering with the process. This had made the new technology attractive to many, but according to Ted Bauman, many people are overlooking its lack of speed and ability to handle large quantities of transactions simultaneously. While traditional institutions such as Visa, can handle thousands of transactions per second, the technology that Bitcoin is built upon, prohibits it from handling more than a handful of transactions per second. Because of this, transactions routinely take minutes, and possibly hours, to be completely processed. This becomes increasingly problematic when buying gas, or leaving parking garages, come into play, as these require rapid transactions. While they have tried to alleviate the problem with the introduction of Bitcoin Cash, experts such as Ted Bauman suggest that you take a wait and see approach, as the value swings have been considerably volatile over the recent weeks.
Ted Bauman was born in Washington D.C. and raised in the greater metropolitan area. As a young man, he decided to relocate to South Africa, kicking off a career that would span 25 years, while taking him to over 75 countries. He graduated from The University of Cape Town, receiving postgraduate degrees in economics as well as history. He would spend the majority of his career working as an executive in the nonprofit sector, mostly managing funds for low-income housing projects. Throughout the early 2000’s, Ted Bauman acted as a financial consultant, frequently working with well-established institutions, such as the United Nations and the World Bank. In 2008, Mr. Bauman decided that it was time for him to return to the United States, and he promptly accepted a position with Habitat for Humanity International, working as the Director of International Housing. In 2013, he joined the team at Banyan Hill Publishing, and today, he is the editor of Plan B Club, Alpha Stock Alert, and The Bauman Letter. He has contributed to a number of international journals including The Journal of Microfinance, Small Enterprise Development, the Cape Times, and the New Internationalist. Today he lives with his family in Atlanta, GA, where he works out of his home office.