Greetings. I’m enjoying the De-fi course with Amadeo & wanted to relate my actual situation to see if any crypto solutions arise from the forum. I have a list of bills to meet over next 2 weeks. Back when Covid hit I poured all my fiat in to BTC, ETH & ALTS. Now I need $12K NZ fiat with 65% of that going to the tax man in 3 days & the rest dripped out before end of August ? How should I do this ?? Sell some BTC ? I see this as my only option (at writing I will need to sell 0.672 BTC to cover those bills on time (or penalties strike). How else could I do this in order to be a DE-FI genius I’m very Interested in any solutions you may have ? Thanks all.
It’s a risky manoeuvre and I’m definitely not recommending you do this but if you wish to keep your Bitcoin you can use MakerDao to borrow DAI using your BTC as collateral
You will need to provide at least 150% more Bitcoin in USD value than what you wish to borrow to ensure your debt is under collateralised and ensure that your collateral does not go under 150% or you risk liquidation
You could then cash this DAI out for kiwi dollar using a Fiat off ramp (Perhaps Binance, I’m not sure if they cater to New Zealand
There are obvious risks with this, if the value of Bitcoin drops you will need to ensure your position is not under collateralised.
Once you have paid off your debts you can repay the borrowed DAI and take your BTC out
I would exercise caution with this and I definitely cannot recommend you do this