Topic: [ANN] Biterest.com | Instant Bitcoin Backed Loans (Read 355 times)

We Have Launched Our New Biterest Blog!

Our team is glad to announce that the Biterest blog has been already totally renewed. You are welcome to explore the blog posts with the company news and latest updates. You can always learn there about how to use the Biterest and find the answers about the details of the crypto-backed credit line.

Read all news on Biterest Blog

What's new on Biterest?

1. Biterest credit line moved to https://biterest.com
2. Biterest credit line is now fully localized and available in Turkish, Spanish, and Portuguese
3. The launch of Biterest Affiliate Program
4. The extra account protection from compromising
5. USDT added

Read all news on Biterest Blog

We respect privacy and never ask any personal information from the users who receive bitcoin-backed loans on Biterest instant credit line and P2P Biterest platform. You only need your email address to start borrowing.

On P2P Biterest markets, Biterest has no access to the user’s private keys. The control of the address where collateral stored is split between three independent parties. The address is generated from three public keys provided by the borrower, the lender, and Biterest platform therefore the address requires a minimum of two private keys to access the bitcoin. Each of the parties keeps its own private key safe. Thus, the bitcoin is "frozen" on the multisig-address until the end date of the loan period and no-one can assess it.

However, the shortcomings of P2P platform such as a long period of loan approval by an independent lender (up to 24h), a fixed loan period, a fixed amount of collateral which cannot be added or withdrawn until the repayment or due date led our Biterest team to create a more flexible service.

In February, our team launched Biterest bitcoin-backed credit line where users can receive loans instantly. The only requirement is to pledge collateral on the account balance and the credit line becomes totally available. Each account has its own cold wallet where the collateral is stored. At any time, a user can check the preservation of their collateral at the bitcoin addresses belonging to their Biterest account balance. The addresses always contain the amount of bitcoin which is never less than the provided amount of the collateral.

Most users of the Biterest noted that the credit line has greater flexibility in the loan terms and is way much easier in use.
The mentioned main benefits of the new credit line are:
1) Instant approval
2) Unlimited loan duration
3) Daily interest accrual (only for the days of using a loan)
4) Fixed rate 0.033% daily (APR 12%)
5) Loan repayment with bitcoin stored as collateral
6) Free withdrawal the exceeded collateral without loan repayment
7) Putting up additional collateral when the BTC price decreases

The loan terms are here at https://biterest.com/blog/loan-terms-of-biterest-credit-line

Don't hesitate to ask any additional questions.

waiting for feedback of higher ranked members here. if they are in the market for quite a while already, it means there are other users here that might have tried their services.
curious here - by any chance did you create your video at your own will or have you received any compensation from them?

Thank you for your interest! Regarding your question about the loan calculator, we should reassure you that it works totally right. Biterest provides Bitcoin users with bitcoin-backed loans where the borrower receives USD (fixed loans) against BTC instead of selling their crypto.

Regardless of the type of loan, the value of the asset pledged as collateral is traditionally greater than the amount the borrower is willing to receive. Moreover, Bitcoin is a highly volatile asset that’s why the collateral value can both rise and drop significantly over a relatively short period of time. At any period of time, therefore, the collateral value on Biterest has to be 10% greater than the used loan limit and the initial value is 20% more than the amount of the requested loan.

Compared to other crypto-backed lenders, Biterest requires the least collateral upfront for the same size loan. While other platforms require you to have the collateral which 50% more than the loan amount, your minimum collateral on Biterest has to be only 20% more. For example, if the loan amount is 2000 USD, then the initial collateral on your Biterest balance needs to be a minimum of 2400 USD.

Of course, it is up to the user how much collateral they would like to pledge. This depends on their willingness to hold bitcoin because the greater the collateral is, the lower will be the risk of automatic loan repayment by the collateral (Margin Call). Therefore Biterest lets you pledge collateral which can be 20%, 50%, or 70% more than used loan limit.

Also, last but not least, Biterest users can freely withdraw bitcoin which exceeds the required collateral amount when the BTC price increases and replenish the balance with more collateral when the BTC price decreases.

Hey guys.
Wanted to leave my feedback about Biterest.

I'm blogger (channel https://www.youtube.com/channel/UCXysTss9g2HNF6523R_5brQ) focus on the CIS market.
I know about Biterest project for more than 3 years. They started their business, as I know, from this (CIS) market.
Glad to see, that they are going globally now.

About 1.5 years ago I made the first video about their service and became a fan of it.
They have 2 models p2p (like Localbitcoins for lending) and instant credit line. You choose what you like.
I tried both of it and each of them has their own advantages.

A very clear business model with understandable terms 0.033% a day in USD. With no other pitfalls. You save your BTC and get cash instead.

Didn't find any negative feedback.
Support always polite and fast.

One recommendation only for them: it's time to add USDT.
Good luck guys.

First of all, we want to thank you for your interest in Biterest. If you have any questions, our Support team is always on duty. We actively keep in touch with Biterest users and followers through both the Biterest website chat and e-mails, receiving ample questions and recommendations. We're aware our most recent update on Twitter was all the way back in the spring of 2020, but we're looking forward to bringing you more news, more frequently in the near future.
Likewise, we'd love to hear more from you guys, so be sure to leave your feedback in the comments, hit like if you like what you see, and share with your friends.
We, in turn, promise to be more active on Twitter. The information about the Biterest's last upgrades will be published soon.
Stay tuned!

checking your loan calculator, seems not right. If for example, I have to borrow 2k USD, you should have a collateral of 0.25167732BTC in your account. at a current rate of $9537/BTC as of this writing, you are requiring about $2400 worth of btc or about 120% of your loaned amount as a collateral??? considering that you are up to date with the market rates. why should I take a loan from your platform if I have that money with me? there is no advantage of taking a loan from you then. please explain.

I see there is no personality verification, so that means there is no KYC/AML or am I missing something?
Who controls wallets and private keys inside Biterest?

I haven't seen any news about your official biterest twiter since last March, is there not enough development to tell the general public specifically about wallet development