Advantages of crypto-loans over bank loans
BaksDAO provides users with liquid funds collateralized by cryptocurrencies.
To get a loan, collateral in one of the available cryptocurrencies is required. The borrower will also receive funds in crypto, which can then be converted into fiat or other cryptocurrencies.
The amount of collateral is calculated by the LTV (loan to value) ratio - the ratio between the amount you receive and the amount of collateral.
If the rate of collateral currency suddenly goes down (or the rate of loan currency goes up), the LTV will go down.
The size of the loan depends on the collateral coin: the more stable the cryptocurrency, the higher the loan amount. For example, if a user pledges $1000 in bitcoins or Ethereum, he can get $650 in stablecoins or 65% of the pledge amount.
What are the benefits of crypto-loan?
💸 Convenience. Banking systems use complex algorithms to assess a customer's ability to pay. The borrower needs to collect an impressive package of documents, which takes a lot of time and effort to collect. With crypto-loans, everything is much easier. All you need to do to get a loan from BaksDAO is to connect your wallet. You can get a loan from anywhere in the world at any time of the day or night in just a few minutes.
💸 Interest rate. BaksDAO charges up to 10% APR. APR annual percentage rate: the actual annual cost of borrowing, including - in addition to the nominal interest rate - commissions and other costs.
💸 Maturity. By taking a loan from a regular bank, the borrower obligates themselves to make payments strictly following the bank's schedule. A loan in BaksDao is unlimited, which means you can repay the loan as it is convenient for you.
For whom is it especially convenient to take cryptocurrency loans?
📍Such loans are primarily useful for traders. Without selling their assets, they can get additional funds.
📍 Small businesses, especially blockchain startups. They often prefer to pledge in crypto and get a loan in fiat money. This is possible on the BaksDAO platform.
📍Miners who want to save and multiply their cryptocurrency, to pay rent, electricity, and other expenses related to mining.
@BaksDAO
BaksDAO provides users with liquid funds collateralized by cryptocurrencies.
To get a loan, collateral in one of the available cryptocurrencies is required. The borrower will also receive funds in crypto, which can then be converted into fiat or other cryptocurrencies.
The amount of collateral is calculated by the LTV (loan to value) ratio - the ratio between the amount you receive and the amount of collateral.
If the rate of collateral currency suddenly goes down (or the rate of loan currency goes up), the LTV will go down.
The size of the loan depends on the collateral coin: the more stable the cryptocurrency, the higher the loan amount. For example, if a user pledges $1000 in bitcoins or Ethereum, he can get $650 in stablecoins or 65% of the pledge amount.
What are the benefits of crypto-loan?
💸 Convenience. Banking systems use complex algorithms to assess a customer's ability to pay. The borrower needs to collect an impressive package of documents, which takes a lot of time and effort to collect. With crypto-loans, everything is much easier. All you need to do to get a loan from BaksDAO is to connect your wallet. You can get a loan from anywhere in the world at any time of the day or night in just a few minutes.
💸 Interest rate. BaksDAO charges up to 10% APR. APR annual percentage rate: the actual annual cost of borrowing, including - in addition to the nominal interest rate - commissions and other costs.
💸 Maturity. By taking a loan from a regular bank, the borrower obligates themselves to make payments strictly following the bank's schedule. A loan in BaksDao is unlimited, which means you can repay the loan as it is convenient for you.
For whom is it especially convenient to take cryptocurrency loans?
📍Such loans are primarily useful for traders. Without selling their assets, they can get additional funds.
📍 Small businesses, especially blockchain startups. They often prefer to pledge in crypto and get a loan in fiat money. This is possible on the BaksDAO platform.
📍Miners who want to save and multiply their cryptocurrency, to pay rent, electricity, and other expenses related to mining.
@BaksDAO
U.S. Bitcoin Mining Hash Power Dwarfs China’s
The U.S. is now the number one destination for bitcoin miners, eclipsing China for the first time ever. While it was already trending in that direction, new data from Cambridge University released early Wednesday makes it official.
As of July, 35.4% of bitcoin’s hashrate – an industry term used to describe the collective computing power of miners – is in the United States, according to the Cambridge Centre for Alternative Finance. That’s a 428% increase from September 2020.
