Review of XCoin Bitcoin platform
XCoin is a platform that allows for an instant and effective exchange of bitcoins. Unlike other bitcoin platforms, XCoin has what it takes to offer a secure and fast transaction where you can use any of your favorite payment methods to get the bitcoins.
This transaction works through a secured loan process where the borrower, first sends an amount of money to the lender. The lender then sends bitcoins to the borrower based on a calculated system. An added advantage of using this secured transaction is that; you can choose to get your money back and return the bitcoins to the lender in some of the demanding circumstances.
In order to sell bitcoins as a lender, you have to pass a credit risk assessment and verification process. The borrower will also sign a legally binding agreement where he/she stands by the loan’s lending regulations; the bitcoins should be returned within a day if the security payment is canceled. With cash, Bitcoin transaction is irreversible. The use of credit and PayPal payments methods makes the whole process reversible; this reduces the risk of dishonest lenders and buyers who after receiving bitcoins files a chargeback to get their money back.
Bitcoin PayPal works almost like any regular sale, only that the borrower sends the amount in dollars inclusive of the interest fee, to the lenders PayPal account. After the payment, a corresponding amount of bitcoins is deducted from the lender’s xCoin account and sent automatically to borrower’s wallet.
At the xCoins peer to peer platform, any active user can be a lender or a borrower. Once a borrower request for a bitcoin loan, this platform changes to match him/ her with a lender. The process is seamless, automatic and fast where no communication between the lender and the borrower is required.
A PayPal account is necessary for the whole process to be effective. As a lender, it’s compulsory to have a working account since the borrower will send security and interest fee direct to your PayPal account. Once you have both the xCoin and PayPal account running smoothly, xCoin platform will find borrowers for you. Once you find the borrower, you will get an email notification from xCoin.
If a lender selects specific borrowers to issue the loans, those borrowers will be notified in the shortest time possible. If no response is received within an allocated period of time, the lender will be matched with another borrower having similar loan amount on the first come, first, serve basis. Once the whole process is through, xCoin will serve just as a regular full-featured wallet where you can withdraw your bitcoins any time.
The sophisticated xCoin system will keep a track on your account and monitors the available bitcoins for lending based on the current balance and the amount you’re willing to lend. To withdraw, you simply need to click on that “My wallet” icon found on the main menu. Go to withdraw bitcoin and you are good to go.
Aside from providing an effective platform for getting bitcoins, xCoins serves more to ensure a faster and reliable transaction between lenders and borrowers. A loan origination fee will always be levied upon a successful transaction.