Tuesday, July 18, 2017

WHAT IS BITBOND?

Bitbond is a peer to peer lending platform where you can be a lender or a borrower with a minimum investment of $5 to start wth as stated here.

Very attractive price to start investing with projected earning upto 13% with their bitcoin lending program. Sounds too good isn't it, aside the fact that they claim that all borrower's credit were checked by them.

In reality even after going through ID verification of some sort and other pertinent details, in terms of income and debts were not checked by these P2P lending companies as most complains from investors are these borrowers who turned "defaulted" when they stop paying.
You may check financialmentor.com explaining the dangers behind such P2P companies to which Bitbond is not exempted and if you wish to read on Investment Fraud ebook you may check it out here.

Well to be honest if you care for your bitcoins, don't fell for this type of scheme. If you happen to visit trustpilot.com where members from Bitbond try to make a review about the company and post their personal experience, they will definitely report you so your post won't be read by the public.

All they want are good reviews, but most negative feedbacks they simply try to report and have it erased.  Good thing there are some negative feedbacks that Bitbond can not really counter with some explanations. Click image to view in full size.

The problem with Bitbond is that they have no control if a certain borrower will stop paying resulting to defaults. Click image to view in full size.

What they can only make is through follow ups through mails and phones especially if the borrower resides outside US. How can they protect those investors from these kind of people? None at all.

Here's the comment section from sample defaulted borrower as he himself stated that he loss 50% from defaulted loan receiving only $33 interest.

One negative review supports this claim as most of the investors average return is purely negative. I remember one negative review that was taken down that it says when you invest in Bitbond you are just donating your bitcoins and not making it grow.

Bitbond may be transparent with its founder Radoslav Albrecht when you try to lookup at whois.com but as stated above they only try to project the positive image of their company with the high interest rate when you invest but won't let the public or members know the fact that they could lose money from defaulters as an example above.

They even boast that they have their "machine learning algorithm" evaluating data from borrowers with manual review and be able to come up with each borrower's rating between A and F. With this helping investors or lenders lessen their risk making investments safe on Bitbond.

Honestly? even how many learning algorithms you use you can never tell if a borrower will decide to cease paying his dues to lenders for these are people with mind of his own and not machines and can not be gauge by using such data from algorithms .

About the 0 fees for lenders as they claim is not true there will always be charges, once you withdraw your funds they even set a maximum limit with the transfer fees of bitcoins at 0.00091BTC when the max limit is set to 0.0009461 at the time this post is made.

If you try to compute they are charging your transfer fees almost 50% from the maximum limit withdrawal. Why they set a limit? So they can get more transfer fees from every withdrawal you make, just imagine you have 0.1 btc in you account and imagine how many trans fees they collect.


Final say is to stay away from these types of P2P companies making big promises of returns but you will only lose your hard earned money in the end and not making it grow.

Don't forget to share to warn others! Thanks!
"if it sounds too good to be true"
Feel free to drop your comments below.

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