Update: Delays within the Bitcoin Network

As we continue to monitor the situation with the Bitcoin Network, we know this has a real impact on our users. In order to help our borrowers deal with the delay in deposits and payments we have decided to make some adjustments:

Effective today, we will be waiving late fees & late payment penalties for payments that are made within 48 hours of the due payment date.

We will continue to monitor the situation and keep you updated on the progress of the Bitcoin Network.

If you’d like to read more about the ongoing issues with transactions you can here.

If you have any questions regarding this please reach us at support@btcjam.com.

Thank you!

BTCjam now offers support in four languages!

BTCjam - multilanguage


Ola! Hola! Здравствуйте! Hello!

We are pleased to announce that BTCjam now has support in English, Russian, Spanish and Portuguese. Please feel free to reach out to us in your native language for any assistance!

Nós da BTCjam temos o prazer de anunciar que estaremos oferecendo suporte em Inglês, Russo, Espanhol e Português. Sintam-se a vontade de entrar em contato conosco no idioma que preferir!

Nosotros de la BTCjam estamos contentos en anunciar que ahora ofrecemos suporte en Ingles, Ruso, Español y Portugues. Por favor contacte nosotros en tu idioma de preferencia!

Мы рады сообщить, что теперь BTCjam предоставляет поддержку на английском, русском, испанском и португальском языках. Вы можете задавать нам свои вопросы на любом из этих языков.

If you have any questions or need help please reach us at support@btcjam.com.

Keep Jammin’

How Greeks Can Get a Loan Today

Despite banks being shut down.

woman looking for money

With Greece being on the brink of leaving the Eurozone more than ever since their financial crisis started in 2008, banks have literally closed their doors in order to prevent a collapse.

Tough limits on withdrawals from ATMs are enforced and capital controls will be in place until at least July 7th after the Greek citizens’ vote to remain in the European Union and accept the high level of austerity measures. Amid all these economic short-fallings, the Greeks are flocking towards Bitcoin.

CNN reports:

“Ten times as many Greeks are registering to trade bitcoins on the German marketplace Bitcoin.de than usual, according to CEO Oliver Flaskaemper. Bitcoin trades from Greece have shot up 79% from their ten-week average on Bitstamp, the world’s third-largest exchange.”

The banks are clearly not doing much lending either, and with the press in a frenzy over the politician’s take on Greece’s imminent default, we are not hearing about the struggle faced by the 11 million citizens. The 11 million that will be voting for themselves to stay in the EU or not. The Greek citizens who are shrouded with uncertainty and waiting in the ATM lines that are to the street to get cash to pay for their bills, food, and childcare.

Harnessing bitcoin as a tool for international credit, BTCjam, a global lending network, can service a loan for a Greek today using a proven, and unique credit model.

The process is simple.

Enroll in 5 Minutes.  Apply for a loan.  Get your loan.

If you want to convert your bitcoin to local currency, you can send your bitcoin directly to an exchange for local currency.  To payback the loan, you send local currency to your exchange account and then send the bitcoin to your BTCjam account.

Get your loan today.

Or, grow your coins and get returns up to 19% APR.

Ofir’s Four Rules for Successful Bitcoin Investments

Today we are pleased to have a guest post here on the BTCjam blog courtesy of Ofir Beigel. Ofir is an Entrepreneur, Bitcoin lover and blogger at 99Bitcoins.com. His site is a great resource covering many awesome topics with the Bitcoin industry. You can follow Ofir on twitter here: @ofirbeigel

My 4 rules for successful Bitcoin investments  

If you’re investing with Bitcoin by buying and holding long term, – you’re doing it wrong. Today I’ll try to explain four basic rules that I follow in order to maximize my Bitcoin investment potential.

It has been almost a year since I got acquainted with BTCJam and now I realize how little I knew about Bitcoin investments back then. Keep in mind – what is written in this post is my own personal opinion about investing and you can choose to accept it or reject it, but never do anything just because “someone said so”, always understand the motive for your actions.

