Can Cryptocurrencies give everyone a new credit history?
A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.
Rewriting credit histories.
Cryptocurrency represents the beginning of a new phase of technology-driven markets that have the potential to disrupt conventional market strategies, longstanding business practices, and established regulatory perspectives with the benefit of consumers and broader macro economic efficiency.
Cryptocurrencies carry a ground breaking potential to allow consumers access to a global payment system anywhere and anytime. Participation is restricted only by access to technology, rather than by factors such as having a credit history or a bank account. Early adopters of this new digital currency have the ability to establish a new lineage of credit history as each user is identified by a unique number instead of the traditional name surname code.