How to Link your Volabit Wallet to BTCjam

At BTCjam, we are very excited about our new partnership with Mexican bitcoin exchange, Volabit.  Here are some simple instructions on how to link your BTCjam account to your Volabit wallet:

Log in to the BTCjam website at

1. Navigate to the arrow by your user name, in the upper right hand corner, click Settings

2. Click Credit Rating
222 Settings   BTCJam   BTCJam
3. Click Wallets & Exchanges
4. Click Volabit


5. Click Authorize to allow BTCjam to use your account.
That’s it!  Your Volabit account is now linked with your BTCjam account.


To add funds from your connected Volabit wallet
1. Click on the arrow at the top center of the page near your Bitcoin balance.


2. then click Add Funds
3. From the Add Funds popup window, simply click the
“Add funds from Volabit” button at the bottom of the window:


4. Simply enter how much you would like to transfer from Volabit, enter your 2FA code (if you have 2FA enabled) and click “Transfer from Volabit” to transfer your funds.
And you’re all set! Thank you for reading BTCjam’s tutorial on how to link your Volabit Wallet to BTCjam.  Remember you can now use your linked wallet for transferring funds or even making automatic payments on your BTCjam loan.  Thanks to Volabit for partnering with BTCjam.
If you need a bitcoin loan, borrow on BTCjam!  If you want to invest, invest on BTCjam!

BTCjam reintroduces Weekly Payments and Weekly Loans

Oi Jammers!

At BTCjam we are constantly striving to improve the borrower experience.  Recently we updated the loan listing form focusing on long-term loans, removing many parameters.  However, now we have decided to bring back short-term loans for those borrowers that want to take 7 or 14 day loans, and we have also brought back the option to pay back on a weekly basis.  For those that would like to know more, I’ll explain in detail why we made these changes.

Two weeks ago BTCjam simplified the loan application process, so borrowers could focus on providing details about their loan rather being distracted by too many options. Last week, we improved the loan listing application by manually reviewing all loan applications before publishing (previously, we used to review during the funding period). The goal was to remove loans from the platform that are not relevant to the community as we will no longer accept loans that are intended to simply increase reputation. The correct way to improve your profile is by linking additional social networking accounts or adding personal references from friends and family, not by creating artificial loans.

After those changes, some investors reached out to us asking to bring back the weekly payment cycle and we listened. We are bringing back one-week and two-week loans. Thanks to our improved loan review process, we are willing to test the demand for short-term loans and, based upon that demand, we will decide whether to keep or remove them in the future.

User feedback is very important to us here at BTCjam and when you speak, we listen. Sometimes we cannot implement the requests instantly or we don’t believe they are 100% aligned with company’s long-term strategy.  As a marketplace with two main stakeholders (borrowers and investors), our job is to mediate the inherent conflict of interest among them, as it is common borrower requests that are not be aligned with investor’s interests (and vice-versa). Rest assured, we are 100% committed to providing an excellent service for both borrowers and investors.

Anyway, we are always interested to hear your ideas and suggestions on how to improve BTCjam.  Please email us at if you want to talk about that.

BTCjam featured in Valor Econômico, the largest financial newspaper in Brazil

Valor - Bitcoins making the radar of Brazilian entrepreneurs   Valor International

Since its creation, BTCJam lent $12 million in bitcoins, $10 million of which between January 2014 and January 2015. The expectation is to end this year with a 20% increase over the total already granted. Currently, the average rate on loans is around 40% per year, but the cost varies depending on the credit history of each customer.

Read More at Valor Econômico

BTCjam improves Loan Listing Process

Bienvenido Jammers!

We’ve got great news today from the BTCjam Anti-Fraud Department.  We have enhanced our loan review process to focus on providing higher quality loans and keeping our loan marketplace streamlined.  To accomplish this, all loans are now being reviewed by an Anti-Fraud Specialist before they are posted on  Don’t worry, this loan review will be integrated in a way so that the loan process remains efficient.

Our goal at BTCjam is to provide investors with the best loans and borrowers with the best possible chance to have their loan funded at a competitive rate and these changes will help us continue doing that.

Until Next Time… Keep on Jamming!

If you need a bitcoin loan, borrow on BTCJam!  If you want high returns, invest on BTCJam!

BTCJam welcomes Computer Science and Applied Mathematics Expert


Greetings Jammers!

We’ve got more great news today. Join us in welcoming David Xi, an incredibly talented engineer to the team here at BTCJam. David has a very impressive background with a B.A. in Mathematics from Sichuan University, a Master’s in Applied Mathematics also from Sichuan University, a PhD in Computer Science from Korea University and did his Post Doctoral work at the University of Waterloo.

