BitLendingClub Makes P2P Bitcoin Lending Safer

BitLendingClub Makes P2P Bitcoin Lending Safer

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Would you like to borrow some bitcoins? If you are a fan of the idea,BitLendingClub has exactly what you need. BitLendingClub is a peer-to-peer (P2P) bitcoin lending platform which allows borrowers to select specific loans that match their loan duration and interest rate conditions. BitLendingClub operates on the “Dutch Auction” principle, where lenders may set a starting interest rate for certain loans, but the loans are only lent out when the interest rate drops to a level acceptable by potential borrowers. Borrowers have the option of setting their own interest rates. They may also reject offers from potential lenders if they do not believe they are receiving a competitive interest rate. Lending digital currency to unknown parties can be a very risky proposition. To reduce this risk, BitLendingClub uses Jumio to verify the authenticity of documents submitted by potential borrowers. BitLendingClub only charges fees on loans that have been repaid. It separates itself from other competitors such as BTCJam with its unique fee structure. Co-founder and CEO Kiril Gantchev sees the unique fee structure as a necessary risk that will pay off in the long run, as bad borrowers are gradually weeded out of the system. Gantchev believes that the P2P lending space can only grow in the presence …