Don’t leverage your Bitcoin unless you are ready to lose it. Use it for savings, build those savings up, spend/sell some if you need to in order to afford life, and utilize fiat loans with much better terms for larger purchases (home, car, etc) if you need to. The current Bitcoin loan offerings suck majorly.
Discussion
I currently don't have access to any borrowing with good terms, so I'll just keep working, saving and spending less than I get in.
That's highly speculative claim.
I took a bitcoin backed loan (to pay taxes lol) at 8% (50% LTV).
Fiat, non-backed loan was something like 15%.
I could sell bitcoin, giving gov. 15% and miss current bull run.
Why not set up a payment plan with the tax office? They are typically at a comparable interest rate to your 8% and you don’t have to leverage your bitcoin that way. There are so many options in almost every situation to explore BEFORE jumping to taking a loan with shit terms against your sats.
we can't do that in my country. The terms are horrible. Worse then loan sharks (and daily interest).
and I did my research, this was least shittiest option.