With ten years industry experience in the related fields and strong academic research background in the data mining, machine learning, pattern recognition, David is “elated to join the team at BTCJam.” David is very familiar with big data systems, having worked with similar systems for the past few years. He believes his previous work should line up perfectly with the work he will be doing at BTCJam.

 “We are thrilled to add David to our team at BTCJam.  David’s wealth of knowledge and impressive mathematics and computer science background will no doubt be invaluable at BTCJam as we continue to improve our product.”, said Celso Pitta, CEO of BTCJam

David believes that BTCJam’s unique credit scoring system could revolutionize the global credit system, and is very excited to join BTCJam on our mission to extend access to credit, worldwide.  With David’s impressive background in software engineering and mathematics, he is a real asset to BTCJam and will definitely be putting those advanced math skills to work.

Until Next Time… Keep on Jamming!

If you need money, borrow bitcoins on BTCJam!  If you want high returns, invest on BTCJam!

BTCJam Introduces Risk Based Pricing (Interest Rates Set Automatically by Credit Score)


BTCJam is changing the way interest rates are set in order to improve the experience for both borrowers and investors. Starting today, BTCJam will set the borrower’s interest rate automatically based upon their credit score. The higher the borrower’s credit score, the lower their interest rate.

Automatically calculating the interest rate based upon credit scoring is known as risk-based pricing and is a well known and time proven methodology within the financial services industry. Interest rates are set by a combination of the borrower’s credit rating (using BTCJam’s proprietary credit rating system) and the duration of the loan. Borrowers who are less likely to default will receive lower interest rates.  Since BTCJam has all of the information about the borrowers, we are in a better position to determine the likelihood of the borrower paying back the loan and will adjust the interest rate accordingly. Risk-based pricing makes investing easier because when a lender invests in an A-rated loan, they know that the borrower will be paying an A-level interest rate.


Interest rates are set by a combination of the borrower’s credit rating and the duration of the loan. Borrowers who are less likely to default will receive lower interest rates.

When borrowers are allowed to set their own interest rates, it is far too tempting for them to set a low interest rate and see if investors will accept lower returns.  While a borrower who receives a very low interest rate usually pays back their loan, it does not provide the investor any cushion against possible defaults.  With risk-based pricing, the interest rates for all loans will be standardized, ensuring that investors are able to offset possible losses from defaults.

We are confident that this change will improve BTCJam and allow us to continue to maintain the highest repayment rates in peer-to-peer lending (as high as 98% for A-rated borrowers), as well as increase overall returns to investors.

Check out the changes and start investing with BTCJam.  Get a loan with a reasonable rate with BTCJam.

Risk Based Pricing (automatic interest rates) Q&A

Q: What will happen to loans that were created before the change to Risk Based Pricing?

A: Loans created prior to the adoption of Risk Based Pricing (automatic interest rates) will continue until they have either been funded or have expired. BTCJam will identify the old loans and will separate them so they will be only be accessible using filters.

Q: The system sets a rate that is too high for me and I won’t be able to repay it. What should I do?

A: If the interest rate on your loan is too high you should verify more documents and add more information to your profile. By verifying more information, you will increase your credit score and receive a lower interest rate.

Q: Do I still have the option of doing a loan tied to a local currency?

A: Yes you will still be able to choose between a Bitcoin loan and a loan tied to local currencies. Learn more about currency types.

Q: Why did BTCJam choose to change the way that interest rates are determined?

A: BTCJam changed to risk-based pricing for a number of reasons. One reason being investor and borrower security. By setting the interest rates automatically it simplifies the risk assessment for both borrowers and lenders. Learn more about risk-based pricing.

Q: Will there be a set standard for interest rates based upon credit rating? For example, will all C rated borrowers have loans set at a standard 5.5% interest regardless of profile completeness?

A: Yes, every credit score grade will now come with a set interest rate that is the same for all borrowers that have the same credit score. However, rates will change also according to the loan term. That means, a C loan for 30 days will have lower rates than a 1 year loan for a C rated  borrower.

Q: Can I pay more than the recommended interest rate?

A: No. The interest rates are now automatically linked to your credit rating.  This change protects our investors from loans that are “too good to be true” and that the borrower never intends to repay.  We took into consideration both borrowers and investors when making this change.

Five New Currencies added to BTCJam

New Local Currencies Added

BTCJam now supports loans in BTC, USD, Brazilian Real (BRL), Mexican Peso (MXN), Indian Rupee (INR), Russian Ruble (RUB), and Euro (EUR)


Howdy Jammers!

