What Is Bitcoin United and Should You Trust It?

In the digital world, it can be difficult to distinguish between what is real and what is fake. A new post on the Huffington Post talks about Bitcoin United being a solution to end all forks. This post makes some very bold claims regarding faster transactions and improved scalability. To most readers, this post is nothing more than a scam or a fake project. However, it is still worth looking into some of its audacious claims.

Bitcoin United Makes Some Interesting Claims

Judging by the Huffington Post article, Bitcoin United is either a joke or a major scamcoin. Regardless of which argument applies, the “project” feels it has the potential to end the scaling and forking debate. The post claims how Bitcoin United, known as BTC-U, will provide three-second confirmations and a scalable level of up to 10,000 transactions per second.

Most Bitcoin users would not mind seeing such a degree of confirmation times and number of transactions on the mainnet in the future. However, it seems ludicrous to make such claims as if it were possible to achieve them right now. The Bitcoin United “team” asserts that is certainly the case, and claims this project will be a gift to the overall cryptocurrency community. Unwanted gifts are rarely appreciated by Bitcoin users, and this bogus project will fall into that same category.

The article also talks about BitShares developers joining “other alt-Bitcoin developers” to create Bitcoin United. This seemingly indicates that BTC-U is another project by Dan Larimer, a person who is known for his involvement in BitShares and theories on horizontal scaling for Bitcoin and other cryptocurrencies. Since this technology is still unproven and untested, making claims of how Bitcoin United will be “better” seems premature.

Bitcoin United would provide the solution for which the entire community has been waiting, if it works. The team notes this concept is “so much better compared to what we have been offered by insiders.” Bitcoin United claims that it can fix all issues affecting Bitcoin at the same time, despite no one knowing who is behind this project, where the code can be found, or where one can even download a client for BTC-U.

Apparently, Bitcoin United will get a “free upgrade to EOS technology.” EOS is yet another project by Dan Larimer, and is mainly focused on providing cryptocurrency scaling solutions. That technology is still unproven as well, as there is not one single line of code accessible to the public to illustrate how these “ideas” will even work out.  It is doubtful that anyone will take BTC-U seriously at this point.

Bitcoin United will also make use of DPOS technology to get rid of the mining algorithm altogether. This will subsequently end inflation, creating another version of Bitcoin with a hard supply cap. Bitcoin United will, of course, be hosted on the BitShares blockchain. This project is all about Dan Larimer expanding his “reach” in the cryptocurrency world. It is doubtful that this project will gain any traction, assuming it is even real in the first place.

  • loganspappy

    If you have to ask then the answer is no. But you already knew that.

  • Not ready for prime-time…

  • Stuart Fletcher

    Bitshares blockchain can run 100,000 transactions per second and has been doing since 2015. It is faster than Bitcoin and Ethereum combined and more widely used. The graphene blockchain is far more advanced than the Bitcoin blockchain. Add to that the fact that next year Bitshares upgrades to the EOS blockchain with unlimited transactions per second. Dan Larimer isn’t a part of the BTC-U project, he’s currently working on EOS. Stan Larimer – his father, had the idea. Dan is currently building his 5th blockchain – I think these guys know what they’re talking about and doing…

    • Daxx10

      We need something physical, like code, before we can ignore it completely or laugh at it from a safe distance.

      • Stuart Fletcher

        Bitshares is completely open source. Go ahead and look for yourself. The BTC-U proposal is literally 3 days old and first put forward on Steemit by Stan. Does the 1st August upgrade for Bitcoin come anywhere near Bitshares 100,000 tps? No. I hold Bitcoin and several other cryptocurrencies, and do not have a particular favorite, but even I can see the Bitcoin blockchain is a snail compared to the Bitshares graphene blockchain.

        • Daxx10

          Go scam on steem.
          VISA has a peak of 56,000 transactions per second.
          You wouldn’t even have a market for 100,000 tx/s let alone capacity.

          • Stan Larimer

            …and “man will never fly”

          • Stuart Fletcher

            ‘Go scam on steem’ – Why do you assume this is a scam? You don’t believe it’s possible? You don’t like change? What? If you can have the same Bitcoin that is greener and cheaper on a lightning quick platform, what is not to like about that?If it happens, Bitcoin holders get a free BTC-U coin. Where is the scam?

            VISA handles on average around 2,000 transactions per second, so call it a daily peak rate of 4,000 tps. It has a peak capacity of around 56,000 transactions per second, however they never actually use more than about a third of this even during peak shopping periods. Mastercard comes in with a peak capacity around 40,000 transactions per second.

            Bitshares graphene blockchain is capable of handling ALL of VISA and MASTERCARDs current peak rates combined. And when it is upgraded to the EOS blockchain next year it’ll be able to process unlimited transactions per second. Cheaper, faster and greener than anything else in the world.

