Topic: 18% of Investors Buy Bitcoin With Borrowed Money - page 3. (Read 455 times)
That's very risky. That's the bad thing about this Bitcoin media exposure that has exploded, people are taking risks that can easily end up hurting them. Imagine buying at 18,000, it goes down to $13,000, freaking out and selling. Now you have to pay the credit card company, get disgusted with cryptos and leave, then 5 years later you take a look and Bitcoin is at $40,000.
Well I do think that it's nothing sort of a bad thing.
Investing in something from borrowing money is something used by investors for centuries and it's in fact good source of income for the people investing in share market and for the businesses that have just established , it's just a sort of investment too for the people who can't afford..
I don't think we can judge on this because, it's the way it is and how it's related to bitcoins shows that bitcoins is getting accepted by people just like any share or something, it's nothing crazy or bad that's just their personal choice therefore is normal.
Investing in something from borrowing money is something used by investors for centuries and it's in fact good source of income for the people investing in share market and for the businesses that have just established , it's just a sort of investment too for the people who can't afford..
I don't think we can judge on this because, it's the way it is and how it's related to bitcoins shows that bitcoins is getting accepted by people just like any share or something, it's nothing crazy or bad that's just their personal choice therefore is normal.
This really does highlight the stupdity of people, these are the same people who go ahead and think that Bitcoin is going to 1M and they need to get in now. They probably don't even know anything about Bitcoin in the least though they think this is the path to finally making millions. I guess they'll be surprised when they get fully fucked as Bitcoin is taking a bit of a downturn -- at least from 20k
It's sad that this is the type of lesson that people need in order to not use margin to invest or to GAMBLE (as Crypto is basically gambling)
It's sad that this is the type of lesson that people need in order to not use margin to invest or to GAMBLE (as Crypto is basically gambling)
Excellent post, OP! 
This is the first positive news story covering credit card use that I've read in a long time. Usually the only stories I see about credit cards are doom and gloom topics like "consumer credit card debt is at all time record highs, its the end of the world, kiss your butt goodbye~". This shows how great bitcoin is. It can take something negative like credit cards, some of which have high interest rates, and turn it into a positive thing where credit card users profit off of bitcoin's long term value.
This could serve as a microcosm of how bitcoin benefits the economy, job markets and has other far reaching and difficult to pinpoint positive implications. Maybe an example of how bitcoin benefits society and civilization and things like that.
This is the first positive news story covering credit card use that I've read in a long time. Usually the only stories I see about credit cards are doom and gloom topics like "consumer credit card debt is at all time record highs, its the end of the world, kiss your butt goodbye~". This shows how great bitcoin is. It can take something negative like credit cards, some of which have high interest rates, and turn it into a positive thing where credit card users profit off of bitcoin's long term value.
This could serve as a microcosm of how bitcoin benefits the economy, job markets and has other far reaching and difficult to pinpoint positive implications. Maybe an example of how bitcoin benefits society and civilization and things like that.
Quote
With cryptocurrencies trending in popularity, it seems that many investors are purchasing bitcoin on borrowed money — credit cards and loans that bear interest. The consumer group Lendedu released a report on bitcoin investors who use credit to purchase digital currencies
Which of the following best describes how you funded your account to purchase Bitcoin?
After purchasing Bitcoin on your credit card, have you paid off your credit card balance?
Are you comfortable paying interest on your credit card as a result of your Bitcoin purchase?
Are you planning to pay off your credit card balance, accumulated by purchasing Bitcoin, by using the proceeds from the sale of your Bitcoin investment?
Between people who used a credit card to fund and purchase (Question 1) Do you plan on buying additional Bitcoin using your credit card?
a. 76.23% of Bitcoin investors answered "Yes."
b. 23.77% of Bitcoin investors answered "No."
Which of the following best describes how you funded your account to purchase Bitcoin?
After purchasing Bitcoin on your credit card, have you paid off your credit card balance?
Are you comfortable paying interest on your credit card as a result of your Bitcoin purchase?
Are you planning to pay off your credit card balance, accumulated by purchasing Bitcoin, by using the proceeds from the sale of your Bitcoin investment?
Between people who used a credit card to fund and purchase (Question 1) Do you plan on buying additional Bitcoin using your credit card?
a. 76.23% of Bitcoin investors answered "Yes."
b. 23.77% of Bitcoin investors answered "No."
Source 1
Source 2
People are so crazy, really...So, 18% used a credit card, 22% of them haven't pay off their credit card balance. 1/3 are worried about the interest expense.... and 23% will continue buying additional Bitcoin using your credit card?...
the average annual percentage rate (APR) on a credit card is 15.07 percent
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