This week we have a great discussion with Ronald, a successful borrower on Bitbond and long-time bitcoin user. In our interview, he opens up about the purpose of his loan, his first introduction to bitcoin and his favourite features on Bitbond.
Bitbond: Thank you very much for taking the time to talk to us. Could you start off by telling us what your relationship to Bitcoin is and how you first heard of it?
You are welcome, for me it is a pleasure to talk about the Bitcoins world.
My first approach with Bitcoin was in 2013, when I was thinking about how to make more money with my computer and my internet connection without compromise my current job. I searched in internet and I saw the Bitcoins mining process. I am an Electronics Engineer with programming skills and I could digest the information easily. I started immediately mining because electricity is subsidized in my country.
I used to pay about 1$ per month with my 3 Mining Rigs. I was so excited that I wanted all my relatives get involved in that, but when I tried to explain about how Bitcoins works nobody could understand a single bit. My wife could not understand anything, but she was very happy with the amount of dollars coming to the bank account and she did not complain with the noisy fans and the hot air flowing in the house.
Bitbond: Cool. What do you think the future holds for Bitcoin? Is it the modern-day equivalent of the internet or will it fall flat on its face?
The nature of human being is get afraid of something that we don’t understand. Definitely the future of Bitcoin and Blockchain technology is assured because we are evolving. If we get some constraints right now is because some people are like dinosaurs, but sooner or later they will disappear.
Bitbond: What do you hope to achieve with your loan, and why did you choose Bitbond?
I stopped mining mainly because I am working abroad in the Oil&Gas Industry and I travel too much. Cloud mining is not profitable and only gives you peanuts in a very long term (if you are lucky). I invest in the stock market, in commodities, bonds and lending.
I do this with my own incomes, but now I ask for loans because in this kind of business the more money you invest the more money you get, also you reduce the risk when you have a higher balance.
A p2p loan is a win-win business. I win investing the money and my investors win the interest when I pay back the money. I chose Bitbond because I realized that investors in this platform are willing to invest in medium-long term loans with reasonable rate of interest.
This reason plus the validation process of the borrowers ensure a low rate of default. I have seen in other platforms that investors prefer investing in short term loan with very high interest, which is totally wrong. The result of this is a default because either people can’t afford the interest or they don’t have enough time to pay back the loan.
Bitbond: What are the benefits of a bitcoin loan compared to a conventional equivalent like a bank loan?
Bank loans are difficult to get, interest and fees are very high, too much paper work and they ask you for properties or guarantors as collateral.
Bitcoin loans are simple, fast and you have the possibility to tie the amount of bitcoins with a fiat currency to avoid volatility. The low rate interest gives you the opportunity to invest and grow up your business in a comfortable way.
Bitbond: What is your favorite feature on Bitbond? What features do you think are missing?
My favorite feature is the way Bitbond calculates the interest. Longer dated loans have higher interest rates than shorter dated ones. I have seen the opposite in other platforms which is totally wrong. The interest depends of the borrower’s rating and it is in a reasonable scale.
Right now the only feature I would like to improve is the Early Repayments. I would like to do it by myself and should be allowed to do it even before the first payment.
Bitbond: As an employee, does your place of work accept bitcoin? If not, what do are the chances of that changing?
I am an employee of an Oil & Gas company. At the moment there is not chance to use Bitcoins because we have a very conservative management (dinosaurs). But I really would like to work in a new model of business with open minded people. I lose 36$ of my salary just because of the bank transfer fee.
Bitbond: What would you want potential investors to know about your loan?
They have to know that I will invest the loan in a very profitable business. If you know how to invest in the stock market you can get good profits. So they don’t have to worry about it. Also I have my salary as collateral and you have enough information about my job. I am very sure you will invest with me in this one and the following loans.
Ronald’s loan has already been successfully funded, but you can make use of our new follow feature to stay up-to-date on his activity and invest in his loans in the future.
Thanks for reading and happy holidays.