For many people, Bitcoin is a long-term holding: something chosen carefully and meant to be kept. Life does not wait for a good time to sell, though, and the moments that matter most rarely arrive on schedule.
A Bitcoin-backed loan lets what you already hold do some of the work. Your Bitcoin becomes security for a loan in Australian dollars, held in a segregated wallet uniquely generated for you, and released back to you once the loan is repaid in full.
So the wedding, the new car or the trip you have been planning does not have to wait for you to sell the Bitcoin you meant to keep. As with any loan, understand the terms first. If the price of Bitcoin falls, you may need to add collateral or pay down the loan, and if you do not, some or all of your Bitcoin can be sold to cover what you owe.
