Hodl Hodl Review: Exploring Anonymous Crypto Loans with No KYC Verification

Lend at Hodl Hodl is a p2p platform that offers you anonymous crypto loans with no KYC verification. It’s a bitcoin-backed lending product by Hodl Hodl, a bitcoin exchange. With Lend at Hodl Hodl, you can only get crypto-to-crypto loans by using your bitcoin as collateral. The platform supports various cryptocurrencies, including stablecoins.

HODL is a popular slang in the bitcoin community that came from a misspelling of “hold” that refers to buy-and-hold strategies in the context of bitcoin and other cryptocurrencies. The term HODL (or hodl) originated in 2013 with a post on a bitcointalk forum.

How Hodl Hodl Lend Works

A contract is created on Hodl Hodl platform, which generates a unique escrow. The platform uses three multisig escrow addresses to secure your bitcoin. The lender will get one key from the multisig, you’re getting the second and Hodl Hodl the third one. You will deposit bitcoin in escrow from your wallets. Your bitcoin will be used as collateral for funds borrowed. Minimum loan amount is 50 USD equivalent. Users can lend and borrow for a period ranging from one day to one year.

The lender will transfer the amount the borrower has requested in the contract. When the borrower repays the loan in full, the lender then releases the bitcoins to the borrowers’ wallet. Funds can be released from escrow by two signed keys. If there is a dispute, the third key held by Hodl Hodl will be used.

To start crypto lending or crypto borrowing on the platform, you simply need to sign up with your email address and a password. Once you click the confirmation link sent to the email address you used, you can start to lend or borrow

Go to Lend at Hodl Hodl

What happens if the bitcoin price decreases or increases?

  • An email notification will be sent out to alert you of a price decrease. To bring a Loan back to the original Loan-to-value ratio, you may: deposit additional collateral or proceed with a full or partial repayment of debt.
  • Any gain in the value of bitcoin is yours to keep. You only ever owe the amount of your loan, which is pre-determined and not affected by the price of bitcoin.

How is Hodl Hodl Lending?

Some of Hodl Hodl unique features include:

  • Non-custodial. Hodl Hodl does not store your bitcoin. You lock your bitcoin in multisig escrows until the loan is paid in full.
  • Anonymous. Users participate in lending and borrowing without having to go through know-your-customer (KYC) procedures.
  • No third party involved. The lender and the borrower will agree on the amount, loan duration, interest rate and the loan-to-value ratio.

Lend at Hodl Hodl Fees

Lend at Hodl Hodl’s origination fee is between 0.5 to 1.5% of the loan amount, depending on the contract period. Hodl Hodl fees are paid by the borrower. For each loan contract, Lend at Hodl Hodl will take a 2% commission. Commission will automatically be charged after the Contract comes into force. Origination fees according to the loan duration are: 1 day: 0.5%, 1 week – 5 months: 1% and 6 months – 12 months: 1.5%

Hodl Hodl Safe?

Hodl Hodl is a safe platform that implements various measures to protect their users. Firstly, Hodl Hodl operates on a non-custodial model, meaning that they do not hold your funds. Instead, you retain control over your own money, reducing the risk of hacking or theft from the platform. Secondly, Hodl Hodl utilizes multi-signature wallets, which require multiple authorized signatures for transactions. This adds an extra layer of security, making it more difficult for unauthorized parties to gain access to user funds.

Furthermore, Hodl Hodl employs smart contracts, which are pre-programmed agreements, to facilitate lending transactions. These smart contracts ensure that loans are executed as agreed upon, minimizing the potential for fraud or manipulation. In addition to these security measures, Hodl Hodl places a strong emphasis on user privacy and anonymity. They do not require extensive Know Your Customer (KYC) verification, allowing you to maintain your privacy while using the platform.

Lend at Hodl Hodl Supported Countries

Lend at Hodl Hodl supports borrowers and lenders from various countries around the world. The platform started offering bitcoin-backed loans to US customers at the end of 2020. While the platform does not explicitly list the supported countries on their website, it is generally available to users globally. However, it’s important to note that certain restrictions and limitations may apply based on the legal and regulatory frameworks of specific countries.

To determine if Lend at Hodl Hodl is available in your country, it is recommended to visit their website or contact their customer support for the most up-to-date information.

Why You Should Consider Lend at Hodl Hodl

  • No hidden fees. Lend at Hodl Hodl is transparent with all their fees, ensuring you do not incur costs you are not aware of.
  • Secure. It uses multisig contracts, while you have a key you can use to control funds in escrow.
  • No third parties. The platform acts as an intermediary and there are no third parties, this ensures that you receive funds directly from your counterpart.
  • No credit check. Your credit score has no impact on your eligibility since the platform does not conduct credit check.

Lend at Hodl Hodl Alternative

There are many other P2P lending platform where borrowers use bitcoin as collateral. Lend at Hodl Hodl alternatives include:

Final Thoughts on Lend at Hodl Hodl Review

Hodl Hodl lending platform offers a good alternative if you are seeking crypto lending solutions. With its unique P2P model, Hodl Hodl connects borrowers and lenders directly, bypassing traditional financial intermediaries. This p2p approach brings benefits such as reduced fees, greater privacy, and increased control over loan terms.

One notable aspect of Hodl Hodl’s lending platform is the absence of KYC requirements, allowing you to maintain your privacy and anonymity throughout the lending process. While the platform’s user interface is intuitive and easy to navigate, it’s important to note that Hodl Hodl’s lending services are currently limited to Bitcoin lending only.

Go to Lend at Hodl Hodl

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