Learn about the lending services between individuals in the world of bitcoin and digital currencies
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Answer Learn about the lending services between individuals in the world of bitcoin and digital currencies
As it is clear from its name, the process of lending bitcoin and digital currencies is a process of lending currency to obtain material benefits instead of storing it in the wallet and waiting for the price to rise, this process has begun to spread recently and many platforms have appeared extensively.
Mostly, the currency lending party seeks funds through it and lending is done from person to person or platform to individual or vice versa, and there are many platforms that have appeared recently and offer a decentralized platform for peer-to-peer lending such as ETHLend, and there is a SALT project that It offers a central platform for lending to individuals, and the Nexo project that provides financial services such as lending to individuals.Read:The Binance platform introduces new jobs in the field of marketing and social media account management
These platforms allow bitcoin lending and can work with other currencies such as ethereum, bitcoin cash and others. You can buy and get digital currencies as well as get the rewards of the lending period and after this period you get the benefits from the lending process and put it inside one of the electronic wallets.
The process is done by pledging your currencies as collateral for the loan. It is like borrowing from banks and you are without assets that enable the bank to put its trust in you. Therefore, the loan percentage usually represents a small percentage compared to the mortgage.
There are also companies that offer a Bitcoin or cryptocurrency lending service through which individuals cannot transfer the coins they have borrowed outside the platform. It is like a three-way agreement between the person receiving the loan, the lender and the responsible platform, which often has several electronic wallets.
Of course, it is worth noting that it is a process that has a lot of risk and there are many complications, and patience and a good choice are required, some users do not prefer to borrow currencies, but now, after the rapid rise in currency rates, it is worth this risk.Read:Coinbase officially announces the date of its direct listing on the stock exchange
It is also necessary to verify the sent addresses before sending, because of course it is not possible to refund any amount that comes out of the electronic wallets.
The pleasant part about bitcoin borrowing services is that it is possible to diversify the loans and make multiple small borrowings instead of putting all the money in one basket, and you must pay close attention to some details such as expected risks, site commission, etc.
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