Bitbond.com - lending for cryptoheads.
Today we take a look at bitbond.com.
Yesterday, we had a comment from @ebargins which prompted today's review.
In short, the answer is they are very different.
Kiva.com is for "do good'ers" whereas bitbond.com is for investors.
On bitbond one lends to get a return on investment.
They have a 1.43 length intro video.
The site has some cool stats and visualizations
As BTC has grown in value so has their cumulative loan value
Most of their loans go to working capital, which were I am from is very difficult to get a loan for.
Most loans are to the developed world and 12 month seems to be the most common term.
So far I see only one challenge for the borrower.
What if one borrows $1000 when bitcoin is at $1000 and then has to pay back the loan a year later when BTC is at $4000?
I plan to look at the loan structures a bit more and see what I can find regarding this conundrum tomorrow.
all images are screengrabs from bitbond.com
thanks for sharing :)
@sme yeah, the changing repay value makes this look tough.
Is there a minimum amount that you can loan to others?
Minimum bid amount for lenders: BTC 0.01
Need to explore more. But looks interesting. Upvoted.
Don't!! you will lose out if you invest in this.
Take btcjam.com as an example of this sort of scam site.
The sites get a fee for allowing loans to happen so don't care in general who gets a loan.
Even if it worked well in the past, this site will become a scam or be closed by a government
I tried "investing" on btcjam and loanbase. I would have had better luck just holding my coins as some did repay there loans as others were just scams or couldnt pay back because of the volatility.
Thanks for this feedback
interesting really nice
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Bot?
think so
I invested in btcjam.com and lost a lot on their loans and now they are closing their website Don't lend money to anyone in a foreign country unless you are sure you will be able to go to that country and legally get your money back.
Especially pointless getting a legal letter saying I am owed .5 btc from someone who lived in Venezuela and has since moved countries. Or people who get a fake or stolen phone number or address or id for verification.
These types of sites eneviatbly end in lenders being scammed,no matter how diversified the site says you are.
If Bitcoin doubles and someone in a far away land got btc from you before hand converted to fiat and now owes you twice what they borrowed,it will never work out.
Great feedback, so my concerns are valid then
I believe he have to pay in dollars but I am not sure. It would be better for loan taker than borrower in this situation.
If the borrower pays back in dollars then the lender loses out on the gain in BTC value...
That's true.
Ouila, there you have the federal reserve system lol
very informative...
thanks for sharing...
upvoted and followed...!!!