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Topic: Are loans with interest possible with Bitcoin? Such as with scripts? (Read 918 times)

legendary
Activity: 1232
Merit: 1094
So, a script couldn't schedule new transactions to repay the principal + interest?

The system is based on transaction outputs ("coins") rather than accounts.

If you buy something with 5BTC, then the merchant gets the money.  If that 5 BTC was lent to you, giving it back to the lender means taking it from the merchant.
sr. member
Activity: 507
Merit: 253
this is a currency not some sort of lending place. Please do understand... Have you ever found a currency with loan as it's feature like what you are saying now? No! There will be additional places to conduct this lending business or you can open one for yourself.
No, I'm definitely not into that shady business. I just wanted to be sure Bitcoin was immune to such a thing.
The main drawback of your request is that blockchain can't force users to *fund* repayment address.
Excellent.
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
They are possible, and they are done in this forum, on the Lending section Smiley

Through the blockchain it isn't possible... And I don't really see that as a useful addition to Bitcoin, honestly
Yes, I meant on the blockchain.

So, a script couldn't schedule new transactions to repay the principal + interest?

If you can't see:

Bitcoin is a currency. Loan is not and must never be a feature of a currency.

Friend, this is a currency not some sort of lending place. Please do understand... Have you ever found a currency with loan as it's feature like what you are saying now? No! There will be additional places to conduct this lending business or you can open one for yourself.

The main drawback of your request is that blockchain can't force users to *fund* repayment address.
sr. member
Activity: 507
Merit: 253
They are possible, and they are done in this forum, on the Lending section Smiley

Through the blockchain it isn't possible... And I don't really see that as a useful addition to Bitcoin, honestly
Yes, I meant on the blockchain.

So, a script couldn't schedule new transactions to repay the principal + interest?
legendary
Activity: 1120
Merit: 1002
Bitcoin is a currency. Loan is not and must never be a feature of a currency.
+1  for you  Muhammed Wink
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
Bitcoin is a currency. Loan is not and must never be a feature of a currency.
legendary
Activity: 1512
Merit: 1012
They are possible, and they are done in this forum, on the Lending section Smiley

Through the blockchain it isn't possible... And I don't really see that as a useful addition to Bitcoin, honestly
hero member
Activity: 672
Merit: 508
LOTEO
Are loans with interest possible with Bitcoin? Could such a thing be implemented with Bitcoin scripts?

(cf. the related Bitcoin StackExchange question)

I don't think this is possible because Bitcoin transactions are not reversable, the loan taker could run off with the bitcoins. If you loan someone your bitcoins, there is no way of knowing you get your bitcoins back. This is by design of the blockchain. Perhaps its possible if you exchange for an alt...
sr. member
Activity: 507
Merit: 253
Are loans with interest possible with Bitcoin? Could such a thing be implemented with Bitcoin scripts?

(cf. the related Bitcoin StackExchange question)
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