3 Steps On How To Deposit Bitcoin To Borrow NGNR

Blog • 2022/09/22 • by Remitano

If you are a Bitcoin holder and in need of borrowing NGNR without having to sell Bitcoin, this is a guideline for you from Remitano team!

*NGNR is Remitano’s cash designed exclusively for users in nigeria. Instead of the Naira, Nigerians can use the NGNR cash to buy and sell cryptocurrencies, such as BTC, ETH, XRP, LTC, USDT etc.

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1/ Purposes Of Borrowing NGNR By Depositing Bitcoin

You may want to borrow NGNR in case of:

Covering necessary expenses: daily purchases for goods, purchase of major appliance, installment of car, electronics, etc
Investing: real estates, stocks, gold, bonds, etc
Paying the debt/Capital rotation: mature the old debt and get more capital to maintain business operation
Covering emergency expenses: medical costs, job loss, home repairs, family business, etc
Others: health insurance, life insurance, vacations, education, entertainment, etc

You may also like: How To Deposit Bitcoin To Invest In Real Estate/Stock

2/ 3 Steps To Deposit Bitcoin And Borrow NGNR

Good news for Bitcoin holders, you can now deposit your Bitcoin and borrow NGNR from Remitano Crypto Lending without having to sell your coin with some simple steps:

Step 1: Deposit Bitcoin by using Crypto Lending
Step 2: Receive a loan paid by NGNR
Step 3: Repay the loan with interest, receive your deposited Bitcoin back and complete the process!

3/ Benefits Of Borrowing NGNR By Depositing Bitcoin

Some outstanding benefits when borrowing NGNR by deposit Bitcoin are:

Borrow NGNR directly while depositing Bitcoin and withdraw NGNR at Remitano with 0% fee, no swap fee from Bitcoin to NGNR needed
The interest rate is lower than bank interest
No requirement of credit record, prosperity evaluation which can take months
Receive your NGNR immediately after depositing Bitcoin successfully
Still hold your Bitcoin for bull market without having to sell for money
Benefit from your profit in investment and other businesses
Flexible interest rate, you can repay the loan anytime and receive your Bitcoin back

4/ Risks That May Happen If You Borrow NGNR By Depositing Bitcoin

There always exists risks when borrowing money and here are what you may want to know before deposit your Bitcoin to borrow NGNR:

Your loan can be liquidated if Bitcoin price plunges from the time it was deposited
Risks of scam, security, liquidation if you borrow from an exchange with bad reputation
In case of a slip in NGNR price

There are many ways to borrow NGNR, however, depositing Bitcoin is a new, promising method that can witness a significant development in the future. Remitano is about to launch a new product "Crypto Lending" that allows lending/borrowing cryptocurrencies which can help users to diversify their investment portfolio. Please comment your email below if you want to receive the latest update from us!

*Disclaimer: This article is not financial advice. The cryptocurrency market is volatile and every decision must be made with meticulousness in case of both profits and losses.