(OroyFinanzas.com) – Las startups Bitcoin BTCJam y Volabit, brasileña y mexicana respectivamente, se alían para permitir que usuarios mexicanos puedan invertir con bitcoin a través de una plataforma de micropréstamos para la financiación de proyectos internacionales. Read More…
Hola Jammers! We’ve got great news this morning… BTCjam is partnering with the leading Mexican Bitcoin exchange Volabit to bring our users from Mexico a superior Bitcoin experience. Volabit users can now transfer funds and activate automatic payments all from BTCjam.com! Lending bitcoin and gaining returns has never been easier, and Volabit users can now transfer their bitcoins to BTCjam without ever leaving the site. Together Volabit and BTCjam make borrowing and investing bitcoin in Mexico simple!
- You can withdraw bitcoin seamlessly from Volabit without leaving BTCjam
- Your automatic payments can withdraw from your Volabit wallet to make a payment
BTCjam CEO Celso Pitta said, “I’m thrilled about our Volabit partnership. Volabit integration will make BTCjam much easier to use for our customers in Mexico.” Hannah Kim, Co-Founder of Volabit agrees, saying “BTCjam is one of the most exciting companies in Bitcoin and we’re delighted for how our new partnership makes bitcoin borrowing and lending easier for our customers.”
“Volabit integration will make BTCjam much easier to use for our customers in Mexico.” – BTCjam CEO, Celso Pitta
Get detailed instructions on how to connect your Volabit Wallet to BTCjam on the BTCjam Blog! Once you have connected your Volabit wallet, you can easily transfer bitcoin to BTCjam and make automatic payments on your loan. It’s just that easy.
Attention Bitcoin Wallet providers, we are looking to integrate additional wallets! Please contact us at firstname.lastname@example.org if you would like to partner with BTCjam.
About BTCjam BTCjam is the global leader in peer-to-peer lending using Bitcoin, and the first to offer a proprietary credit score to its users. BTCjam’s disruptive credit model is changing the way borrowers and investors connect, providing a new path to financial freedom for users from more than 200 countries around the world. BTCjam promotes lending without borders, where people can borrow and lend bitcoins, without having to worry about banks and other intermediaries. Transactions are instantaneous, hassle free, and supported by an engaged, trusting global community.
About Volabit Volabit is the fastest and safest way to buy and sell Bitcoin in Mexico. Founded in 2014, Volabit has more than 4,000 users and they have converted more than 24,000,000 pesos into Bitcoin. Volabit received venture funding from the Bitcoin Opportunity Corp and has been described as the “Coinbase of Mexico”. Check out Volabit at https://www.volabit.com
Buenos días Jammers!
Thanks to the eagle-eyed Guido P. on Facebook, BTCjam was alerted to a phishing attack. Now we can warn you about Phishing and how to avoid it. Phishing is an attempt to trick you into entering your account information into a fake website so they can steal your account. For example, in this current phishing attack they have created a fake version of the BTCjam website to trick you. Remember that the real BTCjam website will always have a URL that starts with https://btcjam.com and will have the security lock icon next to it.
As you can see, there is almost no difference between the phishing site:
and BTCjam.com, except the URL at the top.
If you see a suspicious link, always check the URL before you login. Phishing can also be stopped by using Two Factor Authentication (2FA), as 2FA requires a unique token that is generated by your cell phone that helps prove your identity (in addition to your password).
Be aware of phishing (check that URL!) and always use Two Factor Authentication!
If you find a site that you think is a phishing site, you can report it to Google on their Report Phishing Page.
Until Next Time… Keep on Jamming!
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.
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!
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.
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.
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.
We’ve got great news at Jam headquarters today. We’ve got a brand new Jammer! Anti-fraud expert Marisela Zaragoza has joined the BTCJam team. Marisela has more than five years of experience in anti-fraud, having worked previously at Lending Club, Montecito Bank & Trust and she received a degree in Criminal Justice from Santa Barbara City College.
Marisela is “thrilled to join the team at BTCJam” and she believes that there are “many exciting opportunities for the future in bitcoin peer to peer lending” and that “peer to peer lending could change the world by expanding fair access to affordable credit worldwide.”
Marisela is an expert in customer relations and while at Lending Club, she used her Criminal Justice background to verify customers and evaluate identification documents. Marisela is a major fraud deterrent and we believe her arrival will usher in a new era in anti-fraud at BTCJam.
“Based on Marisela’s impressive experience at Lending Club, we believe her analytical abilities, criminal justice background and attention to detail will further expand BTCJam’s fraud department.” said Celso Pitta, CEO of BTCJam.
And for all those reasons and more, we’re super excited to have her here at BTCJam. Welcome Marisela, to BTCJam!
Until Next Time… Keep on Jamming!