( Borrowed Money for Bitcoin Investing OR Trading )

nioctiB#1

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Quote from: hugeblack on January 08, 2018, 10:08:21 AM

Study: 22% of Bitcoin Investors Used Borrowed Money For Trading

According to LendEDU, a personal loan research firm, more than 18 percent of Bitcoin investors have used borrowed money to trade the cryptocurrency. In a global survey of 672 active Bitcoin investors, researchers asked traders the method they used to fund their cryptocurrency trading accounts. The majority of investors used banking systems such as credit cards and ACH transfers to fund their accounts.

But 22 percent of traders revealed that they have not paid off their credit and debit cards after purchasing Bitcoin, effectively investing in the cryptocurrency with borrowed money. The report read:

“The wisest and most frugal way to fund a virtual currency exchange account would be through an ACH transfer, which is completely free of charge. Only 18.60 percent of our 672 Bitcoin-invested respondents were paying for the cryptocurrency in this fashion.

However, this was not even the most pressing concern coming from the LendEDU poll. That recognition belongs to this data-point: 22.13 percent of Bitcoin investors did not pay off their credit card balance after purchasing Bitcoin.”[1] By Joseph Young

Source : https://cointelegraph.com/news/study-22-of-bitcoin-investors-used-borrowed-money-for-trading-not-recommended

A. If you do not have money (bankrupt)
1. Do you use borrowed Money to start investing in bitcoin?
2. Do you use borrowed Money to start trading in bitcoin?

If i have no money to invest i would never borrow any amount of money just to buy bitcoin but this is the nature of other people. they saw that bitcoin grow fast so they will take the risk and borrow money to other people or credit card just because they think they can pay it right away when they get their profit from it. borrowing money is not that bad. you just have to make sure that you can pay it on time.

rumexx

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If you learned trading be it crypto, Fx and futures and you have a good mentor you will be advice not to borrow to fund your trading account. You will also be advice not to use money for everyday spending to fund your account.When you use any of this source of fund for your trading account you will be trading under emotion and panic. You will be prone to mistakes and eventually loss. little wonder most of the traders could not pay off what they borrowed.

zhekinsp

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Quote from: hugeblack on January 08, 2018, 10:08:21 AM

Study: 22% of Bitcoin Investors Used Borrowed Money For Trading

According to LendEDU, a personal loan research firm, more than 18 percent of Bitcoin investors have used borrowed money to trade the cryptocurrency. In a global survey of 672 active Bitcoin investors, researchers asked traders the method they used to fund their cryptocurrency trading accounts. The majority of investors used banking systems such as credit cards and ACH transfers to fund their accounts.

But 22 percent of traders revealed that they have not paid off their credit and debit cards after purchasing Bitcoin, effectively investing in the cryptocurrency with borrowed money. The report read:

“The wisest and most frugal way to fund a virtual currency exchange account would be through an ACH transfer, which is completely free of charge. Only 18.60 percent of our 672 Bitcoin-invested respondents were paying for the cryptocurrency in this fashion.

However, this was not even the most pressing concern coming from the LendEDU poll. That recognition belongs to this data-point: 22.13 percent of Bitcoin investors did not pay off their credit card balance after purchasing Bitcoin.”[1] By Joseph Young

Source : https://cointelegraph.com/news/study-22-of-bitcoin-investors-used-borrowed-money-for-trading-not-recommended

A. If you do not have money (bankrupt)
1. Do you use borrowed Money to start investing in bitcoin?
2. Do you use borrowed Money to start trading in bitcoin?

Borrowing money for bitcoin investing is not a good idea because price of bitcoin is highly unstable so the prices may fall at any time.So the people who bought bitcoins with the borrowed money will suffer alot and may faces legal actions for not paying back the debts.So it is better to earn some money with your job and invest your savings only on crypto currencies.
I don't want to start investing and trading of bitcoin with borrowed monwy.

777asianinvasian

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Yes I borrowed some money to get involved in cryptos but I have done quite well up to this point and plan to repay back every cent by the end of this year. Hopefully everything remains online until then but I most certainly would not have borrowed from a credit card that much is for sure.

hugeblack

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Quote from: https://cointelegraph.com/news/study-22-of-bitcoin-investors-used-borrowed-money-for-trading-not-recommended

Study: 22% of Bitcoin Investors Used Borrowed Money For Trading

According to LendEDU, a personal loan research firm, more than 18 percent of Bitcoin investors have used borrowed money to trade the cryptocurrency. In a global survey of 672 active Bitcoin investors, researchers asked traders the method they used to fund their cryptocurrency trading accounts. The majority of investors used banking systems such as credit cards and ACH transfers to fund their accounts.

But 22 percent of traders revealed that they have not paid off their credit and debit cards after purchasing Bitcoin, effectively investing in the cryptocurrency with borrowed money. The report read:

“The wisest and most frugal way to fund a virtual currency exchange account would be through an ACH transfer, which is completely free of charge. Only 18.60 percent of our 672 Bitcoin-invested respondents were paying for the cryptocurrency in this fashion.

However, this was not even the most pressing concern coming from the LendEDU poll. That recognition belongs to this data-point: 22.13 percent of Bitcoin investors did not pay off their credit card balance after purchasing Bitcoin.”[1] By Joseph Young

Source : https://cointelegraph.com/news/study-22-of-bitcoin-investors-used-borrowed-money-for-trading-not-recommended

A. If you do not have money (bankrupt)
1. Do you use borrowed Money to start investing in bitcoin?
2. Do you use borrowed Money to start trading in bitcoin?

Topic: ( Borrowed Money for Bitcoin Investing OR Trading ) (Read 100 times)