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Author Topic: FIRST BITCOIN-BACKED LOAN ISSUED IN CANADA  (Read 336 times)
badger88
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November 07, 2018, 10:41:37 PM
 #21

this is a good development, bitcoin has entered every platform, and can make transactions easier.

the growth of bitcoin in Canada is very good, the geographical conditions and public enthusiasm there for bitcoin is very large.

In 2017, Canada banks conducted a survey, that 60% of Canada society uses bitcoin for investment.

60% seems very high ~~lots of people still frown at bitcoin --they probably secretly have holdings...

lots and lots of storage businesses and farms are up here though for low power costs and frigid air to cool their units Cool
~secretly widely accepted lol
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November 08, 2018, 12:09:19 AM
 #22

In 2017, Canada banks conducted a survey, that 60% of Canada society uses bitcoin for investment.

What pathetic bollocks.

Canadian banks have basically done everything in their power to stop crypto trading which makes Localbitcoins stats even more relevant than elsewhere.

So hey presto here is the weekly activity of the 22 million Canadian Bitcoin owners -  https://coin.dance/volume/localbitcoins/CAD

$693,000.

Great stuff.

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November 08, 2018, 11:24:39 AM
 #23

I wonder what the actual terms on the loan are though. I feel like it's going to have either a huge interest rate or something else that would make it a terrible deal. Banks aren't going to offer a decent rate given the volatility of bitcoin.

Yup. Not one single detail about the ins and outs of this. Before declaring this as the next step we need to know whether it's sustainable or affordable. I just do not see how it's going to work for the masses. No doubt it's something many places have looked into. Most of them will have discarded it.
That's true if it has a ridiculous interest rate it might as well not even truly be an option, you're better off doing something else.

You can almost guarantee that will be the case, bitcoin is terrible in terms of collateral. At least for now. You can barely get a good interest rate using a house as collateral and they've been proven over many decades to have an ever increasing price so I can't see any bank offering decent interest on a bitcoin backed loan.

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November 08, 2018, 11:45:09 AM
 #24

very good and interesting development in the financial lending field! I hope more and more financial firm jumps into this trend (Bitcoin Backed Loans) and people will appreciate a lot.
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November 08, 2018, 11:55:27 AM
 #25

that's actually great! nice way of handling with Bitcoin. Opens a new way for many players.
I hope it takes not much longer till we see it in Europe.

Additionally another big news about EthLend for US: https://blog.ethlend.io/ethlend-open-for-us-borrowers-8d66a5f5bfcd



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November 08, 2018, 11:58:37 AM
 #26

There is a project that Roger VER advises. His name is MoneyToken. It has a similar function. BTC, ETH, USDT and a few more cryptocurrencies began to be loan money. Many projects like this bank and project can be realized soon.


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November 08, 2018, 12:08:19 PM
Merited by HeRetiK (1)
 #27

Wow, great news...huge....

https://www.ledn.io/



Isn't it great?
For a 10 000 CAD you'll be needing just a collateral of 3.3 BTC or roughly 300% of the sum you try to get.

I wonder what the actual terms on the loan are though. I feel like it's going to have either a huge interest rate or something else that would make it a terrible deal. Banks aren't going to offer a decent rate given the volatility of bitcoin.


They say 1-1.5% monthly, and T&C may apply so...we can safely assume something around 2-3%, and that is monthly:P





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November 08, 2018, 12:28:32 PM
 #28

great . People are holding the bitcoin and they can use it to borrow money. This is opening up a new development trend for bitcoin and I believe it will soon expand and grow in many countries. But what I'm curious about here is what interest rates will be. Can you share more knowledge?

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November 08, 2018, 01:41:04 PM
 #29

Wow, great news...huge....

[...]

They say 1-1.5% monthly, and T&C may apply so...we can safely assume something around 2-3%, and that is monthly:P

Oh boi, so both the collateral are incredibly high and the interest rate is hilarously steep. Well, that's one way to manage your risk. I guess they also break your legs if you're late with your payments? :p

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November 08, 2018, 01:57:52 PM
 #30

FIRST BITCOIN-BACKED LOAN ISSUED IN CANADA

The first Bitcoin-backed loan has been issued to a Canadian company allowing cryptocurrency holders to liquify their assets without selling. Bitcoin Loan

Read more:
https://www.trackcoinmarket.com/crypto-news/37762/bitcoin-backed-loan-issued-canada

oh this is great, I think we should appreciate it. and this is the beginning of good news this month. although I have to check the truth of this news.

