Microlending as a way to get started?

Zadicar

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Quote from: chesatochi on August 22, 2016, 12:18:07 PM

I'm new also on this bitcoin world, but I don't recommand you to start with lending because I found it too risky...but good luck if you try Wink

Everyone could start into microlending but you are correct its a risky investment since you would need many things to check first before you give a loan to someone. If you really want to start with it then proceed, but remember the things you must consider before anyone could request a loan to you.

chesatochi

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I'm new also on this bitcoin world, but I don't recommand you to start with lending because I found it too risky...but good luck if you try Wink

equator

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When ever starting any new business , their will be always both affects positive and negative. In microlending if you are properly checking the users details and then if you are lending the bitcoins then you will be in safe side. But even then their are so many users who have hacked account and they will try to get loan giving that accounts as collateral so you have to be ready with negative side also.

ronaldo40

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yes, this is profitable, but it can also be a risk. when you get a collateral account, at least account be worth more than the loan amount. but I most afraid of is the collateral of the account is the account the result of a hack or a scammer. as some experience like that.
but you should try to know the results. so good luck

entrepmind23

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Since many have already done it in this forum then you can do it too.Just make sure that there is collateral and the member should already have credibility here of being trusted. Scam is rampant nowadays so the amount lent should be secured and you just start to let borrow someone small first and then when you already established some kind of trust to each other then you can let him borrow bigger amount later.This is a good way of earning passive income and I'm planning to do it too if I have accumulated bigger amount of bitcoin.

Jasad

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Quote from: pooya87 on June 15, 2016, 09:32:21 PM

Quote from: zeaderza on June 15, 2016, 01:59:53 PM

IS a risky method,some members can use as collateral hacked account.Is a good idea if you only lend money to trust members with a high rank and trust.

it is not risky if you know how to spot these things. for example you can find out if the password was recently changed here in forum security log: https://bitcointalk.org/seclog.php

also you should always ask for a signed message from and old bitcoin address.

the most important are be careful on approving loan ,
you can always looking for reference on people who want the loan like how good their reputation ,
how old they are being active in this forum etc , you can learn all of it once you have an experience ,
so better you start a low amount loan and get your experience.

airezx20

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Yes its a good idea and i am also thinking of the same thing but before that i am just collecting some extra bitcoins to do that.Its a really good and profitable way to earn some extra bits i think.But must be careful that you give loan after a valid collateral and that kind of collateral which you can sell easily to get back the return.

Pro Gamers

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Quote from: Strongkored on August 21, 2016, 07:13:05 PM

I think it's too risky if we are new to the world bitcoin, and to borrow money. Moreover for your rank, if you are looking for a loan here without colleteral I think you will be given only negative trust. It is better to learn in advance about bitcoin, and I'm sure if you're just looking for a little bitcoin with faucet just enough, or work in kolotibablo.com (resolving captcha)

Not all the time even a newbie can ask for a loan as long as he can provide a valid collateral and less the value of what he is loaning. But based on my understanding on op he is not borrowing instead he is asking if he can get safe way of earning by lending on this forum.

dunfida

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Quote from: Strongkored on August 21, 2016, 07:13:05 PM

I think it's too risky if we are new to the world bitcoin, and to borrow money. Moreover for your rank, if you are looking for a loan here without colleteral I think you will be given only negative trust. It is better to learn in advance about bitcoin, and I'm sure if you're just looking for a little bitcoin with faucet just enough, or work in kolotibablo.com (resolving captcha)

They would gain a negative trust for sure rather than the loan itself if they dont present any collateral thats 120% more on the loan amount. Borrowing money isnt easy at all since those lendors would be strict and many things to check before they lend some money on you since lending services is too risky.

Strongkored

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I think it's too risky if we are new to the world bitcoin, and to borrow money. Moreover for your rank, if you are looking for a loan here without colleteral I think you will be given only negative trust. It is better to learn in advance about bitcoin, and I'm sure if you're just looking for a little bitcoin with faucet just enough, or work in kolotibablo.com (resolving captcha)

smho_16

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Quote from: pocarime32 on August 21, 2016, 02:49:05 AM

Quote from: zeaderza on June 15, 2016, 01:59:53 PM

IS a risky method,some members can use as collateral hacked account.Is a good idea if you only lend money to trust members with a high rank and trust.

Just tell them, you need the signed message with the old address as collateral and only give loan to trust member by look his rank account, like Sr.Member and hero.

Even to Sr.Member and Hero do not give loan without getting 120%-150% collateral in value and don't forget to ask them to sign a message from an address which will be at least 6 month old. I tell you this because the selling and buying of accounts nowadays is very common and when they sell they even provide signed message during this selling. So you risk it big when you don't ask for a signed message from an address which is at least 6 months old.

pocarime32

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Quote from: zeaderza on June 15, 2016, 01:59:53 PM

IS a risky method,some members can use as collateral hacked account.Is a good idea if you only lend money to trust members with a high rank and trust.

Just tell them, you need the signed message with the old address as collateral and only give loan to trust member by look his rank account, like Sr.Member and hero.

Xenophoto

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Quote from: outatime1 on August 20, 2016, 08:43:53 PM

Lending can be a good way to earn some bitcoin. Be careful who you lend to and try to get collateral for anyone that you don't trust.

Maybe so, maybe not. Everyone in this forum isn't trusted by OP anyway since we're all anonymous and we're all strangers to his eyes unless you know each other personally. There are some claims by lenders that they regret getting accounts (bitcointalk account) as collateral because most of the time, the user never actually cared about losing the account.

Anyway, OP is just looking for micro loans. Then that means that the account will always be much valuable than the loan amount that'll be loaned. I think noone's going to risk their high-ranked account for a little amount of money so it's really likely that the user will repay.

outatime1

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Lending can be a good way to earn some bitcoin. Be careful who you lend to and try to get collateral for anyone that you don't trust.

illyiller

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Quote from: AscendancyEight on June 13, 2016, 09:52:00 AM

So, as mentioned before, I'm relatively new to Bitcoin. I can see that the Microlending system (on this forum, at least) is pretty well set up, with a trust system + collateral and escrow. Would it be a good idea to make some bitcoin lending out very small amounts to users? I could get started with a relatively small amount and only offer loans to very trustworthy members with collateral. Would this be a relatively safe way of making a bit of money? Thank you!

It's not going to make you much money, but it's something. It's a way to put your money to work for you. As you've said, you need to be very wary and deal with reputable members with sufficient collateral. Dealing with liquidating collateral can be a headache.

It's not worth it to me personally -- I prefer to keep most of my bitcoins cold, with some funds spread out to a few exchanges to catch market movements. Everything comes with its risks.

nejibens

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You can making earning by microlending, because people need loans mostly and if you use the escrow service and get valid collateral you minimize the risks involved with this method

Hellacopter

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Yes giving micro loans is a good way to make some earning, but you have to be careful, follow the rule of no collateral no loan, accept only the valid collaterals, and try to lend the most trusted members first

enhu

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microlending means micro earnings. Make it big if possible. Some lenders only give a week to repay i think this will be a better option even for micro as well. you get the return and profit in a week. But this i assume you already know the risk about collateral being already used as collateral from other users who is also into lending business.

wintermeasures

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Quote from: AscendancyEight on June 13, 2016, 09:52:00 AM

So, as mentioned before, I'm relatively new to Bitcoin. I can see that the Microlending system (on this forum, at least) is pretty well set up, with a trust system + collateral and escrow. Would it be a good idea to make some bitcoin lending out very small amounts to users? I could get started with a relatively small amount and only offer loans to very trustworthy members with collateral. Would this be a relatively safe way of making a bit of money? Thank you!

Yes Bro It is a Great idea But It is Also Not A Safe Way to Earn Bitcoin Because Business is Always Risky....
Before Doing This Business You Need to Know Some things:-
1) Firstly Check Out the Colletral Provided By the User Who is Taking Loan From You....
2) Always Be Positive Because Positive Thinking Makes You Feel Good About Your Business.....

pooya87

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Quote from: zeaderza on June 15, 2016, 01:59:53 PM

IS a risky method,some members can use as collateral hacked account.Is a good idea if you only lend money to trust members with a high rank and trust.

it is not risky if you know how to spot these things. for example you can find out if the password was recently changed here in forum security log: https://bitcointalk.org/seclog.php

also you should always ask for a signed message from and old bitcoin address.

Topic: Microlending as a way to get started? (Read 1253 times)