Hello crypto! Bye bye credits?

[Erin Strange]

Cryptocurrency lending platforms work by connecting borrowers to a network of lender registered on the platform and borrower pays the loan.

[jannatakter]

Take a loan in crypto is possible but it very risky because the prices of crypto unsettled.crypto is easier to use than credit cards.

[shawn995]

Indeed, blockchain based digital forms of money are still in the essential period of advancement and I trust that these things are digging in for the long haul. Then again, banks will embrace blockchain innovation to enhance their present framework yet at the same time, I don't surmise that banks will bolster decentralized digital currencies whenever in not so distant future. With regards to credits, pay rates, I figure we will see some keen contracts to encourage those repeating undertakings.

[Ghosty100201]

No matter how big cryptocurrency goes in the future time and tries replacing the bank sector,  it won't be able to do it because the banking sector would always remain in the scene because people always require loans and various things for various things so what would happen is that the banking sector would adapt to the use of CryptoCurrency. That's what has to be done to survive, adapt. But giving loans through cryptocurrency would require some higher authorities to regulate it I suppose.

[erikoy]

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?

Yeah it is better than credit or even paypal i guess for it will just create a good and cheaper transaction fee. This is why that getting a good system like cryptocurrency will make other system look bad so this one is an example that having cryptocurrency system will take other people to turn away their heads on credits.

[qiman]

I think credit will always exist, look at this bear market for example. Now there are companies giving out crypto loans to crypto holders so they can put up their Bitcoin or ETHER as collateral and take out loans so they can survive without having to liquidate all their holdings. I am also in this situation whereby I might have to take out a loan to be able to survive the next few months in order not to liquidate the small holdings I have left that are now almost non existent. So crypto will now also have a lending system in place, just like normal banking instruments do.

[patrickj]

For my conclusion is somewhat hard to make credits in crypto, in light of the fact that the cost of coins is never the same or shaky. Perhaps it could be given a crypto credit in the event that you tie the advance sum into a solid authority cash and pay in like manner on an equivalent advance. In any case, it can happen, I'm the one content with that, cause I'm worn out with credit.

[Cryptoreflector_666]

crypto seems to indeed begin to explore the world of payment systems
where credit card is currently more dominant in its use as a payment instrument
if only cryptocurrency offers the same thing, and with more complex and easy features, of course this will be considered by the majority of people to choose crypto rather than credit card

You must have misunderstood. We are not talking about credit cards, but about lending to the population by means of cryptocurrency. This can happen with credit cards, but it does not matter. Talk about something else.

[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?

Crypto currency has started to be used in other transactions like in the payment systems. If we talk about loan in crypto currency, I think it is a bit difficult since almost all of us here are using pseudonym. There is no guarantee if credits will be paid.

This is the main difficulty. However, if we have a blockchain system that makes all transactions transparent and we can see a person's credit history. Smart contracts can also help.

[Cryptoreflector_666]

That will be very soon in the future. But right now we have to face the truth that still not many stores, shops and restaurants are accepting crypto as a payment.
Crypto is better than credits as its faster to send money globally. But its less secured because one has to take care of his own money not the banks.

Cryptocurrency and lending is a very promising direction in the financial sector. The first banks that will be able to issue this and put into circulation will move to a new level and will be a few steps ahead of their competitors.

[pugi2]

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?

I think loan is not relation with blockchain. Blockchain is more suitable for system which normally close but now it can be more transparent. With blockchain, there is nothing big change about loan but its more benefit if we use for government to reduce corrupt.

[Cryptoreflector_666]

Take a loan in crypto is possible but it very risky because the prices of crypto unsettled.crypto is easier to use than credit cards.

How can you take a loan in cryptocurrency now? If you know any services iloi projects that can carry out this operation-I will be very grateful for the information.

[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?

I think loan is not relation with blockchain. Blockchain is more suitable for system which normally close but now it can be more transparent. With blockchain, there is nothing big change about loan but its more benefit if we use for government to reduce corrupt.

However, the blockchain can act as a guarantor of a person's credit history. This is one of the main problems that exist at the moment in the sphere of lending to the population with cryptocurrency. There is also a strong volatility.

[Cryptoreflector_666]

Cryptocurrency lending platforms work by connecting borrowers to a network of lender registered on the platform and borrower pays the loan.

Are there real examples of the implementation of this system? All that was looking in the network on this topic until it has a really working system that can be used right now to take out a loan in cryptocurrency.

[Cryptoreflector_666]

Indeed, blockchain based digital forms of money are still in the essential period of advancement and I trust that these things are digging in for the long haul. Then again, banks will embrace blockchain innovation to enhance their present framework yet at the same time, I don't surmise that banks will bolster decentralized digital currencies whenever in not so distant future. With regards to credits, pay rates, I figure we will see some keen contracts to encourage those repeating undertakings.

It is strange that the blockchain technology is already very extensive and widely used in the field of digital technologies, but banks still do not want to enjoy the privileges of these developments.

[Cryptoreflector_666]

No matter how big cryptocurrency goes in the future time and tries replacing the bank sector,  it won't be able to do it because the banking sector would always remain in the scene because people always require loans and various things for various things so what would happen is that the banking sector would adapt to the use of CryptoCurrency. That's what has to be done to survive, adapt. But giving loans through cryptocurrency would require some higher authorities to regulate it I suppose.

Of course, banks are the main institution of any financial system (except cryptocurrency of course) and the only way to survive in the world of developing technologies is full and timely adaptation. No other options.

[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?

Yeah it is better than credit or even paypal i guess for it will just create a good and cheaper transaction fee. This is why that getting a good system like cryptocurrency will make other system look bad so this one is an example that having cryptocurrency system will take other people to turn away their heads on credits.

In General, it would be good to invent a system similar to paypal only with a focus on cryptocurrencies. Or what would paypal itself introduced the use of cryptocurrency bitcoin in its system.

[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?

Crypto currency has started to be used in other transactions like in the payment systems. If we talk about loan in crypto currency, I think it is a bit difficult since almost all of us here are using pseudonym. There is no guarantee if credits will be paid.

Yeah i agree with you this is a little bit complicated that thinking of cryptocurrency to be use as a form of credit and the people around are AKA or pseudonym as what it was being stated. Hence getting cryptocurrency in a form of credits will have some modifications or a system that will allow a user to transact in a secure way.

The system of identification of the person is necessary, but here the anonymity of users is already erased, which is rather a plus in the system of crypto-currencies and blockchain. We are still thinking about how to resolve this issue.

[Cryptoreflector_666]

I think credit will always exist, look at this bear market for example. Now there are companies giving out crypto loans to crypto holders so they can put up their Bitcoin or ETHER as collateral and take out loans so they can survive without having to liquidate all their holdings. I am also in this situation whereby I might have to take out a loan to be able to survive the next few months in order not to liquidate the small holdings I have left that are now almost non existent. So crypto will now also have a lending system in place, just like normal banking instruments do.

It is not clear how this system will regulate the moment of cryptocurrency volatility on exchanges and markets. You can take a loan and tomorrow the price of the coin will fall several times and then there will be many questions and problems with the loan repayment.

[Cryptoreflector_666]

For my conclusion is somewhat hard to make credits in crypto, in light of the fact that the cost of coins is never the same or shaky. Perhaps it could be given a crypto credit in the event that you tie the advance sum into a solid authority cash and pay in like manner on an equivalent advance. In any case, it can happen, I'm the one content with that, cause I'm worn out with credit.

That's right. It is best that any cryptomonet blya is tied to any Fiat resource - for example, to the dollar or, for example, a gold bullion. You can also use such as oil or securities. They are more confident to stay in the market.