Btcpop.co Review: Is Btcpop trying to do too much?
Btcpop.co is not another Bitcoin P2P lending system. They offer unique features such as: IPOs, bitcoin stock trading , pooled investments, and mining shares. This provides users with a place to fufill all types of bitcoin investments under one easy-to-use website.
Ever since it’s inception and it’s shiny new website, btcpop has garnered a relationship with the bitcoin community. To start, I found out about btcpop on a pay-to-click website, called ADS4BTC (Our review here). It’s a strange place to find a reputable website, and I called them out on twitter. I mean how do they really offer 5% on bitcoin deposits? BTCPOP is not an exchange, it calls itself a “bitcoin bank”, of sorts. It seems that everything BTCPOP claims on the website sounded too good to be true. It’s core is a Bitcoin Peer to Peer lending platform. So we signed up and were immediately surprised.
We would compare it to a more relaxed BtcJam (our review here).The first thing I was greeted to on the website was a giant chat box and a live feed of what people are looking at on the website. This got me engaged in asking people questions and posing ideas about where to invest.
BTCPOP was Created on 2014-12-06 it is registered to Lee Bartholomew. Their current registered address is: 25 Century House Menzies Road St. Leonards On Sea East Sussex TN38 9BB United Kingdom
Btcpop.co provides a variety of Bitcoin investments
BTCPOP Investment Pools
Investment pools allows users to invest in a variety of bitcoin securities with varying risk levels. Investors can divide funds between the different credit rating pools to diversify risk according to their particular appetite for risk. There are a couple levels: Trusted Investors, A-Rated, B-Rated, C-Rated, D-Rated, and E-Rated. BTCpop has a few different lending pools, featured as auto invest elsewhere. This allows diversification across all particular loans of a particular credit rating. Additionally, there is a “trusted pool” which consists only of borrowers that a particular investor has marked as trusted previously.
Investment pools remain our favorite way to invest bitcoin on BTCPOP due to low risk.
Cloud Mining Investment Shares
Unlike other P2P loan sites, BTCPOP hosts their own cloud mining. This is offered through shares, the details of which change according to the date accessed, but BTCPOP remains as transparent as possible when dealing with their investors. Trading these shares are like any other stock, except that there are both maintenance fees and mining dividends. Like other bitcoin mining operations, this one becomes less profitable over time as difficulty increases. We have not bought any mining shares, as we don’t consider it a wise investment.
Buying a small amount of mining shares could pay off as BTCPOP buys more miners.
P2P Lending, BTCJam Style!
The most advertised part of BTCPOP are the p2p loans. It seems that everyone and their mother wants to start a p2p bticoin loaning service. It’s a great business for the service provider, as they skim the profits whether the person seeking a loan returns their investors money, or not. We typically stay away from these things, but we have reviewed some lenders on btcjam. The nice thing about BTCPOP is that some loans are backed up by collateral, which can guarantee against loss of principal. Their system uses a chat on the homepage where BTCPOP can talk to other members about various community members, discuss risk of lending, and anything else under the sun.
Benefits of investing in P2P loans on BTCPOP:
- Collateralized loans – Depending on loan rankings, certain loans may have collateral, enhancing their reliability.
- Ardeva authentication – Users looking to get loans must be verified by income, government ID, address, etc.
- Insurance – Some loans are insured against default, this is based off authentication and loan history
- Loan Volume – Third highest next to bitlending club and BTCJam.
Tons of Investments, Social Features,
Transparency is extremely important for any kind of entity that directly handles your money or facilitates it. BTCPOP.co has their creators front and center on their homepage, an active twitter, and a solid reputation in the bitcoin community. BTCPOP considers itself “a bank”, so knowing the details of the management, the location, all of its activities, and being able to audit the company’s financials is vital information in making an informed decision on whether or not to invest with the site. Doing due diligence on any organization that one considers investing with is crucial. We will post pieces of the information as we understand it but we leave it up to you to add in the other pieces to the puzzle.
- Features - 9/109/10
- Ease of Use - 9/109/10
- Reliability - 7.5/107.5/10
BTCPop is promising with plenty of room to grow
BTCPop is feature rich with the ability for users to earn interest on their Bitcoins in a variety of methods not the site from stock IPOs, notes, and investment pools.
BTCPop’s point and click interface allows users to easily navigate between the different features once an account is setup. Everything is appropriately labeled and makes sense once you understand what the terms mean.
Ease of Use 9/10
Like many other Bitcoin associated platforms BTCPop has yet to overcome the test of time being a relatively recently formed company. While things look promising for it today, only time will tell to see how it holds up in the coming days.