Today we are proud to announce five new currency options on BTCJam. In addition to US Dollar linked loans (and of course Bitcoin), BTCJam is now offering loans in denominated in:

  • brazil Brazilian Real (BRL)
  • mex Mexican Pesos (MXN)
  • Russian_Federation Russian Rubles (RUB)
  • india Indian Rupees (INR)
  • euflag Euros (EUR)  

The addition of local currencies simplifies the loan process for borrowers, allowing them to match the loan with their income.

Investors also benefit from having loans denominated in other currencies, allowing them to diversify their investments globally. For example, investors can offset losses from local economic crises by funding loans in foreign currencies. Investors are also able to reduce the beta of their portfolios, adjusting portfolio volatility against local economic crises.

Funding your loan in your local currency makes borrowing on BTCJam easier than ever before.


It is important to mention that investors must understand that they are exposed to exchange rate fluctuations versus their own currency. Meaning that if the borrower’s currency devalues, that devaluing may negatively impact the loan’s return. Of course, the opposite is also true: if the foreign currency gains value against the investor’s local currency, then the loan would get an exceptional return.

We’ve been working on this for a while now, and we’re excited to bring you the option of using these currencies on BTCJam.  As you know, our team is always working on new ways to improve our user experience.  Do you have an idea on how BTCJam can get better?  Send it to us at!

Until Next Time… Keep on Jamming!

If you need money, borrow bitcoins on BTCJam!  If you want high returns, invest on BTCJam!

BTCjam: We Reject 66% of all Identification Documents

Howdy Jammers!
Did you know?  We take identity verification seriously at BTCjam.  In fact, we reject over 66% of all identity documents submitted to us.  That’s a lot, isn’t it?  We also reject more than 63% of address verifications and 55% of income verification documents.
shutterstock_161443088At BTCjam, we do not use an automated process to scan your ID.  We individually verify each identity document, because we are focused on providing a better product for you.
Our verification system uses image recognition tools but is ultimately human-powered. This may be more expensive than automated document scanning, but we believe it is worth it to spend more to bring superior results to our users.  When we verify each document by hand, we actually catch photoshopped and other fake documents that automated scanners miss.  We believe that the old saying is true, you get what you pay for.  At BTCjam we are willing to pay more to bring you a better product.
We also ask our borrowers to submit recent bank statements and we manually verify these statements. This attention to detail is an example of BTCjam’s dedication to fully verifying borrowers before we allow them to create loans on our platform.  We also use the borrower’s bank account information to confirm their income, adding more reason to trust the borrower.

All documents submitted to BTCjam are subject to a strenuous screening process, with each document being individually verified by hand.

ID Photos must be High Resolution (no photocopies or screencaps)


We also require you to post a photo of yourself and your ID

and that photo must be high resolution as well.

We also verify the borrower’s address using utility bills, bank statements, tax returns, pay stubs, cell phone bills and employment letters.  Documents must include the borrower’s name, address and a visible date of issue within the last six months.
For income verification we use tax returns, pay stubs, letters of employment that state the borrower’s salary, and bank statements that show the amount deposited for a certain time period.  Income documents must also include a name and a date.
All documents submitted to BTCjam must be high resolution JPEG or PNG format.  The documents must be clear, with no blurring.  Generally you should use a flatbed scanner and scan your documents in “Excellent – 300 DPI” mode.
At BTCjam, we do everything we can to fully verify our borrowers so investors feel confident funding real loans from real people.  As a result of our intense scrutiny during the ID verification process we have a 98.7% repayment rate for A Rated Loans and not a single default for A Rated Borrowers for the past 5 months.  If you can think of any way that we can improve, please let us know at

Until Next Time… Keep on Jamming!

If you need money, borrow bitcoins on BTCjam!  If you want high returns, invest on BTCjam!

BTCJam Launches a New Feature: Refinancing Loans!

Howdy Jammers!

We’re really excited to tell you about a new feature developed by our hard working Jam Engineers.  Without any further ado, we’d like to announce that BTCJam users will now be able to Refinance their loans — right here on BTCJam!

Having trouble paying back a loan?  Refinance your loan on BTCJam today!

Q: What is refinancing?

A: Refinancing is a way for borrowers to restructure their current debt under different terms.

Q: How does BTCJam’s refinancing work?  

A: If the borrower chooses to refinance a loan, the new loan amount will be set to guarantee the repayment of this loan.  A refinance loan is a special type of loan that cannot be activated by the borrower.  The funds raised for this loan are sent directly to the investors of the previous loan.

Q: Can I refinance my loan?

A: Yes, any borrower with an outstanding loan can attempt to refinance their loan.

Q: What do you mean attempt?

