Bitcoin Forum

Hello all I am in need of a 75 dollar loan to pay off a bill. I know that I need bitcoins as collateral, can someone help explain to me how I can obtain these bitcoins and what amount would be considered enough to cover that. I am pressed for time and I really don't understand the bitcoin process but I really need the money. Please help with any info that you can. Especially those who have been members for a long time, thank you

You want to buy bitcoins to get a bitcoin loan? You can buy bitcoins from the currency exchnage here, but I'd suggest you try find alternative ways of trying to get the money as you're unlikely to get a loan here.

People require some form of collateral before they will give you a loan. This is usually in the form of another coin for a bitcoin loan but can be anything valuable which can be held by a third party while the loan is in progress. If you don't have anything like this, it's very unlikely you'll get a loan.

Since the only way you'd be able to get bitcoins for collateral would be to buy them, you need to find another form of collateral.

I advise you not to start asking for a loan without collateral as this is frowned on around here.

What you're asking for makes no sense. You don't have money to pay your bills, so you won't have the money to buy bitcoin for collateral.

Obviously we don't expect you to offer Bitcoin for collateral to a Bitcoin loan. Collateral is something easy to sell that will be held and taken in case of no payment. Usually altcoins, but can be physical goods if both parts can meet.

Obviously no one will give loans for newbies without collateral because if they run away, they won't be hur in any way.

Before you go messing with Bitcoin, please check out https://bitcoin.org/en/how-it-works. Then, in order to get a feel for it, get some testnet coins. That's probably your best bet :)

You basically want to buy money with money  ;)

What bill do you have that accepts BTC? I'm very interested to know.