BTCCREDIT p2p loan: HOT offers $ 200,000 to claim
Overview
Blockchain makes history by transferring power from centralized entities to consumers. This has empowered people to manage their own assets without interference from banks, brokers or institutional observers. This is a must that is welcomed because people take too much risk today by letting their crypto assets be controlled by a central entity. They do not realize that it is not them, but the Wallet, Exchange, & Lender Platform that controls their assets. Therefore, they have relinquished control of their identity, privacy and money because they believe that they have no choice. But not anymore.
We aim to be an access point that gives people this choice. BtcCredit is a complete decentralized wallet that gives you full control over your Blockchain assets to Hold, Exchange, Lend, Lend, Invest, and Bet. This document outlines the design of a Decentralized Next-Gen Banking Ecosystem which is powered by a decentralized multi-currency wallet, decentralized p2p loans, and decentralized Exchange p2p capabilities
P2P Loan Market Analysis
It was stated, "According to Morgan Stanley, the market for Global Market Lending can reach $ 290bn. in 2020, with an expected compound annual growth rate of 51% from 2014 to 2020. "
The BTC Credit Team is trying to show the potential of this market, to explain that their truly innovative peer-to-peer wallet solutions have great potential.
Improving the Loan Market
Today the interest rates adjusted for inflation in various countries vary based on available liquidity. In the high liquidity market, Europe, interest rates are between 0.5-5%, in Russia 12-15%, in India 12% and in Brazil 32%. This shows clear inequality in how access to loan markets is distributed throughout the world. We believe that inequality between borrowers must be leveled and enormous market values can be created in the process, especially through Arbitrage opportunities. Banks charge interest at 5–12% of the loan and give you 0-1% compensation for holding your assets. With the rise of crypto and Blockchain currencies, you can now become your own banking institution. BtcCreditmake this a reality for you. Not only this, you decide to whom you want to lend your money, at what interest rate, and in what mode. All this is available thanks to Blockchain technology, which is the basis of the BtcCredit Wallet .
Traditional P2P Loans
Traditional P2P loans are similar to institutional loans, where several measures of credit history and credit worthiness of the borrower are taken into account. The creditworthiness of the borrower determines the type of loan agreement offered. The method for calculating risk / credit scores is managed through an ownership / artificial intelligence algorithm. Differentiation is also maintained by way of handling defaults, and penalties are imposed.
Crypto P2P-Lending
There are several Crypto loan platforms that exist that follow different business models. On the one hand they are like the traditional p2p loan platform with the ability to accept cryptocurrency as collateral. At the other end, they spread all loan contracts on the blockchain and execute various events on the loan agreement through smart contracts.
The blockchain technology, with its fully transparent and incorruptible transaction ledger, forms an ideal system for managing loans with parameters such as tenure, interest rates, crypto collateral, etc.
There are many platforms that offer crypto loans:
● Sofin
● Everex
● Ethlend
● Lendoit
● Btcpop
Competitive Analysis
The P2P Giving Platform can be divided into three main categories:
1. Traditional P2P - Loans in the same country and in the country's currency
2. Cryptocurrency without Smart Contracts - Global loans with cryptocurrency like Bitcoin
3. Cryptocurrency uses Smart Contracts - Loans use Blockchain Smart Contracts as intermediaries.
Leading competitor
Lending Club (Traditional P2P) - Lending Club is a US peer-to-peer lending company, headquartered in San Francisco, California. It was the first peer-to-peer lender to register its offer as a securities with the Securities and Exchange Commission (SEC) and offer loan trading on the secondary market. Lending Club operates an online loan platform that allows borrowers to get loans and investors to buy notes supported by payments made on them. Lending Club is the world's largest peer-to-peer lending platform.
The company claims that $ 15.98 billion of loans have come from its platform as of December 31, 2015. BTCPOP (Cryptocurrency Loans without Smart Contracts) - BTCPOP Ltd. was founded in 2014 and has developed into an established peer-to-peer lending site. Loans peer-to-peer BTCPOP based on reputation and not on credit scores. Users can get loans from other members or make money by lending - all using Bitcoin. The BTCPOP solution does not offer Smart Contracts.
ETHLend (Cryptocurrency Using Smart Contracts) - The fully decentralized peer-to-peer lending platform uses Smart Contracts on the Ethereum Blockchain to lend Ether using tokens as collateral. But ETHLend does not produce scores, nor does it offer any Compensation Funds to protect lenders. Lately, they have added a part to their WhitePaper about prophecy and insurance, but contrary to their approach of using tokens as collateral, the situation is not clear.
