Drawing on years in traditional finance, Bitcoin markets, and portfolio management, this paper on bitcoin lending reflects firsthand experience rather than purely academic theory. It is written in my role as Bitcoin Strategy Advisor at Blockrise, together with a co-writer who serves as Portfolio Manager at the firm. The analysis is informed by risks witnessed in the early era of Bitcoin-backed lending, when market structures were fragile and standards were immature. However, the lessons from those years now provide a foundation for a more robust credit market built around digital collateral.