I am in need of some liquid cash and with the particular problem that I live in the US and have to pay sever taxes when selling my cryptocurrency.
So I would like to use some of my crypto to back loans for the simple reason of avoiding taxes and creating liquidity without creating a taxable event.
I know there are some companies that offer such loans. I also have a German Passport and address if that is helpful.
I am looking for where this is possible
I don't know exactly what kinds of cryptos you have but I know that you can deposit many common cryptos on to your Bitshares account. And from there on it is possible to lock them in as collateral and you would get 20% in BitUSD loans. Which you could sell against Fiat. The only problem is that your Deposit has also a margin limit and if the markets keep on droping further they would offset your deposit in order to pay back the loan.
Anyhow, I can't think of any other solution to get money from your cryptos if you are not willing to sell your positions. Maybe you have cryptos with negative performance...sell those and claim your loss with your taxes.
I hope you will find a good solution for your problem!
Thr problem is i need bts to do this and i only have a few % of my portfolio in bts. But this is a great idea?
Or am i wrong that i can deposit other cryptos on bitshares?
You can deposit all kinds of cryptos into your Bitshares Wallet (BTC, LTC, EOS etc...) but I think the lending option is only available for BTS and BitUSD holdings.
That said, I would recommend to put some of your earnings from Steemit (SBD/Steem) into your BTS Wallet since every gain from Steemit are always taxable events. And when you transfer your Steem to Bitshares you can buy BTS and use the 20% lending option. That's how you can make the most profit out of it!!!
Maybe you're looking for this https://www.unchained-capital.com/
What about Western Union? Someone you trust can send you cash through Western Union, and you pay them crypt, or power up their Steemit account?
I only know Salt and Coinloan that offer such loans. I never used one of them and do not know anybody ever used them so I can't really say much about it. Read you tried to contact Salt but didn't got a respond. Just try to contact Coinloan then. They are a highly competent team what I heard of.
Btw (just because I'm curious): Do you speak german? (since you wrote you have a German passport)
Yep i am german
Have you checked out Salt lending? They would be exactly what you are looking for. You need to lock in some of your crypto holdings in order to use it and there is a bit of a wait line, but this sounds like it could help you out.
Maybe try finding someone you trust to send your crypto to their coinbase and remove it like that .
Still a taxable event
yea
6 ideas for you:
Sell crypto for cash in person?
Use crypto as collateral for private investors who may give you a loan, seed capital if you have a business, given that you have a net worth over 135k usd, which is way more than a lot of people.
Go to an actual bank and apply for a loan.
Unpalatable I know, but actually pay your taxes and sell your crypto
Move to a tax haven for long enough to be a tax resident there and sell your crypto there.
Sell your voting power here for usd for X amount of months/years, again if you can get cash in hand or tether instead of through your bank account
Honestly I don't think you have a liquidity problem, I think you just don't want to pay taxes
Salt seems to be the most reputable and has been around the longest. I heard about blockfi but never used it.
Ive tried salt but they never respond..
It is better to use coinloan,salt is a good company too but the issue i have with them is that they do not reply quick,i think they should work more on their customer care department
How it Work You can Check Here
Please check out Salt Lending.
It is the only one trusted I know.
I have tried salt like 5 times and they never repainded to my request. I will try again
There are really websites to which you can pledge crypto currency?
Wow that's amazing.
I hope you find a good and trustful one.
I only own a little SBD and just a few ETH not enough to be on the crypto market
I think there is a new service called MoneyToken which does exactly this. Don't know if they are live yet.
salt or blockfi my friend @knircky
Buen dia amigo @knircky, la sal parece ser la más respetable y ha sido la más larga. Escuché sobre blockfi pero nunca lo usé
Interesting ...
I am new to crypto so any information regarding it is useful to me. I never considered the fees of changing Crypto to fiat.
Have you considered selling via Paypal / Ebay ? I sold a little crypto on Ebay before and if you are going to go that route ... go that route ... do so use caution as the place is full of scammers when it comes to the crypto section. I had some Ripple and Dogecoin stole from me.
Has anyone else sold on Ebay ?
If so what was your experience like ?
I have heard of Salt lending.
Maybe check out that
I really do hope you find soon. How I wish I can help. Awwww
@oredebby well there are some options
@knircky has set 10.000 STEEM bounty on this post!
What is a bounty exactly?
A bounty is money sent to a post to be distributed to the users commenting on it. It provides a way to reward users directly and works in addition to the steem/sbd they receive from the blockchain. It works independently of SteemPower.
You create a bounty by sending any amount of sbd/steem to @steem-bounty together with a post-url in the memo.
