Best Bitcoin Lending Platform
Instead of getting a bank loan which takes approximately around 45 to 60 days for processing, it is almost easy to borrow funds from cryptocurrency exchanges. Also, this process will take only two hours – seven days for its completion and the returns are also high. In this post, we will discuss the best platform for Getting Loan Through Bitcoin. (Read Basics of Bitcoin)
Nowadays Bitcoin lending overcomes the oldest capital lending strategies and permits the users to lend and borrow bitcoins in an instant manner. It too allows the bitcoin users to create their own individual banks that facilitate cryptocurrency platform.
The cryptocurrency loan platforms do not impose any extra charges or fees to the users for lending or borrowing cryptocurrencies. The interest rates are also affordable in getting loans from the cryptocurrency platform all over the world. All you need is some basis of crypto-currencies like bitcoin and wallet to store the crypto-currency.
Benefit of borrowers:
The borrowers can get loans at cheaper rates.
Benefit of lenders:
Lenders can get the interest rates in a satisfied and profitable manner.
Disadvantage associated with conventional banking:
Getting loan from banks is a very expensive and slow process.
Advantage associated with crypto-currency exchanges (crypto-currency lending and borrowing):
Crypto currency exchanges make the processing cheaper and faster, which is hassle – free and based on the peer to peer mechanism.
Procedure of receiving a bitcoin loan:
Following are the basic steps needed to get a bitcoin loan:
- The users should register themselves on a platform or network that supports bitcoin lending. After proper registration, they should undergo a verification procedure, which involves the following:
- Verification of seller account (Amazon, Ebay)
- Personal verification
- Verification of social media like facebook, twitter and so on.
- Verification of PayPal
- Verification of income
- Verification of identity (any ID issued by the Government).
- The users should select the appropriate loan type, which they can be able to afford.
- The users must get approval in order to get funds.
Best Bitcoin Lending Platforms
Bitbond is also a bitcoin lending network that operates on the basis of peer to peer technology.
History of Bitbond:
It was introduced in 2013 in Germany, with its headquarters in Berlin. It holds a total volume of around more than 1 million US Dollars ($ 1M) in around 120+ countries all over the world. The user base of this platform is more than 73,000.
BTCPOP is the first bitcoin lending network in the world that supports peer to peer technology. It permits the usage of cold wallets that facilitate offline storage.
History of BTCPop:
It was introduced in 2014 in United Kingdom (UK), with its headquarters in East Sussex. It holds a total volume of around more than 1 million US Dollars ($ 1M) in around 60+ countries all over the world. The user base of this platform is more than 20,000.
KIVA is a bitcoin lending network that does not impose interest to the users, since it is an NGO. It encourages borrowers from countries such as Bolivia, Egypt, Rwanda and Togo.
History of KIVA:
It was introduced in 2005 in the United States (US), with its headquarters in San Francisco. It holds a total volume of around more than 40,000 US Dollars ($ 40k) in around 60+ countries all over the world. The user base of this platform is more than 260.
BTCJam is a platform or network that supports p2p (person to person) bitcoin lending. It is an exclusive site for countries, which offers loans at a costlier rate.
Because of the US Government’s regulatory issues, BTCJam services are being stopped in US.
History of BTCJam:
It was launched in 2012 with its headquarters in San Francisco, USA. It holds a total volume of around more than 13 million US Dollars ($13 M) in around 200+ countries all over the world. The user base of this platform is more than 100,000.
Read About Bitcoin Growth Fund – Funds for Startups
Hope this post on Getting Loan Through Bitcoin will be helpful for you. In case you have tried any of them before please share your experience in the comment section below.