I know that people give out loans but what's up with people no returning what they borrowed?? I want to know this because I might give out loans myself and I want to know what to watch out for... I have ~800 BTC at the moment and would it be a bad idea to start loaning? I bought my BTC back in 2010 mid August January(when it was about $0.07 per BTC) and I noticed the price went up a ton! Also what would be some other way to grow my BTC? Any ideas on what I should do?
Something I should have added my friend was doing something you guys call "mining" I am very knew to the bitcoin world even though I have had them for a long time. I bought these bitcoin from him because he needed to sell them, my financial advisor has told me that the longer I wait the more return I would get so I told him hold the account for 5 years and ill see where I am... So last July I had gotten my account back, did a bunch of research then found you guys. So I came here to post a few posts and for everyone skeptical this is the proof
https://gyazo.com/ee99cef712e9b72f03a3e8e870c33624 Lending loans is too risky unless you ask for a colllateral and there should be a contract for the mode of payments. If you will be in a loan and invest that loans you should consider the interest with regards to your investment profit. For me it is ok to loan with your profit is more than your loan ineterest rate.
Actually it's hard to require a collateral when you are lending online, some are just basing on the reputation like this this forum.
They are called micro loans for me so it's not really important to them if one or some will not pay as long as in overall they will be profitable.
In this case, they need to provide a higher interest.