Loans Loan against your Bitcoin.

sincerem

VIP Contributor
You are welcome bro! I think if you want to loan or lend your Bitcoin out. Though, I'm not into such for now. Maybe it's something i will still do but I don't think it's now. I have other plans. But I mentioned two sites to you in my previous comments Defi and bitcoloan.

I don't really know much about Defi but I Know a little about Bitcoloan .Kom.... I think on Bitcoloan, you can loan upto $100 worth of Bitcoin or more, if am not mistaking. Then you will receive upto 1.4% on your Bitcoin on your daily basis. You can try the site and make enquires yourself.
Good one bro, you really detailed me everything i needed to know about lending investment via bitcoloan and Defi etc. I'll simply go on my own to make inquiries. Even here at Binance have such option of lending, I've not opened it before.

I'm going to access them one by one to ascertain the best option to grab the chance if their interest and terms suit me.

Thank you.
 

Abigael

Valued Contributor
There is something I saw on binance recently that got my attention. I don't really know if it has been there for a very long time but I found it very interesting and I would really like to invest on it in the nearest future. It is all about investing some certain amount of your cryptocurrency and you will be getting some interest. The interest maybe yearly or monthly as a case maybe.
I have never seen such a feature in Binance. It sounds great then if you earn interest for saving your crypto. I will go and check on it to see if it can benefit me. Is it a about lending people the crypto then they pay back with interest? If it is so, then it come be a risky thing to do. But I am glad you do it via Binance and so they are responsible for getting back the loan.
 

Mika

VIP Contributor
Perhaps you can try decentralized money markets that connect lenders with borrowers. I have not tried this but I hear that decentralized money markets are the place where you can lend your crypto assets to earn interest or borrow money against your crypto assets. There are a lot of options available.
 

Sherman198

VIP Contributor
As far as I am considered, I do not think you can benefit much from bitcoin loans, especially in the times like these (when the value of bitcoin is going down day by day), you will be paying more money for the interest on your loan compared to the value gain in your bitcoin. When you are taking a loan, you should always make a comparision.
You are right though....As the bear run keeps plaguing Bitcoin, it may be hard for them to pay back the loan. But those cryptocurrencies enthusiasts that do stuffs like this, don't borrow against any other coin apart from Bitcoin, and I think the loan term or duration is what they are gaming on, and they believe Bitcoin always increase most new year, so they borrow towards that......It's risky tho, but tell me what's not a risk this days.
 

Mika

VIP Contributor
Thanks for clarification.....Many don't actually know that you can do that, that's why I brought up the thread in the first place. I have actually came across people that already doing this and they are using the money to do something very big. While they wait for Bitcoin to increase in value so that they can use part of the value to offload part of their debt.
As far as I am considered, I do not think you can benefit much from bitcoin loans, especially in the times like these (when the value of bitcoin is going down day by day), you will be paying more money for the interest on your loan compared to the value gain in your bitcoin. When you are taking a loan, you should always make a comparision.
 

Sherman198

VIP Contributor
Borrowing money requires capital when the lender is a bank or even a private lender that is legit (registered with the government). I didn't know that you can use your Bitcoin holdings for a collateral. But I wonder how you are going to pay the loan and for what purpose. You can lose your Bitcoin if you fail to pay the loan.
Yes it is possible to do so. And people are doing it effectively, it's not something that's new anymore. To be able to pay the loan back, depends on what you wanted to use the loan for. The loan must be for an expansion of a particular business, where you can generate constant and persistent money from, to be offloading the debt.
 

Alexandoy

VIP Contributor
Borrowing money requires capital when the lender is a bank or even a private lender that is legit (registered with the government). I didn't know that you can use your Bitcoin holdings for a collateral. But I wonder how you are going to pay the loan and for what purpose. You can lose your Bitcoin if you fail to pay the loan.
 

