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Solution 2 would deal 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 will decrease the amount of data needed to confirm each block. That is, they went with Solution 1.

The app 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 separate, and Witness, which describes signatures on a bitcoin transaction. Segregated Witness, then, means to separate transaction signatures out of a block and attach them as an extended block.

Less than a month later in August 2017, a group of miners and programmers initiated a hard disk, leaving the bitcoin network to create a new currency using the same 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 issue. .

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 allow a performance of around two million transactions per day. At 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 begun working as a research manager at the Institute for the Futures Blockchain Futures Lab, and that I wanted firsthand experience with bitcoin, a cryptocurrency that employs a blockchain to record transactions on its network.

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It was surprisingly simple to buy stuff using the cryptocurrency. I used the airBitz program to buy Starbucks credit. I used Purse.io to obtain a wireless security camera doorbell from Amazon. I used bitcoin in Meltdown Comics in Los Angeles to buy picture novels.By November, bitcoins worth had nearly doubled since January and has been continuing to increase almost daily.

Id been keeping my bitcoin keys on a web-based wallet, however I wanted to move them into a more secure place. Many online bitcoin services retain their clients private bitcoin keys, which means the accounts are vulnerable to hackers and fraudsters (recall the time Mt. Gox dropped 850,000 bitcoins out of its customers accounts in 2014) or governments (like 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 users). I interviewed a handful of bitcoin specialists, and each of them told me that that safest way to protect your cache was supposed to use something called a hardware wallet.

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

The website instructed me informative post to write down 24 words, randomly generated by the Trezor one phrase at a time. The words were like aware, proceed, fashion, and bitter. 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 was familiar with and may easily recall) on precisely the same piece of paper as the 24-word list.The Trezor website explained that these 24 words were my retrieval words and may be used to generate the master private key for 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 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 leave for the airport to take a vacation in Tokyo.

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What should 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 them, and I could imagine them being worth $50,000 one day. I took a pen and wrote on the newspaper:Jane, if anything happens, show this newspaper to Cory.