  1. Diversify your Bitcoin portfolio

I have many currencies I deal with, and for each currency I have a different portfolio. For example, for US dollars I have some of my money invested in stocks, bonds and some in Bitcoins. Under this portfolio Bitcoin will be considered as a stock, mainly due to the fluctuating exchange rate and the fact that I do not get a steady stream of income out of it.

If I look at my Bitcoin investment portfolio, just buying and holding the currency itself would be considered as normal “cash” and my cash wouldn’t be bringing in any return. It’s the equivalent of just keeping your money at the bank without investing it.

When investing in BTCjam under this portfolio I consider the investment to be a corporate bond with a specific BTCjam rating.

If I wanted to invest in stocks under my Bitcoin portfolio I’d need to find a company that is valued in Bitcoins and not in USD. However, I don’t see any reason to do so as BTCjam’s investments yield competitive returns.

Since I earn a substantial amount of my income in Bitcoin I have to make sure I make the most out of it. Here are some of the things I do:

  • Keep a certain of my Bitcoins in the form of the currency itself (cash)
  • Invest some of my Bitcoins in BTCjam so they will continue to grow (bonds)
  • Exchange a portion of my Bitcoins to USD (another type of low risk investment)

Interestingly, BTCjam also saw the importance of diversification and received feedback that they acted on – with the launch of AutoInvest feature about a week ago. Instead of having to browse individual listings, an investor can easily diversify in 100 loans with specific quality and term parameters! One button diversification, now that is an EASY button.  But if you are the investor who wants to control which specific loans get invested in, and want to understand how to do that effectively – read on.

  1. Conduct ample research before investing in someone

I never invest in something I don’t know about. Luckily enough since I’ve been running 99Bitcoins for 2 years now I know a lot about Bitcoin. That’s why when I come to chose an investment I usually look at the following:

Expected Yield and Rate – Most people would prefer to get the highest yield they can. I personally believe that people who have super high yields have a serious risk of not paying back their loan. On the BTC platform the lowest yield I could currently find was 22% and the highest was 37%.

You’ll notice there is a high correlation between the Yield on an investment and the low BTCjam rating of a user. Even though I’m not aware of the whole process a user goes through in order to get the BTCjam rating I’m sure this means something.

I tend to go for a low-middle yields knowing that for shorter term loans there is the be

The user profile – People who are serious about getting their investment and actually repaying it will take care of their profile. Here are some of the things I look out for:

  • The user’s profile picture – nothing spells trouble more than a blank profile picture.
  • Has this user repaid previous loans – I never invest with someone who hasn’t repaid a considerable amount of money in loans in the past.
  • User credentials – Has the user connected his Facebook profile, LinkedIn profile and other profiles to BTCjam. If so it means he is open about his identity which is a positive indicator.
  • How long has this user been a member of BTCjam – I shy away from users who joined in the past 3 months.
  • BTCjam’s rating – This will usually correlate with my own findings about the profile but I treat this as a second opinion to validate my research.
  • What is the investment for – If there is no detailed description for the investment I will not invest. An important question that should be answered is what will the investment be used for.

Here’s an example of my latest investment – you can take a look at the profile and detailed description.

OFIR - img1

  1. Never invest more than you can afford to lose

Probably the most important guideline of them all – Never invest an amount that is crucial for your survival. I’m a believer in Bitcoin but still I keep only a fraction of my entire wealth in it – why ? Because it’s too risky not too.

Whenever I enter a risky investment (e.g. Bitcoin) I try to imagine how would I react if I lost all of it. If the thought is too scary, I just don’t do it – or I lower the investment amount.

Bitcoin is a risky business, and BTCjam investments make it even riskier by lending it to strangers – but if done wisely, these investments can grow your Bitcoin wealth over time.

  1. If you don’t find any good investment – don’t invest!

Sometimes you just won’t be able to find someone that matches your criteria. In this case you’re better off not investing and checking back to see if there are new investment opportunities in a few days or so.

There are so many scammers out there and Bitcoin is still an extremely risky business. For example, in my initial review of BTCjam I also cover a Bitcoin investment website called “Bitcoin Trader”. That site later on turned out to be a HYIP and many users (myself included) lost their money. There is no such thing as “easy money”, make sure to conduct proper research.

