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!

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.

BTCJam Launches a New Feature: Refinancing Loans!

Howdy Jammers!

We’re really excited to tell you about a new feature developed by our hard working Jam Engineers.  Without any further ado, we’d like to announce that BTCJam users will now be able to Refinance their loans — right here on BTCJam!

Having trouble paying back a loan?  Refinance your loan on BTCJam today!

Q: What is refinancing?

A: Refinancing is a way for borrowers to restructure their current debt under different terms.

Q: How does BTCJam’s refinancing work?  

A: If the borrower chooses to refinance a loan, the new loan amount will be set to guarantee the repayment of this loan.  A refinance loan is a special type of loan that cannot be activated by the borrower.  The funds raised for this loan are sent directly to the investors of the previous loan.

Q: Can I refinance my loan?

A: Yes, any borrower with an outstanding loan can attempt to refinance their loan.

Q: What do you mean attempt?

A: The refinancing process is much like the process for funding your original loan.  Investors will decide whether or not to fund your refinancing based upon the completeness of your profile, the diligence you show in describing your loan, how you intend to pay it back, the reasons for your refinancing, and of course, our proprietary credit score.

Q:  What happens if my refinancing attempt is successful?

A:  If your refinancing loan reaches a point when the sum of investments is enough to repay the original loan, your loan will automatically activate and the investors of your previous loan will be repaid.

Q: What happens if my refinancing attempt is unsuccessful?

A: You can attempt to refinance again, perhaps with more favorable rates for investors, but if the investors choose not to fund you two times in a row, perhaps it’s time to continue paying off the original loan.

Thanks for reading about our new feature, Refinancing Loans on BTCJam.  We hope you like it.  If you have any questions or suggestions for a new feature or anything about BTCJam, we’d love to hear from you at support@BTCJam.com.

Until Next Time….    Keep on Jamming!

Having trouble paying back your debt?  Refinance your loan today with BTCJam!

BTCJam Launches the World’s First Social Lending Platform

Hey BTCJam Users,

We are always working to bring new and exciting features for the BTCJam family. Today we are thrilled to announce two very important improvements to BTCJam.

On top of inventing the world’s first global peer-to-peer lending platform using bitcoin and the world’s first truly global credit score, BTCJam keeps pushing the envelope on revolutionizing and innovating the financial space.

With your help, today BTCJam will launch the world’s first truly social lending platform. Investors and borrowers can share ideas, strategies, and opportunities.

We believe this will lead to more secure, diversified, and profitable investments.

New Dashboard with Newsfeed

There is a new dashboard in town. The redesigned dashboard perserves the key features to the BTCJam experience.; in addition, it helps you stay up to date on what is happening on BTCJam.

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What is the newsfeed?

Similar to Facebook, the newsfeed highlights everything that is happening with the people you trust and follow as well as the listings you invest in on BTCJam. You can see when people publish a new listing, make investments, make payments, comment on listings, and share listings they think are particularly interesting.

How do I enable the social feed?

You can enable the feed in your settings here: https://btcjam.com/users/edit

Who will see my actions?

Currently, everyone who follows you on BTCJam will see your actions in their newsfeed.
Furthermore, all investors in a listing that you created, commented on, or invested in will see comments and payments from that particular listing, whether they follow you or not.

The newsfeed does not share anything that was not already publicly available; it just makes it easier for you to keep tabs on what is going on with your investments and comments.

Redesign

A new social platform has to be enjoyable and easy to use. That is why we are also very proud to release BTCJam’s updated design. The new design looks fresh, modern, and aims to reflect the truly innovative DNA of our company.

We hope you have as much fun using it as we do.

Check out the all new BTCJam at https://btcjam.com

Your BTCJam Team

The Evolution of the Lending Space

Nowadays there are dozens of ways to attract money for either personal or business purposes. Besides traditional financial banks, there are various alternative financing solutions that have experienced tremendous growth in the past decade, all serving different groups and targeting their specific needs. When considering these alternatives, you have to think, what is the origin and development of lending?

