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Clearing up Some Initial Confusion Regarding Creditbit

by on June 28, 2017
 

Even though Creditbit has been around for quite some time now, there is still a bit of confusion regarding this project. That is not entirely surprising, as a lot of novice users are only now getting acquainted with this concept. Now is a good time to recap some of the information about Creditbit everyone needs to be aware of.  Knowledge is power, especially in the world of cryptocurrency.

A Brief Recap of the Creditbit Basics

As most people should know by now, Creditbit is an ERC20 token. It is issued on the Ethereum blockchain, even though the original project started out in an entirely different manner. The switch from a traditional blockchain to becoming an ERC20 token was completed in early 2017. As a result of this switch, Creditbit users and developers gain access to all of Ethereum’s technological advantages, including smart contracts.

People who still hold the original CRB coin can no longer swap them for CRB tokens. The developers have confirmed on multiple occasions they will not make any exception in this regard. It is no longer technically possible to do so. After all, everyone was warned well in advance as to when this would happen, and a grace period was put in place to smoothen the transition.

A lot of people are wondering why the Creditbit developers don’t make their names public knowledge. This is mainly done to avoid harassment, which has become somewhat of a norm in the world of cryptocurrency and digital tokens.  Nor can the developers influence the market prices, as it would not be in their best interest to do so. They work hard to get exchanges to list CRB, though.

Last but not least, there are still a lot of questions regarding CCreditBOND. Do keep in mind CreditBOND and proof-of-stake are not one and the same. Although one can increase their CRB holdings through CreditBOND, the rewards are not the same as PoS rewards. It is important to look at both forms of technology separately, to avoid any unnecessary confusion.

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