Have you ever taken out a loan against your bitcoin? I'm thinking of it.

[CBlock86]

I don't want to sell my bitcoin, especially now because it's going back up and it looks like it's just going to keep rising. I just found out that there are organizations out there that allow you to get a USD loan back by your crypto. Has anyone done it? Who do you recommend. Looking for good feedback only!

[1715341774]

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[1715341774]

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[hodlftw]

Sure there are people out there who have done it (myself included) but I would say to you don't do it. I felt extremely stressed in that spot and only did I feel better when I liquidated some of my Bitcoins to pay back my debt. My suggestion to you would be to not get a loan but to each their own.

[MintDice]

Check out the SALT platform, they are the leaders in this field: https://www.saltlending.com/

Below are a couple articles regarding their platform:

https://medium.com/trivial-co/lending-and-borrowing-on-the-blockchain-should-banks-be-scared-e0a01c857c43

https://medium.com/cryptocurrency-citizen/blockchain-review-salt-lending-win-win-loans-f96f64a37d91

Like anything else, don't get into any sort of contractual agreement without understanding the fine print, do your research.

Hope this helps!

[mk4]

I've thought of it in the past, but I've never planning on doing it. Sure, it may seem like the prices are going back up now. But what if it crashes to $6000 or lower and stays at that pricerange for more than a year? Then you're screwed. Don't take that unnecessary risk. Only invest using your money, and do it wisely. Not like the typical "hodl" or "moon" investor.

[Stedsm]

If you're willing to give 120% worth (in USD) of your Bitcoins as a collateral, then I think yes, there are many out there in the lending section - https://bitcointalk.org/index.php?board=65.0
where you can get all your requirements met. As well, there are many trustworthy lenders here but you may face somewhat high % in terms of interest. It also depends on the way you want to receive that USD amount. Well, if you'd just open a thread in that lending area, maybe you could get a lot of offers to choose from. The thing here is, the value of Bitcoins is very volatile and as you're aware of the fact, if the value strips down to more 10%, the lender has the right to liquidate it (though, many of them will ask you to repay if you can, at that time when bitcoin goes too much volatile).

[irenegaming]

And they would probably take your bitcoins as a guarantee? If so than I don't think its a good idea as such services are likely going to be ran by scammers and you are going to end up losing your all bitcoins. If you need loan and are hodling bitcoins than you are breaking the first rule of crypto of not investing more than you can afford to lose.

[Portia12]

I did it once but my reason is the transaction of my bitcoin withdrawal takes about a couple of days,
And I really need some money at that time so I did borrow some money from my friends and paid them when I got my BTC ,
But as long as I have a BTC or any coin that I could sell I and I could have it instantly I wouldn't borrow some money.

[candra raditya]

I don't want to sell my bitcoin, especially now because it's going back up and it looks like it's just going to keep rising. I just found out that there are organizations out there that allow you to get a USD loan back by your crypto. Has anyone done it? Who do you recommend. Looking for good feedback only!

I did not do it, because investing in crypto using borrowed money is very risky, and I'm not too brave to take that risk.

[bitart]

I don't want to sell my bitcoin, especially now because it's going back up and it looks like it's just going to keep rising. I just found out that there are organizations out there that allow you to get a USD loan back by your crypto. Has anyone done it? Who do you recommend. Looking for good feedback only!

I did not do it, because investing in crypto using borrowed money is very risky, and I'm not too brave to take that risk.

This is totally the opposite what you have written in your post.
OP talks about getting a USD loan and the collateral would be his existing bitcoins, so it's not about getting a loan and buying bitcoins because he already owns the bitcoins.

[gentlemand]

Can anyone name any legit service that does this? I can't think of one.

Lending is an area I'm profoundly uninterested in. The lending section on here appears to largely be a platform for established members to sneer at the feeble attempts by noobs to scam them. There doesn't appear to be any actual lending, and certainly not in dollars.

Bitcoin and friends is just about the most toxic recipe imaginable for the successful implementation of a loan culture.

[CBlock86]

I don't want to sell my bitcoin, especially now because it's going back up and it looks like it's just going to keep rising. I just found out that there are organizations out there that allow you to get a USD loan back by your crypto. Has anyone done it? Who do you recommend. Looking for good feedback only!

I did not do it, because investing in crypto using borrowed money is very risky, and I'm not too brave to take that risk.

This is totally the opposite what you have written in your post.
OP talks about getting a USD loan and the collateral would be his existing bitcoins, so it's not about getting a loan and buying bitcoins because he already owns the bitcoins.

Thanks! haha

[mast3rm1nd]

with the volatility and fluctuation that is natural in the cryptocurrency business I don't think it is a good idea to do something like this my bro, what I do is treat cryptocurrencies as a something extra, don't take out loans and mortgages on it, treat it like something that might disappear anytime.

[Blessed J]

Sure there are organizations like that but I'm not sure that I'm ready to do that for now. I don't really know the arrangements involved but I will try and find out more about the benefits and the risk involved.

[saeroji92]

I will not do Bitcoin puncture, but I will collect bit by bit Bitcoin me and after a lot of Bitcoin then I will sell. Because then I will get big profits ,.

[nydiacaskey01]

Do you mean using Bitcoin as a collateral for a loan? That is too risky for lenders because the price is too volatile. The lender might ask for a condition that when price suddenly drop below $6,000 USD they will liquidate to make sure they recover their capital. You can also see this as a condition in the lending section where lenders asks for alt coins as collateral but will sell rightaway when price drops.

[CBlock86]

Can anyone name any legit service that does this? I can't think of one.

Lending is an area I'm profoundly uninterested in. The lending section on here appears to largely be a platform for established members to sneer at the feeble attempts by noobs to scam them. There doesn't appear to be any actual lending, and certainly not in dollars.

