The Biterest Monthly Update - July


Implementation of Two Factor Authentication We have added an optional extra layer of security, requiring a Google Authenticator Code in addition to your password and email combination. In order to enable the function, visit the "Settings" section and follow three simple steps:

  1. choose the type of your smartphone;
  2. download the Google Authenticator app on your phone and scan the QR code;
  3. enter the generated code.

After that, Biterest will prompt you to enter the code generated by Google Authenticator app each time you sign in to your account.

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In addition to fiat currencies, you can now receive your loan in bitcoins and some altcoins. Apply for a loan and specify the amount of money you want to borrow, the loan period, annual interest rate and the discounted collateral value. Then select the required cryptocurrency among supported payment methods: Bitcoin, Litecoin, Ethereum, Ripple or Bitcoin Cash.

Why might you need to get a loan in bitcoin secured with bitcoin too? This is a real opportunity to save your own bitcoin. Using this function, the borrower transfers their bitcoin as collateral to the multisig-address, and the lender sends the borrower the necessary amount of BTC. Thus, the borrower can use someone else's bitcoin and doesn't have to spend his own BTC.

For example: the borrower borrows $1000 worth of bitcoin at a rate of $6000/BTC, such that the lender transfers them 0.167 BTC. Before the end of the loan period, the BTC rate rises to $10,000. The borrower must return $1,000 to the lender (plus the interest on the loan), but now this amount is equal to 0.1 BTC. Thanks to Biterest and the borrowers shrewdness, they have gained an easy 0.067 BTC for themselves.

The account settings menu was updated Clicking the icon of a gear in the upper right corner opens the account settings menu.

Choosing "Settings" will direct you to the section to change an email and password, enable two-factor authentication, change the interface language and your local time zone.

In the "Balance" section you can check your account balance and top up it. Also, you can track all transactions and see their current status, the written off amount of money, the date and type of transaction.

In the section "Payment Details" you can change or add new payment details for your existing and future loan applications. For the borrower: it is possible to change the payment details of the existing application only before it is accepted by the creditor. For the creditor: it is possible to change the payment details of the accepted application before the end of the loan period. The changes enter into force in 24 hours.

You can change the parameters of notification letters about new loan applications in the section "Notifications of loan applications". You can adjust the terms of the applications you will receive notifications about and indicate their frequency. It will increase quality of the letters and reduce their number. You can turn off notifications too.