Kazakhstan came in second, accounting for 18.1% of global bitcoin mining. In August 2020, Kazakhstan's share was 4.5%.
Russia is in the third place. Russia's share in the global bitcoin hashray reached 11.2%. A year ago, the country's share was 8.2%.
Such changes are due to the ban of cryptocurrency in China. Until recently, the country was the largest center of cryptocurrency mining, however, this year, the Chinese authorities banned mining and recognized operations with cryptocurrencies as illegal activities.
@BaksDAO
The U.S. is now the number one destination for bitcoin miners, eclipsing China for the first time ever. While it was already trending in that direction, new data from Cambridge University released early Wednesday makes it official.
As of July, 35.4% of bitcoin’s hashrate – an industry term used to describe the collective computing power of miners – is in the United States, according to the Cambridge Centre for Alternative Finance. That’s a 428% increase from September 2020.
Kazakhstan came in second, accounting for 18.1% of global bitcoin mining. In August 2020, Kazakhstan's share was 4.5%.
Russia is in the third place. Russia's share in the global bitcoin hashray reached 11.2%. A year ago, the country's share was 8.2%.
Such changes are due to the ban of cryptocurrency in China. Until recently, the country was the largest center of cryptocurrency mining, however, this year, the Chinese authorities banned mining and recognized operations with cryptocurrencies as illegal activities.
@BaksDAO
Welcome to our community 🤗 Hope you will enjoy the area and the product. Please, do not hesitate to ask questions or comment on our posts. 😉
We are here to increase your knowledge in crypto and get more from your crypto assets.
We are here to increase your knowledge in crypto and get more from your crypto assets.
The capitalization of the crypto market has set a new record. Bitcoin has risen by 47% in three weeks, and the capitalization of cryptocurrencies has surpassed the market value of Apple 🚀
According to CoinGecko, the size of the cryptocurrency market capitalization reached $2.6 trillion.
The previous record was set on May 12. At that time, the total capitalization of the crypto market amounted to $2.55 trillion.
The active growth of Bitcoin began on September 29, and during this time, the value of the coin increased by 47%. The capitalization of Bitcoin alone reached $1.154 trillion, while the total capitalization of the crypto market (Bitcoin accounts for 44.2%) reached $2.6 trillion.
But Bitcoin is not the only one. Over the past three weeks, Altcoins have also grown.
Ethereum holds 17% of the total market and has a capitalization of $458 billion.
In third place is Binance Coin (BNB) with $79 billion; fourth is Tether with $70 billion, and fifth is ADA with a capitalization of $69 billion.
According to CoinGecko, there are 108 altcoins in the market whose market capitalization exceeds $1 billion. The top 20 altcoins have a capitalization of more than $10 billion, and the altcoins in the top 10 market leaders are worth over $30 billion.
Another interesting fact is that the cryptocurrency market has surpassed Apple in terms of capitalization. The company has a market value of $2.388 trillion.
@BaksDAO
According to CoinGecko, the size of the cryptocurrency market capitalization reached $2.6 trillion.
The previous record was set on May 12. At that time, the total capitalization of the crypto market amounted to $2.55 trillion.
The active growth of Bitcoin began on September 29, and during this time, the value of the coin increased by 47%. The capitalization of Bitcoin alone reached $1.154 trillion, while the total capitalization of the crypto market (Bitcoin accounts for 44.2%) reached $2.6 trillion.
But Bitcoin is not the only one. Over the past three weeks, Altcoins have also grown.
Ethereum holds 17% of the total market and has a capitalization of $458 billion.
In third place is Binance Coin (BNB) with $79 billion; fourth is Tether with $70 billion, and fifth is ADA with a capitalization of $69 billion.
According to CoinGecko, there are 108 altcoins in the market whose market capitalization exceeds $1 billion. The top 20 altcoins have a capitalization of more than $10 billion, and the altcoins in the top 10 market leaders are worth over $30 billion.
Another interesting fact is that the cryptocurrency market has surpassed Apple in terms of capitalization. The company has a market value of $2.388 trillion.
