German online bank transfers loans using Bitcoin

Whatever critics say against cryptocurrencies, its growth and acceptability to people across the world is rampant.

Once again it has been proved by a German online bank, Bitbond founded by Radoslav Albrecht, which is allowing its clients to transfer loans anywhere in the world using Bitcoin.

This online bank uses cryptocurrencies, particularly Bitcoin, to avoid the Swift international transfer system to lend money anywhere in the world within a very short time and at cheaper cost.

About the procedure the bank says, the clients hold the loans in digital tokens, such as Bitcoin, only for several seconds or maximum one minute until they are exchanged back into the currency of the country where they want to receive the funds.

Because of this system, the fluctuating exchange rates of the crypto currencies are bypassed.