Quote from: Whitehouse on July 28, 2015, 05:59:37 PM

Quote from: Fishbones78 on July 28, 2015, 12:54:16 PM

Hi,
So something I've been thinking about is lending Bitcoin. For me to conduct trades over Bitcoin Talk, I usually ask the other party pays first (which usually means the trades fall through).

Is it actually profitable?
Will I get scammed to death?

Cheers.

It can be profitable but the margins are small and the risk is great if you don't get sufficient collateral. How can the other party pay first though if you're the one lending the money? Do you mean send collat first? Most people wont trust you yet to send collateral first so you'll need to use escrow. Personally I'd avoid getting into the lending business as it's likely not worth the hassle and one scam is all it takes to ruin your total profit.

I ment collateral haha, I was planning in using an Escrow anyway, thanks for the input. I was planning on asking alt coins as collateral which may mean slow business, but a not so devastating outcome when I get scammed :/