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#60 - BlockFi Review: Bitcoin and Crypto-Backed Loans
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Over a month ago, I found the Bitcoin collateral loan product by BlockFi and decided to give it a try. Collateral loans have spiked in popularity with the latest DeFi boom in crypto. Now, everyone seems to be trying to collateralize their crypto positions to take out a loan and gain instant liquidity.
There are pros and cons to every collateral loan product - whether you’re using a centralized or decentralized protocol. BlockFi offers a professional experience and feels more like using a new-age bank than using a decentralized protocol to collateralize crypto.
With my experience in decentralized loan protocols, I decided to give a centralized loan protocol a shot and see what the pros and cons are. After using BlockFi’s loan product, I can say that there are clear reasons for using either decentralized or centralized loans. For my personal portfolio, using a mix of the two types of loan products makes perfect sense. In this episode, I explain the BlockFi loan product, how it works and the pros and cons between CeFi and DeFi.
In This Episode:
- Liquidity Without Selling - participate in gains of your collateral + use liquidity to generate other returns
- Taxe Advantages
- Use Cases
- My experience — just 2 days to liquidity
- Interest payments and paying off the loan with your collateral
- How Much BTC Do You Need?
- Pros and cons for CeFi
Sign-Up For BlockFi and get a $20* Signup Bonus - https://blockfi.com/?ref=fd060997
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