We use cookie to improve your experience on our site. By using our site you consent cookies.
We are here with Bitcoin Apostle, who is a writer, small business owner, and contributor to Bitcoin Magazine.
Since hearing your story, we knew we had to have a chat with you. Can you start us off with what led you to Sovryn?
Hi, thanks for having me. What brought me to Sovyrn was the content I was seeing on Twitter to be honest. I was intrigued by the idea of borrowing against bitcoin at 0% without the need for a centralized entity.
I believe this is an absolute game changer if you ask me. We can literally be our own bank and I think that is incredibly powerful. With bitcoin, and bitcoin backed stablecoins, credit scores are obsolete. No one will be denied access to credit ever again. Truly revolutionary, guys. You guys are onto something big.
This brings us to what you're already doing with the Zero protocol. As I understand you used it to purchase an S19. Tell us the story!
I started with Zero with a couple hundred bucks to test it out to make sure that it worked as advertised. I was stoked when I was able to borrow against my Bitcoin with ease. HODLing in this bear market isn’t easy and I can understand the need for some people to need liquidity, to pay bills, etc.
In fact, I was inspired by a tweet Edan posted on Twitter about how wealthy people use wealth to grow their wealth. They borrow against their assets to purchase more assets! The light bulb went off in my head after reading that! 💡
I need to buy assets! Naturally the only asset worth considering buying was bitcoin, but I also wanted to generate recurring income and the best way to do that is with bitcoin mining. The beauty of using zero to buy an S19 is that the miner will pay for itself!!
If you think about it, a bitcoin miner can be used as a line of credit — generating bitcoin that can be added as collateral to increase the amount that can be borrowed.
Thinking about using zero again to purchase another one!
The whole process: from having your bitcoin, to putting it into Zero, converting it to fiat, and making your purchase. How did it go?
The whole process from depositing bitcoin, to RBTC, to fiat was straightforward and easy to use. I was able to exchange XUSD for fiat on an exchange and have the fiat transferred to my bank. The only drawback was the bridge fee was a little steep. Hopefully that changes in the future! Otherwise, very painless process and I was happy I didn’t have to ask a bank for a loan! This is the way of the future!!
Would you ever buy more bitcoin with Zero? Or would you use Zero in the future aside from this?
I might use Zero in the future to buy more bitcoin, I like the idea for sure and may give it a try. I would definitely use it again to buy a miner or something that generates recurring income.
I believe that Sovyrn has a bright future and is scratching the surface of what is achievable with DeFi built on Bitcoin. This is the way it is supposed to be done! I firmly believe that bitcoin will be the reserve currency of the world and Sovryn will help unlock so much value for people around the world. Well done guys!!