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 https://btcjam.com/

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

2. Click Credit Rating
222 Settings   BTCJam   BTCJam
3. Click Wallets & Exchanges
Online_Wallets_-_BTCJam_-_BTCJam
4. Click Volabit

Online_Wallets_-_BTCJam_-_BTCJam 

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

 

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

 

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:

Dashboard_-_BTCJam_-_BTCJam

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.
Dashboard_-_BTCJam_-_BTCJam
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 named as one of the Sand Hill 25 Bitcoin Innovative Disrupters

The Sand Hill 25 Bitcoin Innovative Disrupters   Sandhill

SandHill — Bitcoin is about the birth of a new monetary ecosystem. Like any ecosystem, it will have its share of winners and losers. The Bitcoin “Innovative Disrupters” are those that have the best odds at being winners.

Today, venture capitalists have created the foundation for innovative disruption with an investment of $667 million in Bitcoin-related companies to date. Meanwhile, entrepreneurs from all over the world will create the new Bitcoin monetary ecosystem.

As a follow on to our article, “Bitcoin: Mad, Bad but not a Fad,” here are 25 companies we’ve dubbed the Sand Hill Bitcoin Innovative Disrupters. They represent the first wave of companies leveraging blockchain-related technologies that we believe will play a pivotal role in the future:

BTCJam – Peer-to-peer lending network using Bitcoin targeted at cross-border loans to individuals in third-world countries. Uses a reputation system to build credit profiles for borrowers.

Read More: The Sand Hill 25 Bitcoin Innovative Disrupters

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 support@btcjam.com 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 named one of the 25 most exciting bitcoin startups by Business Insider

http://bit.ly/1btNBP3

BTCJam has been named one of the 25 most exciting Bitcoin startups by Buisness Insider. bit.ly/1btNBP3

Business Insider — BTCJam: Peer-to-peer lending – This San Francisco startup offers peer-to-peer lending solutions, matching those with bitcoin to spare with those looking to borrow. A 2014 seed round raised $1.2 million, and it provided more than $5 million worth of loans that same year.

CelsoThe founder, Celso Pitta, hails from Brazil, and as such views the company as a potential boon in the developing world, where it can be more difficult to get loans. Just this week, it announced it would use customers’ credit scores to determine interest rates.

Read more: http://uk.businessinsider.com/25-most-exciting-bitcoin-startups-in-the-world-ethereum-21-coinbase-coindesk-2015-3?op=1#ixzz3VKtHJ4YI

BTCJam welcomes Computer Science and Applied Mathematics Expert

David2

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)

riskbasedheader

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.

fixedrate

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.

BTCJam, Bitcoin Loans and Batman Save Christmas!

Jamie first heard about BTCjam from a friend and they talked the possibilities of getting a loan in bitcoin, but eventually they forgot about it. Jamie didn’t have very much experience with bitcoin so she wasn’t too confident about how to exchange bitcoin for cash, but a year later she decided to take a second look.

Jamie was suffering through some tough times in Christmas of 2014. She wasn’t sure how she was going to raise the money to make Christmas happen for her little one when her friend reminded her of BTCjam and bitcoin lending. Jamie and her friend worked quickly to set up her account and confirm her identity.

It was hard to believe that merely a week after signing up for BTCjam, Jamie would have a fully funded loan for to spend on her child’s Christmas Presents and she didn’t even have to promote it! All thanks to the BTCjam investor community.

All that Jamie’s son wanted for Christmas was Batman toys and he got a ton of them! It took him hours to open his gifts because he wanted to open them one at a time and play with each one. Jamie said it literally took him all day to open his presents. It was a nearly perfect Christmas. Thanks to the support of the BTCjam community.

In the months that followed, Jamie made good on her loan and paid it back in full. Jamie is now a known and trusted borrower in the BTCjam community.

Jamie looks forward to a long and beneficial relationship with BTCjam and if all goes well with this blog post, Jamie will soon be convincing her mother to join BTCjam as well. Let’s hope it all goes well! Thanks Jamie for sharing your story with us and thanks for borrowing…. with BTCjam.

Until Next Time…. Keep on Jamming!

