The word “BitBond” has recently become really popular in the cryptocurrency world. However, a lot of people seem to be unsure about what it is exactly, or how it works. Some believe that BitBond is an exchange platform similar to Coinbase or Coinmama. But that’s simply not true.
So what is Bitbond?
Bitbond is a P2P platform meant for bitcoin lending for small businesses. eBay sellers, and various other businesses operating online often use Bitbond as a platform to borrow Bitcoins.
Bitbond was founded by a German company named Bitbond GmbH. They’re a trusted company and they give out loans across the world.
Despite being a fairly new company, Bitbond established a base of 23,000 users within the first year of its launch in 2016, and had funded over 1000 loans. It’s a great platform where investors can meet borrowers, where the latter can avail of really low interests.
However, as with most new ventures, there’s a fair bit of scepticism about how trustworthy Bitbond is. As such, in this article, I’ll review Bitbond and give you all the details you need.
PART 1: BitBond Basic Information
The interest rates in Bitbond vary depending on the borrower’s credit score. There’s no official data on the interest rates, however they usually range from 7% to 25%. So you can either get slabbed with a very low or a very high interest.
Furthermore, borrowers also have to pay an origination fee of 1% to 3%. This depends on how long you want the loan for. A short period of 6 weeks might incur just 1%, however, a 5 year period may incur a 3% origination fee.
The maximum loan that any borrower can avail of is $10,000.
PART 2: Is BitBond legit?
BitBond is certainly NOT a scam. They’re a completely legit company run by a legit and trustworthy organization. Furthermore, many people around the world have been happy with their services.
Some people use it as a passive source of income and some use it for additional financial help to kickstart their businesses.
PART 3: BitBond User Reviews
User Reviews for Bitbond range from extremely positive to extremely negative. Some claim that they get business by sending out unsolicited spam mails, and some claim that their customer service is very poor. However, there are also those who say that they deliver on all they promise. You should go through the reviews yourself.
PART 4: How does BitBond work?
Bitbond facilitates the creation of a contract between a borrower and a lender for a specific amount of Bitcoins. These loans have a duration of 6 weeks to 5 years.
The borrowers need to verify their identity by providing the necessary documentation. This gets them a certain rating, after which they can publish their loan request.
The borrower can publish the request in the Bitbond marketplace and lenders can bid on them. The request remains published for 14 days.
After the auction has ended, a loan payment schedule is sent to both the lender and the borrower.
If you’re interested, you can watch the following tutorial on how to make investments on Bitbond:
You can go to the BitBond website to apply for a loan or start earning immediately.
PART 5: Bitbond alternative
Everything has its two sides, if Bitbond is not the perferct one for you. You can also choose some alternatives as shown in the below table.
|Coinbase Review||3.75%||Great||Email+ Coinbase “Community”||Buy|
|LocalBitcoins Review||1.0%||Good||Quick responses to online support tickets||Buy|
|Paxful Review||0% from buyer, 1% from seller||Good||Forum,live chat and email.||Buy|
|BitPanda Review||1.0% to 4.0%||Good||Buy|
|CEX.IO Review||0.5% to 2.0%||Great||Buy|
|Bitbond Review||1.0% to 2.5%||Good||Buy|
PART 6: Bitbond Review Conclusion
All things considered, Bitbond is a legit and safe platform from which borrowers can get the funding they require for their business, and lenders can develop a passive source of income.
Feel free to leave a comment down below and ask any questions you may have.
A unique bitcoin lending venture that’s sure to be useful to small businesses. However, the interest rate can be erratic, and if you’re not careful you might land a very high ROI.
- Ability to borrow bitcoins.
- Flexible dates for returning the loan.
- Interest rates can be as high as 25%.