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!

Need a down payment for a new car?  Get a loan on BTCjam!

BTCJam Car Loan

Tony first heard about BTCjam at a Bitcoin Meetup group in Los Angeles.  He liked the idea of P2P Lending right away.  It reminded him of the “freedom philosophy” that excited him about Bitcoin in the first place.

Back in June of 2011, Tony’s friend sent him an article about “fake internet money”, but the more Tony read about Bitcoin, the less it seemed like a fake and the more it seemed like something that could transform the banking system.  Tony read everything he could about Bitcoin until one day it just clicked – and he’s been buying, spending and promoting Bitcoin ever since.

In July, Tony ran into trouble.  His old car suddenly broke down.  He needed a new car immediately to get to work and to see his new girlfriend and without one, Tony could lose his job and maybe even his girlfriend.  Tony knew what to do.  He turned to BTCjam and created a loan listing to borrow money for a nice down payment for a pre-owned car. With BTCjam’s low rates for borrowers, he would actually save money in the long run, by borrowing money for his down payment at a lower interest rate than most banks would have lended it to him.

Tony’s loan funded quickly.  His loan funded easily because he completed his BTCjam profile and received personal referrals from his friends.  He was diligent in responding to comments from investors and was honest about himself in his loan description.  He explained his plans to buy the car in detail and how he would pay his loan back.  Tony is an open book and we think it was key in helping investors confidently investing in his loan.

Once his loan funded, Tony had no problems converting the Bitcoin into dollars and withdrawing it for the down payment on his car.  Tony purchased a sporty dark blue 2013 Ford Focus hatchback, and he says it’s a lot of fun.  We can also confirm that it’s been nine months since he got his loan on BTCjam and Tony still has the car, the job and the girlfriend!  Way to go Tony.  Thanks for borrowing with BTCjam…  and thanks to the investors of BTCjam for funding Tony’s loan!

Until Next Time….  Keep on Jamming!

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

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

Borrower Story: Mombasa, Kenya

BTCJam was founded during the tail end of the global financial recession. Having experienced the impact of the recession in Brazil (a BRIC country) and seeing first hand the collapse of the banking system, the founder of BTCJam, Celso Pitta, realized that there needed to be an alternative source of lending. As a currency, bitcoin seemed to be the safest, easiest, cheapest, and most transparent way to achieve lending on an international scale.

The great recession that began in 2007 hit emerging economies like Brazil much harder than developed nations. Many emerging economies have colonial origins and, therefore, are more reliant on commodity prices. When the financial crisis hit its low point in 2008, developing countries were hit the hardest. Many of these countries were reliant on outside aid from the developed world. As international trade dramatically slowed and developed nations tightened their wallets, countries around the world experienced a devastating impact.

Screen Shot 2014-12-02 at 4.22.18 PM
With over 50,000 users spanning across 180 countries, it is sometimes difficult to see how individuals at BTCJam are interconnected. On our platform, we have created a truly global peer-to-peer lending site through the power and technology of Bitcoin. The impact of the global recession serves as a reminder that the world is financially and economically intertwined. Borrowers and lenders at BTCJam can easily get bogged down in the micro managing of loan financing. At times, it is good to step back and see the broader picture of what we are accomplishing around the world.

In order to paint a clear picture of the global amalgam of borrowers and lenders, BTCJam has initiated a “Borrower Story” news segment. These stories are intended to weave a sort of “tapestry” of borrowers and show how they are interconnected in our global community. Often, BTCJam borrowers come from areas of the world with poorly functioning banking systems, rampant financial corruption, and lack of basic financial resources. Even in developed countries, borrowers can face many obstacles and red tape while trying to access fairly priced loans.

The BTCJam community members featured in the Borrower Story newsletter are all users who have been active on our website, have a unique story, and have paid back their loans in full. Borrowers at BTCJam take out loans for a variety of reasons. Many use their loans to fund small startup businesses; some have outstanding medical or credit card bills while others might be planning a big wedding for their bride to be. Whatever the reason, BTCJam has enabled micro lending in all corners of the world through the power of Bitcoin.

