Does Bitcoin or cryptocurrency offer loan service? - page 2.

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Quote from: tabas on May 20, 2023, 06:57:06 PM

Quote from: Truthlovecoins on May 20, 2023, 06:24:30 PM

does Bitcoin or any other cryptocurrencies or exchange offer loan service?
If yes, what is some criteria that may be required?

For exchanges - yes, they do. Just check out Binance for this: https://www.binance.com/en/loan
All details are already there but this has to be specific borrowing to be used on their own platform and for you to trade into their all types of market. Read the FAQ from there.
OKX has also that loan feature: https://www.okx.com/loan

Aside from that, we've got the Lending section of the forum and there have been reputable people that are allowing people to take loans from them. If you're known and you ask to have a no-collateral loan and they agree, they'll grant you. But for the majority, there should be a collateral that you can place on and it should be more than the value of what you're borrowing.

I think OP is asking does bitcoin provide lending services like banks or not. He is not looking for services from organizations or individuals that use bitcoin for lending, which is completely different. If you want to borrow through these institutions, it is no different from a bank, in that case, I would go to the bank and borrow money from them and buy as many bitcoins as I want. Why borrow from these unreliable centralized institutions?

yhiaali3

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As far as I know bitcoin or cryptocurrencies do not offer loans but there are some centralized exchanges or platforms that offer cryptocurrency collateralised loans.

You can get a loan with the collateral of the cryptocurrencies you own within the exchange you work in and you have to repay the debt in a certain time with interest.

For example, this site https://spectrocoin.com/ offers you a service to get 1000 euros, but you have to deposit 0.081BTC as collateral, with an interest rate of about 8.5% for a year.

OcTradism

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Your question is not a right question.

Bitcoin, cryptocurrency or gold or fiat currency can not offer loan service. I am really sure about that.

If you are a person who has a loan service, you can do your business with many means for your loan service. Those means can be Bitcoin, alternative cryptocurrency, gold or fiat currency.

Some lending services in forum at Lending board

Darker45

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I don't know with other cryptocurrencies, but, no, Bitcoin does not offer a loan service. There may be a number of Bitcoin-related companies that offer loan services, but they aren't Bitcoin. They are centralized business entities that create their own rules and run their own operations. They aren't decentralized. They aren't ruled by codes etched in stone. Unlike Bitcoin, they aren't censor-proof, immutable, trustless. They could pull the rug anytime on you, scam you, charge you with hidden and inexplicable fees, and so on.

entebah

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Quote from: Truthlovecoins on May 20, 2023, 06:24:30 PM

I have understood what centralized and decentralized systems are and I know that banks are centralized with physical locations/attributes, with strict monetary policies governing it. While decentralized system is the crypto currency or the Blockchain technology which is the where Bitcoin is built on.

Both have helped to solve human financial problems in one way or the other, depending on the means which one earns from.
Ignoring all other features I could talk about and with my focus on loans schemes, I want to ask if as banks offer loans to individuals, companies even to the government, does Bitcoin or any other cryptocurrencies or exchange offer loan service?
If yes, what is some criteria that may be required?

there are a few people on bitcointalk that offer loans but with your account just created this month i believe you need collateral to take a loan and if you have collateral then just check this section Lending.
i saw a few exchanges that offer loans but you still need 70~80% of the collateral amount in another crypto to be able to take a loan

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Quote from: Truthlovecoins on May 20, 2023, 06:24:30 PM

I have understood what centralized and decentralized systems are and I know that banks are centralized with physical locations/attributes, with strict monetary policies governing it. While decentralized system is the crypto currency or the Blockchain technology which is the where Bitcoin is built on.

All cryptocurrencies are centralized except for a few coins. Bitcoin can be said to be the original decentralized coin and all other coins have a visible team of regulators. although some coins are coming to the market which are created in such a way that even the team cannot control that coin, the team only does the marketing of that coin. they are known to us as decentralized

Quote

I want to ask if as banks offer loans to individuals, companies even to the government, does Bitcoin or any other cryptocurrencies or exchange offer loan service?
If yes, what is some criteria that may be required?

Cryptocurrencies do not offer loans in any way. But in the landing section of this forum some people offer loans and they give you that loan through crypto. or any third party agency can provide loan through crypto but I don't know if there is any such agency yet.

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Earlier there were few exchanges providing with the loan service. In particular, it is Poloniex that I've come across and we need to provide collateral to receive loans. Apart it is trusted members on the forum who used to issue loans based on collateral as well as on trust. Nowadays such services were much limited.

Even some tokens came to the market with the concept of providing loans. I'm not sure whether they succeeded with the objective or those were just another tokenising.

Nwada001

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Quote from: Truthlovecoins on May 20, 2023, 06:46:02 PM

Am guessing this is one reason why the KYC verification is also necessary to ensure the one seeking the loan don't disappear with or make loss in total.

Even in crypto exchanges and other centralized platform KYC alone is not enough evidence or solid documents that can guarantee that one will pay back loan, in fact I don't think their is any platform which gives out loan nowadays to customers who have just passed KYC verification, because in today's world almost any body can be another person, their are dark-net where hackers sell full details uses information which could be used to verify any platform and claim the next person's identity, ID verifications or any form of identification to be used as collateral are mostly common to borrowers who travel to a foreign country which their Visa and passport is one of their Vita documents which they need to exist the country, those are the situation where lenders can take such documents as collateral but it's actually limit to the amount they want to borrow, other wise real collateral that can be sell anytime in the open market to recover loses is needed.

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Quote from: Truthlovecoins on May 20, 2023, 06:24:30 PM

I want to ask if as banks offer loans to individuals, companies even to the government, does Bitcoin or any other cryptocurrencies or exchange offer loan service?
If yes, what is some criteria that may be required?

