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Author Topic: Question on how to earn through lending crypto  (Read 155 times)
takeicha (OP)
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November 25, 2019, 11:19:05 AM
 #1

So, I have been reading post here and I wanted to try to lend some btc. I want to know what is the recommended amount of investment needed for me to earn decent amount. If I choose to avail an escrow service, who should shoulder the fee for the service? Thanks in advance for all the help you can give me.
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November 25, 2019, 11:31:50 AM
 #2

So, I have been reading post here and I wanted to try to lend some btc.
Make sure you always ask for collateral to back loans. 99% chance that any non-collateral loan here would be a scam. Trusted users as well have scammed lenders so dont trust anyone.

Quote
I want to know what is the recommended amount of investment needed for me to earn decent amount.
You can start with anything between 1-10 BTC. Depends on how you manage your balance and how many loans you give out on average.

Quote
If I choose to avail an escrow service, who should shoulder the fee for the service?
Nobody will trust you to be an escrow before gaining some trust so forget about any fee. This mostly comes from trading with other users and if they decide to trust you. Only the long timers here have been able to gain that level of trust.

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ThatRandom8543
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November 25, 2019, 11:53:00 AM
 #3

Quote
If I choose to avail an escrow service, who should shoulder the fee for the service?
Nobody will trust you to be an escrow before gaining some trust so forget about any fee. This mostly comes from trading with other users and if they decide to trust you. Only the long timers here have been able to gain that level of trust.

I believe hes referring to who should take care of the escrow fee, if any, if an escrow is used. Though ofc that doesnt change everything else stated

So, I have been reading post here and I wanted to try to lend some btc. I want to know what is the recommended amount of investment needed for me to earn decent amount. If I choose to avail an escrow service, who should shoulder the fee for the service? Thanks in advance for all the help you can give me.

I would suggest starting out with about 1BTC, but the best course is only use what you can afford to lose. Not saying you should lend the whole bitcoin though. Lending is a extremely risky investment and combining that with lending in crypto can create more challenges, so if you cannot afford to lose with 1 BTC, start with less. Even though no one will allow you to hold onto collateral until you can be trusted, if an escrow is ever used, it is generally up to you and your terms. You could take care of the fee, the borrower could take care of the fee, it could be split down the middle, all up what is agreed. It is usually common for the borrower to take care of the fee, but considering that you have no trading history or reputation here, it would be hard for someone to trust you with holding collateral, so that is something for you to figure out. There are some trusted escrow here that dont charge a fee. I dont have the link to an updated list so maybe looking around for it you can see or maybe someone could send it to you. The link below has a link to list of trusted escrows you could use.

If youre serious about it, make sure you understand the risk, understand that you would need valid collateral (make sure to read) that is 120% of what the borrower is asking. Make sure to do research on the collateral before having it sent to you (once you are trustworthy) or an escrow. I say this because there are many tokens out there and anyone could create a smart contract, issue tokens to themselves and pass that off as if its the real thing. Also avoid pre-ico tokens or coins until they hit a reliable exchange and have good trade volume, otherwise you would be at an extreme loss there. So you might want to have a list of collateral that you would accept (eg btc, ltc, eth, usdc, etc), rules about what will be required if the collateral value reach below say 110% (eg give them time increase the collateral, pay off or on the loan, liquidate the collateral to cover what is owed and return the difference, if any), late fees, etc.
takeicha (OP)
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November 25, 2019, 12:02:03 PM
 #4

Quote
If I choose to avail an escrow service, who should shoulder the fee for the service?
Nobody will trust you to be an escrow before gaining some trust so forget about any fee. This mostly comes from trading with other users and if they decide to trust you. Only the long timers here have been able to gain that level of trust.

I believe hes referring to who should take care of the escrow fee, if any, if an escrow is used. Though ofc that doesnt change everything else stated

So, I have been reading post here and I wanted to try to lend some btc. I want to know what is the recommended amount of investment needed for me to earn decent amount. If I choose to avail an escrow service, who should shoulder the fee for the service? Thanks in advance for all the help you can give me.

I would suggest starting out with about 1BTC, but the best course is only use what you can afford to lose. Not saying you should lend the whole bitcoin though. Lending is a extremely risky investment and combining that with lending in crypto can create more challenges, so if you cannot afford to lose with 1 BTC, start with less. Even though no one will allow you to hold onto collateral until you can be trusted, if an escrow is ever used, it is generally up to you and your terms. You could take care of the fee, the borrower could take care of the fee, it could be split down the middle, all up what is agreed. It is usually common for the borrower to take care of the fee, but considering that you have no trading history or reputation here, it would be hard for someone to trust you with holding collateral, so that is something for you to figure out. There are some trusted escrow here that dont charge a fee. I dont have the link to an updated list so maybe looking around for it you can see or maybe someone could send it to you. The link below has a link to list of trusted escrows you could use.

If youre serious about it, make sure you understand the risk, understand that you would need valid collateral (make sure to read) that is 120% of what the borrower is asking. Make sure to do research on the collateral before having it sent to you (once you are trustworthy) or an escrow. I say this because there are many tokens out there and anyone could create a smart contract, issue tokens to themselves and pass that off as if its the real thing. Also avoid pre-ico tokens or coins until they hit a reliable exchange and have good trade volume, otherwise you would be at an extreme loss there. So you might want to have a list of collateral that you would accept (eg btc, ltc, eth, usdc, etc), rules about what will be required if the collateral value reach below say 110% (eg give them time increase the collateral, pay off or on the loan, liquidate the collateral to cover what is owed and return the difference, if any), late fees, etc.

Yes I am referring to who should pay for the escrow service. The lender or the borrower.

Anyways, thank you for your advice. I will study it first and compute if I can make profit through lending.
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November 25, 2019, 12:55:21 PM
 #5

Yes I am referring to who should pay for the escrow service. The lender or the borrower.

The borrower alone.

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November 25, 2019, 03:56:30 PM
 #6

I want to know what is the recommended amount of investment needed for me to earn decent amount.

I don't know what "a decent amount" is to you, but if you're thinking about it from the "earning" perspective you may be disappointed, or worse.  The greedy lenders tend to attract more scammers than legitimate borrowers.  If you are careful, scrutinize your clients, and avoid scammers you will earn a return on your investment.  You will probably not earn enough to supplant an employment income, if that's your goal.

Like any other investment you consider; only invest what you can afford to lose.  Good luck.


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November 25, 2019, 08:26:18 PM
 #7

So, I have been reading post here and I wanted to try to lend some btc. I want to know what is the recommended amount of investment needed for me to earn decent amount. If I choose to avail an escrow service, who should shoulder the fee for the service? Thanks in advance for all the help you can give me.

You can honestly start with as little as 0.1 BTC. Most of the microloans made here are under that amount, and unless you build up your clientele to a significant extent over the first few weeks, you don't even need that much BTC to start off.

As to escrow fees, I think usually the norm is to have the borrower cover that, although there is no written rules anywhere that the lender can't do so (you may even make yourself more competitive).

Good luck. Make sure to ask for collateral (as always) and do your due diligence, that's the most important thing.
takeicha (OP)
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November 26, 2019, 09:02:21 AM
 #8

Thank you for all of your response. I gladly appreciate it
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