WeLendBitcoin

Lend your bitcoins automatically and earn interest

Discussion
Would you recommend this product?
1 Review5.0/5
This is an automated tool to lend your bitcoin to Poloniex, one of the largest bitcoin exchanges, where it is used to back margin trading for other users. It's clever to automate the process - right now, you have to manually "lend" your bitcoin every 4 hours in order to continue to earn interest. These types of services have risks - mainly, that Poloniex is hacked and you lose all of your coin. Up to you to decide if that's worth the risk - most hodlers will not leave coins in exchanges for longer than a few days.
If Poloniex did this with ETH I will start using Poloniex! :)
@hyunlee There are other automated services that will invest ETH. Drawback is always cost if you don't DIY.
NB: Service is free until November, which is awesome-sauce. After, they charge 10% of the interest earned on the exchanged if you have < 3 btc. The rate goes down obs as your investment goes up. Lowest is 3%.
I used BTCJam which is one of the first P2P bitcoin lending and most people doesn't pay back the money.
@ethanyfan Poloniex uses forced liquidation on margin accounts to guarantee that BTC is returned. It's explained here - https://poloniex.com/support/abo...
The about us section is empty, looks very sketchy.
@datarade It's awkward when a trading site for a cryptocurrency has an "about us" section. I bet it was part of a webdesign template tbh. The struggle between the innate anonymity of crypto v the legacy-driven finserv world is real.
Nice. 👍
A close friend lost most of his bitcoin this way.
@alexintosh care to go into more detail?