How Bitcoin Empowers Global Peer-to-Peer Lender BTCJam

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San Francisco-based startup BTCJam is taking peer-to-peer lending to a global audience, and is using bitcoin to achieve its vision. Bypassing the restrictions of fiat currencies, the company says, allows any individual in the world to receive a loan via its platform. While traditional wire transfers are costly and not always easy to set up, bitcoin allows approved BTCJam borrowers to receive funds almost instantly, wherever they may live and whether or not they have a bank account. Celso Pitta, the company’s CEO, told CoinDesk: “We are a global lending platform. We use bitcoin as a payment method to enable international, cross-border lending.” BTCJam CEO Celso Pitta talking about his startup at CoinSummit. Source: CoinSummit From banker to bitcoin entrepreneur Pitta, who hails from Brazil, had prior experience in the finance industry before starting BTCJam: “I worked for Citibank. Knowing banking from the inside, I knew that I could do better: a peer-to-peer lending website.” However, Pitta reached his first stumbling block when he discovered the penalty for starting an unlicensed money-lending service in Brazil. “I noticed that if you do [lending] in Brazil, you will go to jail for 10 years,” he said. As absurd as that might sound to some, this potential roadblock is …