Bitcoin and friends is just about the most toxic recipe imaginable for the successful implementation of a loan culture.

I'm thinking about going with BlockFi. I've heard some good things about them as opposed to others.

[Catch-22]

Taking a loan to invest in bitcoin is not something I will recommend to a friend.  For one, loans have interest and since bitcoin price is so volatile, you will not be able to definitely predict the outcome of your investment.  

[YED]

Bitcoin offers unprecedented features for use as collateral in secured loans. Whether you like the idea of borrowing against bitcoin holdings or hate it, bitcoin-backed loans appear poised to play a major role in the digital economy.

[BrewMaster]

I just found out that there are organizations out there that allow you to get a USD loan back by your crypto.

i am willing to bet that what you call "organizations" are a bunch of scammers with a pretty website. because if you think about it no real business is going to accept a highly volatile asset as a collateral for a loan.

imagine you take a loan when price was $20k so you pay 1BTC as collateral and receive a little less than $20k. then price falls to $6k. do you think anyone in their right minds are going to pay back $20k to receive 1BTC or simple default the loan and go buy 3.33BTC instead?
now imagine a couple of borrowers do this. the "organization" is bankrupt in less than 3 months.

[fiulpro]

Well do it only if you are pretty sure of the returnof the money you taking. And you should be clear with the consequences that might arise in case you miss to payback the loan.
Loan defaulting hapoems to be a big risk and a very hard struck mishappening.

And here you are putting btc at risk i.e. something which in itself is a good investment. So the loss will be major of any mishappning happens. But at the end of the day, people have done it, many have succesfully came out of it, and some have lost allot, so do it on your own descretion and research as it how you ate going to payback.

[TrufieldICO]

I personally will not advise it. Bitcoin price fluctuates, who knows where the price will be in 12 months time. I believe taking a loan is too big a risk

[daarul50]

Do you mean using Bitcoin as a collateral for a loan? That is too risky for lenders because the price is too volatile. The lender might ask for a condition that when price suddenly drop below $6,000 USD they will liquidate to make sure they recover their capital. You can also see this as a condition in the lending section where lenders asks for alt coins as collateral but will sell rightaway when price drops.

I do not think anyone will lend bitcoin when the price is on the rise as it is today. Only people who do not think long who provide loans.

[Btcvilla]

I don't want to sell my bitcoin, especially now because it's going back up and it looks like it's just going to keep rising. I just found out that there are organizations out there that allow you to get a USD loan back by your crypto. Has anyone done it? Who do you recommend. Looking for good feedback only!

I have never dealt with anything like that. you should do something more effective. for example, investing in ico and when you get profit you can exchange it on bitcoin. as well as with trade. so, I can do it while waiting for a big bait.

[CBlock86]

Bitcoin offers unprecedented features for use as collateral in secured loans. Whether you like the idea of borrowing against bitcoin holdings or hate it, bitcoin-backed loans appear poised to play a major role in the digital economy.

Thank you! I agree. I'm not as skeptical as most on this thread. It's an asset class. People are saying the coin might fall to $6k and tank but guys... That's not going to happen. Let's be realistic. if you really thought that then you would be in the btc game.

Anyway, yea the cypto lending industry is here to stay. I'm talking to BlockFi now. They seem easiest. And, in case people are forgetting how the taxes on crypto work here, if I sell my crypto then it creates a tax event!

[CBlock86]

I just found out that there are organizations out there that allow you to get a USD loan back by your crypto.

i am willing to bet that what you call "organizations" are a bunch of scammers with a pretty website. because if you think about it no real business is going to accept a highly volatile asset as a collateral for a loan.

imagine you take a loan when price was $20k so you pay 1BTC as collateral and receive a little less than $20k. then price falls to $6k. do you think anyone in their right minds are going to pay back $20k to receive 1BTC or simple default the loan and go buy 3.33BTC instead?
now imagine a couple of borrowers do this. the "organization" is bankrupt in less than 3 months.

It's called an LTV ratio..

[Joyawan13]

I don't want to sell my bitcoin, especially now because it's going back up and it looks like it's just going to keep rising. I just found out that there are organizations out there that allow you to get a USD loan back by your crypto. Has anyone done it? Who do you recommend. Looking for good feedback only!

that's what we should do, to keep holding and storing bitcoin that we have, because now bitcoin price has started up again, but that does not mean bitcoin will not go down, of course the decline that will occur in bitcoin must exist, but at the time bitcoin price down, at that time he will raise the price again, and I'm sure bitcoin the price will be able to rise higher and will make people so surprised.

[trecore4]

Dont know, I never done any loan that way. I mean I have tried crypto for crypto but not the USD one for the crypto. there are some people who are suggesting that they have done it earlier but im not that confident about such systems and there work procedure!

Look at the market, it keeps fluctuating all the time and for loan purpose you might just need strong collateral. How can crypto work that I dont understand. I mean my counter question is to those who has already taken such loans. How they managed the collateral.

[CBlock86]

Check out the SALT platform, they are the leaders in this field: https://www.saltlending.com/

Below are a couple articles regarding their platform:

https://medium.com/trivial-co/lending-and-borrowing-on-the-blockchain-should-banks-be-scared-e0a01c857c43

https://medium.com/cryptocurrency-citizen/blockchain-review-salt-lending-win-win-loans-f96f64a37d91

Like anything else, don't get into any sort of contractual agreement without understanding the fine print, do your research.

Hope this helps!

SALT was too much for me.. the coin.. too many steps

[Flagship11]

No way in hell would I do such a thing, it kills me to see people buying crypto with credit.
Not a wise move especially if you end up selling.