Re: 🚀🔥🚀[ANN][ICO 1]BITTO 6 IN 1 EXCHANGE -APP (COPY TRADE)POS v3.0|MLM|🚀🔥🚀
I was reading about your exchange platform and ran into the part where traders can give kind of loans to each other, so I was interested is there some kind of minimal or maximal limit on how much can one trader lend from another?
Bitto is not giving loans, users are. So as long as it suits both users and they have at least some crypto to back up their deal, it will be fine. As for daily interest - again that's with the users to decide. If someone is desperate enough to borrow money for 18% daily interest, he will.
So borrowing then isn't such a good idea?
Sorry, I thought you were asking is lending a bad idea. I was writing about lending in the previous comment. Borrowing is good under couple of circumstances - if you want to hold some of your assets. Let's say you don't want to sell NEO because you know it will recover after a great new year dip, but you need money to pay for your car repair. You borrow money with a good contract (5% per month) and once your NEO rises up, you sell some of it and repay your lender with some interest. That way everyone win (except for the panic sellers and inexpirienced buyers who want to buy NEO from you when its rising lol
BTW I can't wait to see Bitto loan in action because I will be able to borrow to people in my country. When they see familiar name, they will feel confident to do business, and of course the rates will be better than at banks so again everybody win (on the HODL team xD)
But what happens if the person who borrowed the money loses everything and can't repay to the lender? Can that even happen?
And yes, I think trust is the key in this kind of business.
Person who borrowed the money has Crypto (or Bitto) to back their loan. He gets fiat currency in return. If he does not return what he had took, his crypto goes to the lender. Of course that can happen.
Thanks for clearing things up for me
I hope Bitto will succeed!