The Biterest Monthly Update - June


Combining two mechanisms for placing bids As you know, in March we released an important update that entirely changed the functionality of the Biterest platform. Thanks to it, the borrower is able to apply for a loan without providing collateral for an application. You can place an application on the exchange, and only after it has been accepted by a lender will you have to secure it with bitcoin collateral

However, we cannot disregard the preferences of our constant users who prefer to provide collateral at the time of creating a loan application. It is more convenient and saves time for both users. A lender who accepts a collateralized application can promptly send money to a borrower without delay.

So, we made a decision to combine both existing mechanisms on Biterest. Borrowers can place two possible types of applications now: those which have to be immediately secured with collateral, and those for which collateral will be transferred after a lender accepts it. To separate the two types of applications on the exchange, use the filter on the main page.

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The limited time for non-collateralised applications Non-collateralised applications will be removed from the exchange if they have not been accepted by lenders after 7 days. The transaction fee will not be refunded to the borrower’s balance if the application is withdrawn from the placement automatically by the system.

We began to accept other currencies for topping up the user’s transaction fee balance Now you can replenish the balance with PayPal or top up it with other several cryptocurrencies. Earlier we accepted payments only in BTC, but now you can pay with Litecoin, Bitcoin Cash, Ripple, Monero, Ethereum, Dash, ZCash using the CoinPayments solution on our website.

The exact date for repayment is now displayed on the application page When the lender sends money, the countdown to the end of the loan period is started. For example, if the credit period is 70 days, the warning will be initially displayed as "69 days and 23 hours and 59 minutes." The exact date for repayment of the loan is now also displayed on the application page.

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A chat between the borrower and the lender on the loan application page If you have difficulties with transferring or receiving money due to the lack of information, you can now personally ask the second party about the payment details on the loan application page. The chat becomes available after the lender transfers the public key to Biterest, and closes after the end of the loan term. Each loan application page has its own chat.

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