Hey guys. I don't want to sell my btc, but I need some money for my family vacation. I looked around several DeFi platforms where I can lock wrapped BTC and get stablecoins, also looked to companies like SALT and Unchained. I don't like 2 things: high interest rate and liquidations. Anyone took BTC backed loans? What is your experience?
I love family vacays. It is always a refreshing, relaxing, and bonding time. Okay. Personally, I have no experience with BTC backed loans, but I got the time to read up on it during the bankruptcy case that came up against Celsius and heard the stories of those who borrowed against bitcoin pre-bankruptcy case. One of the things they loved about Celcuis over their competitors was they had lower interest rates compared to other platforms. One person in particular didn't like that to borrow agaisnt bitcoin, one has to lock in more bitcoins than the amount you have to borrow. But I understand, because the borrower gotta be protected against market volatility.