How It All Beganimage

The first traces of lending and borrowing go back to 12.000BC. Our ancestors implemented a system where they swapped goods in exchange for foodstuffs or tools. In Japan, for example, rice was used as the predominant form of currency for thousands of years. 3.000 years later, societies began to use coinage as a transaction method and pictographic tablets of clay to record economic transactions. Borrowers would receive a loan in coins (ie: to buy a cow) and the lenders would receive payments in goods (ie: milk). Eventually it was the ancient Romans that laid the foundation for the banking system, formalizing the administrative aspect and creating rules and regulations for financial transactions.

From the Romans to Medieval Times

In Roman times lending was primarily carried out by private individuals. Over time, large wealthy families replaced individual lenders as their own sort of “institution.” The Jewish played a significant role in the development of the banking industry in Europe and Africa since charging interest was forbidden by Christians.

Charging interest was commonly used in ancient times, but with the rise of new religions its moral basis became questionable and sometimes forbidden. Jewish people were not allowed to charge other Jews interest, but this restriction didn’t apply to people of other faiths. In contrast, the Christian church initially banned interest and kept this policy for centuries.

From the Middle Ages and thereafter, lending and other financial services were more formalized. These activities became predominantly carried out by budding banking institutions. Although the first bank was established in Venice, Italy, the banking industry spread to northern and western European countries soon after. The English and the Dutch established the first modern banks in the late 17th century, which were in many ways similar to how we know banks to be today.

21st Century

For decades, banks have been the main resource for capital investment; unfortunately, their reach does not go far enough. Banks have proven to be hesitant to service higher risk groups such as: start-ups, entrepreneurial enterprises, and people with an irregular income. To add to this, the strictness and limitation of banks worsened after the financial crisis of 2008. Financial institutions abruptly cut back on issuing loans, therefore, making it significantly harder, and in some cases impossible for people to get loans.

In reaction to the turmoil banks were facing and the new restrictions they implemented, alternative-financing companies stepped into the lending space. The three main new resources for people and businesses to attract capital are: peer-to-peer (P2P) lending, crowd-funding and micro-lending. These concepts have similar characteristics, the most importantly, they all avoid the intervention of traditional financial institutions. Often there are significant differences, which are sometimes forgotten, therefore, leading to confusion and misuse of the terms.

In the next blog post I will discuss these three alternative financing solutions, their key characteristics, and main purpose.

image – Isabelle de Clercq 

BTCJam Hires New Chief Product Officer

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We are happy to announce that Gustavo Guida is joining BTCJam as Chief Product Officer. Gustavo is a seasoned entrepreneur with over 15 years of experience running marketplaces.

In 1999, months after graduating in Economics, Gustavo co-founded Bondfaro, a price comparison company in Brazil where he worked as CPO. In 2006 the company merged with Buscape, creating one of the largest e-commerce players in Latina America. Gustavo was Buscape’s Product Senior Vice-President and managed Customer Service and the Product pipeline for the company that had back then over 10 million monthly unique visitors and was servicing millions of dollars in transactions per month. With offices in Rio de Janeiro, São Paulo, Mexico City and Buenos Aires, the company was finally sold to Naspers in 2009.

After working briefly at Naspers and investing in a few start-ups, Gustavo co-founded the medical booking platform HelpSaude.com. The company recently merged with NetCom, turning the resulting company the absolute leader in medical bookings in Brazil. Gustavo moved to the Board of Directors and is still a shareholder and a believer of the company.

At BTCJam, as CPO, Gustavo will be mainly responsible for Product Design and Customer Service. He will work remotely from Rio de Janeiro and will move to San Francisco soon to work at our SOMA office.

“Since my first contact with BTCJam, I became fascinated with its business model. By using bitcoin protocol, BTCJam can connect investors and borrowers from all over the world. The result is the empowerment of borrowers to fulfill their needs while at the same time, providing excellent returns for investors. I am very excited to join BTCJam and help the company to revolutionize finance on a global scale!” – Gustavo.

By the way, we are hiring! Take a look at the opening positions we have.

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