2017’s highly publicized cryptocurrency rally led many to invest in the burgeoning asset class, with Bitcoin being the most popular cryptocurrency. The facts don’t lie – the tail-end of 2017 saw a dramatic spike in USD transaction volume, which has not been matched since.
Megapawnshop offers investors loans using Bitcoin as collateral
However, the ensuing year’s bearish market sentiment resulted in some notable year-over-year losses for those who heavily invested in Bitcoin during late 2017. Nonetheless, the last few month’s shifting market sentiment has many hopeful that the price of Bitcoin might soon rebound.
As such, it is logical that long-term investors retain their Bitcoin holdings for now, in the hopes of impending future gains. Consequently, some Bitcoin holders who need funds but do not necessarily currently want to sell their cryptocurrency is faced with a conundrum.
However, there is thankfully a solution to this issue. A veritable plethora of loan sites have emerged, which allow users to sign up for loans in fiat currencies using their cryptocurrencies as collateral.
One of these sites is the Australian micro-finance service Megapawnshop. Megapawnshop is a platform which facilitates loans in US dollars against collateral consisting of Bitcoin. Furthermore, the site allows users to make a loan for 70% of the market value of one’s Bitcoin.
In addition to this, Megapawnshop facilitates Bitcoin-backed loans starting from $100, up to a whopping $30,000. Moreover, the commission is pegged at 1% for the first 30 days, after which it will increase to 2%.
This allows investors in need of fiat currency to get quick and easy access to US dollar loans backed by cryptocurrency. It is also easy to recover one’s Bitcoin merely by paying the associated commission.
Megapawnshop has launched an investment plan to attract more fiat capital
Now, however, Megapawnshop has also recently launched an investment plan in order to cover the demand for fiat currency. Subsequently, Megapawnshop is now allowing consumers to invest their fiat currencies savings as a means to attract more capital.
Furthermore, Megapawnshop is promising impressive gains in short periods of time for those who invest.
According to Megapawnshop, an investment term of two weeks should result in receiving 110% of the invested amount, and a daily investment for eight weeks should translate into receiving 157% of the amount.
Megapawnshop also stresses that investors’ funds are securely protected by the firm’s internal insurance fund. As a result, Megapawnshop is an attractive alternative both for those in need of Bitcoin-backed loans as well as those looking to make money off their fiat capital.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.