gracemuinamo Posted May 8, 2021 Share Posted May 8, 2021 Cryptocurrency loans work in the same way as bank loans. The bank receives money from your savings account which is then lent to the borrower. The bank will offer interest on your savings account and charge borrowers a higher rate of interest to make a profit. Two blockchain technologies make this phenomenal interest rate safe and risk free. First, smart contracts guarantee the return of cryptocurrency without even checking the creditworthiness of the borrower. Smart contracts are blockchain code that can perform certain functions, such as: B. holding loan collateral in an escrow account. Any ideas you can add to this Quote Link to comment Share on other sites More sharing options...
ronyboy Posted May 8, 2021 Share Posted May 8, 2021 The cryptographic money loaning stages work most correspondingly to banks. Stages like BlockFi permit you to procure interest on your digital currency by putting away your assets on its foundation. BlockFi at that point loans your cash to confided in institutional and corporate purchasers. The loan cost you acquire is a coasting loan fee, implying that it changes with market interest. Absurd year, be that as it may, the APY for stablecoins on digital currency loaning stages has remained moderately stable around 6% to 12%. The cryptographic money you decided to support your record influences the loan fee you acquire. For instance, you can acquire a 6% financing cost on Bitcoin, yet in the event that you decide to support your record with USDT (a stablecoin) you can procure 9.3% yearly. Quote Link to comment Share on other sites More sharing options...
ianmugoya Posted May 8, 2021 Share Posted May 8, 2021 Thanks for the share. Starting with Ethereum and dominating the network, smart contracts are the key to protecting creditors. A smart contract is a self-fulfilling contract in which the terms of the contract are pre-programmed. Technology monitors contracts and enforces them for you. If the conditions are not met, the algorithm in the contract will be notified. Allgo automatically determines the conditions of your collateral repayment and collateral receipt from borrowers. see more on https://hackernoon.com/12-best-bitcoin-lending-sites-to-earn-interest-in-2021-idl32os The amazing thing about this technology is that, as a lender, you don't have to rely on the person or the implementation platform. This is automatic. Earlier we discussed that blockchain is an untrusted system that does not require trust in other centralized entities such as banks. Using smart contracts is also not trustworthy. They don't trust the platform to enforce your loan terms. The contract itself does it. Quote Link to comment Share on other sites More sharing options...
gds221 Posted May 9, 2021 Share Posted May 9, 2021 It should be understood that this industry has recently appeared and requires that the trader should be able to work properly. Quote Link to comment Share on other sites More sharing options...
Vaabum Posted May 9, 2021 Share Posted May 9, 2021 I believe that cryptocurrency is the future. And if now you learn to work with this, then you can then get very good results! Quote Link to comment Share on other sites More sharing options...
Ceban Posted May 11, 2021 Share Posted May 11, 2021 Indeed, cryptocurrency is not a big enough future and it is not that far Quote Link to comment Share on other sites More sharing options...
gds221 Posted May 12, 2021 Share Posted May 12, 2021 Now cryptocurrency is gaining more and more popularity. It should be understood that in the near future this option will be quite interesting for many. Quote Link to comment Share on other sites More sharing options...
Vaabum Posted May 12, 2021 Share Posted May 12, 2021 Cryptocurrency is gaining momentum, while every day more and more. As for me, now this is a rather interesting option for investing. Quote Link to comment Share on other sites More sharing options...
gds221 Posted May 13, 2021 Share Posted May 13, 2021 For work, cryptocurrency is a rather interesting option, but also requires a certain amount of skills and knowledge. Quote Link to comment Share on other sites More sharing options...
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