Sherman198

VIP Contributor
I do not anything about the platforms mentioned by the OP but I am using Nexo, which prides itself as a crypto currency bank. By using Nexo, you can not only earn interest on your crypto deposits but also get a loan against your crypto assets. Nexo uses your crypto asset as collateral for your loan, you can get a 33 percent loan against your asset.
Thanks for clarification.....Many don't actually know that you can do that, that's why I brought up the thread in the first place. I have actually came across people that already doing this and they are using the money to do something very big. While they wait for Bitcoin to increase in value so that they can use part of the value to offload part of their debt.
 

Mika

VIP Contributor
I do not anything about the platforms mentioned by the OP but I am using Nexo, which prides itself as a crypto currency bank. By using Nexo, you can not only earn interest on your crypto deposits but also get a loan against your crypto assets. Nexo uses your crypto asset as collateral for your loan, you can get a 33 percent loan against your asset.
 

Sherman198

VIP Contributor
With this kind of services. I don't think it will be wise to be selling out the Bitcoin then. I will like to first use it as a collateral then paraventure the price goes up at that time then j will sell the profit.and add it to offsetting my debts. I'm really gathering bitcoin now
Yes bro....I think it's an advantage to Bitcoin holders. People who engage in such cherish their Bitcoin, and they are not willing to sell for anything. So if they need cash for a project, they prefer to borrow against their holding Bitcoin which is a reasonable and smart to do, if you have big amount of Bitcoin. It's a very solid advantage.
 

Augusta

VIP Contributor
With this kind of services. I don't think it will be wise to be selling out the Bitcoin then. I will like to first use it as a collateral then paraventure the price goes up at that time then j will sell the profit.and add it to offsetting my debts. I'm really gathering bitcoin now
 

Sherman198

VIP Contributor
Collecting loans are taking new route now. Many people in the crypto space are now fancying the collection of loans against their Bitcoin. It pays in some ways, because it doesn't allow you to sell your Bitcoin for money. If you sell your Bitcoin, you don't make gain on it, but instead your Bitcoin decreases. And people are willing to hold their Bitcoin.

But when you borrow, you use your Bitcoin as collateral, and when Bitcoin rises in value, you use the interest to offload the loan you borrow. I think Celsius and Blockfi offers the range of that services.

You can also lend out your Bitcoin out and make interest on it. Interest rates may varies on different crypto sites offering this service....Defi and Bitcoloan offers this kind of service.



What's your take on this?
 

Sherman198

VIP Contributor
Thanks a lot for the well detailed information how BTC loan terms work.

Now I've learned that I'm nowhere near the terms and conditions stated to be eligible for the loan. I'm simply not financial stable for that.

If i have such amount BTC, I'll simply venture into lending business too. But the annual returns is too far, can't i. Loam out and expect monthly ROI??
You are welcome bro! I think if you want to loan or lend your Bitcoin out. Though, I'm not into such for now. Maybe it's something i will still do but I don't think it's now. I have other plans. But I mentioned two sites to you in my previous comments Defi and bitcoloan.

I don't really know much about Defi but I Know a little about Bitcoloan .Kom.... I think on Bitcoloan, you can loan upto $100 worth of Bitcoin or more, if am not mistaking. Then you will receive upto 1.4% on your Bitcoin on your daily basis. You can try the site and make enquires yourself.
 

sincerem

VIP Contributor
That's the problem, this loans are not for people with small Bitcoin....it's just like going to the bank for a loan. And you know banks loan start from some huge specified amount of money and collateral has to over worth the amount you want to borrow. You can't just walk to any bank and borrow any amount of money lol. So it's for rich people. So even in Bitcoin, it's still for rich Bitcoin owners.

I have read about people borrowing against 0.5btc on Celsius and on Blockfi.

But you can lend your Bitcoin out for interest.... That maybe suitable for you.

Check Defi and Bitcoloan.
Thanks a lot for the well detailed information how BTC loan terms work.

Now I've learned that I'm nowhere near the terms and conditions stated to be eligible for the loan. I'm simply not financial stable for that.

