Borrowing against cryptocurrency???

[snoodle_01]

Has anyone had any experience with this yet? Or any recommendations? I've heard of Nexo but naturally I would like more than one option to consider here - essentially I want to take a loan (in ZAR or USD) and borrow against the value of my cryptocurrency (Link).
Any suggestions or advice would be welcomed

 

[Drifter]

Ja, right. Good luck with that. Rather sell your crypto.

 

[Marcell1992]

I found this website, check it out https://www.finder.com/cryptocurrency-loans

 

[IOPS]

A few places have tried this, I used to use BTCJam before they shut down. Made some money, lost some money. Since crypto isn't regulated it's really hard to find defaulters.

I've heard good things about https://nexo.io/ and done some reading of putting up collateral on stable coins like MakerDAO.

https://btcpop.co/home.php is another option but has a lengthy sign up process.

Borrow responsibly.

 

[phly]

At OP do you mean something like https://celsius.network/ ?

 

[Zoomzoom]

so here you run into one of the many problems when you use monopoly money instead of real currency. It isn't a real asset.

 

[phly]

A classic case of utilizing something while it's not until the masses accepts it later down the road and it becomes. Its not real yet but the hope is to ride the hype train till it materializes then one will already have a foot in the door.

 

[shotalot]

Terrible idea

 

[IOPS]

Terrible idea

Why?

 

[clickingbuttons]

Its a good business model from their end.

They "borrow" you about 3/4 of what the crypto is worth.

Not sure what they do after that. If they just sold the crypto immediatley after paying you they make 25% profit immediatley.

Not sure what happens when it comes time to pay you back your crypto though.