Imagine having digital cash on your phone that does not devalue massively, that is interchangeable for local and other currencies and that offers transactions that are fast and low-cost and cash that comes with fantastic technology and free mobile apps that are easy to use … and more: that’s CreditBIT.
Crypto currency, digital cash, decentral coins … what is that?
Digital cash is a buzz-word nowadays. Yet, anyone somewhat familiar with ITC or financial technology will have heard something about crypto currency, like Bitcoin and Ethereum, and their quickly rising popularity amongst the banked and the unbanked; and of course, about rising prices and ditto market capital. But what is crypto currency and how does this work?
A crypto currency is a token that as medium of exchange is using cryptography to secure the transactions and for the control of new coin creation. Crypto currencies use decentralized protocols that works on majority consensus. This makes crypto currencies intrinsically democratic, contrary to the centralized electronic money that the current FIAT payment systems use.
More than just money … Yet, even when we can use decentralized tokens, like encrypted coins as digital cash, the underlying disruptive technology of the blockchain should not be limited to this alone. The blockchain, which is a distributed database, can be used for much more as just creating smart currencies. This is clearly
More than just money …
Yet, even when we can use decentralized tokens, like encrypted coins as digital cash, the underlying disruptive technology of the blockchain should not be limited to this alone. The blockchain, which is a distributed database, can be used for much more as just creating smart currencies. This is clearly shown with the Ethereum blockchain where various tokens, like e.g. CreditBIT, run on their smart contract technology. Smart contracts are a consistent advancement of distributed ledger technology and aims at automating a software managed contract process so that human involvement is not mandatory. This does not only offer solutions in the legal realm, e.g. digital copyright license management, but could also handle transactions in the financial technology area.
The advantages of crypto currency and the smart contract options of some coins taken together, the current boom in blockchain consortiums and crypto trading volume should not come as a surprise. Chinese miners operate their mining farms and countries like Japan and the Philippines now accept
payments in crypto currency. South Korea and other nations are considering or preparing crypto currency adoption and in Switzerland people can already buy digital cash on the railway stations and use it to pay for their local tax! But what about Africa?
Africa and the financial payment system
In Africa, the situation with regular fiat currencies is very mixed and complex. Some forms of money are relatively stable (like gold or silver coins), other currencies drop in value (inflation) because governments and banks flow the market with cheap money. And that is for those countries and areas,
where people do have access to the financial markets, which is not common place at all, as many in Africa are still unbanked; a situation that seriously and unjustly excludes many entrepreneurs and small business owners from access to the world market and prosperity.
A proper working payment system could unleash the growth potential of the African economy and support new firm entry, innovation and growth. It might also easily fix the failure of the currently dominant financial system: while banks, credit-card and money transfer companies have existed for quite a while, they have not taken care, that all people do get access to payment systems to buy, sell and do business all over the world in order to improve on their living standards, create jobs and buy cars and houses. You can help to change that …
How to end this archaic situation?
We are not claiming that digital currencies like Bitcoin, Ethereum or CreditBIT can repair all the failing structures of the old-economy instantly, but it is disruptive enough to facilitate real change. In fact, crypto coins and their underlying blockchains are a payment system on themselves and their intrinsic qualities, like encrypted transactions, that are save, fast, cheap and relatively anonymous – all depending on which coin you use – form a good and dearly needed alternative.
So seen, digitally encrypted protocols could transfer global electronic payments without the need of a third party to mediate, holding funds or control the network. All that is needed are computers using a broadband connection. Yet, achieving global financial capacity on the crypto currency networks isn’t
feasible today, but it will be in the future and for now there is capacity enough, particularly for growing markets like Africa.
What role could CreditBIT play for the future of money in Africa?
A good question and basically one, that you can help to determine. What we are saying, is that by making use of serious, safe and competent coins, you can benefit from the start and help to speed up the process of change in the current money system.
What is CeditBIT?
CreditBIT (ticker: CRB) is a smart, cost-efficient, swift and decentralized digital token that runs on the Ethereum blockchain and can be safely stored on your mobile or PC wallet. CreditBIT payment transactions know no chargebacks or payment limits and you need no investments in special hard- or software. You can exchange CreditBIT on crypto exchanges or with anyone having an Ethereum wallet.
