Can I contribute less than 1 Ether to get BTLX?

Yes you can deposit as low as 0.001 Ether and you will get the equivalent in BTLX tokens based on the Round and purchase rate.

Can I get my BTLX tokens instantly after purchase?

Yes you can. Simply add the BTLX custom token information to your ETH wallet and you will see your incredible BTLX tokens sitting comfortable and smiling in your wallet.

How Can I get an ERC20 Wallet?

Setting up an ERC20 wallet is a simple process that would take less than 5 minutes. Click to watch a video guide – How To Setup ERC20 Wallet With Metamask or Myetherwallet

How do I create a wallet on Myetherwallet?
  1. Go to www.myetherwallet.com, set the password and click Create New Wallet. IMPORTANT: think up a password that you will not forget – it will be impossible to restore it! Write it down and keep it in a safe place. If it is a question of large sums, instructions on access can be stored in a banking cell.
  2. In the next step, you will need to keep your secret key encrypted. This is the same as the key to the safe, but in electronic form. Its presence + password is one of the ways to gain access to your wallet and funds, which are on blockchain. Click “Download Keystore File” and save it on your device. Keep this file in a safe place, preferably on an offline medium, and make a backup copy;
  3. Click ”I Understand. Continue”;
  4. At this stage you will be given your private key in an unencrypted form. This means that having it, any attacker can get access to your wallet. Therefore, it is recommended to print this key and store it in a safe place (for example, a banking cell). Then click “Save Your Address”;
  5. The final step is to find out your wallet address. For this you can:
    • Select the option “Keystore File (UTC / JSON)”, specify the path to the encrypted file (from step 2) and enter the password invented in step 1. If everything is correct, you will be on the screen of your wallet, you will see its address and balance.
    • Select Private Key. Here you will have to enter your unencrypted private address and password will not be required. This is a dangerous and unprotected way, the use of which we do not recommend! This key must be stored in a secure offline store and used only as a last resort.

After you have a wallet, to buy ether on exchanges and markets you just need to specify its number and make a purchase (on each site its own way). The ether will be transferred there.

How does the Bitloanex P2P Loan work?

To benefit from the Loan facility in the Bitloanex community, you need to own a Bitloanex accounts.

Loan Application
To apply for a loan, you need to fill a basic form specifying
– Loan Amount (70% of the current value of the cryptoassets you provide)
– Duration of Loan (Minimum 10 days Maximum 100 days)
– Interest rate agreed with lender (a regulated rate will be adviced).
– UserID of Lender (Must be a member known to you who is willing to give you loan)

Loan Mechanism
Submitting a loan request is only possible when the equivalent cryptoasset is found in your BTC or ETH wallet. Once a submission is made, it triggers a notification to the Lender informing of borrower’s request and also requiring their acceptance of the loan request.

As soon as the lender accepts loan request, the equivalent in borrower’s cryptoasset will be locked as collateral. The lender then receives a prompt to pay borrower the loan amount in fiat currency. This should be done via verifiable digital channel e.g. digital banking, paypal, etc.

A confirmation of reception of the loan amount will be sent to borrower to verify they have received the funds from lender. Once confirmed, the total interest on the loan amount will be automatically deducted from borrower’s Bitloanex wallet and paid to the Lender. And then the countdown timer start counting.

Also a non-refundable application fee of 1% of loan amount is automatically deducted from borrower’s Bitloanex wallet upon completion of loan request.

E.g A request of $1,000 loan attracts a $10 application fee which is deducted from borrower’s Bitloanex wallet.

Cryptoassets locked in collateral can either depreciate, appreciate, or remain fixed overtime. Where the cryptoassets remain fixed, appreciate, or depreciate not more than 30% in value at the end of the duration of the loan, the exact loan amount is deducted to repay lender and the balance is returned to borrower’s cryptoassets.

But where the cryptoassets could depreciate more than 30% in value, the borrower is prompted to do either of two things:

1. Request for an extension of the loan duration. And if granted by the lender, the equivalent interest rate for the extra duration will be paid to lender from borrower’s bitloanex wallet. Also a 1% application fee for the extention of time will also be deducted and paid to the Bitloanex project.

2. Where no extension is requested and lender has not confirmed repayment of loaned amount via fiat currency, the cryptoassets locked in collateral will be automatically paid to lender before its value crosses below the 30% treshhold.

How does the Bounty program work

Get ready to partake in the FREE 500,000 BTLX reward splash as you spread the word about Bitloanex and the upcoming ICO!

Our Pre-ICO Campaign Program covers Facebook and Twitter.

We also have rewards for special articles, YouTube videos, meme and infographic contents, and Telegram activities.

TO PARTICIPATE YOU NEED TO

– Like us on Facebook
https://www.facebook.com/bitloanex

– Follow us on Twitter
https://www.twitter.com/bitloanex

– Join our Telegram Community
https://t.me/joinchat/ERt_pxLx9CUi6Tjdon9QmQ

– Subscribe to our Youtube Channel
https://www.youtube.com/channel/UC14d5OH62dKyABa6F97pU4w

And of course

Create a ERC20 wallet with Metamask or Myetherwallet. See video guide:
https://youtu.be/DdUfKPRuEEA

The Facebook Bounty

To share in the 100,000 BTLX Facebook Bounty, you need to

1. React to our Facebook posts with a like (or something more).

2. Drop a nice comment on the post or react to other people’s comments.

3. Share our Facebook posts and content on your profile with hashtags

#IncredibleBTLX #CryptobackedLoans #ICOcomingsoon

The Twitter Bounty

To share in the 100,000 BTLX Twitter Bounty, you need to

1. Love our Tweets.

2. Drop a nice reply to the tweets or react to other people’s replies.

3. Retweet our tweets with hashtags

#IncredibleBTLX #CryptobackedLoans #ICOcomingsoon

The YouTube Bounty

To share in the 50,000 BTLX Youtube Bounty, you need to

1. Like our Videos.

2. Drop a nice comment on our videos or react to other people’s comments.

The Telegram Bounty

To share in the 30,000 BTLX Telegram Bounty, you need to

1. Be an active community member dropping nice suggestions, solutions to members enquiries, invite new members and keeping the ICO expectations high.

