Salt Coin Price Chart and Latest News
Published on Mar 31, 2018
Salt Coin is an Ethereum commodity cryptocurrency, based on real Salt mining
What is SALT?
Those days are past when people had to keep some of their precious assets just to borrow even a little amount of money. Today is the time of cryptocurrencies like Bitcoin, Litecoin, Siacoin, Dogecoin (and many more altcoins), which are almost going to replace the hard cash currencies moving around the financial market.
Had you ever thought of that the day will come when you will be able to keep these digital currencies or Internet Currency as Collateral, and secure loan in hard cash? The D-day has finally come, and SALT (Secured Automated Lending Technology) is one of the best options to do that, which plans to change the way of traditional lending and borrowing, and break down the financial barriers that people generally have to encounter when they are in dire need of money.
Though there exists a lot more companies that offer lending and borrowing services for digital currency, SALT stands itself apart from them when it comes to lending and borrowing cryptocurrencies. Normally, when you think of securing a loan, you have to pass through a credit check, fill out endless forms, and even may have to wait for long to have your loan application approved by the borrower, and you get succeeded only when the borrower gets agreed, and that too after having a thorough background-check, verifying your documents, and finding you eligible to secure a loan.
So, it is only when the borrower has approved your loan application, ascertain the deadline for loan repayment. Under the process of traditional loan lending, the borrower borrows against future earnings instead of existing assets. However, this is not the case with SALT.
As we learnt that SALT is an automated lending platform, which is not just secure but can be used easily as opposed to other digital currency lenders and borrowers. The primary aim of SALT is to make you stop talking about the traditional way of lending and borrowing, and adopt the new of lending and borrowing by virtue of your digital currencies like Bitcoin and Ethereum. So, forget about the long loan application form filling and waiting long for your loan application approval, simply keep your digital currency as collateral and get the desired cash without any hassle.
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How does SALT function?
Simple: Hold your assets, and get your cash!
Yes, to secure loans based on your crypto-assets, you just need to hold your digital assets in the form of collateral and get your cash.
There are just four steps that you need to follow, and the hard cash will directly come into your account.
1. How to create a loan account?
As a borrower, you need to create a membership account with SALT, thereafter click forward your digital currency as collateral to the SALT Oracle Wallet, which is a multi-signature blockchain wallet working like a repository for collateral and do automatic management of the lending terms.
2. How is Fund Transferred to your Bank account?
Once you are done with the first step, you will notice that as soon as the loan is approved, the loan funds are transferred to your bank account.
3. How to repay the loaned amount?
It is always wise that when you have borrowed some money from any lender, you must repay it timely, in terms of periodic payments to the concerned lenders, especially when the lender doesn’t make any background checking, and offer you a loan without any guarantee, except holding your digital assets as collateral.
4. What happens to your collateral assets?
This last phase comes when you have repaid the entire loaned amount, and once you have repaid the borrowed loans, you can take back your collateral and keep it with you again in your account.