Reading on is highly advised, if you want to know how to cut out the middleman without a blade. Today we’ll discuss a peculiar phenomenon, which until almost ten years ago, was only present in anarcho-capitalist fairy tales. What we’re talking about here is no ordinary invention! It’s limited in supply but unlimited in potential. Borderless in nature, a purely digital currency running as a content type on a transparent network that doesn’t even care whether you’re a human or a fridge! A power hungry network that preaches equality and respects ownership like nothing before, – yet its product you’ll still never possess.
For those who don’t know by now, we are of course going back to basics and brushing up a little on our Bitcoin knowledge. If Bitcoin only has perks, you may wonder, why the whole world isn’t already diving deep into mining pools and using check lock time verify to give their kids crypto at midday to buy lunch at the school cafeteria? Although the view is clear, we can’t just continue cheering on the sidelines oblivious to the fact that the journey we’ve embarked on is riddled with obstacles and controlled by institutions with an outright distaste for the game. Bitcoin is doing everything to fulfill its promise to put the purchasing power and financial responsibility back in our hands and all we do is stand around waiting for it to magically happen? Beneath the surface of why we’re still only talking the talk lay numerous social and technical challenges yet to be solved; and in the short time we have with you today, we’ll focus on only one – the spendability issue. While crypto is rarely accepted and utilized in our day-to-day lives, there’s still an aspect of this problem that comes in cycles. The cyclical spendability problem basically means it’s relatively easy to spend Bitcoin when they are valued at $20k, but not so much when they’re barely scraping $7K.
So what about those who bought Bitcoin towards the end of last year with high hopes to turn a quick profit– but missed the summit and soon found themselves “worse off” than before they invested? They really don’t lose any money unless they cash out below the price point they purchased it at, but that obviously goes against the fundamentals of all trading. So let’s assume they don’t go down that road. And, what about those who have been patiently waiting until now for Bitcoin to find its way back up, who have a shortage of cash yet still plenty of hope? At this point I must interrupt and tell nocoiners* (It’s alright, we’ve all been there) that the concept I’m about to introduce will work for them too. If you want to invest in Bitcoin and enjoy its huge potential while keeping your fiat too, it’s certainly possible. Just like you can live in your house while still having a mortgage, you can now also use your crypto as collateral to take out a fiat loan –and it’s very simple too!
Let me break it down for you. When you lock in your crypto as collateral, you become a Borrower who borrows from aLender. There are three additional roles on our platform, but the most important one is the Collateral Manager, whose main responsibility is contract termination. This occurs during a correction when the locked collateral is no longer adequate to cover 100% of the loan. Yes, you read that right. Our lenders take on virtually no risk because they have 100% backing for their loans, in addition to having crypto as collateral making liquidation super fast. You – as the potential Borrower – can post a lending request on the platform, and based on the metrics you specify, lenders can offer you loans most suited for your needs.
What’s in it for the Borrower? The Borrower still has to eventually pay back the loan plus interest when he wants to get his crypto back. So why even take out a loan in the first place? While there are many possible reasons behind this, we know one thing for sure: our users are always longing for a better exchange rate. See, if you lock the crypto in as collateral, you can use the loan to buy more BTC. Rinse and repeat. So what’s the catch? There is none. This is cryptofinance, not baseball. We deal with facts– and the facts illustrate that you need only to pay back the same amount that you got for your crypto plus interest when paying back the loan regardless of how much the exchange rate has changed.
Ah-ha! Then interest, that must be it, INLOCK must take a gruesome cut! No, in fact, we aren’t even the ones who give you the loans in the first place. We’ve realized that this space is no different from other industries in the way that competition drives prices down. In the case of a loan, the price we pay manifests in the form of interest. So what do we do? INLOCK saw the rapidly increasing demand for such services and created a crypto collateral based fiat lending platform where institutional lenders compete for borrowers. That’s right, they compete by offering more favorable loan terms, such as lower interest rates and quicker disbursement. Unlike with traditional loans, there’s no need for a credit score check, and loans can be payed to the Borrower in just a few hours, leaving them time to give us an honest review [here] about how awesome our platform is!
If you believe in our cause, or if you simply want to have a chat about crypto, make sure to get in touch on either of our social channels!
*Colloquial name for people who don’t own any cryptocurrencies.
For news make sure to join our Telegram
Our official channels are: