Would You Ever Take Out a Loan in Bitcoin? - page 7.

Bitbond-support

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Quote from: bitbets on June 09, 2015, 01:03:57 PM

I would consider taking out a loan in bitcoin, sure.
For a small loan, from 0.01 to 0.25 btc or up to 1 btc, I have some colateral to reduce or eliminate the risk for the lender too, but I would likely try to start out with a small loan up to 0.10 btc

If you were given a small amount of bitcoin to invest in another person, would you be interested in taking the time to test the platform?

Bitbond-support

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Quote from: BillyBobZorton on June 09, 2015, 11:25:37 AM

I have never taken a loan since I have never needed it, but I was considering giving out loans to other people myself using some of my BTC. They usually recommend BTCJam but im not sure if I can trust it, since it seems the number of scammers is high and they don't seem to be doing anything about it for you to recover the lost money. It just feels like a gamble.

If you were offered free bitcoin to invest in another person, would you be willing to take the time to test the platform?

Bitbond-support

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Quote from: BillyBobZorton on June 09, 2015, 11:25:37 AM

I have never taken a loan since I have never needed it, but I was considering giving out loans to other people myself using some of my BTC. They usually recommend BTCJam but im not sure if I can trust it, since it seems the number of scammers is high and they don't seem to be doing anything about it for you to recover the lost money. It just feels like a gamble.

If you were offered a small number of Bitcoins for free to invest in another person, would you use them to invest, or cash out?

Febo

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Quote from: Bitbond-support on June 09, 2015, 11:19:24 AM

Hey Bitcoin Community! Essentially, I would like to know if you would ever consider taking out a loan in bitcoin? If you have previously taken out a loan, please share your experiences! What were the pros and cons, and what would you improve? Thanks

You should always take a loan in currency you are getting your incomes.
Current in Europe was big fuss of Swiss frank that devalvated for 30%.
Many that get income in euros took loan in Swiss frank and then got burned by their speculation.

boopy265420

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I would consider to take loan in Bitcoin in future if I will feel need it to pay for something in short term of period.Still Bitcoin's price are not stable and on long term loans can brings huge profit or loss to the borrower.High interest rates goes for a loan of one or two weeks seamlessly .

ABCbits

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Crypto Swap Exchange

I won't take any loans in this forum, even the rates is very low
You could get negative trust if you do something wrong when take a laon Cry

Also, for now take a loan isn't that easy thanks to scammer
The easiest option is only take a loan with collacteral

Amph

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Quote from: Bitbond-support on June 10, 2015, 02:48:55 AM

Quote from: Amph on June 10, 2015, 02:41:57 AM

Quote from: NorrisK on June 10, 2015, 01:37:25 AM

Quote from: anderson00673 on June 09, 2015, 07:49:56 PM

I would be nervous taking out a loan in bitcoins. I am paid in fiat not bitcoins so the rapidly changing price of bitcoins could bit you in the butt if it goes against you. And it almost certainly would at some point, assuming a decent sized loan.

Depends in how you agree on the loan. If you take a loan for 100 USD in bitcoin, and repay 105 USD in bitcoin, price of bitcoin doesnt really matter. The other party only has to make sure to buy the bitcoin at the time of the loan and sell it right after to take his cut in fiat.

actually it does matter, if there is the risk that they will steal your bitcoin, if you start a loan that will be repaid after many months, and you payed 1 btc for it and then the price of btc skyrocket, and the guy that requested it vanishes, you lost much more than what you had at the beginning

What information would need to be available to you in order for you to trust the other person enough to invest in them?

i could say escrow, but the thing is, that escrow it's not 100% trusted either, as long as there is one human between the two party, it is not 100% already, the only option would be to provide some sort of collateral, this could be the best, but it is not that easy to implement

aahzmundus

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Invest & Earn: https://cloudthink.io

If someone needs a loan on the forum, he won't get big loans like 2-3BTC Generally it is ~0.1-0.2BTC and am pretty sure everyone can buy that small amount of bitcoins and end up to be on a safer side and won't ruin his repo over here. Taking loan isn't good unless you are sure you can pay back.

bornil267645

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AltoCenter.com

Unless the bitcoin price is secured for the lifetime, I don't think I will take a loan on Bitcoin. Don't get me wrong I love bitcoin but that means I also knows it's flaws. So taking loan with a currency so volatile is a wrong move.

dollarneed

hero member

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i wouldnt take out a loan in a bitcoin even cash,for me it was added your problem,so please thinking about it seriously at least you must have guaranted income so that you can paid it Cheesy

Krang

full member

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I would never take a loan out for anything either in cash or bitcoins. I don't like spending money I don't have so only spend money I do. I'm good at saving so it's never really been an issue. I think a lot of people take bitcoin loans to scam though. Only a matter of time especially if you don't get any collateral.

Bitbond-support

jr. member

Activity: 364

Merit: 1

Quote from: Kanine Awe on June 09, 2015, 12:42:17 PM

No I wouldn't. The interest of all the loans is much higher than if i were to just take out a loan in cash and buy BTC for what i needed.

That's surprising. You can get a Bitcoin loan for 7.7% p.a. That should be significantly below what the banks offer for an unsecured loan, no?

