Today I wanted to talk about the SALT Lending coin and give you my opinion.
There are a lot of crypto coins being traded. You must do your own due diligence when building your crypto portfolio.
I have been hearing about the SALT coin for a couple months now and decided to give it some attention.
So lets see what this SALT Lending is all about shall we?
SALT Lending – Coin Review
What happens now in the real world if there’s a situation where someone needs fiat to live. Most people have one option. To sell their crypto or sell their bitcoins then use cash for their expenses.
What if there was a coin that can fix this problem and offer different solutions?
SALT Lending platform does offer a different solution. I’ve been hearing about this coin for a while. So I put it on my to do list to review this growing coin.
I always look for three things in a coin. Value, simplicity and offers real world solutions. If a coin does these three things it has tremendous potential.
It’s understandable people are coming into crypto to make money. I get it. We all have to eat. What I am trying to give you is a bit more then just money.
In the end there will only be a handful of coins that become the next Bitcoin in their own right. I’m sure there will be many coins that do well. But long term I’m guessing only so many coins will go into the billions of dollars on the market cap and actually stay there.
SALT Lending – Billion Dollar Mark
As I am writing this thirty seven coins have gone over the 1 billion dollar mark. I’m sure some of these coins will make it long term. Bitcoin, Ethereum, NEO and some others you can see why they keep going up in value.
As you can see in the screenshot above SALT is number 49 with total market cap of $688 million. I’m fairly certain with time SALT will cross the billion dollar mark.
It’s also very possible a lot of these coins crossed that billion dollar mark off pure hype. I won’t name any names.
For a coin to achieve those type of numbers and stay there for a long time. They have to offer a lot more then just HYPE! Remember the dot com boom? How many of those companies are still around today? Just a handful.
SALT Lending – Options
When you start up your free SALT Lending account it will take you into the back office. SALT has an annual member of 1 SALT or $27.50 USD.
You’ll notice the three levels Base, Premier or Enterprise. Before you can have access to a loan you must purchase your membership.
Pretty simple right? Lets take a look at a real life scenario.
So what you would do is take some of your bitcoin and put it in an escrow account. SALT Lending would match you with someone who is willing to match with fiat currency.
So lets say you put 20K in cryptocurrency in an escrow account. Someone would then lend you 10K USD or there about. You would agree to lets say a 10% interest rate.
So you would pay 1,000 USD over the course of the year. Once you finish paying back that loan. The bitcoins are released back to you.
So you have the advantage of using fiat currency. You now have the advantage of holding onto your cryptocurrency assets. And the person that lent you the USD have a lot to gain as well. Now they are making 10% on their fiat currency instead of it sitting in a bank making 1 or 2% or less.
This is why I believe SALT Lending is going to be a big deal in the cryptocurrency space in 2018 and beyond.
I’m not completely sure if you can pay the loan ahead of time. My guess is you have the option to pay the loan off in advance.
So today I want to look a bit deeper in SALT Lending, how it works, and maybe even some price predictions for the future!
Before we move on here is a screen shot of what you can borrow:
SALT Lending – Collateral
The company is trying to solve a problem that I think is going to be much more frequent in the future. For example lets say you own 20K USD in bitcoin. Now you run into a situation where you need to get your car repaired.
Most people doing crypto full time may have lots of crypto but not a lot of fiat. We aren’t at the point where local businesses are accepting crypto.
So they would have to sell some of that bitcoin to get that car repaired.
SALT Lending would allow you to use your Bitcoin as collateral. You would be able to borrow in fiat money against it.
The only thing SALT Lending does is work with credited investors. For it to work in the USA that’s a law I’m sure had to be put into place. For something like this to work it can’t be peer to peer. At least in the USA. They are pretty strict.
SALT Lending Protection
Lets say you’re already fairly wealthy. But you don’t want to get into crypto because you don’t quite understand it. Now you can lend money to SALT and they would give you 10% interest in return.
The lenders are protected. Lets say you want to borrow 10K in currency. You will probably have to put in closer to 20K in currency.
One common question SALT Lending gets is what if bitcoin drops drastically? It’s possible SALT can liquidate the bitcoins for you to pay back the fiat lender. Or you can put more bitcoin in as equity so they don’t lose.
The market would really have to crash for this to happen. If you’re putting in double into escrow you’re fairly safe. However anything is possible and I am not a financial advisor.
If you have a lot of crypto assets and you need some local currency SALT Lending could be very helpful. Another big advantage with SALT Lending people can borrow in their local currencies.
SALT Lending – Bottom Line?
SALT Lending seems to be a fairly secure and easy to follow platform. What I do find interesting is the simplicity of SALT Lending and at the same time pretty genius. The implications could be huge.
You can go into the SALT platform and deposit some SALT coins to set up a basic account. From there you will have to deposit bitcoin.
For the Base account you can borrow up to 10K USD and goes all the way to 1 Million USD. Acquiring 10K USD in crypto is fairly easy. If you follow my strategies you will be well on your way to the 1 Million mark!
SALT Lending Conclusion
SALT is completely unsecured lending. In a sense they don’t care what you’re going to do with the money. So if you want to take that money and spend it on a vacation that’s your business. Or maybe you should actually fix your broken down car?
SALT Lending doesn’t care what you do with the money. You already backed up that loan with your bitcoins.
So in the event you can’t pay back the loan. SALT Lending will liquidize those bitcoins and pay back the amount of money owed to the lender.
How Genius is that? Giving power back to the people. At the same time giving them some responsibility. Very interesting I must say.
Don’t take a loan out for 20k and blow it in Vegas because you won’t be getting your bitcoin back. Power to the people. I like it.
It’s not often I give a coin big thumbs up. But I must say. SALT Lending offers value, simplicity and real world solutions so there you have it.
My #1 Recommendation
Whether you plan on using SALT Lending or not this still applies to you.
Crypto is without a doubt the place to be in 2018. If you are learning and applying you’re in the right place.
Always remember to never put all your eggs in the same basket.
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Thank you, this is so helpful. Any clue what is the duration of the loan to hit the account of the borrower?
I haven’t personally used their service. If you send them an email I’m sure they’ll get back to you asap.