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November 08, 2018, 02:00:17 PM
 #31

Very good path and bitcoin is always makinf difference. Its very profecient way for holders and am sure with time some more countries will incoporate this  brilliant idea.

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November 08, 2018, 02:18:13 PM
 #32

It is good news for crypto users. and canadian people.
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November 08, 2018, 05:03:21 PM
 #33

FIRST BITCOIN-BACKED LOAN ISSUED IN CANADA

The first Bitcoin-backed loan has been issued to a Canadian company allowing cryptocurrency holders to liquify their assets without selling. Bitcoin Loan

Read more:
https://www.trackcoinmarket.com/crypto-news/37762/bitcoin-backed-loan-issued-canada
I don't see any meaning in issuing loan. Sometimes these permissions are given to rip Civilian money.In India riches ripped Government Banks Billions of dollars and ran away to Other Countries and to bring them back again Govt has to spend money and get Nothing.
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November 08, 2018, 05:13:27 PM
 #34

Isn't it great?
For a 10 000 CAD you'll be needing just a collateral of 3.3 BTC or roughly 300% of the sum you try to get.

Well, that tells me that at least they're being realists about this. I'd expect those figures from somewhere that knew what the score was and how potentially ruinous it could be for everyone involved.

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November 08, 2018, 05:16:36 PM
 #35

I think it will revolutionize the lending business if all the countries start giving out loans keeping crypto as collateral. It will be a good thing for the new potential projects who have raised good amount of BTC or ETH and dont wanna sell them till the release of their platform.
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November 08, 2018, 05:23:05 PM
 #36

FIRST BITCOIN-BACKED LOAN ISSUED IN CANADA

The first Bitcoin-backed loan has been issued to a Canadian company allowing cryptocurrency holders to liquify their assets without selling. Bitcoin Loan

Read more:
https://www.trackcoinmarket.com/crypto-news/37762/bitcoin-backed-loan-issued-canada
I still wonder that the rules for these loans. If this loan is paid based on the amount of Bitcoin you borrow, the downside market will create opportunities for you with loans to pay. But if the market goes up this is scary because the loan will increase many times.

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November 09, 2018, 12:32:00 PM
 #37

Wow, great news...huge....

https://www.ledn.io/



Isn't it great?
For a 10 000 CAD you'll be needing just a collateral of 3.3 BTC or roughly 300% of the sum you try to get.

I wonder what the actual terms on the loan are though. I feel like it's going to have either a huge interest rate or something else that would make it a terrible deal. Banks aren't going to offer a decent rate given the volatility of bitcoin.


They say 1-1.5% monthly, and T&C may apply so...we can safely assume something around 2-3%, and that is monthly:


Wow, thanks for digging in to that for us. It really is terrible then, it makes no sense for anyone to do this. Just sell to fiat and take out a loan in fiat where you'll get much better terms. I can't think of any person who would actually benefit from this. Maybe only someone who's extremely cash strapped and over invested in to bitcoin and doesn't want to sell that bitcoin? But it's not a sound financial decision.

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November 09, 2018, 06:34:22 PM
 #38

this is a good and great step. it only goes to show bitcoin is covering more ground and will continuously be accepted and adopted by all with time. I hope other countries do something similar too. nice one from canada

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November 09, 2018, 07:01:48 PM
 #39

This a great news for the cryptocurrency community and bitcoin users. It goes to show the world is gradually accepting the use of bitcoin and making it convenient for their citizens from different parts of the world. This is just the beginning, we will see more countries do same in time coming.
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November 09, 2018, 07:20:26 PM
 #40

Maybe for me it still looks like an outlier from the start of the trend, but if accepting Bitcoin as collateral for loans becomes wider, I see a big step towards the legitimacy going forward.
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