
Case Study
3
min read
This June you made your first purchase of Bitcoin at €92,000. You now own 0.3 Bitcoin having invested a total of €27,600. Yayy!
Let’s say you currently need €10,000 in liquidity — maybe for a downpayment on a new car you’ve been eyeing. Now you’re faced with a decision:
Do you go against everything Bitcoiners stand for and sell your BTC, locking in a potential loss?
Or do you take the smart route and borrow against your Bitcoin on Firefish, a secure, non-custodial bitcoin-lending platform?
Here’s what happens when you choose the latter:
Your Bitcoin stays in your control
You get the €10,000 in fiat that you need
You buy the car
And yes—you still own your Bitcoin
So what happens after you hit that "Borrow" button on Firefish? Let’s walk through three totally realistic scenarios:
Scenario 1: Bitcoin’s price takes off
This is the dream.
Bitcoin does what it does best and moons. Your 0.3 Bitcoin increases significantly in value while your loan remains fixed.
You watch your loan balance shrink in comparison to your BTC's rising value
Your upside is intact
You can pay off the loan early and still ride the wave up
Result: You win. You keep your Bitcoin and capture all of its upside — while using the liquidity to improve your life.
Scenario 2: The market stays steady and moves sideways
Bitcoin trades sideways. No spikes, no crashes. It just...holds.
Nothing changes.
You’ve got your car
Your BTC stays untouched
There’s no tax event
Your collateral remains safe and stable
Result: Life’s chill. You got what you needed without sacrificing your position.
Scenario 3: That unwanted dip
Uh-oh. Bitcoin drops.
But guess what? You’re still good.
Firefish uses a 50% Loan-to-Value ratio, meaning your BTC collateral is worth 2x the loan
You get a live Collateral Health Indicator (CHI) that tracks your loan status
You can top up your BTC or repay the loan early if needed
Result: You’re still in control. No panic, no forced selling. Firefish keeps it flexible and secure.
Why Firefish?
Firefish is:
Fast: Loans issued in 15 minutes and 23 seconds
Secure (by design): Non-custodial, no rehypothecation, Bitcoin stays in escrow
Smart: P2P marketplace with market-driven rates — better than banks
And yes — your Bitcoin remains yours, always. There's a reason we say “Never Sell Your Bitcoin. Live Off It”
Try it yourself → firefish.io
FAQs
Can I borrow money without selling my Bitcoin?
Yes. Firefish lets you use your Bitcoin as collateral to borrow fiat, without selling and without triggering a tax event.
What happens if Bitcoin drops after I take out a loan?
Firefish loans are overcollateralized with a 50% LTV. You’ll get margin alerts and have time to top up or repay before liquidation.
What is Firefish?
Firefish is a peer-to-peer, non-custodial lending platform that lets users borrow fiat or stablecoins against their Bitcoin using on-chain escrow contracts.
How do I get started?
Just sign up (LINK), verify your identity, choose your loan terms, and lock your BTC. It's that simple.