Thanks everyone, it’s an interesting concept but I didn’t realize it was so risky. Thanks for the input, guess I won’t be using them.
Also, to clarify, I was looking to loan out BTC, not get a loan.
Topic: Has anybody used BTCJam? (Read 517 times)
Well BTCJam isn't really a thing anymore. There are other services, but none of them are actually good.
Basically you're talking about giving your money away to a third party who is extremely likely to scam you even if they give ID (some people scam many Bitcoin off people with ID) and the loan would be denominated in fiat currency, meaning that with the 13% interest or so that BitBond offers would result in you actually losing Bitcoin after the loan due to consistent rises in prices which are higher than that.
The only situation in which it would be good is if the Bitcoin price fell and stayed that way for a whole year, which is pretty unlikely and also just means that even more people will default on their loan. Not a good idea.
Basically you're talking about giving your money away to a third party who is extremely likely to scam you even if they give ID (some people scam many Bitcoin off people with ID) and the loan would be denominated in fiat currency, meaning that with the 13% interest or so that BitBond offers would result in you actually losing Bitcoin after the loan due to consistent rises in prices which are higher than that.
The only situation in which it would be good is if the Bitcoin price fell and stayed that way for a whole year, which is pretty unlikely and also just means that even more people will default on their loan. Not a good idea.
How little is the amount you're planning to loan? If you really want to borrow bitcoins why not do it here in our lending section here: https://bitcointalk.org/index.php?board=65.0 . If it is really a little amount you can make your account a collateral just be sure to clarify it the lender is accepting accounts although your loan has a higher chance of getting accepted if you have valid collateral like stable altcoins, gift cert etc.
According to wikipedia:
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"In March 2016, BTCjam stopped customers from creating an account on the site. The CEO of the firm cited regulatory issues and uncertainty in the United States as the reason for the restriction."
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Does that answer your question?
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"In March 2016, BTCjam stopped customers from creating an account on the site. The CEO of the firm cited regulatory issues and uncertainty in the United States as the reason for the restriction."
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Does that answer your question?
I may be wrong but if I remember correctly BTCJam stopped operating since some times now, or at least closed the registration. I don't know if those type of websites give you a guarantee about your money wich I doubt, in this case if you really want to try this, maybe you could be better doing like the guys are doing here
Has you used the Bitcoin lending site BtcJam @ btcjam.com? If you have how were they and would you recommend them?
I'm interested in trying to loan out a little BTC and didn't know if that was a good place to do so.
I'm interested in trying to loan out a little BTC and didn't know if that was a good place to do so.
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