The Bitcoin (BTC)-backed lending market continues to mature, moving from pure speculation to providing a powerful financial tool for long-term holders.
In a recent interview with CriptoNoticias, Pablo Contreras Villarreal, a member of the lending platform Firefish team, said: peer to peer (P2P)—, gave his views on the evolution of the field and why he thinks so. Technology created by Satoshi Nakamottoah became It is currently the most robust financial assurance tool.
Like many Bitcoin adopters, Contreras’ path was not linear. Our first contact with him was in 2018, but initial skepticism and market volatility kept him on the sidelines. “They introduced it to me in 2018, and like a lot of people, I walked past me and said, ‘No, I don’t have the money right now,’ and ‘No, it’s very expensive,'” Contreras said.
However, the macroeconomic situation of 2025, coupled with the restructuring of his personal life, caused him to reconsider his position. “Now is the time to get involved in Bitcoin,” he told himself, and decided to deepen his knowledge through a diploma sponsored by the NGO Bitcoin Argentina.
This academic training not only allows him to understand the technical fundamentals of the protocol; Firefish is a company of Czech origin that was looking to expand its market presence in Argentina.
Peer-to-peer and non-custodial lending
The business model Contreras describes is a departure from traditional banking and centralized cryptocurrency platforms that experienced collapse in previous cycles. Firefish works based on logic peer to peer (peer-to-peer) and non-detainee (No custody).
As the interviewee explained, This platform serves as a meeting place for natural persons: Those who need liquidity and have Bitcoin that can be offered as collateral, and those who have capital (fiat currency or stablecoins such as USDC) and want a return.
The key to security is The company does not touch the funds. “Firefish will not receive and negotiate that Bitcoin, but it will remain in the contract. smart contract This ensures that “no one speculates” on users’ assets, reducing the counterparty risk that affects other entities in this sector.
Bitcoin as the “perfect collateral” for loans
One of the central points of the conversation revolved around the suitability of Bitcoin as a backup asset. Contreras mentioned that The “full collateral” thesis is a concept that platforms are actively promoting.
When asked if Bitcoin is better than traditional collateral such as gold or real estate, he gave a strong answer, citing the liquidity it has demonstrated over the course of this year.
“We all know that in 2025, thousands of Bitcoins would have been released onto the market, and at any other time they would have fallen, destroying the price. This demonstrates the enormous liquidity and interest in buying and selling Bitcoin.”
For the interviewees, Essential characteristics of digital assets – 24/7 trading, its divisibility, its rarity, and its global market – They elevate it above other options. “Today, it’s basically pure and perfect collateral to support all kinds of operations,” he said. For this reason, the platform maintains a strict policy of “Bitcoin only. A platform by Bitcoiners, for Bitcoiners.”
Discussions over privacy and KYC
A sensitive topic in the bitcoiner community is user identification, in English. know your customers (KYC). Being a regulated platform in Europe, Firefish requires identity verification, sparking debate about privacy and economic benefits.
Mr. Contreras addressed this point in a practical way, pointing out that: Regulatory compliance directly benefits users’ pockets. “Anonymity is still expensive in this Bitcoin world,” he said, explaining that platforms that don’t require identity verification tend to be riskier and therefore more expensive.
“I believe the future is at least one in which your Bitcoin and your world are mixed.” Non-KYC And the world is gradually adopting that,” he said in a personal capacity. Mass adoption means integration with traditional financial systems: “If you want to adopt Bitcoin, you can’t expect complete anonymity forever.”
Firefish expansion and risk management
Regarding the financial soundness of the loan, This system is based on overcollateralization. Interviewees explained that alerts are issued (margin call) prompts users to deposit additional collateral if the value of Bitcoin drops dangerously. He said, “Malicious collateral setting that would result in liquidation is not in the interests of Firefish at all,” and emphasized that Firefish has never been forced to liquidate in its approximately three years of operation.
The company’s revenue model is transparent, with loan fees of 1.5% per annum. Looking ahead, the company’s strategy, co-founded by Igor Newman, appears to be focused on strategic alliances. “They are studying partnership. “They’re looking at partnerships to expand around the world,” Contreras said, suggesting organic growth through local partners is more viable than opening physical offices in each jurisdiction.
The vision presented by Contreras reflects the maturation of the use of digital assets. In short, it is a tool that leverages Bitcoin’s transparency to provide efficient financial services, prioritizing technical safety and collateral solvency over short-term speculation.