Looking for crypto collateral loans
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..
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