Quote from: fullhdpixel on June 27, 2019, 06:27:38 AM

Quote from: DigitalCyberius on June 24, 2019, 06:16:28 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.

There are crypto-based lending platforms out there. Some require collateral via another crypto, so not sure how effective that is. They also require you to verify your identity, so I'm sure, but they may be able to take legal actions if necessary. We're currently creating an infographic on the subject. Some names to look into are: Celsius Network, Nuo Network, Dharma.io, Compound Finance.

Have a good day,
The Cyberius team.

Legal action? That is when you are dealing with someone within the lenders jurisdiction, I mean maybe the same country, imagine someone in United Stated lending Bitcoin to someone is China, how would he take legal action when the person defaulted, I think there is still more to this crypto lending that I am yet to understand too.

I have never thought of going into cryptocurrency loan business or think of getting a loan through it, but I think we all have to learn more on this for better understanding, because I really cant seems to flow along when I see issues on cryptocurrency loan.

although I have not opened the requirements that must be fulfilled to get a loan, but I am not interested in borrowing it, as you have explained, whether we will be carried away in international law, I do not understand. but it is very scary to imagine it