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0 sats \ 0 replies \ @Bold_Bitcoin OP 3 Dec 2022 \ parent \ on: Hello Stackers! Bold is a credit card backed by your bitcoin stack. AMA! bitcoin
"Spend bad money, save sound money."
Indeed!
Hello @starbackr_builder I want to correct this answer as the above is not correct.
The key agent is an independent business whose sole function is to safely custody their client's keys. They are not our banking partner as I wrote above.
This model is the same as other collaborative custody solution like Unchained.
I know first-hand the Ledn model and I think safe to say that the overall amount of interest you'd pay will be much less with Bold. Main reason is with Ledn you take out the entire amount of your loan and start paying interest on it from day one.
With Bold, you can spend for a month and then at statement time decide what you want to pay down. If you pay it down completely, you pay no interest. But even if you carried the entire balance, it's only after that month that you being accruing interest.
Great question. We are bitcoin-only, would never try to get our customers to buy our own token! And you can hold a key to the coins you put up as collateral, whereas Nexo gives you an IOU.
All credit cards require KYC, including the Bold Card. There are some benefits to this, like chargebacks and fraud detection.
The main offering is 100% on-chain. We have some fun things in the works for customers to do while we launch this product. Those marketing initiatives will be implemented in Lightning
Location matters because we are a regulated business and we have to get approval in each jurisdiction (in the case of the US, each State).
To clarify on KYC - despite the lack of credit check with a financial institution, customers of Bold do need to go through KYC in order to get the credit card, that is just how credit card transactions are required to work. It would of course be ideal not to have to KYC, but it's a necessary tradeoff. You do get fraud protection and chargebacks as a benefit from that.
To clarify on KYC - despite the lack of credit check with a financial institution, customers of Bold do need to go through KYC in order to get the credit card, that is just how credit card transactions are required to work. It would of course be ideal not to have to KYC, but it's a necessary tradeoff. You do get fraud protection and chargebacks as a benefit from that.
Thank Jeff, the key agent is a neutral business whose sole purpose is the safe custody of keys . Very similar to other businesses like Unchained. Hope that helps.
Our goal is for you to keep the bitcoin you put up as collateral. So we will be in communication at any point your LTV approaches critical levels. We are also developing some future "safety features" but those won't be ready at launch.
But the basic answer is that when your LTV crosses a dangerous threshold you will get a margin call to put up more collateral. You could also just pay down your balance owed.
We do need to go through the requests to pull your coins to make sure your account is in good standing to do so, but it would not be a long wait (under a day maximum)
We will not rehypothecate your coins, you always have a key to verify that is the case. There are even third party services you can use to notify you if your coins move on the blockchain, and we encourage you do to whatever makes you comfortable with the setup. The coins will never move.
yes, your credit limit is solely based on your bitcoin's value. So if you reduced the bitcoin in the multi-sig it would reduce your credit limit
Thanks! The key agent is Bold's banking partner, no names are public yet but we'll be announcing it when the time comes
It will first be available in the US. Interest rates may vary by country but that's still to be figured out. Thanks for your interest