If i have such amount BTC, I'll simply venture into lending business too. But the annual returns is too far, can't i. Loam out and expect monthly ROI??
 

Sherman198

VIP Contributor
That's okay, if the validity is poised at one year. Which exchange site guarantees such?? I saw the option of lending at Binance, with BTC as collateral. I never took it serious cos i never liked taking loans at all. But I'm somehow moved to take it to expand my business to meet my target. At the moment i don't have such amount of BTC to SRT as collateral to guarantee me the amount of loan I want.
That's the problem, this loans are not for people with small Bitcoin....it's just like going to the bank for a loan. And you know banks loan start from some huge specified amount of money and collateral has to over worth the amount you want to borrow. You can't just walk to any bank and borrow any amount of money lol. So it's for rich people. So even in Bitcoin, it's still for rich Bitcoin owners.

I have read about people borrowing against 0.5btc on Celsius and on Blockfi.

But you can lend your Bitcoin out for interest.... That maybe suitable for you.

Check Defi and Bitcoloan.
 

sincerem

VIP Contributor
That's the downside of the whole thing...if there is a bear run for almost a year then it's a loss for them. But never heard anyone lost with that, with the way Bitcoin increases in value every year. They don't collect loan against any other coin apart from Bitcoin. And the validity is per annum(PRA). You see it's a risky stuff....but it works for them.
That's okay, if the validity is poised at one year. Which exchange site guarantees such?? I saw the option of lending at Binance, with BTC as collateral. I never took it serious cos i never liked taking loans at all. But I'm somehow moved to take it to expand my business to meet my target. At the moment i don't have such amount of BTC to SRT as collateral to guarantee me the amount of loan I want.
 

Sherman198

VIP Contributor
Binance support lending via their platform, that's where i learned about borrowing funds and using the coins for collateral. But do you know that, if the coin is draining down due to bearish run you'll be losing money?? Then tell me which interest will you get from your stored coins to repay back the loan??
That's the downside of the whole thing...if there is a bear run for almost a year then it's a loss for them. But never heard anyone lost with that, with the way Bitcoin increases in value every year. They don't collect loan against any other coin apart from Bitcoin. And the validity is per annum(PRA). You see it's a risky stuff....but it works for them.
 

sincerem

VIP Contributor
Though not in support of any kind of loan no matter how soft the interest is....But people I know are doing it, not Africans though, Their cryptocurrency portfolio is big enough to borrow against. It pays for them because the bank can't give them such big loan and moreover they will pay back with the interest they make on their cryptocurrencies, not with their money. And I don't think I mentioned Binance in my post.....they don't do such with Binance!
Binance support lending via their platform, that's where i learned about borrowing funds and using the coins for collateral. But do you know that, if the coin is draining down due to bearish run you'll be losing money?? Then tell me which interest will you get from your stored coins to repay back the loan??
 

Sherman198

VIP Contributor
Taking loan from those exchange platforms will be one of my biggest mistakes if i succeed taking the loan. Cos the interest rate isn't worth it, simply bizarre. I've tried to borrow at binance, what i saw as daily interest rate for the loan taking using crypto as collateral is unacceptable indeed. You can try it if you doubt me.
Though not in support of any kind of loan no matter how soft the interest is....But people I know are doing it, not Africans though, Their cryptocurrency portfolio is big enough to borrow against. It pays for them because the bank can't give them such big loan and moreover they will pay back with the interest they make on their cryptocurrencies, not with their money. And I don't think I mentioned Binance in my post.....they don't do such with Binance!
 

sincerem

VIP Contributor
Taking loan from those exchange platforms will be one of my biggest mistakes if i succeed taking the loan. Cos the interest rate isn't worth it, simply bizarre. I've tried to borrow at binance, what i saw as daily interest rate for the loan taking using crypto as collateral is unacceptable indeed. You can try it if you doubt me.
 
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