You can now choose when to transfer bitcoin collateral
Previously, the borrower provided collateral only at the same time of creating a loan application. Now the borrower has a choice when to transfer bitcoins into the collateral: immediately upon creation, or once the lender accepts the application. For the second option, the borrower receives a notification via email when the application is accepted. After that, the borrower has 24 hours to provide the bitcoins. All collateral is securely stored using multisig-addresses. Find out why this is the safest and most reliable way to store bitcoins here.
Set the discounted collateral value while applying for a loan
Previously, the required discount was 30%. Now the size of the discount is determined by the borrower and can be set from 1 to 100%.What is meant by discounted collateral value and how it affects the collateral and loan terms can be read in this article.
Top up your account balance for placing or accepting the applications
For the borrower, the application fee is 0.5% per annum, and for the creditor - 2.5%. For example, if the loan amount is 2000 USD, the period is 40 days, the borrower’s fee will only be 1.10 USD. This payment is the service income. To top up your balance, visit the section "Balance" in the account menu setting. We support the following payment methods: Bitcoin, Bitcoin Cash, Ripple, Monero, Ethereum, Dash, ZCash and bank cards.
Enable two-factor authentication in order to secure your account
We only require an email address and password from users to create an account. To protect yourself from hacking, enable two-factor authentication in the account menu settings. Each time you log into your account, the system will request a code from the Google Authenticator app. The code is valid for 30 seconds.
Use the chat on the loan application page
Once the creditor accepts the loan application, both parties get an opportunity to communicate with each other. For example, if your last deal failed due to the lack of information about the payment details, now you can quickly solve this problem in the chat with your partner.
See the expanded information about your active loans
After the lender sends money, the loan period starts to countdown to the deadline. We have expanded the information and added the exact end date of the loan period. Now you clearly see until which date and time you need to repay money to the lender. The current value of the collateral is accompanied by information about the change in value from the moment of placing the application. For example, 1750.76 USD (+ 68%) means that the collateral value has increased by 68%. The cost of collateral for Margin Call is supplemented with data about the BTC rate, and the point at which Margin Call occurs. Keeping track of Margin Call is easy with Biterest, the amount and the respective BTC rate is already calculated for you and displayed on the information page. For example, if the cost of Margin Call is equal to 1 041.10 USD, it will occur when the BTC rate drops to 4853 USD.
You now have the option to receive loans in cryptocurrencies in addition to the standard fiat currencies
The process is the same as with fiat currencies, the only difference is the way of obtaining money. You can get money from the lender in the following cryptocurrencies: Litecoin, Ethereum, Ripple, Bitcoin Cash and even Bitcoin. Why might you need to get someone else's bitcoin? So, if you do not want to spend your own coins, you can temporarily use someone else’s coins. For example, if you were to apply for a $2000 loan at a BTC rate of $6000 (receiving 0.33 BTC), and then return the loan at a rate of $8,500, you would only have to repay 0.26 BTC.
Customize your account through the account settings menu
In the updated settings menu, the user can change the interface language and the time zone, enable two-factor authentication, top up the balance and track payments, add payment details, and set up notifications about new applications.
NEW! Check the updated page "My applications"
All the information about your loans is now saved in the "My application" tab. You can filter by “Provided loans" and "Received loans". This page shows how many active loans you have, how many of them you paid back on time, how many were not repaid or terminated by Margin Call. You can check your personal loan statistics at biterest.com/en/list/offerTweet