How to use Authy (Two Factor Authentication) with BTCjam

 

 

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With phishing attacks (fake emails) on the rise and keyloggers (programs that record everything you type) spreading like wildfire, it’s clear that a strong password is not enough.  That’s why we implemented Two Factor Authentication (2FA or TFA) on BTCjam.

Two Factor Authentication (2FA) allows you to log in to your account with your password and a code generated by your mobile phone (hence the Two, in Two Factor).  By logging in with your password and a code from your phone you make it much harder for hackers to take over your account.

Previously on BTCjam Blog we discussed how to setup Two Factor Authentication on your BTCjam account using Google Authenticator. We also recommended activating 2FA on your Gmail account so that hackers cannot take over your email and reset your passwords. Today we’re proud to announce that BTCjam is now offering Authy support as well as Google Authenticator.

Authy is an alternative to Google Authenticator.  It works on any site that uses Google Authenticator, but if you switch phones Authy makes it easy to move to your new phone simply by logging in with your username and password.  It is slightly less secure than Google Authenticator, because if a hacker gets your username and password they get all your keys, but it is easier to use.

Here are some brief instructions on how to setup Authy with BTCjam:

– First you’ll need to verify your phone with BTCjam:

1. In Settings -> Security, click Verify My Phone:

Verify Phone - Security   BTCJam   BTCJam

2. Enter your mobile phone number:

Personal loans and Online Investing   Peer to Peer Bitcoin Lending

3. Enter the Secret Code sent to your phone via text message:

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Once you’ve verified your phone with BTCjam, here’s how to setup Authy with BTCjJam:

  1. Log into your BTCjam account and Navigate to Settings -> Security

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2. If you have already 2FA activated with Google Authenticator you will need to turn it off.

(if you have not used 2FA before, skip this step.)
  1. Uncheck the box that says “Two Factor Authentication”.
  2. Enter your 2FA code at the bottom of the page in the “Two Factor Authentication” box.

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3. Click Settings -> Security, Setup Two Factor Authentication

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4. Install the Authy app on your phone (from the App Store, or Google Play store)

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5. Scan the QR Code with Authy (touch “+ Add Account”)

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That’s it!  You can now use Authy instead of Google Authenticator to access BTCjam!

We hope that this tutorial will help you keep your accounts secure.  Remember that passwords are not enough.  Two Factor Authentication (2FA) is absolutely vital when dealing with financial information.  Whether you use Google Authenticator or Authy, it’s also important to keep your email secure as well:  Activating 2FA on your Gmail account can prevent hackers from taking over your email which can be used to reset all of your passwords.  Keep your accounts secure with Two Factor Authentication!

Until Next Time… Keep on Jamming!

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

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
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2. Click Credit Rating
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3. Click Wallets & Exchanges
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4. Click Volabit

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5. Click Authorize to allow BTCjam to use your account.
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That’s it!  Your Volabit account is now linked with your BTCjam account.
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To add funds from your connected Volabit wallet
1. Click on the arrow at the top center of the page near your Bitcoin balance.
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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:

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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.
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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 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 BTCjam.com.  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 hires Anti-Fraud Expert from Lending Club

Howdy Jammers!

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.”

WelcomeMariselaMarisela 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!

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

Introducing the Leaderboard!

BTCJam is very excited to present the Leaderboad – see who grew their Bitcoins the most!

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With the leaderboad, you can now view your NAR (Net Annualized Return) in comparison to other investor’s NAR from around the world! Start investing today to get onto the leaderboard!

Leaderboad rules:

  • The user must have invested at least 0.1 BTC or 50 USD
  • The user must have invested in at least three different listings.
  • The user must be registered for at least 30 days.

The leaderboad will be updated daily.

Learn more about NAR here.

What is Phishing and How to Detect It

What is Phishing?