A: The refinancing process is much like the process for funding your original loan.  Investors will decide whether or not to fund your refinancing based upon the completeness of your profile, the diligence you show in describing your loan, how you intend to pay it back, the reasons for your refinancing, and of course, our proprietary credit score.

Q:  What happens if my refinancing attempt is successful?

A:  If your refinancing loan reaches a point when the sum of investments is enough to repay the original loan, your loan will automatically activate and the investors of your previous loan will be repaid.

Q: What happens if my refinancing attempt is unsuccessful?

A: You can attempt to refinance again, perhaps with more favorable rates for investors, but if the investors choose not to fund you two times in a row, perhaps it’s time to continue paying off the original loan.

Thanks for reading about our new feature, Refinancing Loans on BTCJam.  We hope you like it.  If you have any questions or suggestions for a new feature or anything about BTCJam, we’d love to hear from you at

Until Next Time….    Keep on Jamming!

Having trouble paying back your debt?  Refinance your loan today with BTCJam!

What is Peer-to-Peer Lending?

Since our inception, BTCJam has grown to over 50,000 users and has conducted more than $8 million USD in bitcoin transactions. Although our user base has shown a strong and steady growth and people are becoming more familiar with our product, we are still regularly asked, “What is peer-to-peer lending?” At BTCJam, we feel that it is important for us to explain to active and potential users what peer-to-peer lending is and how it defines our bitcoin lending platform.

According to Wikipedia, “peer-to-peer lending, commonly abbreviated as P2PL, is the practice of lending money to unrelated individuals, or ‘peers,’ without going through a traditional financial intermediary such as a bank or other traditional financial institutions.”

Early and archaic versions of peer-to-peer lending are payday loans and loan sharking. This is when an individual goes through a company that typically charges enormous interest rates (upwards of 100-200% per month). These stores regularly set up shop close to banks, jails, and other establishments where large sums of money are essential. Payday loan shops take advantage of impulse borrowers who do not understand the financial ramifications of agreeing to poorly structured loans with high interest rates.

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As the Internet has expanded and new forms of financial transactions have been established, a more safe and secure method of peer-to-peer lending has developed. Two of the largest and oldest peer-to-peer lending platforms to date are Lending Club and Prosper. All of the transactions take place online and lenders chose which borrowers to specifically invest in. Typically, the lender and borrower come to a mutual agreement on the interest rate of the loan before it is granted. The peer-to-peer lending company serves as a marketplace: connecting lenders and borrowers together without the involvement of banks or other institutions.

There are several ways in which BTCJam differs from Lending Club and Prosper. The first and most obvious difference is bitcoin. In case you didn’t know, the acronym for the bitcoin currency is BTC—this is where our name BTCJam comes from! Bitcoin is preferable compared to regular fiat currencies because it is decentralized, transparent, fast, and inexpensive. Due to the nature of bitcoin, it is easy to implement transactions on a global scale. This is why lenders at BTCJam can lend to borrowers all over the world. Comparatively, lenders at Lending Club and Prosper can only grant loans to people within their own country, and thus, cannot protect their assets from a regional crisis or currency devaluation.


Another way in which BTCJam differs is the financial benefits that lenders and borrowers can take advantage of. BTCJam has no added fees for investors; as a result, we are able to produce higher returns on average (upwards of 19% APR). Just to give you a sense, the average return on traditional peer-to-peer lending platforms is around 8% APR. BTCJam is also able to protect users against bitcoin volatility—for example, if bitcoin is devalued, borrowers are protected through indexing their loan amount in US dollars. Additionally, due to the nature of bitcoin, you can split one (1) bitcoin into a hundred millionth (0.00000001) of a bitcoin. Lenders on BTCJam are able to loan in fractions of a bitcoin which empowers diversification like never before.

The last significant way in which BTCJam differs from traditional peer-to-peer lending platforms is that, as of now, we do not have institutional investors on our website. Lending Club and Prosper are host to a number of institutional investors. These investors function as small companies rather than individuals. Often, these investors get priority access to the best “A ranked” loans while individual investors are left with the lower quality loans. At BTCJam, we do not give specific investors preferential treatment—everyone is treated equally. Although we are considering implementing a form of automatic investments in the future, it will not be near the same degree as Lending Club and Prosper.

We hope that this explanation of peer-to-peer lending gives a cohesive picture of how it is relevant to our platform. As the future of international micro-financing evolves, so will BTCJam. We are constantly staying active and up to date on the innovation and diversification of the bitcoin ecosystem. At BTCJam, we strongly believe that peer-to-peer lending through bitcoin will enable people across the world to access fair and affordable loans. Please stay tuned, as we will be starting a new segment on Borrower Stories.

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