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March 27, 2016, 11:59:55 AM |
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Let's say 120$ worth of litecoin but you do not want to sell it.
You also need 100$ worth of bitcoin.
You go to a website , give your 120$ worth of litecoin , they give you dozen of payment options (quick payback , 3 month payback , 527 year payback etc.) and you select one , in return of your 120$ litecoin they give you 100$ loan. For this time lets assume you have to payback 105$ in a month. You pay them back 105$ in bitcoin in a month or shorter period of time, they give you your 120$ litecoin back.
There is no need for confirmation or anything , you pay 120$ in any altcoin anyway , so there is no need to wait for the loan. Website will be automatic and as soon as you pay the Xcoin and get paid in Ycoin , simple as that , seconds only , website is doing all of this automatically. Doesn't care if you will pay the loan back or not , as long as it cares , if you don't pay , it will sell your collateral.
Very simple idea , everything is easy and simple to execute.
Would this idea work?
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