Borrowing and returning with interest is an old trade. If you are into a crypto investment, you know that cashing out your coins or trading is not the only way to get money. Investors who have saved their coins on reliable platforms that earn interest can also borrow cryptocurrency or fiat money and use their deposited digital assets as collateral.
Any investor who is planning to take this opportunity should first know how to borrow money from BTC. The good news is that there is a lot of information to help you make informed decisions about Bitcoin loan sites, and this article happens to be one of the sources.
How to Borrow Money from BTC – What You Need
- A reliable crypto-lending platform – These platforms provide loans while allowing investors to save and earn interest. So, while choosing, find one with affordable crypto loan rates and high-interest rates on your savings. There are many platforms as we are going to see shortly. Once you settle on one, open an account and start saving.
- Bitcoins – Before you even know how to borrow money from BTC, you need to have BTC that you will use as collateral. For now, they can be in your digital wallet ready to be deposited in your crypto savings account. However, well-established platforms such as YouHodler allow you to directly top up your account with BTC using fiat money or other cryptos through their integrated exchange.