BTCjam and the Peer to Peer Bitcoin Loans

BTCjam is an amazing business model on top of an amazing alternative currency, Bitcoin. It was founded in 2012 by Celso Pitta (CEO) to solve the oldest problem of the world, financial shortages and loans. The company says it provides the user with a peer to peer platform that facilitates the customers with bitcoin loans.

BTCjam team also includes Carolina Andrade (Marketing and Strategy) and Paulo Henrique Lellis Goncalves (CTO). BTCjam says that it operates in 85 countries globally. The company has received funding from investors such as Dave McClure and Meyer Malka. BTCjam’s platform which provides a customer with Bitcoin loans is unique in comparison to other bitcoin companies. BTC jam claims to provide a platform whereby loan givers (investors) can earn higher returns and borrowers can choose rates they can afford. There are a few steps that a customer needs to follow in order to get a Bitcoin Loan:

  • The customer must compose his loan listings and define his own choices (rates, parameters, optional soft credit check)

  • Watch Investors review, consider, discuss and fund his loan

  • Get his Bitcoins

  • Make the payments

Similarly BTC Jam helps investors earn solid returns by:

  • High rate of return

  • Peer to peer reputation system and soft credit checks provide safety.

  • verification process handled by BTCjam

They are several things a new currency like Bitcoin needs to enable. Financing or loans is one of the important aspects. A company in this area is a good sign. I think it just made the case for Bitcoin stronger.

Bitcoin amidst all the doubts, certain thefts/frauds and negative new has a lot of positive Trends:

  • Ecosystems are forming around Bitcoins – BitAngels and CoinLab are incubators for Bitcoin startups.

  • Companies such as WordPress, Reddit, OKCupid and Expensify have started accepting Bitcoins as a mode of payment.

  • With one subsidiary of Baidu accepting Bitcoins in a large market like China, it could be a huge win for Bitcoins

  • Bitcoin is being debated at all levels including TED

Its going to be a Bitcoin Sunday :) Read Bitcoin Achilles Heel – Wallets getting hacked, other thefts