Bitcoin Loan Advice | Bitcointalksearch.org

Twinkledoe

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Quote from: FIFA worldcup on August 08, 2021, 12:01:29 AM

Quote from: NeuroticFish on August 05, 2021, 03:13:16 AM

Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

My question to you all is if you’d recommend getting a $10,000, 5-8 year loan @2.05% from my parents to invest primarily in Bitcoin.

While I also believe that the chances for Bitcoin go to 0 tend to 0, I think that you should be aware that:
1. You should not invest by what random people over internet say.
2. You should invest only money you afford to lose. I mean that you have to think it well and have a plan for the cases (likely or not) that Bitcoin falls big. Maybe not to 0, but maybe 10k? Will you panic-sell or not?
3. You wrote "primarily in bitcoin". Keep in mind that bitcoin is a risky investment (big price fluctuations in both directions) and altcoins are even riskier.

All in all, while in theory your plan looks good, think it over a couple of times and do by your own decision.

Although OP investment strategy is good one as he want to invest in bitcoin primarily. Investment in bitcoin is more safe as compare to the altcoins. However, i don't like the idea of getting Loan for these investments because the price of bitcoin might dump and stay low in bear market, so it is always risky to invest in crypto through loans.

The good thing where he is getting loan is from his parents. So worst case scenario, he owed debt from his parents, which is better than getting a loan from sharks, which can give him so much trouble if things go wrong in bitcoin market. Even if btc is established market, still you are putting yourself at risk. The OP should think what will happen in the worst case scenario, will his parents sue him and put him to jail? If not, I believe, it is pretty safe getting loan from parents, but of course, you should always think that you will pay them on time as agreed.

FIFA worldcup

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Quote from: NeuroticFish on August 05, 2021, 03:13:16 AM

Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

My question to you all is if you’d recommend getting a $10,000, 5-8 year loan @2.05% from my parents to invest primarily in Bitcoin.

While I also believe that the chances for Bitcoin go to 0 tend to 0, I think that you should be aware that:
1. You should not invest by what random people over internet say.
2. You should invest only money you afford to lose. I mean that you have to think it well and have a plan for the cases (likely or not) that Bitcoin falls big. Maybe not to 0, but maybe 10k? Will you panic-sell or not?
3. You wrote "primarily in bitcoin". Keep in mind that bitcoin is a risky investment (big price fluctuations in both directions) and altcoins are even riskier.

All in all, while in theory your plan looks good, think it over a couple of times and do by your own decision.

Although OP investment strategy is good one as he want to invest in bitcoin primarily. Investment in bitcoin is more safe as compare to the altcoins. However, i don't like the idea of getting Loan for these investments because the price of bitcoin might dump and stay low in bear market, so it is always risky to invest in crypto through loans.

jrrsparkles

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Its worth to take the risk because the interest rate is low and also you are getting it from your family so you are nit having the extreme pressure but still its holding the risk. I would say just hold straight until you make 20,000 then pay back the loan then simply hold the profits which may gives you the huge profits with comparatively less risks.

YouYou0321

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Bitcoin fluctuates repeatedly at the US$40,000 mark. People who are bullish to US$60,000 choose to open positions, and those who are bearish to US$20,000 are still waiting. Different psychological expectations make people make different positions.

The market doesn't have any clues, you should have thought of the increase in your wealth when Bitcoin rises, and the loss you bear when Bitcoin falls.

passwordnow

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You've got plenty of options if the loan is going to come from your parents, ask them if they're totally fine with your decision and what you believe because they might ask you where you're going to put that loan. Yeah, you might be earning sufficiently to pay for the loan but instead of taking a loan from your parents, why not just save every time you get a salary and buy bitcoin. That's true about the suggestion above about dollar cost averaging, I think in your position, that's much better and you'll take no obligation as you take a loan.

isaac_clarke22

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Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

~

Loaning to invest is primarily a bad idea. Even if that is a long-term loan, you're already risking that loan that you might or might not be able to pay in those years. Even if it is your parents and not a loan from strangers, it is still something you need to pay in the end. There are what ifs in this situation.
What if it just became a breakeven in all those years, how would you feel about it because surely you'll gonna pay all those loan back?
What if it were all losses? Nobody can predict the price of Bitcoin as what others mentioned in here.

You aren't greedy OP, but it is just way too unplanned that you're getting a loan just to invest. Take what o_e_l_e_o said. Invest from what you can get from your paycheck instead. Start from there.

