VeriBit Where VeriCoin is accepted anywhere Bitcoin is
Rationale • Altcoins can innovate by adding new features (PoS, anonymous transactions, etc.) but without avenues to spend, all value is simply speculative • Bitcoin has been around long enough to have many stores which accept it and has already built up infrastructure to support use as a currency • VeriCoin has very fast transaction times (over 10x faster than BTC) and can be used in tandem with BTC for reasonably fast payments
VeriBit • Acts as an interface layer between VeriCoin and Bitcoin transactions • Allows users to spend VeriCoin to purchase items from retailers that accept Bitcoin without the retailers involvement • Expands the utility of VeriCoin to the entire Bitcoin marketplace
How VeriBit works Customer
VeriBit Server
VeriBit Server • Utilizes the Optimized Buying Algorithm to store large quantities of Bitcoin in advance of transactions • Resupplies Bitcoin balance by selling VeriCoin during optimal value times as determined by the Optimal Buying Algorithm helping to prevent dumps of the coin
Why VeriBit works • A large investor has allowed us to use a significant number of Bitcoins as a buffer for large dumps of VeriCoin • Transaction times are only slightly longer than that of Bitcoin alone • Allows seamless transactions to thousands of retailers that accept Bitcoin