Have you used Coinbase’s Bitcoin-backed lending product? What’re your thoughts.
I have used it, my main criticism is that I wish the loan was not over-collateralized.
#bitcoin #coinbase
Discussion
These loans are given with the hope to steal your BTC.
You think they’ll rug pull customers? While I think there are better Bitcoin platforms, I’d still trust Coinbase more than a traditional lender.
How much would you trust a traditional lender? 🧐
That’s kind of my approach, I’d rather borrow through Coinbase than a bank. Very interested to see what some of these Bitcoin-backed loans look like on other Bitcoin platforms like Strike.
Then you need to consider a bitcoin denominated life insurance policy where you can take bitcoin loans collateralized 1:1 with the bitcoin cash value. Much lower interest rate as well. Only downside is that you are paying for the insurance as well.
Much lower than 5%?, seems like the variable interest rate stays around that level with the Coinbase lending product.