ALAN A 28YEAR OLD ENGINEER GIFT HIS MOTHER A HOUSE BY TAKING BTC LOAN
Alan said he took out a Bitcoin-funded loan in 2021 - sadly for his sister's birthday - to give his mother tax free. He then used the money to buy a house in North Yorkshire, England, while Alan kept his Bitcoin.
Alan started using Bitcoin in 2012, learning that it was a useful currency to buy things online. He used the peer-to-peer (P2P) service of localbitcoins.com, a group of non-native Cointelegraph subscribers, to purchase Bitcoin.
Alan described the process of buying Bitcoin from real people as "a strange experience." He explained that experience 10 years ago could not be compared to using popular trades like Coinbase, Kraken or Binance today.
During his university studies, Alan's interest in Bitcoin grew and diminished until 2014 and "less than $ 100," or $ 130, Alan had in Bitcoin "became a great couple." Alan describes the "transformation" of Bitcoin currency into something more:
“Bitcoin was a real help, from buying things online to having real value. Now I have this unknown amount, or 'not enough' money, which has real value. ”
Holding on to Bitcoin for a long time might make sense, as the P2P currency created by Satoshi Nakomoto could be an investment tool or a value store.
Fast forward to 2016, and the price per Bitcoin was around $ 753, or 600 pounds. Alan knew it was “something to be bought,” but Alan was still a student and had his head set on tests:
"I had no money, and any Bitcoin I had I used to buy things."
Alan spoke with his father, suggesting that it might be necessary to “plant a few thousand” in an orange peel. Unfortunately, his father did not invest in 2016, but Alan continued.
The 2017 Bitcoin Bully fluctuated, and the price per Bitcoin reached almost $ 20,000. At the time of Alan's second split, a process in which the Bitcoin miner won half, resulting in a shock of the offer, his Bitcoin was beginning to grow in value.
In the summer of 2021, at a price of $ 40,000s, negotiations for Alan's mother's house emerged from the negotiations. Alan knew how to 'help,' and better yet, he knew he could borrow money to keep from selling.
He opted for Celsius, a central financial platform that deals with cryptocurrencies divided into cash. Despite the interest in other cryptocurrencies and fixed financial information (DeFi), Alan explained that using a centralized financial provider provides a "low risk perspective," as they are backed by business finance:
“You expect them to be a little stronger than DeFi's principles. Also, a 25% value loan is a good limit they set for me because otherwise, I would have ended it myself. "
On his sister's birthday, in August 2021, Alan took out a 25% interest rate, a 0% interest on the Bitcoin-backed Celsius-backed loan. He soon transferred the money to his mother to get the required amount of new housing.
He set aside 2.08 BTC as collateral to produce $ 25,000 for a purchase during a 36-month loan. Alan's mother was overjoyed at his gift, and upon hearing that the money was coming from a Bitcoin loan, Alan commented, "That's fine!"
"We hear a lot of good news about clients starting businesses, building businesses, buying houses, caring for others, and even climbing mountains using Celsius loans."
Alan warns of his knowledge of Bitcoin-backed loans by explaining that he has taken some Celsius loans to buy other items, but in a word of warning: "Sometimes it's good, sometimes maybe a sheet."
Finally, Alain explained that although "Bitcoin rides badly in the newspapers, the good things people do with it, get better." In addition, you have proved that you do not need to sell your Bitcoin in order to be generous.