The Special Article Bounty

To share in the 70,000 BTLX Special Bounty, you need to

1. Write short but rich articles on the Bitloanex Project and its ICO potentials using the hashtags

#IncredibleBTLX #CryptobackedLoans #ICOcomingsoon

Or

2. Post personal Facebook/YouTube videos talking about Bitloanex and promoting the upcoming ICO launch.

Or

3. Create viral memes and infographic content illustrating the Bitloanex brand and potentials.

Articles, Videos and Memes, can be posted on Facebook or Twitter or Blogs & Websites with good traffic.

Links to external postings should be shared on Facebook.

You must tag #Bitloanex on all posts for easy tracking.

Details of the Bitcointalk Signature Bounty will announced tomorrow.

HOW CAMPAIGN IS ACCESSED

At the end of the ICO, a list of bounty qualifiers for each category will be published on our Website Blog.

Bounties will be awarded to qualifiers based on their activities and its estimated impact each day starting today.

Qualifiers will be required to submit their ERC20 wallet addresses to receive rewards after the ICO.

We have a team of professionals set to speed up the assessment process so rewards can be paid as soon as possible.

How is conflict in the fiat transaction process of P2P loan resolved?

In the event of conflict in fiat transaction process, a ticket can be opened by either party with sustantial evidence to back their complaint which will be reviewed by the conflict resolution team. We advise that you deal with persons within your network of influence during P2P loan transactions to avoid lesser conflicts.

How is the token and ICO fund allocated?

Token Allocation
90% of all minted BTLX tokens will be offered for purchase at the ICO sale.
5% of minted BTLX tokens will be kept in the Bitloanex loan reserve fund.
4% of the minted tokens goes to the Project Development Team.
1% goes into ditribution in bounties.

ICO fund Allocation
70% of funds generated from the ICO sales will go into full development and launch of the Bitloanex project as laid out in the road map.
30% of the remaining funds from the ICO project will be added to the Bitloanex loan reserves.

Is KYC required to participate in Bitloanex ICO?

No. But only verified members can make loan requests in the main project. Verification involves submission of KYC identification documents. This is to protect the interest of members of the communtity and avoid criminal activities.

What is Bitloanex?

Bitloanex is a peer to peer network where members can access very low interest loans powered by the Ethereum Blockchain and Cryptoassets.

With the Bitloanex project, you do not have to liquidate your fast-growing cryptocurrencies to access fiat cash. You can simply collect a P2P loan backed by your cryptoassets.

What is BTLX?

BTLX is the ticker symbol for the Bitloanex token. It is the utility token that powers the Bitloanex project and it’s required to apply for loans, to pay interest on loans, and to participate in other features within the Bitloanex ecosystem.

What is Smart Contract?

Smart contracts are computer protocols that automatically facilitate, verify and enforce the performance of a contract.

What is the Bitloanex Advantage?

The Bitloanex vision  is to provide you today, what you can afford tomorrow.

To make this vision a reality, we are committed to simplifying, automating, and developing our peer to peer loan process and providing a variety of loan packages backed by cryptoassets.

With the Bitloanex project, any member anywhere in the world can get instant access to a loan facility with just a few clicks. All you need is cryptoassets to back the loan. These cryptoassets can come on the form of stable coins or tokens (BTC, ETH and additional tokens that could be accepted).

Bitloanex cuts out 99% of this delay through it’s simplified, automated, and secure process. Members can almost always access P2P loans instantly. You can do trusted loan business with a friend, a colleague at the office, a family member, or an acquaintance without fear of not receiving payment.

In the Bitloanex project, interest rate is defined by the lender and regulated by the community. Interest paid is earned entirely by the lender. Only a 1% processing fee is charged by the project for loan proccesing. And most importantly, the borrower’s loans are backed by their own cryptoassets (Bitcoin, Ethereum, and other selected cryptocurrencies).

The Bitloanex project recognizes cryptoassets and accepts these more lucrative assets including its own token as collateral. This is perfectly suitable as it solves the issue of transparency, liquidity, and transferability.

What is the maximum supply of BTLX?

The maximum supply is 100 million (100,000,000) with a decimal number of 8. This means there are only 100,000,000.00000000 Bitloanex tokens that will ever be in existence.

When will the Team behind the Bitloanex project be unveiled?

We understand how important it is to know the Team behind a Blockchain project especially with the abuse of anonymity and the fraud and scam coins saturating the cryptoworld.

While we are obviously committed to the full development and launch of this project with a powerful Team behind the scenes working, please kindly understand that there is risk involved with our unveiling our identity at this stage of the project.

Nevertheless, at the launch of the Bitloanex webspace after the ICO, we will also unveil the amazing Team behind the project. You can be certain it would come as a big pleasant and significant surprise on a global scale when the faces are unveiled!

Fingers crossed…