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?
Well, what you think is also good is a BTC-backed loan, which is a loan that you haven't touched or reduced the amount of bitcoin you have. As far as I know, I only see that often on DEFI platforms, and if I know anything about the CEX platform, it's only Binance; I don't know about others.
I just don't know if you have experience with such borrowing from BTC-backed loans. Maybe you can try Blockfi and check for yourself. It's just that what they lend you depends on the size of the of the amount you have. For example, if you have Bitcoin worth 200k, they can lend you around 100k, or if you have Bitcoin worth 50k, they can lend you around 25k, and the duration until you pay it depends on them.