To conclude, I believe that if you follow these guidelines your chances for success will increase dramatically. Please remember that this is based on my own personal opinion and experience (I have no formal investment certification). I recently finished getting back a loan on BTCjam and just invested in a new one with a larger amount of money.

Hopefully this one will go well also and I can move on to additional investments and update you about them as well. If you have your own investment tips please feel free to leave them in the comment section below, I’d love to hear them.

BTCjam Presents AutoInvest – The Easiest Way to Grow Your Coins.

We are happy to announce our new feature AutoInvest – the simple and powerful investment tool that will allow you to invest into hundreds of loans with just three clicks.

How it works

AutoInvest plans instantly diversify an investment budget into select loans that meet an investor’s selected portfolio criteria. Investors will be able to create investment plans with as little as 1 BTC.

We offer three different allocation profiles to match the risk appetite of an individual investor. Each of them have an expected return that takes into account what the borrowers are paying and the expected loss for the whole basket of loans. 

As the name implies, this portfolio is for conservative investors.  This plan’s objective to minimize risk and only invests in A and B loans.

This plan invests in A, B, and C rated loan listings.

‘Getting aggressive‘ with your risk profile allows you to invest across all loan ratings (A, B, C, and D). Investors that are comfortable with a higher level of risk can select this plan.

In addition to the allocation profiles, for those who want to customize their portfolios, we offer advanced settings where types of index currencies, loan terms and number of investments can be specified.

 Once the plan details are confirmed, investors can kick back and relax while our system automatically invests into dozens of loans ensuring your portfolio is diversified. If the plan’s investment amount set was higher than the current balance, future deposits will be used until the plan amount is met. AutoInvest plans are indexed and can be reviewed and monitored throughout their lifecycle.

Why should you use AutoInvest?

It’s simple.
We believe in providing the easiest way for investors to use BTCjam. With AutoInvest all investors need to do is deposit Bitcoin, choose your plan and check the returns.

It’s fast.
AutoInvest is a quick tool that requires little to no maintenance, some Bitcoin, and just three clicks to make the plan.

It’s reliable.
With every allocation profile, we provide the expected APR per plan. Keeping investor’s  portfolios diversified, and their returns transparent and consistent.

Other Changes

Together with AutoInvest, we are now using Yield to represent the return potential for individual loans. We received feedback on the confusion of “expected loss” on individual loans so, we’ve simplified it. By showing the yield, details about the individual loan and the borrower, we are allowing the investor to make the decision of whether to invest in any individual loan. 

Here is the formula for Yield:


Grow your coins with AutoInvest today!

Or, get a loan starting at 6.7% APR.

How to use Authy (Two Factor Authentication) with BTCjam



btcjam authy

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:

secret code Personal loans and Online Investing   Peer to Peer Bitcoin Lending

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


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.


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


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


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

Authy Link Security   BTCJam   BTCJam

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!

Need a new PC for Video Editing?  Get a Bitcoin Loan on BTCjam!

shutterstock_184631579John heard of BTCjam way back when he got started with Bitcoin, but he’d never tried it.  At one point he and his business partner even considered using the platform to purchase mining equipment, but never got around to getting the loan.  But in December, John got into Cloud Mining in a big way, this led him back… to BTCjam.

John needed a loan to purchase a new PC for video editing.  John makes educational webinars, but needed to reduce his videos from 3 hour seminars to short 3-5 minute clips and to do that he was gonna need a new PC.  To get a loan for the new PC, John turned to BTCjam.

John was experienced in Bitcoin, but he’d never taken out a loan in Bitcoin before.  His first attempt was unsuccessful.  He created a 365 day loan with monthly payments and an interest rate of 2%. As John freely admits, “That was a mistake on my part, because the payment terms weren’t very enticing to investors.”  Not one to be easily discouraged, John tried again, this time creating a six month loan with weekly payments and an interest rate of 1%.  He knew the rate might shutterstock_185325812be low, but he wanted to achieve a balance between rewarding investors and keeping his own rates low.  It took about a week or so, but John’s loan funded successfully.

