RE: Dear Brave Browser: Love You, But...
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Same here, Brave is my browser of choice. I've had it connected to Gemini for a little while now. But truthfully, I haven't done anything with it. I wanted to trade my BAT for another coin that was going to be for some play 2earn game, but I never did it!
I have been interested in crypto backe dloans these last couple months... Finally got into DeFi, collecting nice yields, the next step is to take out loans! Thanks for the read!
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I can relate... so much to do! That's why I like the idea of just letting it pile up a bit and throwing it into a savings account that will compound over time. 👆
There are lots of options out there for crypto-backed loans, but I've had a great experience with YouHodler. They give me 70% value on my BTC collateral with two months to pay it back... decent rates from what I can see, and generous interest rates on my other balances. There are different terms: you can get 90% of the BTC value if you pay it back in a month-- and you can also set it to be sold and take profit at a certain price level. No complaints at all (and they don't pay me to say these things, except the commission if you go through MY LINK and do some trading).
I appreciate you taking the time to read and leave a thoughtful comment, Senor Coconut! 😊
!PIZZA
Hey, thanks for that info and the 🍕. The question I have with crypto back loans is about buying something with fiat currency (after conversion), I don't want to pay taxes on a loan. Anyway around that?
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I'm not really the person to ask about that end of it... but I think these loans are actually a way of avoiding getting taxed for selling the crypto. So you let them hold the Bitcoin, for example, and they loan you fiat. When you pay back the loan, you get the full crypto collateral back and no sale is triggered.
Does that make sense?
It would be nice if someone chimed in right now to educate us both about the intricacies. The purchase and sale of crypto seems like more of the tax danger zone... peer to peer transactions to a cold wallet would be clear, but anything on exchanges is business as usual.
Hey thanks for your response, sorry it took me this long to reply!
Yes the collateral bit makes sense. There are a couple people I follow in the self-reliance circle who use crypto back loans, I'll try to find out more there.
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