Findingnemo

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Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

Hi everyone

I’m a 26 year old bitcoiner currently hold some BTC. (My BTC makes up 50% of my total investment portfolio which also includes stocks and metals)

I am very well researched in BTC, lightning network etc so my conviction is really strong and am no beginner by any means. I run a node as well as mine…..I’m simply a beginner to LOANS

My question to you all is if you’d recommend getting a $10,000, 5-8 year loan @2.05% from my parents to invest primarily in Bitcoin. I’d like to become a wholecoiner before the price explodes

Just not sure if I’m being greedy, but I believe that in 5-8 years Bitcoin will be significantly higher than it is now. Just concerned with the potential $0 BTC

Income for now is around $70,000 CAD while living at home, so making the small monthly payments will not be an issue whatsoever.

Don't take that loan even from your parents if you have no other source of cash flow to repay if the price of bitcoin falls to zero!

The potential of reaching higher prices are there but when you are taking such huge risk then you should be prepared for paying that loan as well if you face the failure in your idea.

I would say, just save and keep investing in 10years you will be having huge for sure with no debt on your hand.

Macadonian

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Investing with a loan of any kind is not recommendable because you are in debt before you start and you are asking a Bitcoin forum which is going to be bearish and say that Bitcoin will be worth it but we can not guarantee when Bitcoin will be worth the amount you need to make your money back. I would not take a loan out and stop focusing on getting as much Bitcoin as you can and only get what you can afford.

Lucius

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Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

My question to you all is if you’d recommend getting a $10,000, 5-8 year loan @2.05% from my parents to invest primarily in Bitcoin. I’d like to become a wholecoiner before the price explodes

Although most will say that it is not wise to borrow money when it comes to risky investments, I would still add that the amount, interest, and from whom something is borrowed should be taken into account. In this particular case, I don't think that $10k with the stated interest rate can cause problems for you, especially if we know that you have a stable source of income and that you borrow money from your parents.

If I understood correctly, you need that amount to reach 1 BTC in total, and you think that the price will increase significantly in the coming years. Considering everything, I don't think your idea is bad, but the decision is still up to you - take a loan and buy now, or invest $1000 for the next 10 months, but risk increasing the price of BTC.

DireWolfM14

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Most financial advisors would advise against taking loans to make investments. Real estate would be the sole exception, due to it's usability or potential to provide income while also having the potential to grow in value. I'm a bitcoin maximalist, but I think this would be a bad idea. Not because I think bitcoin will drop in value, but that's it, I don't think it will. There's no way for me to know that for a fact. It's far too risky, in my opinion.

Like others have suggested, you should buy bitcoin with your surplus income and save by not having to pay interest. From you parents perspective; I think their $10k could also earn them more interest than the loan your offering would pay if they were to invest it something else, like bitcoin for example.

GeorgeJohn

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Taking a loan is good but is not such amount of values you are emphasising on as a beginner, and before you adventure into such you have to know the advantages and disadvantages what you really want involve, the disadvantages of taking a loan to adventure into cryptocurrency is at higher risk measure, and can only encourage you to enter into investment with your own capital without lending, borrowing any loan from anyone in case if market of cryptocurrency run against your wish or plans, so that you can be able to put yourself together... it's very simple to understand.

bL4nkcode

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It will be considerable if you loan for a business, but for somewhat like bitcoin that has huge volatility it could be huge difference and too risky.

But if you think you could pay that debt from your outside sources excluding from your bitcoin investment then go for it. Bitcoin price in the next 8 years will be much different from today.

aysg76

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Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

Income for now is around $70,000 CAD while living at home, so making the small monthly payments will not be an issue whatsoever.

If you are already making such a good income living at home which cut out your external expenses like rent and other bills unlike most of us then why are you into taking loan from your parents? Simple is to do monthly or weekly DCA which can help you a lot and save you from any debt because giving interest for the loan of $10k would simply cut off your profits and it's not advisable to take loans for such investment.Although the bitcoin will be worth high in coming years but make sure you start investing whatever you are willing to do on your own.I am also doing DCA from past few months and you can check the thread for the same here:
https://bitcointalksearch.org/topic/m.57459803

So i would also advise you to not to take any loan for bitcoin investment as you are not having any fund related issue and already earning $70k CAD so if you simply divert 10% towards btc investment with DCA and stack sats you would have enough with you in long run.

odolvlobo

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Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

My question to you all is if you’d recommend getting a $10,000, 5-8 year loan @2.05% from my parents to invest primarily in Bitcoin. I’d like to become a wholecoiner before the price explodes

Taking out a large loan for a risky investment is a bad idea

o_e_l_e_o

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Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

I am very well researched in BTC, lightning network etc

The fact that you are thinking about going in to debt to fund an investment suggests otherwise.

Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

My question to you all is if you’d recommend getting a $10,000, 5-8 year loan @2.05% from my parents to invest primarily in Bitcoin.

No.

Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

Income for now is around $70,000 CAD while living at home, so making the small monthly payments will not be an issue whatsoever.

Far better, then, to just buy some bitcoin each month with what is left over from your paycheck. It is a very stupid idea to get in to debt to buy bitcoin. No one can predict what the price will do. How would you feel paying off your $10k loan for years when the bitcoin you bought with it is only worth $1k, knowing that you could have bought far more bitcoin if you just DCAed in over time with your own paycheck?

NeuroticFish

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Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

My question to you all is if you’d recommend getting a $10,000, 5-8 year loan @2.05% from my parents to invest primarily in Bitcoin.

While I also believe that the chances for Bitcoin go to 0 tend to 0, I think that you should be aware that:
1. You should not invest by what random people over internet say.
2. You should invest only money you afford to lose. I mean that you have to think it well and have a plan for the cases (likely or not) that Bitcoin falls big. Maybe not to 0, but maybe 10k? Will you panic-sell or not?
3. You wrote "primarily in bitcoin". Keep in mind that bitcoin is a risky investment (big price fluctuations in both directions) and altcoins are even riskier.

All in all, while in theory your plan looks good, think it over a couple of times and do by your own decision.

crazy_cat_lady

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DCA is my favorite investment strategy. Just make periodic investments as much as you can without impacting your current financial situation.
Buy more when the price is low, that way you will increase your profit.

Upgrade00

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Imo, the odds of Bitcoin getting to $1 million is far higher than the chances of Bitcoin getting to $0 within the next ten years, and it's not greedy to wish to get a loan to purchase bitcoin, but DCA is a always a better buying option than purchasing all at once. If you had started buying Bitcoin weekly or monthly from 2 years ago when it was below $10k you would have had a good chance of building up to becoming a wholecoiner already.

Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

Income for now is around $70,000 CAD while living at home, so making the small monthly payments will not be an issue whatsoever.

How much do you intend to repay periodically? You should do an estimate to know how long it would take you to fully pay back the loan with the accruing interest.

Joy_learns_crypto

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Quote from: JinstKebe on August 05, 2021, 01:56:23 AM

Hi everyone

I’m a 26 year old bitcoiner currently hold some BTC. (My BTC makes up 50% of my total investment portfolio which also includes stocks and metals)

I am very well researched in BTC, lightning network etc so my conviction is really strong and am no beginner by any means. I run a node as well as mine…..I’m simply a beginner to LOANS

My question to you all is if you’d recommend getting a $10,000, 5-8 year loan @2.05% from my parents to invest primarily in Bitcoin. I’d like to become a wholecoiner before the price explodes

Just not sure if I’m being greedy, but I believe that in 5-8 years Bitcoin will be significantly higher than it is now. Just concerned with the potential $0 BTC

Income for now is around $70,000 CAD while living at home, so making the small monthly payments will not be an issue whatsoever.

I'm a Newbie like you
I don't really know much about Cryptocurrency and investments but from the little research I have made so far, I think investment is all about risk taking. I have seen banks fold companies who takes loans.
Never buy more than you can loose else it will really affect your mental health and might discourage you from going further in the world of Cryptocurrency if you loose it.

JinstKebe

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Hi everyone

I’m a 26 year old bitcoiner currently hold some BTC. (My BTC makes up 50% of my total investment portfolio which also includes stocks and metals)

I am very well researched in BTC, lightning network etc so my conviction is really strong and am no beginner by any means. I run a node as well as mine…..I’m simply a beginner to LOANS

My question to you all is if you’d recommend getting a $10,000, 5-8 year loan @2.05% from my parents to invest primarily in Bitcoin. I’d like to become a wholecoiner before the price explodes

Just not sure if I’m being greedy, but I believe that in 5-8 years Bitcoin will be significantly higher than it is now. Just concerned with the potential $0 BTC

Income for now is around $70,000 CAD while living at home, so making the small monthly payments will not be an issue whatsoever.
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Topic: Bitcoin Loan Advice (Read 222 times)