Toyota Worth 1000 Bitcoins

 Tosoni, seeking to diversify his investments, decided to use cryptocurrency as collateral for a loan to purchase real estate. But he ran into a problem - traditional banks did not show proper interest in the owners of the crypt, giving preference to clients with a constant income.

 Michael Tosoni is the same poor fellow who bought a Toyota Prius for 1,000 bitcoins in 2013. Now he is trying to get a loan secured by crypto. And according to him, despite the difficulties, he found several creditors. Having analyzing the situation he realized that the interest on a loan secured by bitcoins would be lower. But there are several nuances here.

 


Compared to traditional mortgages which require only 10-20% down payment the crypto-secured loans are much more expensive. In most cases such loans are provided at 100% of the cost of borrowed funds.

 “Using crypto as collateral will give me the opportunity to keep my bitcoins when buying a property. However, this approach comes with certain risks,” Michael said.

 #securedloans #cryptocurrency #mortgage #finance #financialrisks #cryptocurrencycollaterals #investments #Bitcoin #creditrisks #financialplanning #diversification #financialsecurity

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