Topic: German online bank uses Bitcoins to transfer loans - page 5. (Read 567 times)
This is the best news I've seen today. If a big country like Germany legitimize the special currency, it will play an exemplary role in the region and even in Europe as a whole. It is believed that banks in many European countries will soon be promoted, which is very beneficial to the development of the encrypted community.
if country not regulate bitcoin can big problem use bitcoin
No regulations means Bitcoin users enjoy more freedom, which is always good, so it's definitely not a problem at all. I would say that more regulations are the main problem rather than there not being any regulations.Germany has proven to be quite friendly towards crypto developments, which is why its regulations don't form that much of an obstacle. China's regulations however show the different (negative) side of them.
Other than that, these lending platforms eventually all seem to be doomed. I can't name up one lending platform that hasn't been hijacked by scammers, so I hope that Bitbond can be an exception here, but I'm not optimistic.
This is a good news for cryptos ; and many banks around the world will follow soon.
Banks and Bitcoin will go hand in hand in future I feel
Banks and Bitcoin will go hand in hand in future I feel
because in german bitcoin is already regulate
if country not regulate bitcoin can big problem use bitcoin
This is awesome, if the major countries will go on for the cryptocurrencies, I think that smaller countries will follow their examples fast!
That's indeed great news, Germany has been pro Bitcoins ever since the cryptocurrency emerged and now they are bringing in new services that will make the cryptos expand even more.it's amazing, because a big country like Germany uses the crypto for transactional tools, we should support it, and hopefully in other countries it has the resolve as did Germany to move forward and grow.
This is awesome, if the major countries will go on for the cryptocurrencies, I think that smaller countries will follow their examples fast!
That's indeed great news, Germany has been pro Bitcoins ever since the cryptocurrency emerged and now they are bringing in new services that will make the cryptos expand even more.
This is a good news for cryptos ; and many banks around the world will follow soon.
Banks and Bitcoin will go hand in hand in future I feel
Banks and Bitcoin will go hand in hand in future I feel
This is awesome, if the major countries will go on for the cryptocurrencies, I think that smaller countries will follow their examples fast!
Quote
BERLIN (Reuters) - German Radoslav Albrecht has founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin.
Bitbond uses cryptocurrencies like Bitcoin to bypass the Swift international transfer system to lend money across the globe rapidly and at low cost.
“Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days,” Albrecht told Reuters TV in his office in Berlin’s fashionable neighborhood Prenzlauer Berg. “With Bitbond, payments work independently of where customers are. Via internet it is very, very quick and the fees are low.”
Clients hold the loans in digital tokens like Bitcoin only for seconds or minutes until they are exchanged back into the currency of the country where they wish to receive the funds, avoiding the crypto currencies fluctuating exchange rates.
Bitcoin has been used as collateral for loans, but never as a way of transferring credit in currency internationally.
Albrecht’s service has been growing in popularity among clients since he launched the company in 2013. His office employs 24 people from 12 countries who manage loans for 100 clients amounting to around $1 million each month.
Most clients are small business owners or freelance workers, Albrecht says. Loans are relatively small and don’t exceed 50,000 dollars. In 2016, Bitbond was officially licensed as a bank and has gained many investors since.
Adoption of Bitcoin has been rapid in Germany. It trails only the U.S., according to Bitnodes, which tracks the location of all the Bitcoin nodes that transmit data about new transactions.
https://www.reuters.com/article/us-germany-bitcoin/german-online-bank-uses-bitcoins-to-transfer-loans-idUSKBN1ID07Y
Bitbond uses cryptocurrencies like Bitcoin to bypass the Swift international transfer system to lend money across the globe rapidly and at low cost.
“Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days,” Albrecht told Reuters TV in his office in Berlin’s fashionable neighborhood Prenzlauer Berg. “With Bitbond, payments work independently of where customers are. Via internet it is very, very quick and the fees are low.”
Clients hold the loans in digital tokens like Bitcoin only for seconds or minutes until they are exchanged back into the currency of the country where they wish to receive the funds, avoiding the crypto currencies fluctuating exchange rates.
Bitcoin has been used as collateral for loans, but never as a way of transferring credit in currency internationally.
Albrecht’s service has been growing in popularity among clients since he launched the company in 2013. His office employs 24 people from 12 countries who manage loans for 100 clients amounting to around $1 million each month.
Most clients are small business owners or freelance workers, Albrecht says. Loans are relatively small and don’t exceed 50,000 dollars. In 2016, Bitbond was officially licensed as a bank and has gained many investors since.
Adoption of Bitcoin has been rapid in Germany. It trails only the U.S., according to Bitnodes, which tracks the location of all the Bitcoin nodes that transmit data about new transactions.
https://www.reuters.com/article/us-germany-bitcoin/german-online-bank-uses-bitcoins-to-transfer-loans-idUSKBN1ID07Y
One area bitcoin hasn't enjoyed much utilization is in loan markets. Many bitcoin loan based start ups had difficulties with lack of support in terms of collateral, background checks, creditchex and similar systems utilized by banks to streamline the loan process and make them more reliable. Looks like this small german bank has stepped in to fill the vacuum and it appears to be enjoying success.
Hopefully this will be an indication of future progress with crypto based loans and we'll see other start ups embrace this trend by offering greater support for this. It is possible their loan process carries a lot of scrutiny and it may be doubtful that crypto based loans will ever rival fiat loans in terms of convenience, rapid deployment or ease of use. As crypto loans become more prevalent we could see better frameworks and solutions to issues which have plagued the industry in the past and so perhaps this is a sign progress will be made.
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