Ask yourself - if the crypto loan's interest rates are LESS than 1% per month and you believe Bitcoin will go up by more than 1% - why would you EVER sell your crypto when lending platforms exist?
It honestly surprises me at this point when I hear someone deeply invested in crypto, and they've sold their coins instead of kept them by using them to get loans when they needed money.
The first Bitcoin loan I took out showed me what a lifesaver this is - it was a 6 month loan when Bitcoin was in the $5000's. I took out $3000, but by the time my loan matured, the Bitcoin I initially gave the platform to hold as collateral had gone up so much in value I didn't owe anything I kept the cash too.
The Secret Advantages:
Multiplying Bitcoin: Using your Bitcoin to get loaned USD, using that USD to buy more Bitcoin. If the price goes up, you're holding more. This can be repeated again and again, I covered how $500 was turned into $3000+ worth of Bitcoin in an article here.
It's Tax Free Cash: In Most countries, loan money isn't taxed!
Earn Interest: The same platforms that lend out crypto, will pay you interest if you let them lend out yours! Banks are giving less than 2% but you can expect 5%+ in the crypto market!
No penalties: For paying a loan off early, or withdrawing if you've deposited your crypto to earn interest.
We currently recommend:
If you're outside the US: YouHodler.
Inside the US: BlockFi.
Both have solid reputations, not only has our staff used both but they also have enough users that we were able to find countless reviews and mentions of them in various crypto communities.
Author: Matt Miller
London News Desk
CryptocurrencyLoaning.com
A Partner Site of The Global Crypto Press
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