Your Credit On A Crypto Coin? It’s Coming
Binance.com. Have you heard that name lately? Binance is the leading cryptocurrency exchange site that recently broke records when over 240,000 people opened new accounts in ONE HOUR. It’s still very very early in the cryptocurrency revolution with less than 1% of people even having knowledge of it. There’s certainly plenty of new money waiting to enter the markets too, who are bottlenecked by deposit or verification processes, or the technical learning curve. In India it’s easy to get your hands on some Bitcoin at CoinSecure.in and then send it to your Binance account to begin trading for other, newer, and more technologically advanced coins with room for growth.
Real Projects, Focused Purpose
Early adopters are getting rich by investing in some of the most innovative blockchain technologies that serve various markets. There’s a blockchain and coin for authenticating products, there’s a blockchain for decentralized real estate purchases, a currency that offers complete privacy and anonymity, a currency that is instantaneous without long transaction times, a currency that carries encoded information – and so many more. Many of the top coin projects straddle the line between consumer use currency and enterprise level data governance and transmission. Top projects to watch include ICON (ICX), Stellar Lumens (XLM), Request Network (REQ), and China’s Vechain (VEN) which will soon be rebranding and announcing major partnerships on Feb 26.
Fee-Less May Win The Day
The most exciting of all might be RaiBlocks, rumored to be rebranding to NANO. This is a day to day cryptocurrency for anyone, for anything, that is instant and FEE-LESS. Bitcoin transactions can take hours to confirm, and cost very high fees. Paying for a cup of coffee in Bitcoin is not currently possible since you would be paying around $8 USD in fees. Raiblocks/NANO changes all that and is likely to breakout as a major player once it lands on the Binance exchange later this month.
Credit Scoring On A Blockchain
Those are all amazing projects and coins you can invest in on Binance, but how does this fit in with your credit? For starters, the day is coming when a blockchain technology will maintain and produce your credit data. For example, startup Bloom in the USA is exploring the idea of creating a NEW credit scoring system based on a completely different set of data inputs than CIBIL currently uses. This will have huge impact as some people who are currently lacking access to credit suddenly themselves with an alternative measuring stick for which banks can measure their creditworthiness.
Another coin startup based on the UK called ATLANT is on the frontlines of developing a decentralized way to purchase real estate. This has the opportunity to work over the head or under the table of complex property law in some areas allowing for safe, instant, verifiable, and transparent real estate transactions. The company is opening the platform in March to use for P2P rentals, where you could rent a place online without all the paperwork, your data encrypted on the platform, between you and the landlord.
There Will Be Crypto Credit Cards In India, Already In Some Countries
Credit cards will be evolving too. Worldwide debit and credit cards are launching that allow you to spend money against your own cryptocurrency – or even use your cryptocurrency as collateral for a low interest loan. This is not the future, this is happening NOW. Reliance in India is planning to launch it’s own JIO Coin, which is something the world will be keeping an eye on.
The important thing here is don’t let the cryptocurrency revolution pass you by. It’s still new, many things are developing, many coins will fail, a few of the stronger projects will succeed and shape the future of payments. We will be periodically writing more articles on these topics as our readers have shown tremendous interest in crypto. Until then, get your hands on some Bitcoin or Ethereum to start, and research some of the great coins on the Binance exchange to add to your portfolio.
- For India, The Time to Get Your CHIP Card Now - 14/10/2018
- Co-Branded Credit Cards Mean Big Savings on Travel - 07/10/2018
- Maxing Out Your Credit Card Means Minimizing Your CIBIL Score - 01/10/2018
- Kotak Bank Loan Error on CIBIL Report, What To Do? - 23/09/2018
- Ask CreditSmart: Was My Axis Bank Credit Card Approved? - 16/09/2018