Bitcoin is not a Bank that can offer services. If you mean if there are companies offers Bitcoin lending, yes there is. And guess what, most companies who offered lending with cryptocurrency filed bankruptcy last year and earlier this year, there are lots of them actually who cannot bear the bear market which is unfortunate that most people lost funds and jobs too.

tabas

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Quote from: Truthlovecoins on May 20, 2023, 06:24:30 PM

does Bitcoin or any other cryptocurrencies or exchange offer loan service?
If yes, what is some criteria that may be required?

For exchanges - yes, they do. Just check out Binance for this: https://www.binance.com/en/loan
All details are already there but this has to be specific borrowing to be used on their own platform and for you to trade into their all types of market. Read the FAQ from there.
OKX has also that loan feature: https://www.okx.com/loan

Aside from that, we've got the Lending section of the forum and there have been reputable people that are allowing people to take loans from them. If you're known and you ask to have a no-collateral loan and they agree, they'll grant you. But for the majority, there should be a collateral that you can place on and it should be more than the value of what you're borrowing.

MoonOfLife

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Bitcoin is just an asset, a decentralized currency, not controlled by anyone. How can it provide you a loan service? So I'd say a lot of people are stupid trying to compare bitcoin to banks. They always say that banks should be eliminated when banking is a field that provides us with hundreds of services, not just savings. Too many people have no knowledge of economics and are stupidly crazy about bitcoin. Bitcoin is the perfect choice for investment, protecting privacy, but it cannot compare to the entire banking industry.

If there is any service that lends money to bitcoin, it is also a centralized service run by humans, not bitcoin.

Truthlovecoins

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Quote from: Nwada001 on May 20, 2023, 06:35:49 PM

Quote from: Truthlovecoins on May 20, 2023, 06:24:30 PM

While decentralized system is the crypto currency or the Blockchain technology which is the where Bitcoin is built on.

Just to clarify, not all crypto currencies are decentralized; most altcoins are actually centralized.

Quote

Bitcoin or any other cryptocurrencies or exchange offer loan service?
If yes, what is some criteria that may be required?

Bitcoin itself doesn't give out loans to holders; one of the reasons is that it's decentralized and not controlled by anyone, but there are private entities and companies that give out crypto loans to people, and one of their conditions that you must meet is just as similar as those of the bank's "collateral," but this time if the lending is to take place online, your collateral must be a valid crypto, either altcoins or Bitcoin, which will be deposited into an escrow account or your lender's account. This collateral protects the lender from completely running losses if you decide not to pack back.

Check out the forum lending board
If you actually need any loan, maybe you could find a suitable lender out there and meet up with their terms and conditions.

I didn't think there were altcoins which were also centralized. I learnt something new today.

Am guessing this is one reason why the KYC verification is also necessary to ensure the one seeking the loan don't disappear with or make loss in total.

bayu7adi

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dont be greedy

A bank is a business entity, whereas Bitcoin is not. Bitcoin is a digital currency, often referred to as cryptocurrency. So, Bitcoin doesn't offer lending services like banks do.

But can someone borrow Bitcoin? Well, in this forum, there are a few individual-managed Bitcoin lending services. You can find them in the Economy > Marketplace > Lending sub-forum . Just make sure you only transact with trusted users who have a good reputation.

I can recommend a few reliable services for you:

DarkStar's Loans | BTC, USDT by: DarkStar_
★ ★ ★ LENDING ► CONDORAS SERVICE ◄ ESCROW ★ ★ ★ by: condoras
Lending Service Started! (USDT/BUSD/BTC/LTC/ETH/DOGE/ETC)! by: shasan
🌟🌟🌟🌟✨ zazarb's Quick-Loans & Escrow 🌟🌟🌟🌟✨ by: zazarb

Considering your level of trust, you can start by applying for a loan with collateral that is equal to or greater than the amount you borrow. Always read the rules of each service provider to avoid any futile actions.

Nwada001

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Quote from: Truthlovecoins on May 20, 2023, 06:24:30 PM

While decentralized system is the crypto currency or the Blockchain technology which is the where Bitcoin is built on.

Just to clarify, not all crypto currencies are decentralized; most altcoins are actually centralized.

Quote

Bitcoin or any other cryptocurrencies or exchange offer loan service?
If yes, what is some criteria that may be required?

Bitcoin itself doesn't give out loans to holders; one of the reasons is that it's decentralized and not controlled by anyone, but there are private entities and companies that give out crypto loans to people, and one of their conditions that you must meet is just as similar as those of the bank's "collateral," but this time if the lending is to take place online, your collateral must be a valid crypto, either altcoins or Bitcoin, which will be deposited into an escrow account or your lender's account. This collateral protects the lender from completely running losses if you decide not to pack back.

Check out the forum lending board
If you actually need any loan, maybe you could find a suitable lender out there and meet up with their terms and conditions.
But I will personally recommend Shasan Lending Services It's always faster to approve and have some favorable T&C.

Truthlovecoins

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I have understood what centralized and decentralized systems are and I know that banks are centralized with physical locations/attributes, with strict monetary policies governing it. While decentralized system is the crypto currency or the Blockchain technology which is the where Bitcoin is built on.

Both have helped to solve human financial problems in one way or the other, depending on the means which one earns from.
Ignoring all other features I could talk about and with my focus on loans schemes, I want to ask if as banks offer loans to individuals, companies even to the government, does Bitcoin or any other cryptocurrencies or exchange offer loan service?
If yes, what is some criteria that may be required?

Topic: Does Bitcoin or cryptocurrency offer loan service? - page 2. (Read 223 times)