Who’s in the mood for some profitable testing?
I’ve been tracking the bitcoloan platform for a while now. You know I’m always very careful about recommending any platforms prematurely.
I’m still not recommending the bitcoloan platform but let me just say this: At this point, I’m not opposed to testing it out and have been doing just that and earning. I’ve been on the platform for some time too along with thousands of people.
The bitcoloan platform fulfills its promises. It’s a decentralized lending platform of some sort that pays you interest for lending your crypto assets to others. For example, if you decide to lend out $100 BTC the bitcoloan platform will match you with borrowers who need it. You get to decide for how long you want to lend your $100 out. Usually, I pick 30 -60 days. The system shows you how much daily interest you’ll earn doing this. Really, it’s nice.
Frankly, I like a lot of things about the bitcoloan.com platform
- The intuitive website design
- The platform’s efficiency(no cases of scam yet since it started in 2020)
- It has lots of users (the platform has over 20,000 daily visits according to my traffic analysis) which makes sense because for a decentralized lending platform to be truly effective, there has to be a sizable number of lenders and borrowers
- It’s no proof of legitimacy but at least it fills me with some confidence that the bitcoloan platform is registered till 2023
- The website has already passed my 6-month test. For those who follow me, you know that means the platform has been operating for at least 6 months with no zero cases of scam
- It has its own native tokens called bitcoloan token and will be trading on exchanges at some point. Right now you can earn the tokens by performing some easy promotional tasks.
- The fact that the bitcoloan.com platform also took the effort to develop a mobile app for the project could be interpreted as a signal that this platform means business. They are playing the long game. Screenshot below shows the App on Google playstore.
- Bitcoloan also has a lot of Trustpilot reviews. Worth mentioning but not really factored in my decision of whether or not a platform is legit. I’m just not a big fan of Trustpilot reviews due to reasons I’ve explained in the past.
All of the above said, I still have one or two reservations why I’m not openly recommending the platform yet. Chief amongst it is that the founder isn’t known. Judging by the accent of whoever is recording most of their videos, I’ll say it’s most likely a Russian platform. But wouldn’t it be nice if the platform just transparently tells us who the founder is?
Despite this shortcoming, I’ve been testing out the platform and have earned quite good. The pros of the platform right now far outweigh the cons right now. I encourage anyone who wants to give bitcoloan a try to go ahead and do so as well. But you know the deal. Use the money you can afford to lose.
How to join the bitcoloan platform
Signing up on bitcoloan.com and earning is an easy process. Just visit the website .
Next, click on ‘earn’ in the menu bar and then ‘become a lender’.
Next, add the amount you want to lend out to earn interest and indicate the loan term in days. The longer the loan term the higher the interest rate. The minimum is $10 (but I recommend you start with $100) to be deposited in any of the popular cryptocurrencies (BTC, eth, DOGE, Dash, Zcash, etc.). The interest rate and other information will be automatically calculated. You can then search for borrowers and the system will automatically match you with one that meets your criteria.
Send money to the given address and start earning daily interests
Other bitcoloan reviews on the internet
It’s a shame how many just write ignorant reviews to get more traffic to their website without doing actual research. Some reviewers have raised eyebrows at Bitcoloan collateralized lending system. Bitcoloan can get flak for anything else, I don’t care, but not the collateralized nature of its lending system because that’s just standard practice right now in the world of Defi (Decentralized Finance). A decentralized crypto lending system is not a new concept per se and a lot of information about this benefit of Defi (Decentralized Finance) is everywhere on the internet. Many have made good money from yield farming (Google it) which is essentially what it’s being done on Bitcoloan as far as I can tell. Don’t want to make this into a geeky review so if you are interested to know more about the Defi system and crypto lending, go ahead and do your research (On Google obviously).
Still, on the subject of collateralized lending, anyone can also borrow money from bitcoloan and pay it back with interest but that’s not the subject of this review but if you want to try it out, it’s the same easy process as lending which is the theme of this review.
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