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Author Topic: How to borrow bitcoins  (Read 618 times)
nugrama (OP)
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June 25, 2017, 06:12:10 PM
 #1

Such as on poloniex sites
I understand there are loan bitcoins, but how does that work?
How our funds Are they safe
2double0
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June 25, 2017, 06:18:20 PM
 #2

You can try out lending section (https://bitcointalk.org/index.php?board=65.0) of the forum, but I guess you will hardly get any loans being a newbie here.
You will need solid collateral on hands in order to get that. And about safety of your collateral, well you can choose an escrow here and go with the same to have your collateral secured by them and when you repay your loan, you get your collateral sent back to you.
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June 25, 2017, 07:09:14 PM
 #3

You can try out lending section (https://bitcointalk.org/index.php?board=65.0) of the forum, but I guess you will hardly get any loans being a newbie here.
You will need solid collateral on hands in order to get that. And about safety of your collateral, well you can choose an escrow here and go with the same to have your collateral secured by them and when you repay your loan, you get your collateral sent back to you.

Also just to add to this. Don't even try loaning without collateral people may view you as a scammer. I think a newbie account raises some suspicion but if you prove you have liable collateral you should be fine.

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June 25, 2017, 07:47:48 PM
 #4

Such as on poloniex sites
I understand there are loan bitcoins, but how does that work?
How our funds Are they safe

There is P2P lending on platform where users basically have a trust score, you borrow to people and simply hope that they will return the money and there is a huge chance that they won't because the score is actually based on info like ID, PayPal and social media accounts age etc. while all these info can be easily faked. The best method to do is to ask for loans or borrow on Bitcointalk where there is actually a collateral that you can sell in order to get your money back in case someone decide to not pay you back.

Then there second type of lending which could be a little more complicated to understand so I advice you to read here: https://poloniex.com/support/aboutMarginTrading/ (Its usually offered by exchanges only).


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SmokerFace
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June 26, 2017, 12:38:53 AM
 #5

Loaning from poloniex is very safe it's just like a P2P loaning and the lenders can earn money and it's automated you will just look what rates are available from lenders but there's a rule that you can't borrow money without putting a BTC on your margin balance and you can't withdraw the btc that you borrowed you can just only use it on margin section.
Example you have 1BTC it will become x2.5 so it will become 2.5BTC and your collateral is your account once you open a position long or short it will starts to generate lending fees and when your margin balance came below 20% your account will get liquidated and your funds will gone otherwise if you put another Btc on your margin balance it will stay but if not your btc reduce to 80% or more.
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June 26, 2017, 01:55:49 AM
 #6

Such as on poloniex sites
I understand there are loan bitcoins, but how does that work?
How our funds Are they safe

Are you talking about borrowing or lending? If you are worried about the safety, I presume you are talking about lending.
Lending at exchanges is safe, because it is used for margin trading and is backed by collateral.
However, the risk is that the exchange itself might go down.


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June 26, 2017, 05:55:23 PM
 #7

Such as on poloniex sites
I understand there are loan bitcoins, but how does that work?
How our funds Are they safe
The lending option polo have is quite different than normal lending, you can't withdraw those loan out.

All P2P based lending platform are just failure.

As a lender you will loss all of your bitcoins there, don't try p2p based loans.

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June 26, 2017, 06:30:35 PM
 #8

You can try out lending section (https://bitcointalk.org/index.php?board=65.0) of the forum, but I guess you will hardly get any loans being a newbie here.
You will need solid collateral on hands in order to get that. And about safety of your collateral, well you can choose an escrow here and go with the same to have your collateral secured by them and when you repay your loan, you get your collateral sent back to you.

Also just to add to this. Don't even try loaning without collateral people may view you as a scammer. I think a newbie account raises some suspicion but if you prove you have liable collateral you should be fine.

Never thought bitcoin lending works so smoothly on this forum. Makes me feel good that I'm part of it. So it is almost similar to real life event that you give a collateral security by putting up your car or house or something real in value and then get Lenten with money. Sounds pretty promising.
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June 26, 2017, 07:24:00 PM
 #9

Borrowing bitcoins is the same as borrowing money in other currencies. For all platforms, including the loan section here in bitcointalk, You have to have some reputation and a valid collateral mortgaged with the lender, which is valuable than the amount you intend to borrow.
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June 26, 2017, 08:39:19 PM
 #10

You want to lend money, right? Here on forum there are too much concurrency to lend money and there are too many scammers trying to get money without paying anything back. You need a collateral to lend money here and in my vision only some Altcoins could worth as collateral and if someone has Altcoins pricing the same amount of loan they want, why would they borrow money?

Better to continue using the Poloniex platform, as was said, it's automatic and they take care all the procediment for you.

 
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June 26, 2017, 08:51:40 PM
 #11

The lending services process on poloniex platform involves a user with certain degree of trust level to be able to request for some funds for margin trading, this fund cannot be withdrawn and the expected interest shall be credited into the account of the lender so it is a safe investment.

In spite this, i do not understand what willhappen to the lender if the trading goes against the borrower.
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