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

Problems with the IRS?  Borrow Bitcoin from BTCJam and pay them off!

shutterstock_158874281

Back in December,  Tim was having some troubles with the IRS.  Due to a mistake on his 2014 taxes, he had to pay an additional $400!  And of course, the IRS wanted the money right away, with no concern at all that their request was in the middle of the Christmas Season.  The IRS wanted their money immediately with interest or the penalties would rise.  The conditions, as they say, were non-negotiable.

Tim had a problem. And to solve that problem, he turned to BTCJam.

Tim had some experience with Bitcoin before he tried BTCJam.  He used Bitcoin and even purchased a few miners, so he had no problem sending Bitcoin around (after all it’s as easy to send as email).  He just needed a little bit more to pay off the IRS.

shutterstock_192557456Tim heard about others getting loans at BTCJam to help pay back their Bitcoin miners and increase revenue.  He decided to give it a try and started out with a couple of small loans that he knew he could pay back easily.

Tim did a good job setting up his account and this helped him secure his loan.  He linked all of his social networks and completed his profile.  Tim also ensured that his loan would get investor attention by choosing a slightly higher interest rate than was recommended.  Thanks to his diligence and smart choices, Tim had no trouble at all getting his loan funded.

Tim’s loan was funded within a few hours and thanks to the speed of Bitcoin, he had no trouble wshutterstock_46032925ith glacially slow bank transfers that could have resulted in additional late fees.

Tim has big plans for his future on BTCJam and plans to continue having a few small loans open as he expands his Bitcoin mining operation.  Someday, Tim hopes to retire on the proceeds.

Thanks to the support of BTCJam and the BTCJam investors, Tim was able to pay off the IRS quickly with no additional penalties.  As Tim says “They love me again.”

Another great ending to a great story, thanks to the investors of BTCJam who supported Tim.

Until Next Time….    Keep on Jamming!

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







 

San Francisco’s First Bitcoin Retail Store

IMG_3013

Bitcoin ATM in Nakamoto’s Store

20Mission is welcoming the return of an old friend in a new form. The longtime coworking space and former home to Purse.io, located in the heart of San Francisco’s Mission District, is launching the opening of Nakamoto’s electronics. Nakamoto’s is the city’s, and potentially, the world’s first Bitcoin centric retail space where customers will receive eye opening discounts on all products for purchasing in Bitcoin. Think along the lines of 10% off Amazon 100% of the time.

Andrew Lee, the CEO of Purse.io, is excited to bring Bitcoin to the public. The lack of everyday practical use and application for Bitcoin was a driving factor in the concept for a physical retail location. Nakamoto’s is a direct extension of the Purse.io idea in brick and mortar form.

“It is a great way to onboard new users with goods and products that they can pick up and physically touch. We’ll have a BTM (Bitcoin ATM) on site so if you don’t have Bitcoin and only have cash you can purchase Bitcoin and take your discount on the spot.”

What better way to stay in the Bitcoin community than to have the retail store primarily backed by the Bitcoin community itself? While other avenues like Kickstarter were considered it was important enough to support the bitcoin community and use one of their own. Majority of the funding came from loans that were funded on the BTCJam peer-to-peer lending platform by BTCJam investors and Bitcoin enthusiasts alike. Andrew already had experienced the platform as an investor in loans himself so it was something he and his associates were familiar with.

IMG_2995

Prices at Nakamoto’s store are up to 20% cheaper than normal retail rates

“BTCJam was not only a great way to raise money but awareness through the social attraction of the platform.”

During the funding process, Andrew and his associates were able to discuss the plans for the loan with their investors, bringing awareness to the Nakamoto project.

“San Francisco needs a killer Bitcoin merchant and store. Despite what the rest of the world thinks, there are very few practical merchants that accept bitcoin in the Bay Area.”

20Mission, once the the legendary home to Blockchain.info, Purse, 37Coins, Tradehill and Piper Wallet is the epicenter of Bitcoin in Silicon Valley and the meeting spot for San Francisco’s first Bitcoin meetups. Tonight Nakamoto’s will be hosting a mixer and pre launch party for the Bitcoin community at the 20Mission location starting at 7pm. The public grand opening will be Friday, February 6th. San Francisco and possibly the world will have it’s first retail store where Bitcoin is the primary currency.

IMG_3001

Looking to have your next idea funded? What are you waiting for? Head over to BTCJam and apply for a loan today.

– Jarrett Carlston BTCJam Team