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 had never took loans using bitcoin as collateral mainly because in the past bitcoin used to be way more volatile than today, so that means the risks were way higher. And probably I wouldn't do it today either anyway. Just one thing: you want to take a loan to go on holiday with your family? Of course that's your business but I would never take a loan for something like that, if you can't afford going on holiday you simply don't go, it's not an emergency. But again, your money, your life, your decision.