The first borrower we would like to feature in our news segment is Samuel from Kenya. Samuel lives in a small town close to the port city of Mombasa. With a loan from BTCJam, Samuel has been able to inject funding into his two small business ventures and create more financial stability.

Screen Shot 2014-12-01 at 5.36.18 PM

While living in a fairly rural area, Samuel saw a growth opportunity for Internet related businesses. Samuel is a self-described “social entrepreneur” who “engages in small businesses that help low income earners.” Friends of Samuel describe him as “a go getter and a hardworking businessman.” With his loan from BTCJam, Samuel has funded his Internet café. Members of his community can use his business to “apply for jobs, complete tax IDs, connect on social media, and download government pay slips.” According to Samuel, “Kenyans in rural areas have almost no access to banking. Money transfers for food, medicine, or school fees are things that only city dwellers can attain…I like helping people and making good friends so I thought that an Internet café would benefit my town.”

d

Samuel also runs a metal welding business that provides jobs for the youth while encouraging creativity and innovation. Highly technical jobs like metal welding often require special parts to be ordered, which can become costly. Samuel explains, “My loan has allowed my workman to buy a grinder to quicken his work timelines in delivering customer orders. Previously he has [had] to use a hacksaw to cut metal before welding pieces together.” Samuel’s business has become essential to the community as many people rely on his business to fix metal doors, locks, and other heavy parts.

b

When asking Samuel why he turned to BTCJam as an alternative to the Kenyan banking system, he stated, “Kenyan banks charge higher interest rates about 20% and demand collateral for people who are informally unemployed like myself.” While Samuel has a bachelor’s degree in finance, he understands that the lending climate in Kenya is not ideal for small business owners. Instead of applying for a loan at a local Kenyan bank, Samuel took his search online. Samuel explains, “I was looking online for an affordable money transfer service. I saw Western Union, Moneygram, and bitcoins. I was a bit more curious to learn about bitcoin and how it worked. That is when I landed on BTCJam.” Samuel adds, “I would have not participated on BTCJam were it not for localbitcoins.com, which offers a liberal marketplace for bitcoins and affordable rates.” Samuel’s 60-day loan was repaid in full and was funded by 17 lenders from 10 different countries.

Screen Shot 2014-12-02 at 3.45.19 PM

Loan demand is skyrocketing in African countries because of strong economic expansion. Much of this is spearheaded by China, which sees infrastructure and technology development as key growth areas. China has invested hundreds of billions of dollars in Africa to assure long-term food supplies for their own burgeoning population. This has created an economic boom and the emergence of a new, borrowing, consuming middle class. The World Bank and IMF have initiated major capital projects in Africa like dams and power infrastructure; meanwhile, Bill Gates has spent billions bringing Malaria and other diseases in Africa under control. Fewer sick people means a stronger economy.

Although Kenya has experienced a robust 4-5% GDP growth YoY, the country ranks as one of the least financially and politically transparent nations in the world. Poor government administration, weak property rights, and strict capital controls have prevented Kenya from achieving growth comparable to their neighbors. In Kenya, corruption remains very difficult to investigate and prosecute and as a result has created a sense of mistrust in the banking system. Although this is true, the Nairobi Stock Exchange (NSE) has grown to the 4th largest capital exchange in Africa. Kenya has also joined the East African Community (EAC) organization, a partnership between Kenya, Tanzania, and Uganda. This organization has helped to create a common marketplace in East Africa and is modeled after the European Union.

Screen Shot 2014-12-03 at 11.03.24 AM

The instability of the global financial system has created new avenues of affordable online financing. International bitcoin lending has picked up traction in the online community and BTCJam has been central in this financial revolution. Global peer-to-peer lending has enabled people in developing countries to become entrepreneurs and has allowed many of them access to fairly priced loans for the first time in their lives. As we move forward with the Borrower Story news segments, readers will be able to see the diverse undertakings and business ventures of BTCJam users.