Thanks for your comment!

Bitbond-support

jr. member

Activity: 364

Merit: 1

Quote from: Buttknuckle on June 09, 2015, 07:21:15 PM

If there was a legit company that gave loans for a reasonable rate, AND there was a company selling something like a car that I can't afford out of pocket, then I might take a loan. But I really don't see this happening any time soon. I can't believe people take loans on this forum, the interest rate is sometimes as high as 1000's of percent annualized. Its just insane!

Thank you for your comment!

what if the rate of interest was 7.7% p.a? This is probably significantly lower than the rates offered by any bank on an unsecured loan!

Thanks again!

Bitbond-support

jr. member

Activity: 364

Merit: 1

Quote from: Amph on June 10, 2015, 02:41:57 AM

Quote from: NorrisK on June 10, 2015, 01:37:25 AM

Quote from: anderson00673 on June 09, 2015, 07:49:56 PM

I would be nervous taking out a loan in bitcoins. I am paid in fiat not bitcoins so the rapidly changing price of bitcoins could bit you in the butt if it goes against you. And it almost certainly would at some point, assuming a decent sized loan.

Depends in how you agree on the loan. If you take a loan for 100 USD in bitcoin, and repay 105 USD in bitcoin, price of bitcoin doesnt really matter. The other party only has to make sure to buy the bitcoin at the time of the loan and sell it right after to take his cut in fiat.

actually it does matter, if there is the risk that they will steal your bitcoin, if you start a loan that will be repaid after many months, and you payed 1 btc for it and then the price of btc skyrocket, and the guy that requested it vanishes, you lost much more than what you had at the beginning

What information would need to be available to you in order for you to trust the other person enough to invest in them?

Bitbond-support

jr. member

Activity: 364

Merit: 1

Quote from: BillyBobZorton on June 09, 2015, 11:25:37 AM

I have never taken a loan since I have never needed it, but I was considering giving out loans to other people myself using some of my BTC. They usually recommend BTCJam but im not sure if I can trust it, since it seems the number of scammers is high and they don't seem to be doing anything about it for you to recover the lost money. It just feels like a gamble.

Thanks for your insights!

I would say that of course, any investment is a gamble to some extent, but diversifying your portfolio, i.e. making numerous small investments in different people located in different countries minimizes that risk.

If you were given a small amount of bitcoins to invest from us (bitbond Wink

) would you consider using the platform?

Thanks again!

Amph

legendary

Activity: 3248

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Quote from: NorrisK on June 10, 2015, 01:37:25 AM

Quote from: anderson00673 on June 09, 2015, 07:49:56 PM

I would be nervous taking out a loan in bitcoins. I am paid in fiat not bitcoins so the rapidly changing price of bitcoins could bit you in the butt if it goes against you. And it almost certainly would at some point, assuming a decent sized loan.

Depends in how you agree on the loan. If you take a loan for 100 USD in bitcoin, and repay 105 USD in bitcoin, price of bitcoin doesnt really matter. The other party only has to make sure to buy the bitcoin at the time of the loan and sell it right after to take his cut in fiat.

actually it does matter, if there is the risk that they will steal your bitcoin, if you start a loan that will be repaid after many months, and you payed 1 btc for it and then the price of btc skyrocket, and the guy that requested it vanishes, you lost much more than what you had at the beginning

Kprawn

legendary

Activity: 1904

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Nope, I hate the concept.

The whole financial system in the world is built on debt. Banks and Loan sharks are giving HUGE loans to people, who cannot afford to pay it. They become debt slaves.

In the end, you cannot pay the loans, and they take the little assets you have and sell them at below the acctual value. {Just to cover their loss..}

You end up, losing everything and in some cases you go to jail.

If you cannot afford something, go without it... It will be taken from you anyways if you cannot pay for it. Angry

DevOfDev

newbie

Activity: 52

Merit: 0

Quote from: Bitbond-support on June 09, 2015, 11:19:24 AM

Hey Bitcoin Community! Essentially, I would like to know if you would ever consider taking out a loan in bitcoin? If you have previously taken out a loan, please share your experiences! What were the pros and cons, and what would you improve? Thanks

i lend from my real friend that is a cash, than i buy bitcoin and trade it, i get profit and i share my profit to my friend

NorrisK

legendary

Activity: 1946

Merit: 1007

Quote from: anderson00673 on June 09, 2015, 07:49:56 PM

I would be nervous taking out a loan in bitcoins. I am paid in fiat not bitcoins so the rapidly changing price of bitcoins could bit you in the butt if it goes against you. And it almost certainly would at some point, assuming a decent sized loan.

Depends in how you agree on the loan. If you take a loan for 100 USD in bitcoin, and repay 105 USD in bitcoin, price of bitcoin doesnt really matter. The other party only has to make sure to buy the bitcoin at the time of the loan and sell it right after to take his cut in fiat.

anderson00673

sr. member

Activity: 308

Merit: 250

I would be nervous taking out a loan in bitcoins. I am paid in fiat not bitcoins so the rapidly changing price of bitcoins could bit you in the butt if it goes against you. And it almost certainly would at some point, assuming a decent sized loan.

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