Bitcoin Forum

Hi all,

We recently made our Bitcoin crowd funding platform BitGrants (https://bitgrants.com) open to the public and all is going well so far!  We've established our platform in 2016 and hope to incorporate our business early next year.  By listing as a company, our directors, registered offices and share ownership will be made public via Companies House registry (U.K based company registry).

Our platform works through trust.  A platform where Bitcoin borrowers and lenders meet to do business.  

Each borrower has a Grade associated with their profile.  The higher their grade the less risk involved in investing on said borrower.  The grading system is based on the following levels of verification:

a). Identity (passport, driving license or national photo ID card)
b). Address (a recent utility bill clearly showing name and address)
c). Income (tax return, income statement or payslip)

Besides paper verifications, we also have several automated verification systems.  Such as linking the borrowers Facebook, Google and Paypal to the site.  

We hold personal information on our site, which is kept on secure servers.  Our systems were developed by veteran programmers, who know how to harden a site against attacks.

The data we hold on our servers is protected by the Data Protection Act.  Thus, we do not share/exchange/sell personal information with any third parties unless:

a). Required to do so by law
b). A borrower defaults and legitimate litigation is brought forward.

You can register with our site quite easily as we have incorporated both Google and Facebook login.  As we know registration can sometimes be a hassle.

We hope to hear your feedback as our team has worked really hard to make this platform happen.

Thanks!

Here are some thoughts, imagine I ask for a loan of 1 bitcoin right now, that's around 916 euros, and I'm going to pay in the next 12 months, 5% interest, if bitcoin's price continues to increase and it can increase to 3000 euros by the end of next year I will spend a lot of money to pay that 1 bitcoin.

What will happen, probably I will default, because that kind of interest is a ripoff, many people will do so, and I'm assuming honesty here not simply trying to scam people.

What can you do when people don't honor their payments?

This is a serious problem with loans denominated in bitcoin, the price is not stable enough to allow for this to happen.

As a Bitcoin-only company I've had plenty of time to think about that issue and, in my case, I say that IF I borrow Bitcoin (to grow the company) and Bitcoin goes up (thus making it harder to repay the Bitcoin) THEN, since my business model is to help people EARN Bitcoin, the rapid rise in Bitcoin price will also increase my customer base, increase my earnings and I would still be able to pay the higher value Bitcoin back.

The point of the observation is that if a Bitcoin loan is made to a business who's success also depends on Bitcoin then the risk of Bitcoin's fluctuations are somewhat shared and hedged (in a way). It is a tough step to stop thinking in "fiat" and to start thinking in "Bitcoin" :-)

Well what actually happens is you've now taken an already very very risky business and amplified that to 2^4. It's just a terrible idea to take any long term longs out in bitcoins. There are no companies in the world that do bitcoin mortgages and if they did it would be based off of a fiat denomination. Did you know you can get paid in bitcoins through some companies? Did you know that even those companies base the oay off of a local fiat currency's value. It's just a bad idea.

Agreed. The loan should be tied to a fiat value otherwise the volatility of Bitcoin just makes this a bad business model.

Also, the site is down still.

Yeah im one who believes btc loans are okay but it should be tied to the usd/ currency value at the time.
Other wise btc could rise or tank and either party could be screwed over.

Also yeah this site is down.

BTC贷款是个骗局吗？

There would be always become the way for scamme for doing such things like this.

Sound's Promising i shall be keep an eye on this bad boy!

R U joking?

Yeah Hence the Bad boy Part sarcasm for the win  ;D

This thread is too fanny  ;D ;D ;D

But I believe all scammers will go to hell and there are have special place for them

I like HYIP projects but hate when people take money without give profit for someone

In total people like that bad boy OP will be very poor in final

I was scammed a lot times in past year