I added a new categoy “Starter package” for people who are new to Bitcoin and want to purchase their first Bitcoin via Bitsquare.
To help them to pay the needed amount (0.0112 BTC to take a Buy-BTC offer) to start trading we will offer here a meeting place so he can find people who are willing to lend that small amount.
It is up to the one who offers a credit what he requires for being sure that he gets returned the loan.
A typical case could look like that:
User A is the one who offers credit.
User B is the one who has no BTC yet and needs 0.0112 BTC to do his first trade.
User A offers to lend 0.0112 BTC for 2% interest rate for max. 2 weeks. He requires that the borrower provides him some social network account (Twitter, Facbook, G+, etc.). They will exchange their contacts (email or whatever) and communicate in the way they agree on. If user A is convinced that he can trust user B he will send him the BTC to his Bitsquare wallet (address provided by user B via email).
After user B has done his purchase at Bitsquare he will get back to user A and send him back the 0.0112 BTC plus the 2% interest rate.
If user B is dishonest and does not pay anything back user A can contact him and if he finds out that user B was a scammer he could post on his social network account about his negative experience.
User A need to be aware that he is taking all the risk here and the verification of user B’s identity (social network, WoT or real life ID - what ever he requests) is the only way to mitigate the risk that he get scammed.
I assume that for small amounts that should work and I will personally offer credit.
Of course other users are invited as well to offer help here to new users in need of their first BTC.
If we see that this model works with that simple infrastructure, we will put more effort to implement a micro credit market into Bitsquare. So people would get a better user experience and it could scale to a larger market.
I think that is the easiest way to solve the problem of users who don’t have BTC and to see if that is a real practical problem or more a theoretical one. It might be that there are not many people in that situation and those who need their first BTC simply borrow them from their friends who are already Bitcoiners.
But is is an interesting test to see how the situation is.
Please add here only credit offers!
Discussing about the topic should be done in the other threads, so we do not fill up that thread with other content.
EDIT: I personally don’t offer that anymore as I did not get paid it back it several ties and I don’t have time to remind the lender…
Hi Manfred,
I am interested in your offer. Don’t know how to send a private message though, is that disabled for new forum members?
Could you reach out to me privately for contact details?
Verify:
1+ Bitcoin Network
2+ Social Networks
1+ Professional Network(s)
1+ Misc
Accounts must have real history
Verify ID and Address on https://btcpop.co/Home/1841/bsq
Start A loan request for
0.015btc
365% apr ( ~1%/day)
2 weeks payback with weekly payments
Its crowd funded, not sure if I’ll be the first to fill it.
Put your BTCPop profile link in your Bitrated profile, and your bitrated link in your Btcpop Loan request
(Bitbond or btcjam(not in usa) also possible but more difficult)
OR
Verify Reputation on
Verify:
2+ Bitcoin Networks
3+ Social Networks
2+ Professional Network(s)
2+ Misc
Accounts must have real history
Get an account on (web or android app- its still buggy) https://crediblefriends.com/?ref=6uhHXJJWn3QtYsGht
email me for activation code.
Inital Credit limit $5 @ 365% apr
Take a loan for $4
Pay back $1 same day.
Limit will be increased to $15 worth of btc
Payback in 2 weeks
sorry for making it complicated. Lots of people ask me for “Loans” on Paxful/LocalBitcoins.
mods let me know if a ref code is inappropriate- it does help with verification though.
Good observation I think what all the offers mean is 1% on the amount they lend you and not how much you own them by that day, but yes, it should be clarified.
I’m happy to offer new US based Bitsquare users a starter package to allow them to make their first bitcoin purchase:
Credit Amount: 0.0112 BTC + high priority bitcoin network transaction fee to send it to you. Interest Rate: 1% per day (including partial days) on amount owed. Maximum Duration: 14 days (Late payment incurs a 0.01 BTC late fee and continues to accrue interest until settled). Contact channels: Email Required for Reputation Check: U.S. Residency, Legal Name, Home Address, Verifiable Corporate Email Account, Verifiable Work Phone Number, Photo of Drivers License.
PLEASE NOTE: If you are not a current employee of a verifiable corporation, unfortunately I am unable to help you.
All information provided to me will be encrypted and placed in cold storage for the duration of the transaction. All information will be deleted upon settlement of the transaction.
All collection efforts for late payments will be performed within the Fair Debt Collection Practices Act.
My hope is that you can use the credit to acquire bitcoin within 24 hours and return it to me with only 1% interest and the transaction fee I paid to get it to you. The higher costs are simply there to encourage swift return of funds.
If you are interested, please contact me by private message here initially for instructions on how to submit your information. To do so, click my name at the top of this post and then click the Message button.
Alternatively instead of loaning BTC to the new user for the deposit, you can just take an offer for the user, give him the bank details and after the trade is complete, send him the BTC. This would transfer the trust from the user to the person offering the loan.
This is a bit like another idea I was just about to post on my other thread. Something like a special use case for Arbitrators, or even another predefined actor in the Bisq network, that would act as a buffer.
How about a system in which users can, if they wish, place an amount of bitcoin into a special account. New users who do not yet have any bitcoin can automatically borrow the bitcoin from that special account on their first trades. When the deal is complete, the system returns the borrowed bitcoin to that account plus a small interest of say 2%. Would it be feasible to code something like this into bitsq?
It is probably feasible, but we have to consider the benefits of such complications. Security deposits are coded in by choice with a purpose to make it costly for people not following the protocol. It is always simpler to remove the security deposit in the first place then to code in some special use cases. This will be left for the users to figure out how they want to make sure that they will not be cheated in the trade by adding customizable security deposits. I honestly don’t see any benefits for loans when the customizable security deposits get implemented, people can then just trade with people they want to loan the money to in the first place without a security deposit (or one that is so small and useless that someone will be willing to just send you the sum).
Hello, im interesting with your offer, but still dont know how to make a private message here. For your offer i would like to be verified for my Document ID, Social Networking or my Verified Paypal account.
To send a private message just click on the users name and when it goes to his profile, click the blue button on the top right that says “Message”. Alternatively you can click on your own avatar on the top right of the screen and then the message (envelope) icon to get to your inbox, then just click the blue new message button. You can also go to your own profile and click on the messages tab.
I think what all the offers mean is 1% on the amount they lend you and not how much you own them by that day, but yes, it should be clarified.