How can I earn a bounty Users are then competing for the bounty by writing their answers to the post in comments that will achieve upvotes from the community and especially the bounty creator. The money of the bounty gets distributed to all top level comments of the post at the same time when the post is paid out (7 Days after it was written). How much everyone gets depends on the votes the comments received. The sender of the bounties votes are weighted higher so that she decideds where 80% of the bounty money goes and all other votes determine the rest.@steem-bounty does all of this for you automatically. You can use this service to automatically pay out a challenge, ask a hard question or simply to reward the people that interact with you.
Read more about how it works, even in different languages here.
Congratulations to the following winner(s) of the bounty!
I really do hope you find soon. How I wish I can help. Awwww
Hoping that u will find it soon.
Back when Salt first came out I did some research to see what was out there for crypto collateral lending. I found the following websites: unchained-capital.com, blockfi.com and nebeus.com. I have not used any of them personally, but it should give you a place to start your research. They all store assets in cold storage, the last two have rates on their websites and Nebeus appears to lend against BTC or ETH. Hope this helps @knircky! (Did you lose more at poker than you are letting on! ; ) ) Cheers!
hahaha
How difficult is it, that I can help you. although I thought it would be fine if here in Venezuela, where I live, there were not the communists in charge of the government, I tell you to invest here in Venezuela, but for now it is not worth it. The other thing you can do is invest in the crypto iota
also in Tether, the cryptocurrency that is worth and will always be worth 1 dollar
I hope you find what you need! I have no idea how else to help you other then upvote your post. Good luck 😘
I have helped a few people with short term loans that I've met here on steemit but the amounts tend to be small. Know that Salt has been used by a few people I know and they were happy with the results. Overall this really seems to be the biggest issue right now with crypto.
Whatever you do be careful not to go near the margin limits as a fluctuation in price can trigger a margin call and if you don't have extra assets or ability to make a payment an automatic sale may occure. Then the entire purpose of your loan goes out the window.
Guessing you know of @neoxian, if not maybe there is something that can be worked out there.
Check this https://coinloan.io/
Might be helpful..
Have a great Sunday..
SALT delivers an alternative route to make money from cryptocurrency assets without giving up your position. It’s a lending platform which uses blockchain to back loans. In simple terms, SALT brings the ability to list your blockchain assets as collaterals for a cash loan. Every crypto asset holder can lend them to anyone else, receive interests and regain their crypto asset as soon as the loan is paid back.
SALT attracts investors by offering no prepayment fees. The interest rate depends on the mutual agreement between involved parties. The process of applying for a loan is also much more straightforward compared with traditional services. No credit score is required and instead of focusing on borrowers history, SALT pays attention to his or hers cryptocurrency and assets value. Such model may appear risky at first, but it’s not as all loans are secured with legally compliant smart contracts.
ETHLend
ETHLend is a facilitating platform for both borrowers and lenders. Here, lenders and borrowers can meet up and decide everything from loan duration to the interest rate. Like Jibrel, the platform runs on Ehtereum network and uses ERC20 tokens act as a deposit on the loan. If the borrowers succeed to repay their debts, all the collaterals are forfeit. It works like most of the fiat peer-to-peer lending services, except the service is on blockchain and uses LEND tokens.
ETHLend has announced a strategic partnership with Brickblock to explore further blockchain lending opportunities. Brickblock itself is a trading platform which aims to connect real-world assets and cryptocurrencies to create a new generation asset trading platform. With Brickblock people can trade their ETf’s, real estate and coin funds on the blockchain. Anytime soon the company expects to sell the first tokenized real-estate building with its Proof of Asset tokens.
Hello! , I hope you find yourself well, it seems there are several platforms working on it, one of them is BlockFi, you could check and see what you think !! Have a happy day! Successes!
Maybe you're looking for this https://www.unchained-capital.com/
I never heard or use blockfi. Please search on the web for best results.
find someone you trust and sent your amount his account .. and than back it. that the nice way ..
worth its weight in salt --?----but my take-away from this IS: -- when you sell #crypto to have to pay #taxes- wtf
Seems I'm quite late here. Hopefully your requirement has been met by now. So what service you zeroed in on? I'd like to know your experiences with it.
By the way, your post has inspired me to create a post of my own 😊.
https://steemit.com/crypto/@xyzashu/looking-for-a-loan-against-your-crypto-wallet-it-could-be-a-door-to-fiat-in-india-after-crypto-exchanges-go-out-of-businesses
Thank you for asking!
Thank you for the generous Upvote @knricky.
Did you find a solution for your problem? Have you tried out Salt, or Bitshares, or did you found something else useful?