Bitcoin Updates: Bullion and peer to peer Lending

Bitcoin is currently doing to conventional currency, what email did to communications. So much so, that people are wondering if there are plans to kill its progress. I was following an interesting thread on Reddit: Will bitcoin be (falsely) seen as a cyber security threat (to justify invoking the law) if it gets to big? Are these concerns premature? Perhaps this Gigaom summary says it all:

For all the talk of Bitcoin’s brilliance and disruptive potential, what will prevent it from ever being mainstream is that the disruptees – big banks and especially governments – will intervene.

Everyone is accepting Bitcoin these days, even bullion dealers. Clearly the Bitcoin community will not be left out of the global financial market. If you were one to worry about worldwide currency collapse, then firms like Agora Commodities could help you hedge your bets.

Not only do they accept Bitcoin, but with all the news recently about the NSA’s unconstitutional spying of American citizens it is refreshing to see companies that respect their client’s privacy by offering encrypted service for all their digital correspondence. Should be normal practice I know. Agora continues to be among the bullion worlds’ leading innovators by sending all emails to customers through an encrypted server. 

When asked about this unique service being provided to its customers, Joseph Castillo, President of Agora Commodities had this to say, “In today’s world privacy is quickly turning into one of the people’s most precious commodities. I was inspired by an ISP provider in Utah that refused to give his customers data over to authorities when it was not properly requested with a warrant. Agora Commodities first and foremost respects its customers’ privacy. This was the best way to show that respect”

New Bitcoin lending platform: BitLendingClub Beta went live yesterday. BitLendingClub is a peer to peer bitcoin lending platform which uses Dutch auction-style lending in order to offer borrowers the most efficient rates and to provide lenders with the best return on investment. Kiril Gantchev is a software engineer, Bitcoin investor and an entrepreneur. With over 7 years of experience in developing software and holding two degrees from DePaul University, a B.S. in Computer Games Development and an M.S. in Software Engineering, Kiril serves as the CEO of BitLendingClub and is responsible for developing a strategic business model, providing a clear vision for the company and promoting the platform.

Kiril has this to say regarding transparency on Hacker News:

“First and foremost, I’d like to make a clarification: we’re not a money lender, we only facilitate the lending. Lenders sign up on our website, fund their accounts with BTC and they decide who to lend to, at what interest rate and how much to fund loans for. BitLendingClub does not perform any funding itself. It’s a challenge, but people are willing to take risks at the moment despite there being fraud. We’re verifying IDs, addresses, phone numbers (coming soon), social media profiles and we have a comment section with each loan so lenders can ask borrowers for additional information”.

Tuur Demeester from MacroTrends opens the Bitcoin London 2013 conference with his views on Bitcoin and cryptocurrencies.