Hello crypto! Bye bye credits?

[Cryptoreflector_666]

You can borrow some bitcoin or other coins to your friend but I think no company right now that allows you to loan some cryptos. Maybe there's ICO right now about this thing but I don't think its a good business since cryptoworld is a decentralized thing and even you ask for KYC there is still no assurance that you will get paid.

Of course, how to explain this to people who are generally far from crypto-currency and blockchain? In the third world, the average salary of 20-30 dollars and it is difficult to take a loan in the usual, hard currency. And here is a complex system involving at least minimal technical knowledge. This is impossible even at the level of thoughts.

[Cryptoreflector_666]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

It will be possible to take a loan in crypto if it is regulated like everything else is. When you will be personally liable with your property for the repayment of the credit. Until that is done nobody will want to lend their crypto if i have no means of collecting the debt

Well, how do you imagine this is possible if the blockchain system implies a "history" of operations, which on the one hand proves that a person is responsible for his actions, but on the other hand if you did not have the opportunity to carry out any financial transactions before, but you need a loan? So far, this is not possible. Only small loans from friends.

[Cryptoreflector_666]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

The banking system will never disappear and the same goes for credit and debt. Even if crypto 'takes over' the banking sector would just adapt to use it (and the banks are already looking to implement blockchain tech and is only a matter of time before they do). Credit and loans aren't inherently bad either and people are always going to need loans and mortgages so they will just be issued on the blockchain but you will still need some central authority to do so.

Indeed, banking system is like integral part of the nation and through the international connections it does form the giant global network.

Do you really think that something big like that will disappear from the face of the earth at all? I mean what are the chances of that happening in reality, its next to zero.

They might get modified, they might be upgraded in the time to come but they wont disappear like that! 

I am not sure why your question turned into crypto loans at the end of your post but I think you can visit the lending section in the economics. You will get better answer there only.

So far, I have not seen cases of lending in cryptocurrency. I mean, official agencies. In General, this is a good idea for a startup or ICO, but it is not clear how to reproduce it technically, since a working scheme with a creditor and a guarantor based on the blockchain is needed. This is a good way to move the brain and bring the monetary system to a new level.

[yvuj101]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

Do not even dream that the current banking system will ever disappear. Crypto currency is not capable of causing significant harm to banks. Even if the crypto currency could destroy banks, the state will never stand aside from this process. Once the crypto currency would create a threat to the existence of banks, the state would severely suppress such an attempt, up to the complete prohibition of the crypto currency. Banks are an integral part of any state. A state without banks can not exist. Therefore, it is not necessary to conflict with banks.

Crypto can be used in different types of payment it is less in service fee have friendly approach affordable  now is to say goodbye of credit.

[Cryptoreflector_666]

i don't know why people always think it is "live or die" situation when bitcoin is involved! there is a lot of middle ground here. bitcoin can become big while banks are still as big as they are. it doesn't have to replace anything and it doesn't have to die trying.
you say loans, that is just a service. if there is demand for loans in a world with bitcoin in it then banks or other institutes will start giving bitcoin loans!

  How do you imagine it is possible for a Bank to issue a loan in bitcoins? The Bank must either have its own personal tokens or it is not needed at all, since the largest resources in bitcoins are currently owned by private individuals. This is the beauty of bitcoin and the whole blockchain system.

[Cryptoreflector_666]

With blockchain technology it is hard to imagine classical loans against property, but a couple of interesting crypto loan solutions have emerged in the mean time.

One is Salt (currently only available for US citizens), which offers fiat money loans (USD, EUR, and others) against bitcoin collateral.

The other is Ethlend, which offers ETH loans against other cryptocurrencies by utilizing smart contracts. Probably we are going to see more and more of these crypto loans in the near future.

Source: https://blockonomi.com/salt-vs-ethlend/

Salt and Ethlend are both far from the services Banks provide. I believe Banks are here to stay I know most people would not like to here this, crypto has a big role to play in the space in future but as long credits service is not crypo platform can meet this demands unless we want to be deceiving ourselves

Sure they're different because you still need collateral, even for loans that aren't even that big.
I wouldn't be surprised though if companies start offering loans without the need for collateral, maybe on a local level or something.

It's not like it hasn't been done before, but there's just too much fraud and defaults, when you're dealing with semi-anonymous people on the internet.

However, you'll be better off dealing with an anonymous person whose financial history is available to any user thanks to blockchain than with identified users showing you a purchased income statement. Agree, this makes sense.

[Cryptoreflector_666]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

Do not even dream that the current banking system will ever disappear. Crypto currency is not capable of causing significant harm to banks. Even if the crypto currency could destroy banks, the state will never stand aside from this process. Once the crypto currency would create a threat to the existence of banks, the state would severely suppress such an attempt, up to the complete prohibition of the crypto currency. Banks are an integral part of any state. A state without banks can not exist. Therefore, it is not necessary to conflict with banks.

  To ban cryptocurrency is the same as to ban the Internet. While there will be the attention of people, the crypt will only grow stronger and develop, and the ban will bring it only more attention, and therefore new minds will be engaged in more and more careful improvement of the system. This is a vicious circle in essence.

