Ted Bauman relies on his expertise as a financial adviser, investment consultant, researcher, and writer to forecast the outcome of economic events. The University of Cape Town graduate’s career began as a Fund Manager for a non-profit organization in South Africa. He’s written a book and journals about investments, enterprise development, and microfinance. In January 2018, Bauman predicted bitcoin currency may encounter growth difficulty in the future. This would be the result of problems with transactions processing that could detour consumers from using the currency.
In the Daily Forex Report, Ted Bauman made comparisons of bitcoin processing time to Visa processing. He made strong points regarding how much time it takes to process Visa transactions and bitcoin transactions. His main focus is on the growth of the currency, which he believes is problematic and loses customers because of slow processing. When the amount of time is taken into consideration, a consumer may look for an alternative to process business and personal transactions. Bitcoin can take 10 minutes up to an hour to process payments, whereas, Visa payments are processed immediately.
Bauman suggests the new cryptocurrency, Bitcoin Cash should enhance its transaction processor with a higher speed for the confirmation process. He believes the currency has potential but is concerned about the volatility of bitcoin costs and the fluctuation of the cryptocurrency markets. To compete with Visa, bitcoin needs a new system to handle more transactions. Visa processes 1700 transactions every second and bitcoin processes six to seven each second based on his research. Ted Bauman’s predictions may be a reality if bitcoin doesn’t implement a newer system to handle speedy payment transactions.
As an investment consultant and financial adviser, Ted Bauman continues to study and research the new trends for payment transactions. Consumers are less likely to stop using their credit cards for bitcoin currency. Bauman raised an interesting point using the currency to pay for parking at a garage. There’s a possibility it could take two minutes or more to finalize the transaction. Ted’s prediction of growth in the bitcoin currency market could become reality in the near future.