Borrow against bitcoin

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How to borrow against bitcoin

Borrowers can generally designate the fiat currencies in which they’d like their loans denominated. Credit checks are minimal at best, which makes this an appealing option for people with extensive crypto holdings but little to no — or even a negative — credit history. Funds are transferred quite rapidly. Once approved, a borrower can have the cash within hours.  How long does it take to get my loan approved? These loans do not require borrowers to put up crypto assets as collateral, but there’s a catch: you have to repay the loan with interest within a single block. This means you have a few seconds or a few minutes to repay the loan. If you can't repay the loan within this brief timeframe, the transaction is automatically canceled, and you won't actually borrow any funds.

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Crypto backed loan

If you fail to repay the loan on time, the loan company has significant leverage. Due to the volatility of cryptocurrencies, people who want to get a crypto loan often have to put up collateral that is worth a lot more than the loan amount. So, loan platforms can be sure that even if the crypto market crashes, a deal will still be in their favor. Flexibility and Variety 3. Select length of your loan