Phishing is an attempt to steal your identity.  Some of our users have received e-mail that appears to be from BTCJam, but is really designed to trick them into revealing private information. This type of scam is called “phishing”. Under false pretenses, criminals try to get you to disclose sensitive personal information, such as credit and debit card numbers, account passwords, or Social Security numbers.

– These emails may be sent to thousands, usually at random, and appear to be messages from well-known companies.

– The phishing email contains links or buttons that take you to a fraudulent website.

– The fraudulent website typically mimics the company referenced in the email, and aims to extract your sensitive personal data.

Email addresses can be obtained by these criminals from many places on the Internet. Lists of emails may be purchased, or even guessed, If you receive a fraudulent email that appears to be from BTCJam, this does not mean that BTCJam’s computer systems have been breached.

Never open attachments, click links, or respond to emails from suspicious or unknown senders. If you receive a suspicious email that appears to be from BTCJam, report it and delete it.

How to Spot a Fake Email

  1. The sender’s address may include a seemingly official address that mimics a genuine one. It is easy to alter the sender’s email address so do not initially trust it.
  2. Typos and poor grammar are common from fraudsters, and not because they do not know how spell – it is so the phish will not be blocked by email filters.
  3. The fraudster will try to instill a false sense of urgency that usually tells you to check your account right away or something critical will happen if you do not give the information.
  4. These emails will include fake links that lead to other sites. Please hover over the link before clicking it to check if the URL leads to BTCJam.

At BTCJam, protecting our members is a top priority. Remember to report a suspicious or fraudulent email to support@btcjam.com

Introducing NAR: A Useful Tool for Successful Investors

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What is Net Annualized Return?

NAR (Net Annualized Return) is the measurement of the performance of your total investment on BTCJam. It reflects the funds actually received each month.

You can now view your NAR of all your investments on BTCJam in your Investments page.

What makes NAR useful as an investor?

As an investor, you need to eat, sleep, and breathe NAR. (Also, expected APR – see more here).

If you were a painter, the paint would be your invested bitcoins, the brush would be BTCJam, and the NAR would be the painting. NAR is the most accurate measurement to monitor how you have grown your bitcoins on BTCJam.

How does BTCJam calculate NAR?

To calculate NAR, the numerator is composed of interest received, plus late fees received, minus the amount in default. The result is divided by the total mature principal. The mature principal is the investment that has already a related payment or default.

For notes, your notes sold also affect your returns both positively and negatively. If you sold a note for 1, but invested 1.2, you will have a -0.2 loss. If you bought a note for 0.1 and received 0.4 in payments you will have 0.3 in gains

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This is a live calculation so every event that can change it is automatically performed.

BTCJam started using this calculation from April 1st, 2014, so this only reflects your return starting with funds invested on or after April 1st, 2014.

Get g’nar’ly,  and start investing today.

What Bitcoin Means For Peer-to-Peer Lending

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Endophytic fungi are primarily an altruistic fungi that partner with many plants–from grasses to trees. Their mycelia, the vegetative part of fungi that look like a network of threads and are vital to both aquatic and terrestrial ecosystems for their role of decomposition, weave through plant’s cell walls but do not enter. The mycelia enhances the plant’s growth and ability to absorb nutrients, while starving off parasites, infections, and predation from insects, other fungi, and herbivores.

In this same way, Bitcoin, an autonomous, decentralized payment system, entwines and connects people from around the world while improving the mode of transaction in an efficient and fast way despite where the sender and receiver are located. At the same time, it renders traditional modes of transacting as antiquated and unfit for the modern world. Bitcoin protects from ill-intended third-parties and negligent intermediaries; you can store your Bitcoins so only you have access, take an unlimited amount across borders, and send/receive with anyone anywhere around the world.

Bitcoin has weaved itself through many different industries, a profusion of people, and has fostered not only a sense of community, but also, a growing force of change and equality amongst its’ users.

