Topic: BitBond is it safe to use this lending service? (Read 1787 times)

In this way, he can easily get the clear idea about the Bitbond but most of them don't have the positive opinion towards the Bitbond company, my suggestion is instead your hard earned money into other hands why can't you hold them for certain period you will make more profit on it.

Can you tell us what the process is when someone defaults? ID is all well and good. That doesn't do anything to get someone's money back though it's certainly a start.

Since I have part of this forum onwards I am seeing that Bitbond has been used by the various forum members. Even one time I have applied for 4 bitcoins loan when the time bitcoin value was around 400 USD in the market.
They expect the better documents which prove your self the needs for the loaning mate.
Then if you want to make some money, please look at the best loaning service and start your own in the market.

iam also workign with Bitbond now since 3 years and i have advertise on my Homepage since long time now to support them.
Becourse iam also from germany and we have to support our locla heros !




regards

Hello, thanks for your question.

Bitbond is a regulated company based in Berlin, Germany. We have a 5 year track record and currently generate around $1.3 million in loan volume, and have been featured in Forbes, Handelsblatt and Nasdaq. Also feel free to check out our reviews on Trustpilot for further verification of the service we provide

The video identification procedure is manditory for all users who want to become active on the platform. It is crucial therefore that you have a valid passport, and a working mic and speaker/headset. You will need to do the identification before you transfer funds to your Bitbond account.
Yes, Bitbond is available to users from all over the world.
Hopefully this has answered your question, and please feel free to ask more!

All the best - Bitbond

They are most likely legit.

However you still wanna reconsider something here.
You have absolutely no control over the borrower once they default on a loan(if they do).

All you can do is hope for the best, but expect the worst.
That's literally all you can do.

Why? Because you're not going to travel overseas to Cyprus or Vietnam to recover a debt of $100 when the damn plane ticket is $1,000+ one way.
The police department isn't going to give a damn, because they simply have got more important stuff on their hands.

BitBond is legit as an escrow and matchmaker between lenders and borrowers, but the borrower quality there is pretty bad.

Such a shame. These kinds of development were the forefront of BTCBTCBTC in the past, banking the unbanked and all the like. Too bad it was abused so badly.

The two things can't be untangled. A platform like that will automatically be infested with scum so there's no point in even considering it.

Well that's the drawback but we are talking about the platform and not its user. Every lending site even lending section here in this forum has flaws. So you basically can't escape it.


I don't see a valid point behind this. It does make sense if you are asking for loan but I fail to see a reason if you are funding a loan request. IIRC, Btcjam don't asks for any such documents if you are lending.

Never in human history will there be a BTC lending site that isn't raped to death by its users. It's just too tempting and too easy to bugger off with the spoils.

I like to confirm two points above are true and you should avoid bitbond for any types of lending. Try margin lending in poloniex which is rather secure but return is very low.

Why would you care if you are the one taking the loan ? If you're risking giving your documents online ,doesn't matter what website it is,it's still risky and you're taking a huge risk.You'd probably not care if your loan is fulfilled.Unless you're planning to lend money out,it shouldn't bother you.Having said that,lending money online itself is a risky business regardless of the website.

Lending will be profitable if done right, Btcjam and bitbond are a very similar lending platforms with similar flaws . Yes they are both legit but we all know that btcjam is not doing well due to the scams increase . The reason for this is they are accepting collateral such as personal documents and bitbond are also doing that . So I will advice OP to stay away from it even tho it is legit . If OP really want to lend/borrow use this forum and don't forget to read the sticky notes .

I don't think you need it as I registered with them as a test a while ago.  They might ask some personal information like full name but they won't verify it, wink wink.

You'd be much better off doing loans through margin trading on exchanges like Poloniex instead though.  If you're good at it you could get some decent rates, but it might take up more of your time.  Still, since the rates are all in your preferred coin the gains would all be in whatever growing crypto you like (probably Bitcoin).

Loans are never really that profitable compared to, say, casino bankrolls, and in both cases you have to leave your Bitcoin with a third party that isn't always trustworthy even if it's legit.  I hope you know what you're doing.

Thanks for all the feedback thus far because without it I would of signed up and gone in blind just lending out my bitcoin to potential scammers.
But my one major questions was the need to know SEPA and if it's the only way they are doing the transfers for withdrawals.
And is I.D a requirement to register a lending account with them even if at a low amount of  below $250-$500 per month.?
Well appreciated if I could get an answer to this very important aspect in knowing before dealing with btc to fiat conversion.
Thank you.

They are legit.

But look at Bitlendingclub for a second as well as BTCJam, who were two perfectly legitimate companies that shut down. Bitlendingclub probably got more in return for the lenders because BTCJam just shut down without any warning, any announcements, and to this date they haven't released any public statements about why they shut down and why they are not returning.

Probably because the high fraud rates though.

There are people literally SELLING hacked BTCJam verified accounts, so if someone gets ahold of an account like that with a good lending history and offers very good interest you would be like oh, what a great opportunity. But in the end you'll get SCAMMED and you can't get anything back because the owner will rightfully claim that his account was hacked and it wasn't him that asked for the loan.

I would suggest you look into Poloniex and Bitfinex lending because there is almost no risk lending to people there because they have altcoins as collateral. Once they lose a certain amount of money they are forced to liquidate whatever they have and pay you back the loan. But there is still a counterparty risk of poloniex ond bitfinex, whichever exchange you use running with your money.

And with the hard fork coming, i think it's a much better idea to just let your bitcoins sit there. Poloniex said that lending offers that get matched before the fork will be only paid back in Bitcoin Core coins if i am not mistaken. So bad deal, you aren't getting two coins. You're only getting one.

Good point. Its best to just keep your btc instead if you just have plans to invest or maybe chose a coin that you know can grow exponentially than lend where your BTC won't be growing apart from that 13% interest. Your BTC could double in less than a year by just keeping it.

BitBond has it's ANN thread here in the community.

https://bitcointalksearch.org/topic/ann-bitbond-bitcoin-p2p-loans-248441

You can check some further review there. Also the OP received negative trust due to fake reviews. Im sure after reading some reviews and feedback there you will have now some self analyzation on what's going on in the site.

They are legit but you shouldn't use them for the following reasons:

-Very easy for people to scam you, even if they have ID.  A huge amount of money lent is lost.

-Interest is 13% a year.  That sounds good at first but the loans are denominated in USD, and Bitcoin has grown by 50% in the past year so you'd be losing out dramatically.

I just heard about them but they have alot of sponsors on their site claiming that they are legit.
So my question is if anyone has used them yet?
Will you need to submit your identification after you deposit your bitcoins in and request for a withdrawal of cash?
And are they available outside of countries of Europe because after looking what they have as a description on their front page they use SEPA transfers which are used by banks within Europe.
So citizens in the Americas are not allowed to use their service if they want to eventually withdraw to a bank account that doesn't use SEPA as a service?

Any advice on this site would be appreciated.
Thank you.