Quote from: jrrsparkles on June 14, 2019, 02:10:52 PM

Quote from: ethereumhunter on June 14, 2019, 12:08:13 PM

Quote from: jrrsparkles on June 14, 2019, 05:10:42 AM

Quote from: LeGaulois on June 13, 2019, 06:21:07 PM

I started to think about it. How a bank and folks could issue loans to people?

Currently, when you need to borrow money, your banker just edits your balance account and create money magically. You then pay back monthly.
Banks won't be able to do that with Bitcoin with its limited supply. You can't print bitcoins.

But now, between folks. Let's say I'm the banker and you're the customer looking to borrow money to buy a house. I can lend you the money but how to be sure you will pay me back with full interests? With banks, the solution is easy, the bank seizes the house and you can't do something. But the average Joe hasn't the same 'power' than a bank to collect a debt.

Just same as the fiat money loan,give loan only after collecting valid collateral like documents of house,if the borrower didn't pay you back the lend amount then you can seize the home as per the agreement you made earlier but it is possible only if government makes crypto as legal form of asset or money or there will be no actions can be taken if the borrower refuses the pay back the money.

I think that will depend on the agreement before the lending was made so they can have a deal what will happen if the borrower cannot pay the money to the banks. But the truth is I don't know if the banks will make a deal with bitcoin because they don't know about bitcoin (or they did know), but they don't use bitcoin for loans. So I think if we want to loans in bitcoin, we should use the website which is support for cryptocurrency or institutions which support for cryptocurrency too.

I guess OP not talking about getting a loan of bitcoin from banks, its like individual loan issuing from one person to another who you may know personally. In that case, the agreement can be made just like how banks are making the agreement with us for any kind of loans.

Still, banks don't have a complete relationship with the bitcoin, so we should get a loan in bitcoin on the individual who has bitcoins. Maybe we need to sign the agreement meant with the person we are choosing for loans. Previously some exchange is having option lending bitcoin loans but many people have cheated the system. Now the only option we have is from the individual.