UnitedBitcoin (UB) is the solution to Bitcoin’s congested network, flaws stopping it from being a daily used currency. Since interest in Bitcoin has surged since the Bitcoin futures announcement in late November, Bitcoin’s network has been put up to the test and seems to have failed. While many people have tried to use Bitcoin as a currency for daily use, it fails in two major ways. First, it can take long for a transaction to be confirmed. The Bitcoin network can currently handle at maximum 7 transactions per second; while credit-card payment processors like Visa can handle approximately 2,000 transactions per second. Second, Bitcoin’s scripting language doesn’t allow users to build smart contracts similar to those available in other cryptocurrencies such as ETH and QTUM. Currently, Bitcoin is being underutilized from what its original purpose was, UnitedBitcoin will fulfill the original Bitcoin vision to a limit.
“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”
UnitedBitcoin, unlike Bitcoin, will be able to be used as a currency for daily transactions. Because of Bitcoin’s extreme volatility businesses have been hesitant to accept it as a form of payment. A recent example would be Steam deciding to stop accepting Bitcoin as a form of payment, stating that it was due to the extreme volatility and increasing transaction costs. It doesn’t make sense for businesses to have to refund money or force users to cough up more money because by the transaction goes through the price of Bitcoin has changed by 20%. UnitedBitcoin overcomes this issue buy pegging the price of UnitedBitcoin’s to fiat currency. By pegging the price of UnitedBitcoin to a fiat currency, businesses can be assured that the price of UnitedBitcoin will not have surged before a transaction has gone through. Business will be able to accept UnitedBitcoin as a form of payment with no reluctance as it will have a consistent price.
With the integration of smart contracts into the UnitedBitcoin blockchain, UnitedBitcoin will be able to carry out tasks and execute transactions automatically. This will expand Bitcoin’s current capability of just having two users send money between each other to carry out transactions. This will expand the adoption of UnitedBitcoin’s use in corporate deals. By having transactions occur only when a predefined and agreed open “checkpoints” are met, allowing businesses to make this contracts without worries. Bitcoin currently does not have any of this technology available, resulting in investors to view Bitcoin as a store of value instead of a currency.
The eventual adoption of the lighting network by UnitedBitcoin will help people perceive the true legitimacy as a currency. With the lighting network, UnitedBitcoin will be able to handle millions to billions of transactions per second on the network, allowing for its true strength, long-term scalability, to flourish. One of the pre-requisites for the lighting network, the SegWit soft fork will also be implemented into UnitedBitcoin. This ability will allow UnitedBitcoin to fulfill Bitcoin’s initial vision of allowing peer-to-peer transactions without going through a financial institution.
UnitedBitcoin is a promising fork, compared to the other forks in the recent past. Instead of focusing on only one problem, UnitedBitcoin attempts to solve multiple problems that will make Bitcoin a long term solution to many of the worlds problems.
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