Bitcoin Forum

I am all new to this sending business but I would like to start it very seriously.
I have 7.2 BTC invested untill the btc price will go up.
For the moment I would like to start lending it so I can help others while I also earn a bit.
I know there are some rules as collaterals and more.
Can someone guide me through it ?

Thank you.

I believe this is the topic all you need : https://bitcointalk.org/index.php?topic=119896.0

First of all, warm welcome to this great forum. Hope you will enjoy your stay here securely.

- Please refer this lending (https://bitcointalk.org/index.php?board=65.0) board
- Educate yourself on different aspects of secure lending business. Do not hurry.
- There are 4 stickies in lending (https://bitcointalk.org/index.php?board=65.0) board, read all of them carefully by taking time. From that, I believe you can perform safe lending business.

Good luck.

Thank you. So all I need is a collateral from the borrower.
Ok I will review it all and more to lending forum, I already posted there.

Collateral is kind of pledging you need to take for the security of your lending money in the case of your borrower fails to repay.

1. Collateral needs to be more value than loan money. Usual practice 80% loan will be eligible on collateral value.
2. After lapse of repayment date, you will have all the rights to sell the collateral to cover your offered loan.
3. There are different types of collateral you may prefer to accept, usually established altcoins would be a better choice.

There might be many other aspects of collateral will be possible, I guess you will learn them practically over time.

Ok I see.
Do I need a premmission or anything before I start lending in this forum ?

No, there is no need of permission (I guess you ask similar to license) is required to start lending business in this forum.

But it would be good if you show your fund availability. I guess you are aware of "signing message" feature of bitcoin addresses. You need to sign a message with the bitcoin address inwhich you are holding your funds to prove that you are seriously into this business.

If you don't know how to sign a message you can read this great tutorial by the Legendary user shorena.

https://bitcointalk.org/index.php?topic=990345.0

It has everything you need to learn how to sign and verify a message.

The idea is good, but you need to to think through in detail the security and refund.
Even verification does not protect against fraud.

First and foremost welcome to this forum! I guess all importants informartion was given to you but all I can say is don't deal with newbies(newly made account or Brand new) ever,

And even to those who have green trust(the green numbers like this Trust: 10: -0 / +1) users without collateral

I mean valid collateral, because even those "trusted"(DT members)user can turn into scammer.

As quoted even the trusted members used to scam users, but to have a increased lending limit and easily reach users trust rate is a must and highly required. Even if newbies have a legit plan to provide service, won't gets accepted by users easily.

There will always be a risk, but I think that if the individual chooses a good collateral, that works reliably, it will probably be possible to significantly reduce the risks.

That for example could be as collateral?

I think you can also accept valid alt coins as good collateral.

I also welcome you to the forum and wish you the best of luck with lending.  As a fellow lender, I recommend that you do not take bitcointalk.org (accounts on this forum) accounts as collateral.   If you use the account as collateral, it will be in the forum and someone could easily red tag the account making it not worth the value you lent out.  In this case, the borrowers will tend not to pay back.  The second is that unless you get a proper verified signature, the account owner could claim hacking and regain the account.  There are normally other members who will verify and post if the signature of the borrower is BS, but you can not always count on it.  The last would be that in the event of you keeping the account because the loan is not paid off, you may have an issue selling it to regain your funds.  I would suggest you take alt coin or some other value of collateral.

Yeh, welcome to da forum, this here is one hellova place.  You all betta buckle yo buckle and zip up that zipper, 'cause people here be tryin' ta git everrthang outta every orifice, 'specially inna lendin' section.  This here is the place thet people git scammed at, so wat I'mma sayin' is watch yer ass.  They some skunk ass, broke dick theeves up in this place.

Jist hold onta yo bitcoin.  Thet's all you need ta do.  An watch yo ass.

Lol i love this big mama :D

and yeah wish you da best for your lending business man...
~Gun

I dont think this person is serious about it. Created an account, made post/relies(?) and left the same day. However if he is serious, best of luck.

If he/her was serious enough and after seeing the above posts, he should at least be active enough.
Or perhaps showing where is these 7.2BTC... ::)

Nah nah, I have other ideas here. And they are:

1. He is waiting for someone to take his bait. Desperate borrowers who will entrust collateral to him directly. And then BOOM! he's gone.

2. Posts or threads that start with "my friends" or "my brother" or "dear" are red flags.

Wanna bet he will want to do the "loan discussion" over Skype and not here?

Just some words of advice.
Be careful. A lot of people will look to scam you and screw you so watch out.