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How to lend and borrow Bitcoin with Bitbond

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Peer-to-peer lending

Today’s Banking system plays important roles in any economy. One of these is to provide companies and individuals with access to capital through loans. However, their current structure faces multiple problems which result in certain individuals not having access to financial services.

Savings and loans are a fundamental building block of modern society, providing capital to those in need and acting as the fuel that drives economic growth. However, an estimated 2 to 3 billion adults throughout the world have little or no access to these services typically provided by traditional financial institutions. This is usually due to a lack of access to these institutions or the lack of credit scores.

Financial exclusion remains a pressing problem in the world economy as more than half of the adults in the poorest 40% of households in developing countries lack a bank account. In extreme cases, like Sub-Saharan Africa, only 24% of adults have a bank account.

There are, however, some alternatives like Microfinance institutions and community-based ROSCAs (rotating savings credit association). One of the most popular alternatives to the traditional banking system is peer-to-peer lending, where individuals and companies can apply for a loan in order to access capital or they can fund loans in order to earn interest.

These p2p lending platforms still face one major problem. They are not globally accessible due to geopolitical restrictions and the need to interact with the banking system. The same unbanked people that would benefit from these platforms, often have no method of transferring funds to or from the platform.

However, this problem can and has been fixed through the use of a truly global currency that does not rely on any banking institution. Yes, we are talking about Bitcoin. Anyone with a mobile device and internet connection can use it and can, as so, use Bitcoin-based p2p lending platforms.

A prime example of such a platform is Bitbond, a web platform that enables users to lend and borrow Bitcoin to each other, typically to be used in financing small to medium-sized businesses. It is also worth noting, that Bitbond now offers instant funding of up to $25,000 to small business owners

What is Bitbond

Bibond is a peer-to-peer lending website that allows users to lend and borrow Bitcoin. When lending or borrowing, the platform creates a risk score for the loan and provides an adequate interest rate. All the operations within the platform take place with Bitcoin, although users can choose to borrow coins based on a Bitcoin or USD peg.

Borrowers are required to reveal their personal information and to back it up with the ownership of social media and e-commerce accounts. Loans are then ranked from A to F according to risk which is accessed from the accounts linked and previous history on the platform.

In the case of an unpaid loan, Bibond will provide you with all the necessary information to take legal action against the borrower or you can also sell the claim for the loan to a debt collection agency. The latter is usually best for lenders but it requires the amount to be above a certain threshold which varies according to the location of the borrower (usually 1.0 BTC or more in the developed world and 0.5 BTC or more in emerging markets).

Recently, Bitbond has raised $1.2 million in equity capital to expand their business globally. With this new investment, the Berlin-based startup has raised $2.3 million in capital to date.

How to use Bitbond

Today, we’re going to teach you how to use Bitbond. This guide covers how to borrow money and how to lend money, so whether you’re looking for capital to start a business (or something else) or you’re looking for a way to invest your Bitcoins, this guide is for you!

Part 1 – Create an account

When creating a profile with Bitbond, you need to choose between a lender account or a borrower account. If you choose lender, you can always convert to a borrower (and vice-versa) but you can not switch back.

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Part 2 – Create a profile and verify your identity

Creating a customized profile in Bitbond is a good idea, especially if you’re a borrower. People will want to see your profile before investing in a loan to you or your business to learn more about you/it. You will also need to verify your account.

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That’s it! Your account now has all the required information and is fully personalized. Let’s move on!

Part 3 – Lending Bitcoin

(If you want to borrow BTC instead of lending, skip to Part 4) Now, it’s time for the good stuff! We’re going to fund our fist loan which will allow us to receive interest and to help someone access the capital they need/want. The first thing we need to do is fund our account

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That’s it! You’ve funded your first loan in Bitbond. If you access the risk carefully, this is just the first of many.

Part 4 – Auto Invest

If you don’t want to check every loan manually, you can take advantage of a special feature developed by Bitbond called Auto Invest. This tool allows you to invest in loans automatically according to the risk you’re willing to take and other filters. Let’s take a look.

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Part 5 – Borrowing Bitcoin

If you want to get capital for an investment, open a business, etc, then this is your chance. If you choose borrower account at the beginning, you’ll be ready to get your loan. If not, you can always click “Get a Loan” to change the account to borrower (this only works once). Either way, you’ll be taken to the borrower’s application page. The page needs to be filled honestly and backed with real documents. 

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