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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 approximately 80% to 90% of their networks computing power voted to incorporate a program that would decrease the amount of information needed to confirm each block. In other words, they went with Solution 1.

The app 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 from a block and join them within an extended block.

Less than a month later in August 2017, a bunch of miners and programmers initiated a hard fork, leaving the bitcoin network to create a new currency using the same 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 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 process 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 time, it looked an entirely worthwhile thing to do. I'd recently begun working as a study manager in the Institute for the Futures Blockchain Futures Lab, and that I wanted firsthand experience with bitcoin, a cryptocurrency that employs a blockchain to list transactions on its network.

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It was surprisingly simple to buy stuff with the cryptocurrency. I used the airBitz app to purchase Starbucks credit. I used Purse.io to obtain a wireless security camera doorbell from Amazon. I used bitcoin at Meltdown Comics in Los Angeles to buy graphic novels.By November, bitcoins worth had nearly doubled since January and was continuing to increase almost everyday.

Id been keeping my bitcoin keys on an internet wallet, but I wanted to transfer them into a more protected place. Many online bitcoin providers 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 (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 users). I interviewed a handful of bitcoin specialists, and they all told me that that safest way to safeguard your cache was supposed to use something called a hardware wallet.

I depended on a hardware wallet called the Trezor (the Czech word for safe), described by the manufacturer as bulletproof. I bought one on November 22 for $100 on Amazon (again, through Purse.io).When that the Trezor check this came, 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 phrase at a time. The words were like aware, proceed, fashion, and sour. I wrote them on a sheet of orange paper. Next, I had been motivated to make a PIN. I wrote it down (choosing a couple of short number combinations I was familiar with and may easily remember ) on precisely the exact same piece of paper since 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 for my bitcoin.

It was important for me to keep the newspaper hidden and safe, because anyone can use it to steal my 7.4 bitcoins. I transferred my currency from my online wallet to my Trezor, tossing both the Trezor and the orange piece of paper into a desk drawer in my home office.

I had been going to get it done 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 if I do for this If 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 that I could imagine them being worth $50,000 one day. I took a pen and wrote on the paper:Jane, if anything happens, reveal this newspaper to Cory.