            This change is coming whether you like or not.

            Don’t get angry – get informed.

          • Daxx10

            From memory, Bitcoin processes ~7 tx/s and often fills its blocks in the 10 minute period for a fixed miner reward of 12.5 BTC per block. (Average 2,000 tx per block).
            What’s your reward for filling blocks 10,000 times faster?

            The size of the blockchain (133GB) is growing at 1GB per week.
            Where on my HD am I going to store your 10TB per week?

            The answer to both questions is that you are not competing with the Bitcoin blockchain but an off-chain scaling solution which has not yet been implemented.

            This kind of volume was never intended.

            IOW, your fantastic-sounding solution is not needed. Thanks all the same.

          • Stuart Fletcher

            No miners needed. And therefore no waste of 100s of millions of dollars worth of Bitcoin annually paying them.

          • Daxx10

            ^ ^ There’s the scam!
            Bitcoin’s PoW (Proof of Work) system is an essential component that slows down miners, making it impossible to rewrite (e.g. fake) the blockchain.
            PoW is what makes the blockchain immutable.

            Without all those pesky security measures built into Bitcoin, you could make it a lot faster.

            So, BTC-U, good luck with your altcoin.
            Even offering free ones to Bitcoin users is too high a price to attract them anywhere near this.

          • Stuart Fletcher

            Try again friend.

            One of the big issues with BTC is PoW. Mining was a MEANS to an end, not the end itself! Many Bitcoiners (mostly miners!) tend to forget that. The idea is to decentralize/distribute power. It doesn’t matter what method you use. Delegated Proof Of Stake (DPOS) is superior to Proof Of Work (PoW) in every way. BTC would thus benefit immensely from this upgrade to BTC-U.

            Bitcoins ecosystem is already old and better replacements have already emerged.

            Now, again – tell me how this is a scam?

          • Daxx10

            I don’t have enough time to put DPoS through 8 years of testing on a $40 billion network, so I’ll temporarily withdraw the ‘scam’ charge and see you down the road 😉

          • slavix

            DPOS has already been tested since 2015 on BitShares and since 2016 on Steem blockchains, which already do far more tps than bitcoin.

          • Daxx10

            Reply containing link to themerkle awaiting approval from themerkle.

  • Stan Larimer

    Actually Dan Larimer has nothing to do with it. It’s his nefarious dad, Stan Larimer, CEO of Cryptonomex, the birthplace of BitShares and Steemit. (That would be me.)

    Google **Bitcoin Unchained – The Platform Independence Movement**

    Oh, and the upgrade can happen this summer — if some other forking faction makes the first move. BTC-U, aka “Fast Bitcoin”, will run on BitShares which has been running at 3 second block times and thousands of transactions per second since 2015. It currently holds a record for most transactions processed in a day that is bigger than old bitcoin and new ethereum combined. It would take less than an hour to have BTC-U trading in real time globally against all the other assets on the BitShares industrial grade decentralized exchange and smartcoin factory.

    Naturally I hope Bitcoin will NOT fork because I like it just the way it is. But if there become more than one option, why not throw the far better BitShares platform into the ring and have a good three-way debate?

    Here’s my case for NOT changing Bitcoin:
    Google **Please Don’t Change Bitcoin – You’ll Break It**

    Stan Larimer
    The Godfather of BitShares and Steemit

  • Stan Larimer

    “Fast Bitcoin as a type of ICO where we give away the coins to bitcoin owners and then buy them back cheap from those who don’t know what they’ve got.” – Stan Larimer

  • Ken Griffith

    There was nothing in the original article to indicate Dan Larimer has anything to do with BTC-U. Get your facts straight before you speculate. Your article is just as bad as the HU piece.

  • Bill Northup

    I use Bitshares. Yes, it does have 3 second transactions. Yes, you can make other coins using BTS to back them. As far as transactions per second, I haven’t tested that myself, but there are reports of thousands of txs per second done in tests.

    It’s obvious you didn’t do any research before writing this article. It is extremely easy to go to Bitshares and set up an account. It’s a decentralized exchange, so you don’t even need to provide any proof of identity like with centralized exchanges. It’s also easy to play around and set up your own coin so you can see how it works.

    The fact that you haven’t done this discredits your entire article and leads me to believe that you have an agenda, which I presume is to promote Bitcoin and try to discredit anything that might take its place. I suggest in the future you at least do some research so that you can obfuscate your agenda better.

  • Darth Lord

    “Bitcoin United claims that it can fix all issues affecting Bitcoin at the same time, despite no one knowing who is behind this project” — duh? Nobody knows Satoshi Nakamoto… All this animosity on Bitshares which is a Bitcoin-Ethereum mix when it comes to features is despicable.