The acceptance of cryptocurrencies as an alternative payment option is increasing across the world. The movement has gained momentum following increased adoption of Bitcoin among the masses.
As digital currencies become prevalent, Bitcoin is not going to be the only one benefitting from it. The circulation of other cryptocurrencies will also witness a proportional increase in transaction volumes.
Bitcoin leads the cryptocurrency market at this time, but it may not be the case for long. The scalability issues plaguing the digital currency has already led to an increased mining fee, making transactions costlier. Also, the increasing transaction backlogs in the mempool has considerably affected the confirmation times as well. The current situation of Bitcoin network makes it unsuitable for handling high transaction volumes.
The increasing dependency on cryptocurrencies will soon result in people exploring for alternatives to Bitcoin. The trend will result in significant increase in the adoption of altcoins. Creditbit is among the altcoins that have gained the crypto-community’s attention. Even though Creditbit is a relatively new altcoin compared to other players, it has managed to gain a strong following. In addition, the faster confirmation and block times has placed Creditbit in a comfortable position among other altcoins.
The Creditbit team is also actively working on improving the existing offering while adding new features. The platform has recently rebranded itself and also introduced an extended roadmap detailing further development.
These constant improvements and the unique distribution mechanism currently in the process of adoption is expected to strengthen Creditbit’s position in the community further. The cryptocurrency’s growth is already being reflected in Creditbit’s recent price trends. The cryptocurrency has registered a twenty-fold increase in price within a span of one month.
Also, with the growing merchant network and the extension of support by few leading cryptocurrency payment services, Creditbit stands a greater chance of adoption in the coming months. If Creditbit manages to maintain the current rate of growth, it will be among the top ten altcoins in no time.