Ok – I’m Interested! How do I do this?
These steps can take a few days, depending on how smoothly your ID verification is processed with the Bitcoin exchange, how quickly your initial deposit takes, and how much borrowing activity is going on at any given moment. The good news is you only need to do this once.
Step 1. Signup to a Bitcoin exchange. This is where you buy Bitcoins which you will then lend to someone else. Coinbase* comes highly recommended and is really easy to use. But please do your own due diligence. You’ll pay a transaction fee for using a credit card to buy Bitcoin.
Step 2. Signup for a PayPal account, if you don’t already have one.
Step 3. Signup to the Bitcoin lending website, this is the service that matches lenders and borrowers of Bitcoin.
See it’s really simple and only involves a few minutes of your time each week:
- Buy Bitcoin – 5 minutes or less
- Deposit it in the Bitcoin lending service – 1 minute
- Wait for your funds to be lent out – can take several hours to several days, depending on the amount you are lending, and the demand at the time. This is 100% hands-off, so no work for you! Log in once every few days to check your balance and to check for messages (in case of problems), but how often is completely up to you. You will also receive email notifications regarding your transactions, so you don’t even have to login every time.
- Take your initial investment, plus fees, and use that to buy more Bitcoin…. return to step 1!
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