With the emergence of bitcoin and other cryptic money, a new kind of financial service has emerged – crypto money rental. Crypto money or P2P (peer to peer) rental is a great opportunity if you have a good idea but you do not have enough capital to realize it or if you want to pay off some debt or you might want to buy something.
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There are plenty of forums for bitcoin rental. There are specially specialized websites, there are exchange pages that have some form of lending option integrated into their site, and of course there are familiarity with personal trust loans. Beside the crypto money loan, and many arguments could be listed. Its main advantage is the disadvantage of skipping out the bank from the rental process. Thus, the credit assessment process can be fast and inexpensive and, in addition, we can handle a business more in a more favorable terms than the traditional way. At the same time (especially as a creditor) we have to be very careful because there is a great risk of scam on this area.
We do not need a bank account. Just add a bitcoin wallet. Is not that fantastic? No treatment costs, no hidden costs. You just have access to the bitcoin wallet. This can be another (not) other big advantage. We here in Hungary are natural to have a bank account. However, in a lesser-sized region of the world, a large proportion of people are not at all involved, thus completely exclude themselves from the financial services world.
You do not need a bank to borrow. Bitcoin rental requires only an internet connection. Of course, here is the situation as in the previous paragraph that in the lesser parts of the world – in Africa, parts of Asia, South America – there is not enough Internet service built up, but there is an expectation that even wider strata will join the web in the future.
Lower costs. Financial institutions usually build huge glass palaces where bankers, financial analysts, bank administrators, security guards, cleaning staff, etc. working. They need a lot of technical equipment and infrastructure, and they need to be maintained. And that will cost you a lot, but it’s not a problem for them to be beaten by all kinds of reasons for everything. By contrast, the cost of a bitcoin credit provider is tricky, so the service may be cheaper.
Taking advantage of their monopoly position in less-favored regions with few financial service providers, they can set very high interest rates because they do not have a competitor. The market for bitcoin loans is global, so interest rates are adjusted to global market conditions.
In addition, there is the advantage of bitcoin and the use of other crypto funds, usually against “tangible” money. Fast transfers, greater anonymity, low transaction costs.
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Bitcoin is not yet widely accepted. Suppose we get a bitcoin loan from someone to build a business of mine. This could be theoretically feasible, but in practice it would be very difficult. Can we get everything for Bitcoin for our business? No, this time has not come yet.
On the other hand, while building a business with bitcoin, revenue will probably earn revenue in the traditional currency only. Bitcoin is becoming more and more widely known, but today, even the largest percentage of people are familiar with traditional payment methods, so they prefer them. Therefore, in order to repay our bitcoin debt, we must periodically switch our revenue to bitcoin. This has costs.
As a creditor, it is quite a risk. Think about lending some bitcoin to someone we do not even know. Then this one simply disappears, and we never see our money. How will we explain to the police that someone has stolen our bitcoin? How will we prove it? That’s why it looks pretty macabre, right?
Unstable rate: Bitcoin today has a soaring value of $ 1000, or around $ 300,000. But this value can not be said to be stable at all. On a regular basis, if the exchange rate reaches a desirable level, a large investor feels that he has made enough money, does not risk further and gets out. Or, it’s closing down a major crypto-conversion site or a mining republic. The exchange rate may fluctuate from day to day to 10% or more. And let’s see, it’s enough to say 100 Bitcoin credits, that’s 30 million forints at the time of recording, but maybe two more times in a couple of months.