@BaksDAO
U.S. launches first Bitcoin ETF
The first U.S. exchange-traded fund (ETF) based on Chicago Mercantile Exchange (CME Group) bitcoin futures will trade on the New York Stock Exchange (NYSE) today. ProShares Bitcoin Strategy ETF has been approved by the U.S. Securities and Exchange Commission (SEC) and will become available to investors under the ticker BITO. According to ProShares, Bitcoin Strategy ETF will begin trading at a set price of $40.
Since 2013, numerous companies, including ARK Investment, Fidelity Investment, VanEck, and One River, have tried to get approval from the SEC to issue a Bitcoin ETF, but all applications through 2021 have been rejected. As of now, 10 more funds are awaiting the commission's decision.
After the news broke, the value of Bitcoin raised for 4% to $62,900.
📍What is EFT?
ETF (exchange-traded fund) are investment funds, which form portfolios of assets and issue their own shares, where each security is linked to a certain part of the fund's assets. ETFs thus allow you to purchase an asset without actually owning it.
📍What are the prospects?
According to an analysis by Forbes, the cryptocurrency market is poised for even greater growth. Analysts predict a value of $100,000 for Bitcoin, and a value of $10,000 to $12,000 for Ethereum.
Bitcoin-ETF allows you to invest in the cryptocurrency on a regular exchange without contacting it directly or through cryptocurrency exchanges. For a non-professional investor, this is the easiest way to invest in bitcoin, and for the market, the expected inflow of money into a limited asset can only mean further growth.
@BaksDAO
The first U.S. exchange-traded fund (ETF) based on Chicago Mercantile Exchange (CME Group) bitcoin futures will trade on the New York Stock Exchange (NYSE) today. ProShares Bitcoin Strategy ETF has been approved by the U.S. Securities and Exchange Commission (SEC) and will become available to investors under the ticker BITO. According to ProShares, Bitcoin Strategy ETF will begin trading at a set price of $40.
Since 2013, numerous companies, including ARK Investment, Fidelity Investment, VanEck, and One River, have tried to get approval from the SEC to issue a Bitcoin ETF, but all applications through 2021 have been rejected. As of now, 10 more funds are awaiting the commission's decision.
After the news broke, the value of Bitcoin raised for 4% to $62,900.
📍What is EFT?
ETF (exchange-traded fund) are investment funds, which form portfolios of assets and issue their own shares, where each security is linked to a certain part of the fund's assets. ETFs thus allow you to purchase an asset without actually owning it.
📍What are the prospects?
According to an analysis by Forbes, the cryptocurrency market is poised for even greater growth. Analysts predict a value of $100,000 for Bitcoin, and a value of $10,000 to $12,000 for Ethereum.
Bitcoin-ETF allows you to invest in the cryptocurrency on a regular exchange without contacting it directly or through cryptocurrency exchanges. For a non-professional investor, this is the easiest way to invest in bitcoin, and for the market, the expected inflow of money into a limited asset can only mean further growth.
@BaksDAO
⚡️Bitcoin Prices Hit Fresh, All-Time High Above $66,000
According to CoinGecko, the price of Bitcoin at the moment is $66,100. During the day the price of bitcoin increased by 5%, for the week - by more than 17%. The cryptocurrency has been rising in price since mid-October - on the 15th its rate exceeded $60,000 and on the 19th approached a historical maximum.
Bitcoin's rise is associated with yesterday's release of the first Bitcoin-ETF on the New York Stock Exchange.
"This is an important moment," said Jesse Proudman, co-founder and CEO of Makara, a cryptocurrency advisory firm. "It's no longer a question of whether this asset class will continue to exist - I think it's a really significant mark in the history of the broader digital asset class."
Over the year, Bitcoin has increased its growth to nearly by 130%. The largest digital currency by market size is up by more than 300% in 2020 and by 95% in 2019, after falling 73% in 2018.
@BaksDAO
According to CoinGecko, the price of Bitcoin at the moment is $66,100. During the day the price of bitcoin increased by 5%, for the week - by more than 17%. The cryptocurrency has been rising in price since mid-October - on the 15th its rate exceeded $60,000 and on the 19th approached a historical maximum.
Bitcoin's rise is associated with yesterday's release of the first Bitcoin-ETF on the New York Stock Exchange.