SALT (Fiat Uses Cryptocurrency as Collateral) - The fiat currency loan platform is centralized for loan amounts higher than $ 5000. It uses Smart Contracts only to deposit cryptocurrency as collateral. Their target market is borrowers with cryptocurrency who do not want to liquidate their cryptocurrency into fiat currencies. Only accredited investors and quality financial institutions can lend to SALT.
The Lender's Pride
The Lender's Pride platform proposes to enable the loan market with several unique features. The proposed system will establish a forum for lenders and borrowers to examine loan supply and loan requests including loan parameters offered. Based on their own risk perception ability to pay interest, lenders and borrowers will "shake hands" with each other to make loan agreements on the blockchain.
How does it work?
As a lender, the user enters the system and funds the system produced by Wallet with USDT. The system creates a loan profile where acceptable loan parameters are recorded. The creditor loan profile is part of the "credit market". As a borrower, the user enters the system with his system producing a Bitcoin wallet. Bitcoin funds in the wallet form a guarantee against the loan potential. Loan terms are also part of the "credit market". The system's internal logic automatically matches and suggests existing loans and borrowers. The borrower or lender can also manually choose from a series of loan offers or borrower requirements.
After the loan is chosen, and both parties agree with the parameters in the book, a "handshake" is said to have occurred, which will result in the spread of intelligent contracts on the Ethereum network. The borrower's wallet will be funded with the requested USDT and a payment schedule will be created.
Repayment is recorded as the borrower deposits USDT installments back into his WSDT wallet. A set of terms and conditions applies if payment is delayed, not enough or more than the required installments.
Determine the BTC CreditPlatform Considering competitors and analyzing market conditions and trends, BTC Credit has been able to identify 4 main verticals in terms of the services offered by its Wallet:
1. Loans and Loans
P2P 2. P2P Crypto Exchange
3. Self-Selected ICO Investments
4. Interest through Betting
All of these services will be offered with the help of Wallet on the platform. Think of platforms as Banks and Wallets as Bank Accounts. Analogous to today's Banking System, users can load a Wallet with fiat or cryptocurrency and use funds to utilize services in all 4 verticals mentioned above.
Payment Terms
When the Contract is completed or in the case of confiscation of the borrower's request for the return of the saved BTCcollateral , they can submit a request for BTC withdrawal and it can be resolved.
Normal payment - Admin pays Lender installments regularly and the Borrower pays Admin regularly, the system will be notified by blockchain about the next installment date of the Borrower.
Delayed Installments - If the Borrower loses the date to pay the installment, the API interface will notify the front-end of the Lost Borrower Installment. The borrower gets a 3-day grace period to pay the installments. if installments are paid within 3 days there will be no fees.
Delayed and Unanswered Installments - If the Borrower has missed the installment date, he will be given a 3 day grace period and even he cannot pay the Borrower will be fined for certain installments.
Borrower Defaulter - If the Borrower cannot repay 3 consecutive installments, the system will be notified by the blockchain because the Borrower is a Forger and the Home front can Confiscate its collateral.
Pre-Closing Loans - If the borrower wishes to Pre-close the contract, he can close the Contract by paying Principle + 5% Interest and closing the contract but he can only do so if he has paid 3 installments in a row
Extra installment payments - Here the installment amount is 1010 Every 30 Days, assuming the user deposits 1500 USDT / LTD and he is willing to pay more than the installment amount he can make, but the next monthly installment amount does not change in type. foreclosure which means the additional amount will be deducted from the last installment, so if the amount is greater than the last installment then it will consider the Second Last and so on, if the Extra amount is greater than the last 3 installments he must Pre close the entire contract or he can reduce the service period to 3 installments.
If the user confiscates, he can pay 5% interest and close the contract by paying the remaining principle and 5% interest.
FOR
FURTHER INFORMATION WEBSITE: http://btccredit.io/
FACEBOOK: https://www.facebook.com/btcctoken/
TWITTER: https://twitter.com/btc_credit
MEDIUM: https://medium.com/@info_60688
INSTAGRAM: https://www.instagram.com/btccredit/
WHITEPAPER: http://btccredit.io/pdf/btccredit_whitepaper.pdf
Author
Bitcointalk username: Injhagi
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Eth address:
0xEdd3a3750A7B0905D69c77df210dCb23a38a526A
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