“Bitcoin Hyper” Network Claims 2-Second Transaction Times, But Issuance Terms Unclear

The team behind a “fork” or code copy of Bitcoin called “Bitcoin Hyper” claims their network is the “world’s fastest Bitcoin” and has vastly improved upon transaction times provided by standard Bitcoin and other crypto networks:

“Bitcoin Hyper is a speed enhanced version of Bitcoin…Whether a consumer is buying something online, at a store or sending money around the world, Bitcoin Hyper overcomes the processing delays of eight to seventy minutes, which is typical (of) other tokens. These extended processing times make the use of other coins impractical for daily use.”

Closer reading of the project’s materials suggests at least one red flag regarding coin supply and mining, however.

Bitcoin Hyper, the sellers say, can settle a purchase or trade in mere seconds, making the cryptocoin more suitable than others for commercial use:

“The typical processing time for a Bitcoin Hyper transaction is two seconds, a speed that equals or exceeds credit card transaction time, making Bitcoin Hyper practical for everyday use by merchants and consumers.”

It is not clear whether the project is genuinely “decentralized.”

Bitcoin and Ethereum network participants and creators appear to have received a pass from US regulators, who determined each network was sufficiently public to justify the unlicensed sale of network tokens.

Bitcoin Hyper “Community Member” Mike Estrada claims the Bitcoin Hyper network has “global infrastructure” and nodes in several locations:

“We have implemented a high performance, global network with facilities in Singapore, London, Frankfurt, California, Nevada and Florida for the specific purpose of processing Bitcoin Hyper faster than current processing times…Our network is purpose built and it employs cutting edge logic and data processing to ensure world class speed, throughput and reliability for our global infrastructure.”

Estrada also claims that he and fellow “community members” are, “actively integrating Bitcoin Hyper into the existing merchant processing networks for a true native and seamless solution.”

Regarding “51% and Decentralization” the project’s highlights document claims:

“Bitcoin Hyper was built with the commitment to excellence and operating within the framework of decentralization. The Bitcoin Hyper community project is designed whereas any group of participants can decide and deploy updated source code to change elements and parameters in the project so long as they have the majority participant consensus to apply the changes.”

The project’s white paper says the project is intended to “act as a supplement to the original Bitcoin” whitepaper, and the project’s website indicates that 48 million BHY tokens are, “in circulation now,” at a combined market cap of $77.2 billion.

Regarding this, the white paper states:

“Bitcoin Hyper is a speed enhanced version of Bitcoin that employs a proof of work algorithm. The project has a total of 48 million coins, of which 21 million can be mined by the general public.”

Do these claims suggest project “community members” have vested themselves with 27 million coins from the outset?

As well, how can miners “mine” coins already in circulation?

The white paper also asserts in bold font that, “Bitcoin Hyper tokens are not intended to constitute a security in any jurisdiction. This White Paper is not a solicitation for investment and does not pertain in any way to an offering of securities in any jurisdiction,” and lists a US Department of Treasury FinCEN Registration Number.

The press release is from Malta, a crypto-friendly jurisdiction, but the website features a California telephone number.

Bitcoin Hyper tokens are now for sale at Alterdice.com and Bitci.com.

 



Sponsored Links by DQ Promote

 

 

Send this to a friend