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Solution 2 would deal 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 their networks computing power required to incorporate a program that would decrease the amount of information needed to verify each block. That is, they went with Solution 1.

The program which 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 separate, 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 as an extended block.

Less than a month later in August 2017, a group of miners and programmers initiated a tricky fork, leaving the bitcoin network to create a new currency using the identical codebase as bitcoin. Though this team agreed with the need for a solution to scaling, they worried that adopting segregated witness technology would not fully handle the scaling problem. .

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. 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 begun working as a study director at the Institute for its Futures Blockchain Futures Lab, and I wanted firsthand experience with bitcoin, a cryptocurrency which 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 program to purchase Starbucks credit. I utilized Purse.io to buy a wireless security camera doorbell from Amazon. I used bitcoin in Meltdown Comics in Los Angeles to purchase graphic novels.By November, bitcoins worth had nearly doubled since January and was continuing to increase almost daily.

Id been straight from the source keeping my bitcoin keys on a web-based wallet, however 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 (remember the time Mt. Gox lost 850,000 bitcoins out of its clients 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 they all told me that that safest way to safeguard your cache was to use something referred to as a hardware wallet.

I depended on a hardware wallet called the Trezor (that the Czech term for secure ), described by the manufacturer as bulletproof. I bought one on November 22 for $100 on Amazon (again, via Purse.io).When the Trezor arrived, I plugged it into my pc and went into the Trezor site to set this up.

The site instructed me to write down 24 words, randomly generated by the Trezor one phrase at a time. The words were like aware, here move, fashion, and sour. I wrote them on a sheet 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 could easily remember ) on the exact 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 maintain the newspaper hidden and safe, because anyone can use it to steal my 7.4 bitcoins. I transferred my advice 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: 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 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 for this If our plane plowed into the ocean, Id want my daughters to have the ability to get the bitcoins. The coins had already nearly tripled in value since I 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, show this paper to Cory.