How To Borrow and Lend Bitcoins in 3 steps
How To Borrow Bitcoins in 3 steps
If you want to borrow
Bitcoins you are required only to complete 3 steps. You need to follow them through and you will be
found yourself a happy Bitcoin borrower in no time. Especially compared with the lengthy
process when you go to a bank.
Registering is the easiest
step. Enter your name, your e-mail address and select a secure password. A
secure password is very important because you have to treat your Bitbond
account like you would treat an online banking account. We have two-factor
authentication in place but you don’t want other people to get unauthorized
access to your account and see your balance. Once you completed the first
registration step you receive an e-mail which asks you to confirm it. Again,
this is important because your e-mail address is also your username. You will
always log in to Bitbond with your e-mail address. After you have confirmed
your e-mail, you’re ready for step 2.
Basically there are two data
input forms. The first asks you to submit personal details like your complete
name, address, citizenship etc. The second is about your financial background.
This is one is crucial to your rating because the more trustworthy and
verifiable your statements are, the better your borrowing terms get. In this
regard, when you want to borrow Bitcoins, a Bitcoin loan actually does have
something in common with a bank loan. Your details are just as important. But
you have the advantage that it’s much more convenient to do this entire process
online versus going to a branch.
This is how the financial data input form looks like:
The last parts of the first step are your identity
video verification and a proof of residence document.
When you go
to a bank you would also need to show your ID. With Bitbond, you simply have to
go through a video identification process with a security agent. In order to do
so, you need to have a valid passport (or ID for European citizens and drivers
license for US citizens). Also, make sure to have a device with good Internet
connection and a web camera. This could be your laptop, tablet or mobile phone.
Make sure
that your proof of residence document (this will typically be a utility bill or
a mobile phone bill) has been issued within the last three months.
Once you
finished the data input we will conduct the rating, unlock your account and
inform you by e-mail. Now you’re almost ready to borrow Bitcoins through
Bitbond.
3. Publish a Bitcoin loan request – the last step to borrow Bitcoins
When your borrower role on Bitbond is unlocked, you
are ready for the third step. Log into your Bitbond account and go to ‘Get a
Bitcoin loan’. You will see the following Borrow Bitcoins form.
Select over which term you would like to borrow
Bitcoins and how many Bitcoins you want to borrow. Note that a 6 weeks Bitcoin
loan is the shortest one. Single repayment means that you repay the entire
amount at the end of the term plus interest (it’s like a zero-coupon bond).
There is no payment during the lifetime of this loan. All other loans are amortizing loans.
The Bitcoin amount shown aside the term is the maximum
amount you can borrow. It is your personal debt capacity. Borrow Bitcoins only
to that amount, which you really need.
The third part in this form states the purpose what
you want to borrow Bitcoins for. If you are not sure which category fits best,
read the instructions on the right hand side. Every purpose category has its
own hint.
The last part of the ‘Get a Bitcoin loan’ form is the
description. Let your Bitcoin lenders know what you need the Bitcoins for. Here
you have the opportunity to let your lenders know in more detail what you’re
going to do with the borrowed Bitcoins.
You have a maximum of 1,000 characters for the description.
However, the best thing is to be brief and to the point. The more specific you
make your description, the easier it will be for lenders to decide if they want
to invest Bitcoins in your project or not. Lending Bitcoins is like lending any
other currency. Investors are cautions and they should be. So provide some
background information. The best thing you can do is give a reference about a
website of your business.
When you filled everything in, there will be a
confirmation form. Check your data carefully and click on ‘Show payment
schedule’ to make sure you have selected the right amount and the right term
for your Bitcoin loan.
‘Get a Bitcoin loan’ confirmation before listing
Mission accomplished – what’s next
When your Bitcoin loan is funded the auction is over. Your Bitcoin loan amount is credited to your Bitcoin wallet on Bitbond. You can check it under your ‘Funds’. Also, you can see a payment schedule under ‘Loans’. This helps you to fund your account on time before a payment is due.This is how your payment schedule can look like
Are you ready to borrow your Bitcoin loan for your small business now? Follow the banner below to get it
Are you ready to become lender with peace of mind from BitBond? Don't look anywhere else the right place of the interesting job is here
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