When Bitcoin is incorporated with peer-to-peer lending, it accentuates and globalizes all of the benefits that lending and borrowing on a peer-to-peer network has to offer. That is customizable terms, easy application, lower interest rates, and faster funding rates for borrowers. Investors can spread risk, receive higher returns, and have the power to choose who they want to invest in.

Like how endophytic fungi on cocao tree leaves decrease leaf necrosis and mortality by a threefold, users on a P2P lending platform powered by Bitcoin will inherently be immune to the aches and pains that are structural of the orthdox payment and lending systems of today.

Typical payday loan providers charge $17.50 for every $100 your borrow, with late fees of the same rate for every full term period you are overdue, you could quickly find yourself in debt. (1) BTCJam, the first peer-to-peer lending platform using Bitcoin, allows borrowers to set their own interest rates that cater to them. Investors will then review the loans and decide if they want to invest or not.

The speed of funding on BTCJam is at an average of 6 days. This is due to the network of lenders based around the world using the decentralized, peer-to-peer cryptocurrency! The archetypal structure this follows resembles that of mycelia, the web-like Internet, neurological arrays in the mammalian brain, and so on. The advantage of P2P Bitcoin lending platforms is an inevtiable consequence of previously proven evolutionary models.

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The Milky Way also follows this archetype.

image– Alexis Aiono

Introducing APR, Expected Loss, and Expected APR

We are very proud to introduce an important new feature for investors: Expected APR. With this new feature, you will be able to have a better estimate of how much you will earn with your investment. In the browse listings page, you can now filter by the expected APR, and on the specific listing page you can view the effective APR and estimated loss.

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What is APR?

APR (Annual Percentage Rate) tells you how much your bitcoin will grow at an annualized rate when invested in a loan. For a 1 month loan, imagine re-investing the Bitcoin you got back in another loan with the exact same terms 12x over the period of 1 year. It is a standardized computation that provides the bottom-line number that reflects how much an Investor can gain.

What is Expected Loss?
BTCJam calculates the probability of loss determined by historical repayment rates, the borrowers information, and repayment behavior on BTCJam.

What is Expected APR?
APR – Expected Loss = Expected APR
This calculation is the expected gain determined by the APR minus the Expected Loss. This is the estimate of how much you will gain.

For example, a loan of a $100 has:

APR: 8.20%

Expected Loss: 0.11%

Expected APR: 8.09%

And you invested the Bitcoin equivalent of $10.

The APR is 8.20% so you could grow your bitcoins to the equivalent of $10.82 with an Expected Loss of $0.01.

If you invest a total amount of $10,000 with each invesement at $10 in 1000 of loans with those exact numbers, it is expected that 1 defaults (1000×0.11 ≈ 1), so you lose 1 and 999 loans grow with 8.2% a year. 999x10x1.082 = $10,809.18.

Now, your effective return is ($10,809.18-$10,000)/$10,000 = 8.09% which matches your expected APR. Be aware that the expected APR is based on the historical performance of BTCJam’s repayment rates and that your actual performance may vary.

Remember, having a diversified portfolio significantly lowers the risk of your investments! Learn more about diversifying here.

Excited? Check our newest listings!

Announcing BTCJam’s Referral Program!

Do you want to earn up to $20 worth of bitcoin per referral?

Then join BTCJam’s referral program! Post the referral link on your Facebook, post it on your blog, e-mail it to your friends, family, and ex-girlfriends – we don’t judge!

You will receive the award when they create a new account and take out a loan or make an investment.

To receive the award you both need to have your identity 100% verified, and have a social media account (Facebook or Linkedin) connected.

Award Type: Investor 

Description: You will both receive $5 in Bitcoin once the new user has more than $100 worth of investments in activated listings.

Award Type: Borrower Level One

Description: You will both receive $5 in Bitcoin once they have borrowed at least $250.

Award Type: Borrower Level Two 

Description: You will both receive $15 in Bitcoin once at least $250 worth of loans has been repaid.

Exsisting users, share the love and get your free bitcoin now!

New users, get started and start referring to get your free bitcoin!