What is so special about CreditBIT?
Definitely the professional development and marketing team, that deliver top-notch work. Because of the democratic character of CRB – with the CreditDAO/CreditBIT Foundation for fair governance – and the possibilities of Ethereum smart contracts, CRB is much more than just another investment-hype.
One good example is the development of CreditBOND. Because CRB used to be a proof-of-stake coin in the past and Ethereum currently does not offer a mechanism for staking, the development team came up with the innovative CreditBOND contract procedure. This enables you to lock your coins for a certain period of time to earn a yield, similar to stake reward – and up to 12% annually.
In the soon to be released Roadmap3, more custom features for the CreditBit token will be introduced, but they still rely on the underlying Ethereum blockchain technology that enables storing and executing Smart Contracts, which can be stored on the Ethereum blockchain. Smart Contracts enable
development of complex business logic, distributed community and decision process and innovative distribution of issued tokens. This means that any improvement in the underlying Ethereum development will also offer new opportunites to employ by the CreditBIT developers. Having a capable team thus forms a critical asset.
How many CreditBIT have been created?
There are currently about 11.874 million CreditBIT in circulation, which is comparatively low. Creditbit was a minable token before they moved to the Ethereum-cain, but there never was any pre-mine, initial coin offering (ICO) or crowdfunding. Due to the CreditBOND procedure, also many coins are
‘locked’ and lower the available supply.
Could CreditBIT become worthless?
Yes, most crypto – and fiat! – currencies have no intrinsic value, but people trade them; the same is true for CreditBIT. Yet, by creating a broad community supporting CRB and its goals, they aim to add value to the project and the value of the CreditBIT token. The development team only gets rewarded in locked tokens that cannot be dumped and already a good amount of the free floating CRB are locked with CreditBOND in order to have their owners receive
the up to 12% award on coins that are locked for a certain period of time.
This locking mechanism is a precaution against large dumps and pumping. When coins have a large premine, ICO or crowdfunding, the money that remains after the coins is programmed and running are very often used to buy up the own coins and pump the price up in a hype. CRB cannot do this and thus
needs real investors and real holders!
Can I Trade CreditBIT on a Exchange?
Yes, the same way other crypto currencies trade. CreditBIT is traded on one well known exchanges like Bittrex and Livecoin, but can also be used on the JAXX wallet platform that has built-in ShapeShift integration. ShapeShift is an exchange service for converting between blockchain tokens and coins and
brings liquidity and versatility to your coins. The CreditBIT team is working to get listed on more highvolume exchanges, like Poloniex, Bitfinex, Kraken and one of the Korean exchanges, which are very open to Ethereum and Ethereum tokens that offer innovative smart contract implementatioins. For the actual market list, see: https://coinmarketcap.com/currencies/creditbit/#markets.
Conclusions
When we regard the public support of CRB by e.g. Bitcoin Foundation founding member Charlie Shrem, or the CRB-listings on even larger exchanges coming and the recent JAXX wallet adoption, CRB is still amazingly cheap. Please do your own due diligence – and when you are as convinced as many others,
give it a try and tell your friends about it too. CreditBIT – the future of money …
CreditBIT’s Ethereum blockchain network is
• Decentralized: no need for third parties as Ethereum is its own financial network
• Secure through high-end encryption
• Globally accessible when there is internet-access – no need to travel to do financial transfers
• Leading in Smart Contract scripting
• Completely digital, fast and the 2nd largest crypto network in the world
CreditBIT offers
• Full control over your own money by use of encrypted passwords
• Access to the world market of trading money, goods and services
• Bond yield rewards up to 12% annually
• Solid long- and short-term development
• Democratic participation for a enthusiastic and expanding community.
Links:
CreditBIT official website: https://www.creditbit.org/- with links to slack, wallets and white papers in English language
CreditBIT markets list:https://coinmarketcap.com/currencies/creditbit/#markets
CreditBIT forum: https://bitcointalk.org/index.php?topic=1237511.0
Twitter: https://twitter.com/credit_2 – / – Facebook: https://www.facebook.com/creditbitofficial/
Free CreditBIT Info mobile application for Android and iOS on google and apple playstores.