John received his Bitcoin almost instantly after the loan funded and purchased a new PC and video camera for his business.  He hasn’t edited the videos yet, but he says that his new PC is “pretty amazing” and he’s already had inquiries from customers about additional video work.  When asked if he would use BTCjam again, John said that “BTCjam is my favorite P2P site for borrowing money and I would definitely use shutterstock_14557777BTCjam again.”

Thanks John and thank you to the investors, we couldn’t do this without you.

Until Next Time….

Keep on Jamming!

If you need a bitcoin loan, borrow on BTCjam!  If you want to invest, invest on BTCjam!

BTCjam mentioned in The Guardian: Are virtual currencies a plus for poor countries?


March 9, 2015The Guardian

ZF Could you tell me a bit about the story of BitPesa? How did you come into being?

ER Sure. I came to Kenya in 2009 to work as a microfinance rating analyst and what you saw was the institutions that successfully incorporated mobile money is their operating expense figures suddenly started to plummet. So, it was a really exciting time seeing this new technology have real change in the way businesses can be built and structured. You know, when I explain bitcoin to people back home in the US or here at my other home in Kenya, I find they get it at the same level. Here they just say oh, an international M-Pesa, and back home they’re like, oh OK, it’s sort of like PayPal but not really. So it’s interesting to see how quickly it’s picked up here.

EM My name is Eliud Mungai, I am a Kenyan entrepreneur. Bitcoins I’ve been using since October 2014. BitPesa, I started using in December. I started using it for speculative stuff, buying bitcoins and just checking on the price to see how it’s moving and then I discovered about a platform called BTCjam, it aided in my micro-lending, I actually do micro-lending on the side, so I got into this platform and I found another valuable use for my bitcoins. So once I started using BTCjam and the trading became the conversion of the bitcoins to Kenya shillings frequent, that’s when I started using BitPesa.

ZF At this point bitcoin isn’t that well known in Africa. How do you plan to deal with that?

ER Well, we’ve been building a community here in Kenya, which is exciting, so in early 2014 we would have weekly or monthly meet-ups where there’d be like three people, five people, but pretty soon by six months in we had a kick-off event with 120 people.

EM BitPesa, I use it let’s say like two times in a week. The biggest transactions I’ve done with it is for conversion, I’ve been able to get a loan to fund my retail business from BTCjam and I was able to convert, because it was a big bitcoin amount, I was able to convert it choosing BitPesa into Kenya shillings. And also now because I refer a lot of my customers who have been lending to BTCjam the amount that they need to be lent I convert it to bitcoin, so I use BitPesa on a weekly basis because I usually try to get at least two customers in a week, I convert their Kenya shillings to bitcoin so that I can lend to my customers.

Happy Cinco de Mayo from BTCjam!


We at BTCjam have a lot to celebrate this Cinco de Mayo.  Just a few weeks ago, we announced our partnership with Volabit and we are now the easiest way to borrow bitcoin in Mexico.  Just link your Volabit wallet to BTCjam and you’re ready to begin borrowing or lending bitcoins with BTCjam.  That’s it!  It’s just that easy.

volabitWe’re also celebrating with a Cinco de Mayo fiesta here at BTCjam HQ.  We’ve got tacos, burritos, chips and salsa and of course what Cinco de Mayo celebration would be complete without enchiladas.  We’ve had a few of them too.

Celebrate Cinco de Mayo your way!  Tell us how you celebrate in the comments.  And remember, if you need a bitcoin loan, borrow on BTCjam!  If you want to invest, invest on BTCjam!

BTCjam featured in Blockchain from O’Reilly Books


There is a clear need for an analog to and innovation around traditional financial products and services for Bitcoin– for example, Bitcoin savings accounts and lending (perhaps through user-selected rules regarding fractional reserve levels).  BTCjam (https://btcjam.com/) is an example of such decentralized blockchain-based peer-to-peer lending.

Purchase Blockchain from O’Reilly Books at Amazon.com