The only downside is you have to pledge 250% of the loan value, but even with this constraint I can't think of a reason you wouldn't use this product. If you believed bitcoin was going to go up in val...
it goes horribly wrong if the exchange you're own goes bust, or is hacked and you lose your coins.
depends on the terms of your mortgage contract what happens there. presumably the bank will ask for some other form of collateral, depending on your equity in the house.
in principle it sounds good though. people get all hung up your bitcoin being locked away and unavailable, but if you're going to buy an asset then your fiat wealth is locked away in it too.
but, it is just using btc within a broken system anyway. I managed to get out of the mortgage trap years ago. sold the 2 houses I had which was enough to pay cash for some land and build an offgrid dwelling. that sold for enough to pay for where I am now.
i probably should have played the game and leveraged that money into a whole lot more (did look at an entire apartment complex at the time. but didn't want the hassle and troubles of tenants) but I have always had an allergic reaction to being in debt.
I could be a lot, lot wealthier, but I could also be more stressed. been a landlord before, fuck tenants.
currently sitting in the sun with a nice cigar and coffee, birds singing, barely a worry in the world.
depends on the terms of your mortgage contract what happens there. presumably the bank will ask for some other form of collateral, depending on your equity in the house.
in principle it sounds good though. people get all hung up your bitcoin being locked away and unavailable, but if you're going to buy an asset then your fiat wealth is locked away in it too.
but, it is just using btc within a broken system anyway. I managed to get out of the mortgage trap years ago. sold the 2 houses I had which was enough to pay cash for some land and build an offgrid dwelling. that sold for enough to pay for where I am now.
i probably should have played the game and leveraged that money into a whole lot more (did look at an entire apartment complex at the time. but didn't want the hassle and troubles of tenants) but I have always had an allergic reaction to being in debt.
I could be a lot, lot wealthier, but I could also be more stressed. been a landlord before, fuck tenants.
currently sitting in the sun with a nice cigar and coffee, birds singing, barely a worry in the world.
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