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 Launches Simplified Loan Application Process

Simplified

We have great news today! BTCJam is simplifying the loan application process.  

With the new simplified version, it’s much easier to get a loan on BTCJam. Borrowers can now focus on providing a better description of why they need a loan, instead of being overwhelmed by options.

14 Day Loan Funding

Starting today, all loans will have two weeks to be funded. Far too often, we see good loans that don’t get funded because they try to raise funds too quickly. Other loans last too long and crowd the marketplace. Standardizing the length of loan funding will make BTCJam easier to use for borrowers and for lenders.

Simplified Loan Terms 

We’re also simplifying the length of loans to 1-4 months, half year, nine months and full year. And remember, there are never any penalties or fees if a borrower decides to pay off their loan early.

 

shutterstock_33739678Payment cycle options reduced

Four payments a month is just too many… and if you miss a payment, it could hurt your credit score. Our new monthly loans make repayment easy as it matches your schedule.  Payments are only on a monthly basis only.

We believe these new simpler loan options will provide a better BTCJam experience for borrowers and for lenders. We’re always looking for ways to improve. Thanks for borrowing and for lending!

Until next time… Keep on Jamming!

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

Five New Currencies added to BTCJam

New Local Currencies Added

BTCJam now supports loans in BTC, USD, Brazilian Real (BRL), Mexican Peso (MXN), Indian Rupee (INR), Russian Ruble (RUB), and Euro (EUR)

 

Howdy Jammers!

Today we are proud to announce five new currency options on BTCJam. In addition to US Dollar linked loans (and of course Bitcoin), BTCJam is now offering loans in denominated in:

  • brazil Brazilian Real (BRL)
  • mex Mexican Pesos (MXN)
  • Russian_Federation Russian Rubles (RUB)
  • india Indian Rupees (INR)
  • euflag Euros (EUR)  

The addition of local currencies simplifies the loan process for borrowers, allowing them to match the loan with their income.

Investors also benefit from having loans denominated in other currencies, allowing them to diversify their investments globally. For example, investors can offset losses from local economic crises by funding loans in foreign currencies. Investors are also able to reduce the beta of their portfolios, adjusting portfolio volatility against local economic crises.

Funding your loan in your local currency makes borrowing on BTCJam easier than ever before.

 

It is important to mention that investors must understand that they are exposed to exchange rate fluctuations versus their own currency. Meaning that if the borrower’s currency devalues, that devaluing may negatively impact the loan’s return. Of course, the opposite is also true: if the foreign currency gains value against the investor’s local currency, then the loan would get an exceptional return.

We’ve been working on this for a while now, and we’re excited to bring you the option of using these currencies on BTCJam.  As you know, our team is always working on new ways to improve our user experience.  Do you have an idea on how BTCJam can get better?  Send it to us at support@btcjam.com!

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!

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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!







 

BTCJam Launches Android App to Improve New Borrower’s Experience

BTCJam, the truly global peer-to-peer lending platform, launches Android app to improve borrower registration flow and streamline the enrollment process for new borrowers.

“We are targeting borrowers from developing countries that make more use of affordable rates that our unique platform offers. Most of developing countries users are mobile-first users, and the most popular platform there is Android.” says Gustavo Guida, BTCJam CPO.

In this first release, our app speeds up the registration process, making it simpler to submit identity, address and income proofs, necessary documents to validate a borrower to be able to apply for a loan. “We are already working on the next app version that will offer not just the borrower enrollment, but would allow them to apply for a loan over the app as well. Investors will also be able to register and invest through the app in real time, all while on the go.” adds Guida.

BTCJam employs a powerful proprietary credit scoring algorithm based on the borrower’s digital footprint and with more than 400 data points such as Facebook and LinkedIn profiles. After validating documents, all that rich data is processed using statistical analysis and machine learning to assess the repayment rate of every single borrower expressed in the form of a credit rating that goes from A+ to E-. Borrowers then create a loan listing and BTCJam presents that to investors so they can pick and choose those loans that they feel comfortable on investing in.

BTCJam recently reached $10 million in loans and has over 80 thousand users from more than 200 countries. The overall repayment rate is around 90% and, for those borrowers with A credit ratings, the repayment rate is almost 99%.

If you want to speed up the process of registering on BTCJam, check out our app on the Google Play Store:

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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!

Peer-to-Peer Lending Will Change Developing Countries

Scenario: You are a middle-aged labor worker in Sao Paulo, Brazil making minimum wage which is about $310 a month. Your wife has just given birth to your second child meanwhile living expenses have been depleted and you are in debt with one of your two credit cards from paying for medical operation and basic needs. You are faced with paying almost 200% APR on this debt, and your loan application to banks have been denied because of your negative credit rating.

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Unfortunately this is common situation in many developing countries. Hard-working individuals are financially trapped, tricked into accumulating more debt by payday loan providers, and they rarely triumph over these barriers, which prevent them from living a stable life.

People in Developing Countries need of solution that will:

  • Provide reasonable, equal opportunity interest rates
  • Have an easy application
  • Use a payment protocol that can transcend borders
  • Be transparent and efficient
  • Empower the individual

This is what peer-to-peer to lending powered by Bitcoin does.

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Taking out a loan on BTCJam is as easy as a few clicks; simply submit your identity documents to prove you are a real person. When creating a loan, you are given a suggested interest rate determined by the credit scoring algorithm; however, you may choose whichever rate works best for you. This effective and labor-saving process permits anyone to get a loan from the comfort of their own home regardless of origin, financial history, and state determined credit rating. Anyone with internet access has the opportunity to get a loan without going through unnecessary intermediaries.

With peer-to-peer lending using Bitcoin, entrepreneurs from developing countries are able to take out loans that they would not otherwise have access to and put the funds towards their ventures. For example, Gaston Azzollini, an Argentine borrower on BTCJam’s platform, has taken out a series of loans to put towards his various businesses in Villa Carlos Paz, Argentina. One of them is the restaurant Lo De Elvio where all BTCJammers are welcome to dine at a discounted rate.

Economies of local communities are being funded on a macro-level because of Bitcoin. BTCJam’s peer-to-peer lending platform is helping to strengthen the economies of developing countries while providing 24/7 nondiscriminatory access for consumer loans.

Plant your seed of Bitcoin today.

Photos of Gaston and his restraunt Lo De Elvio in Villa Carlos Paz, Argentina

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