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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 power required to incorporate a program that would reduce the amount of information 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 called a segregated witness, or SegWit. This expression 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 attach them within an extended block.

Less than a month later in August 2017, a bunch of miners and developers initiated a tricky disk, leaving the bitcoin network to make a new currency using the identical codebase as bitcoin. Although this team agreed with the need for a solution to scaling, they feared adopting segregated witness technology would not fully handle the scaling problem. .

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 purchase 7.4 bitcoins. At the time, it looked an entirely worthwhile thing to do. I'd recently started working as a research manager at the Institute for its Futures Blockchain Futures Lab, and I wanted firsthand experience with bitcoin, a cryptocurrency that employs a blockchain to record transactions on its network.

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It had been surprisingly easy to buy stuff using the cryptocurrency. I utilized the airBitz app to buy 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 picture novels.By November, bitcoins worth had nearly doubled since January and was continuing to increase almost everyday.

Id been keeping my bitcoin keys on a web-based wallet, but I wanted to move them to a more protected location. Many online bitcoin services retain their clients confidential bitcoin keys, which means the accounts are vulnerable to hackers and fraudsters (recall the time Mt. Gox dropped 850,000 bitcoins from its clients accounts in 2014) or governments (such as the time BTC-e, a Russian bitcoin exchange, had its domain captured by US District Court Continued for New Jersey in August, freezing the assets of its customers ). I interviewed a handful of bitcoin specialists, and each of them told me that that safest way to safeguard your cache was to use something called a hardware wallet.

I depended on a hardware wallet called the Trezor (that 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 that the Trezor arrived, I plugged it into my pc and went into the Trezor site to set this up.

The website instructed me to write down 24 words, randomly generated by the Trezor one word at a time. The words were like conscious, move, 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 may easily remember ) on the same piece of paper as the 24-word list.The Trezor website explained these 24 phrases were my retrieval words and could be employed 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 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 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 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 acquire the bitcoins. The coins had already nearly tripled in value since they bought themand I could imagine them being worth $50,000 one day. I took a pen and wrote on the paper:Jane, when anything happens, show this paper to Cory.