"This is an important moment," said Jesse Proudman, co-founder and CEO of Makara, a cryptocurrency advisory firm. "It's no longer a question of whether this asset class will continue to exist - I think it's a really significant mark in the history of the broader digital asset class."
Over the year, Bitcoin has increased its growth to nearly by 130%. The largest digital currency by market size is up by more than 300% in 2020 and by 95% in 2019, after falling 73% in 2018.
@BaksDAO
Welcome to our community 🤗 Hope you will enjoy the area and the product. Please, do not hesitate to ask questions or comment on our posts. 😉
We are here to increase your knowledge in crypto and get more from your crypto assets.
We are here to increase your knowledge in crypto and get more from your crypto assets.
Ethereum renewed its historic high at $4,375
On the Binance exchange, the cryptocurrency's price reached the amount of $4,375. Unfortunately, the coin failed to consolidate at this level, at the time of writing the post Ethereum is trading at $4,115.
During the day, the coin's price rose for 11%, with a market capitalization of $508 billion. The daily trading volume was $31.57 billion.
The coin last peaked in May, at which time Ethereum was valued at $4,350.
In a recent interview with The Stake Borg podcast, the coin's founder, Vitalik Buterin suggested that the second most capitalized cryptocurrency would surpass bitcoin in terms of total market value and as a means of preserving capital.
"It's possible. I think the big difference between Ethereum and bitcoin is that the latter is a platform where the value of the ecosystem depends on the value of the cryptocurrency, but Ethereum is exactly the opposite," he said.
@BaksDAO
On the Binance exchange, the cryptocurrency's price reached the amount of $4,375. Unfortunately, the coin failed to consolidate at this level, at the time of writing the post Ethereum is trading at $4,115.
During the day, the coin's price rose for 11%, with a market capitalization of $508 billion. The daily trading volume was $31.57 billion.
The coin last peaked in May, at which time Ethereum was valued at $4,350.
In a recent interview with The Stake Borg podcast, the coin's founder, Vitalik Buterin suggested that the second most capitalized cryptocurrency would surpass bitcoin in terms of total market value and as a means of preserving capital.
"It's possible. I think the big difference between Ethereum and bitcoin is that the latter is a platform where the value of the ecosystem depends on the value of the cryptocurrency, but Ethereum is exactly the opposite," he said.
@BaksDAO
Elon Musk explained why he continues to support Dogecoin
Responding to questions from followers on Twitter, the CEO of Tesla and Space X once again showed his support for the Dogecoin. According to the entrepreneur, he supports the coin because he considers it "the people's cryptocurrency."
"A lot of people I've talked to on Tesla's production lines or in building rockets at SpaceX own Doge. They are not financial experts or Silicon Valley technologists. That's why I decided to support Doge - I thought it was the people's cryptocurrency." - Musk wrote.
But that's not the only reason for the businessman's special love for the coin. "Doge has memes and dogs and others don't."
Elon Musk also denied that he and his representatives are part of the Dogecoin Foundation. In August, the company made a statement saying that Elon Musk's representative Jared Birchall and Ethereum co-founder Vitalik Buterin had joined the company's renewed board.
According to a Finder survey, 30.6% of cryptocurrency owners in the U.S. said they own Dogecoin. Globally, only 19.2% of cryptocurrency owners own the coin.
Responding to questions from followers on Twitter, the CEO of Tesla and Space X once again showed his support for the Dogecoin. According to the entrepreneur, he supports the coin because he considers it "the people's cryptocurrency."
"A lot of people I've talked to on Tesla's production lines or in building rockets at SpaceX own Doge. They are not financial experts or Silicon Valley technologists. That's why I decided to support Doge - I thought it was the people's cryptocurrency." - Musk wrote.
But that's not the only reason for the businessman's special love for the coin. "Doge has memes and dogs and others don't."
Elon Musk also denied that he and his representatives are part of the Dogecoin Foundation. In August, the company made a statement saying that Elon Musk's representative Jared Birchall and Ethereum co-founder Vitalik Buterin had joined the company's renewed board.
According to a Finder survey, 30.6% of cryptocurrency owners in the U.S. said they own Dogecoin. Globally, only 19.2% of cryptocurrency owners own the coin.