Why aren't there many P2P lending platform with Bitcoin as collateral in existence?

More non-centralized crediting methods are necessary for the network to expand. I find myself wondering why there are so few firms offering this kind of service, and even the ones that do have subpar UI/UX, given alternatives like Multisig.

Is this not an excellent business model, or are we starting the adoption cycle too soon?

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The term “decentralised credit” is illogical. A centralized authority is always required to guarantee the debt is paid back.