Creditbit, released under MIT/X11 license is an open source cryptocurrency contract which will be implemented as an Ethereum token on Ethereum platform. The protocol enables the access to its financial services over its blockchain to everyone.
Creditbit has become pretty popular in the crypto community since its 2015 launch and Creditbit wallets are available on almost all platforms. It was added to Coin Payments and is being traded at many other exchanges including Bittrex, Livecoin, YoBit, C-Cex, Cryptopia, Bloombit, and Bitsquare.
The popularity of Creditbit has resulted in an increased adoption rate as the process of setting up Creditbit address is straightforward and takes no time.
Creditbit further plans to offer transaction anonymity to its clients as there is no clearing company or organization that Creditbit needs to adhere to. This means no transaction fee is incurred and the personal information remains private. There is no need to give away your personal information when sending/receiving transactions via Creditbit wallet.
Like many other coins, the protocol is decentralized one and in turn protects the users from centralization. It depends upon the user to carefully select the service they opt for.
Moreover, Creditbit believes that it would be Bitcoin’s battle first in case of legal issues regarding the offer of identity privacy to users crop up. And all coins provide privacy only if used right. Therefore, no legal issues will come up for this matter.
The platform is constantly evolving due to its open source nature and anyone can join. This makes for a better user experience leading to greater adoption.
Finally, Creditbit not just offers privacy and anonymity during transactions unlike the traditional banking systems. It is also available to everyone as opposed to the conventional banks which are still out of the reach of 5 billion people and involves a long, cumbersome process to be accessed by other 2 billion.