What are Bitcoin-Backed Loans?
Bitcoin-backed loans allow you to borrow money using your BTC as collateral, without selling your cryptocurrency. This lets you access cash while maintaining your Bitcoin position for potential future gains.
Key Benefits:
- Access liquidity without selling your BTC
- Potential tax advantages compared to selling
- Fast approval with no credit checks (many providers)
- Various custody options to match your security preferences
Important Considerations:
- Liquidation risk if Bitcoin price falls
- Interest rates typically higher than traditional loans
- Security of your collateral depends on provider
- Some providers require KYC verification
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