Back when Bitcoin has first established, it intended to go global and become the world’s cryptocurrency. However, widespread adoption has yet to occur. Bitcoin’s mass adoption would suggest that everyone uses it, that it can use to pay in every business and restaurant.
That is not the case. Even now, in mid-2021, the majority of these transactions are still only possible with traditional currencies. There are several causes behind this. For example, even though the entire globe is now aware of Bitcoin, most people still do not own any of it. Some people are simply uninterested. Others believe it is overly intricate and foreign in comparison to fiat money. Some do not think it, considering it to be a hoax.
Of course, there are other factors to consider, such as a lack of laws, Bitcoin’s inherent issues, such as a lack of scalability, delayed transaction processing, exorbitant fees, and so on. That places the globe in an unusual position. There is a desire to adopt cryptocurrency, and governments and banks are considering it. El Salvador’s president recently stated that he would introduce legislation to make cryptocurrency legal tender. Even Iran has indicated that it is open to legalizing cryptocurrency.
Is Bitcoin, however, the way to go? Many people do not believe it is. Many people have realized over the years that while BTC has the potential to be a decent store of value, it is not a particularly good cryptocurrency. That is most likely the direction BTC will go in the following years, but it leaves a void designed to fill. What will be the coin that will use as daily currency?
Sure, there are coins to consider, such as Litecoin or Stellar. It’s called Ucoin, and here’s all we know thus far. What exactly is UConn? Universal Coin International Inc. established the cryptocurrency UConn. It is an ERC-20 utility token with worldwide circulation designed to operate in an ecosystem of business apps. In essence, it is a cryptocurrency intended to utilize for basic daily real-life transaction demands.
It uses blockchain to solve the problem of sluggish but expensive transactions by ensuring minimal fees. It is borderless as a blockchain-based platform, making it simple to send money to anyone, anywhere in the world, immediately. In terms of transaction speed, it is worth noting that the wait time for your transaction to be executed is only 15 seconds to three minutes. Compared to Bitcoin, which has a waiting period ranging from 10 minutes to a week, the difference is clear.
Digital banking platform
It integrates with Visa (NYSE: V) to boost the simplicity of use and make cryptocurrencies available and helpful in everyday life. The move is presently seeing a great deal of effort from the project, which desires to speed it up as much as possible. Visa integrates into the UConn business environment, with prepaid and debit cards that will enable users to pay for regular life transactions using their cryptocurrencies.
It will also provide a digital banking platform with complete banking services, cards, money transfer capabilities, and other features. Transactions are, of course, infinite, the project is highly secure, KYC and AML compliance is required. In addition, unlike Bitcoin, the project is entirely public and auditable. It, of course, has its UConn Business Ecosystem, whereas Bitcoin does not, and its block processing time is only 15 seconds, compared to BTC’s 10 minutes. When you consider that UConn also has access to Ethereum’s dApps and smart contracts, it is evident that it is a better choice for everyday use and use in the crypto sector.