Well there has been so much noise concerning Ubrica as a whole and today I thought it wise that we should clear the air concerning some of these issues. These are some of the frequently asked questions when it comes to Ubrica and its ecosystem.
Well let’s start by defining what a scam is. According to the Oxford dictionary, a scam is a dishonest scheme or fraud. As we have been told time and time again, Ubricoin is a cryptocurrency built on Ethereum blockchain. It is a peer-to-peer utility token that operates under open and distributed ledger. An open ledger ensures that all UBN transactions are clearly visible to everyone and a distributed ledger ensures that all UBN transactions are distributed to the actors within the network. In this way, Ubricoin cannot be a scam because it is verified by the blockchain.
This question resulted from the Ubrica bot which earned participants several Ubricoins per referral. Well a pyramid scheme is an illegal form of investment in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones. A bot works by rewarding every individual participating in the airdrop; the referrer and the referee. No payment is required in order to participate in an airdrop. The answer therefore, is no. Ubrica is not a pyramid scheme.
Ubrica is a life science and health production organization, aimed at improving global health. This is the mother to the Ubricoin. Ubrica seeks to solve three main problems; access, quality and cost of health. Access to quality healthcare has been a challenge in Kenya because for one to be treated, they must have money to cater for their hospital bills. Money has been the main priority for healthcare providers instead of treating the ailing patient. With little to no money, the quality of services provided in hospitals is very poor. The pieces of equipment used are very expensive to obtain and maintain hence making the cost of medical treatment very high. This means that very few people have access to quality services.
Ubrica seeks to solve these problems by introducing one very important element: economic development. This is through product promotion for Kenyan products in order to create more markets through social sites for example Soko Janja. Soko Janja is an online shopping site whose purpose is to create market for Kenyan goods and services.
Introduction of research centers in Kenya (BMIC) will ensure that there is little to no import of medical products because these will be areas where extensive research takes place as well as innovation of new products for example water drip and medicine for various diseases.
Ubrica will also build Ubrica Retail Clinical Centers (URCCs) which are units that will contain clinics, retail centers and workshops all within the same location. These clinics will have patient records stored in the blockchain and payment for services and medicine will be through Ubricoins.
Universities in Kenya will have areas for research, innovation and product commercialization known as University Science and Technology parks (USTP).
Ubrica chapters with 1000 or more members stand a chance of owning a USTP or a URCC.
Yes. Money is a system of agreements and symbols that influence creation and exchange of value and power according to Bendel, Rudick and Slater (2015). Through this definition, we are able to understand that money is not only the physical notes we see but it can comfortably exist on the internet as well. Cryptography, in blockchain, allows creation of cryptocurrencies which naturally exist on the internet. Blockchain is a digital transmission protocol that supports movement of cryptocurrencies from one person to another. Money over the internet protocol through blockchain has existed since 2009 when Bitcoin was created by Satoshi Nakamoto.
The Ubricoin has various uses including:
- Being a cryptocurrency, it acts as a store of value.
- Holders will have access to Ubrica ecosystem.
- It will act as an incentive for a job well done and services well provided.
- It will be used in funding and facilitating the world Ubricoin ambassador program.
Selling and getting rich quickly is a scam mentality. Most people have the microwave mentality whereby if they can’t get their money back as soon as they invest, they do not consider investing at all. This is especially dangerous because they miss out on a lot of opportunities.
Ubricoin acts as a store of value, meaning the advantage lies with those who buy the coin when the price is still low then sell when the price appreciates. Investing in cryptos requires patience and a mindset that is programmed to envision the future. With such an attitude, one can invest in as many UBN as possible and sell them for a profit instead of just dumping them on any exchange at a very cheap price which quite frankly benefits nobody.
We need to appreciate the value that Ubricoin holds, because everything needs to be built on a foundation that is strong and that can withstand the test of time.
Remember Hunter S. Thompson said, “Anything worth doing is worth doing right”.
There are three ways to buy Ubricoin:
- Smart contract interaction: this is whereby ETH is sent directly to the main contract that is; 0xDB13025b219dB5e4529f48b65Ff009a26B6Ae733 the UBN automatically reflect in the wallet.
- Exchanges: UBN has been listed on various exchanges eg Coinmex, Fedlio, Instant bitex, Etherflyer, Cashpayz, Finexbox as centralized exchanges and Ledgerdex and Starbit exchange as decentralized exchanges.
- Initial Exchange Offering (IEO): unlike the exchanges that allow you to buy and sell, IEOs only allow buyers to buy as many coins as possible but selling is not possible during the IEO.
The price of UBN is determined by the market forces. Market forces are factors that influence the price of a commodity such as UBN to change without governmental influence. These factors include:
- Supply and demand
When Ubricoin is in demand with less supply, the price tends to be very high. However, the opposite is true. The goal is to balance the two so as to have an equilibrium price. An equilibrium price will ensure that the price remains high in spite of the fluctuations guaranteed to occur in crypto trading.
- Coin condition
This majorly deals with how individuals have been able to adopt the coin in their everyday transactions. Acceptability of a coin ensures that the price appreciates.
- Speculative influences
The speculations and expectations of traders greatly influence the price of the coin. This is because if traders do not have expectations with a coin, they will not trade it. Speculative predictions done by specialists inform traders when prices will be high so that they can buy the coins in bulk so as to sell them later.
- Trading conditions
When trade is active, the price of the Ubricoin appreciates and the opposite is true.
The wave of cryptocurrencies is not a new concept in Kenya because so many people trade and hold Bitcoins.
The Ubricoin has developed roots in universities whereby students are now exchanging commodities and favors for Ubricoin. Numerous shops have the “UBRICOIN ACCEPTED HERE” flyer on their doors. Even the people in rural areas have started familiarizing themselves with Ubricoin because its news have spread like bushfire. 60% of people attending our events pay using Ubricoin.
I think that indeed Kenya is ready to accept the Ubricoin as more and more people get familiarized with the coin and the kind of freedom it offers to its holders.
Author, Barbara Kimani.