[Cryptoreflector_666]

I guess the blockchain connected to ID and notarial informations could make crypto loan more safer.
We can imagine that if you don't pay the loan you get automaticaly sued through the blockchain?

If you connect your ID, then you will no longer remain anonymous. So almost all top crypto currencies (that allows anonymous transactions) will be rendered useless. People will then have to use specific crypto currencies also. Again, since crypto currencies are decentralized, it will be hard for third parties to get involved on loan scams.

Fully support! It remains only to settle the moment with the guarantor when lending. It is very important that the security was at a high level, because in the case of fraud, the state will not be able to help. And in General, no one here will not be able to help)

[Cryptoreflector_666]

Well, blockchain based cryptocurrencies are still in the basic phase of development and I believe that these things are here to stay. On the other hand, banks are going to adopt blockchain technology to optimize their current infrastructure but still, I don't think that banks will support decentralized cryptocurrencies anytime in near future. When it comes to loans, salaries, I think we will see some smart contracts to facilitate those recurring tasks.

Still, I can't understand how a centralized body - a Bank can take a decentralized blockchain system as a basis. Unless, of course, the banking system itself will not be revised in its essence and will be a system of private loans, but the basis of the total monetary pool of users of this Bank. But this is just very doubtful.

[Cryptoreflector_666]

I think this is a very hard-easy thing with kyc system, but i can't see further how the system work naybe it's not much different with bank in generally. I never thought how much that will be interested on this thing. For example, Debitum.


Debitum Network is an innovative hybrid ecosystem for small business financing - utilizing Ethereum blockchain based process together with principal and interest moved using fiat. This ecosystem based on decentralized and motivated communities brings together SME borrowers, local and regional risk assessors, debt collectors, insurers as well as global investors with interconnected trust-based smart contracts.

How exactly is the logistics of the lending process built? Someone has to act as the borrower and someone guaranteeing safety body.

[storfox]

Now there are a lot of projects on the market that offer users to take or give a loan cryptocurrencies at a certain percentage and for different times you can take out a loan in cryptocurrencies from these projects having fulfilled the terms of their contract. Also i think in the near future there will be banks that will provide credit conditions for users in cryptocurrencies.

[Cryptoreflector_666]

Now there are a lot of projects on the market that offer users to take or give a loan cryptocurrencies at a certain percentage and for different times you can take out a loan in cryptocurrencies from these projects having fulfilled the terms of their contract. Also i think in the near future there will be banks that will provide credit conditions for users in cryptocurrencies.

What projects? Are there any examples? I occasionally see in the Western and American press, thematic resources a hint of like ICO, but nothing specific at this point in the EOY area is not met. If you have any other information, I would be happy to share it.

[ladydark]

Until now,there is no such company which provides bitcoin loans.Its high volatile price might be another reason for any authorities not providing such services.

[Shreek]

yep, this is why banks always hate crypto and always issue bad news about crypto
because crypto has the potential to displace all services in the banking
when that happens, then the conventional bank will not have any more customers

[Cryptoreflector_666]

Until now,there is no such company which provides bitcoin loans.Its high volatile price might be another reason for any authorities not providing such services.

It's really true that the price of bitcoin is very volatile in short periods, not to mention long-term loans. The problem can be avoided if you tie the loan amount to any official strong currency and pay in accordance with the loan equivalent.

[Cryptoreflector_666]

yep, this is why banks always hate crypto and always issue bad news about crypto
because crypto has the potential to displace all services in the banking
when that happens, then the conventional bank will not have any more customers

I think that the system of banks will remain, but it will belong to individuals, and possibly to one particular person who owns a full set of knowledge of the whole Bank.

[Cryptoreflector_666]

Crypto loans will be a trend very soon and some crypto banks projects are already working with this new scenario

What kind of banks? there are links to sources?

[bce]

I wonder this: if the usual banking system will disappear as such, then she will leave and credit system, leasing and installment payment, debt, etc. As there is no centralized authority that can issue and track correctness of performance. To some extent, this is certainly good, but in fact people who can not immediately earn a large amount of money and will remain in the lower levels of life, which gives the modern banking system (though not ideal). What do you think about this? How to Take a loan in cryptocurrency?

Cryptocurrency with savings and loan I do not think there is and can not be done because in my country bitcoin not become the official currency can be used as a system of sale and purchase transactions and savings and loans, even credit

[Maestro75]

i have never considered about loan in crypto, seem like difficult and hard to process.

It is not that difficult to process. You will need to provide a collateral to be able to access the loan just like what is done in the banking sector. There is a section of this forum called Lending, https://bitcointalk.org/index.php?board=65.0, that is into that. But the problem is that if you default in repayment on time your account will be painted red.

[jademacoy]

Well there are ICO projects already aiming to have a loan for a crypto and i do not know how it works. I was just actually having some interest with the project since i myself had also gone to banks to get a salary loan. I have my first salary loan in the bank when i bought a subdivision lot near to my work and now i am still paying that lot which is being deducted to my monthly salary for the its montly ammortization.