Can I take a loan to invest in bitcoin? - page 12.

og kush420

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Quote from: reagansimms on April 09, 2023, 07:34:09 AM

Quote from: Phyna4 on January 22, 2023, 07:40:00 AM

It is important to do your own research and make sure you understand the risks before investing in any financial product, including Bitcoin.

Even if you have done personal research on coins that have strong fundamentals, including bitcoin, it is not recommended to invest using borrowed money. You have mentioned some of the risks in Op, apart from that the risk of paying installments + Interest is still a burden if your assets falter due to falling prices.
One thing that needs to be underlined, in investing in crypto assets there is no guarantee that you will get the profit you have targeted. For me personally, using borrowed money to invest in crypto assets is like slow killing myself.

doing homework is a good thing to do. Learning is also a good option.
But I like people asking reasonable questions - I don't like people bothering unnecessarily
But I did this mistake twice of using my loan for investment - it didn't work well so for me - I wont make the loan investment

Gallar

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Quote from: Phyna4 on January 22, 2023, 07:40:00 AM

"Can I take a loan to invest in bitcoin" this question was asked by a friend

My reply to her is this:
It is generally not advisable to take out a loan to purchase Bitcoin or any other cryptocurrency. Cryptocurrency markets are highly volatile and the value of a particular coin can fluctuate greatly in a short period of time. This means that the value of the coin you purchase with a loan could drop, making it difficult to repay the loan. It is important to do your own research and make sure you understand the risks before investing in any financial product, including Bitcoin.

What is your advice?

Personally, I would not dare to invest using borrowed money, let alone borrowing from a bank, because investing is very risky, not only in crypto, in other assets it is just as risky. Unless you are ready to take all the risks that must be faced, if the situation is like that maybe it's okay. But my advice, don't force investing, if you don't have money yet. Because if you are forced to invest, you will end up overwhelmed, because it is difficult to pay your monthly installments (if borrowing from a bank). Therefore, it's better to save first, if the money in savings is enough to invest, then right away you can start investing, but don't forget to read the terms and conditions of the investment service you are going to visit. If you want to invest in bitcoin, you must first research the history of bitcoin and how it works.

jokers10

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Quote from: Cryptock on April 14, 2023, 03:56:36 PM

I made investment twice and all those investments were loan amount.
You lose money - you lose peace of mind - you lose friends and you lose trust so my suggestion is NEVER invest loan amount.

Sorry to hear your experience was so hurting. And it is very important that you share it with others in this topic so they can think twice... multiple times before taking a loan as they are aware now that the possible problems are very unpleasant. Too risky. Relying on luck is a bad idea, but even reliable assets might not be so. Hope you'll improve your finance in the nearest future!

Cryptock

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Quote from: jokers10 on April 10, 2023, 03:58:47 AM

Quote from: Cryptock on April 09, 2023, 01:10:40 PM

It is always a good idea to invest - but for me investment is not my cup of tea.
I have been in lose all my life nothing has worked for me - I invested in Luna and you can understand the joke life has done with me

And this is a wonderful example of why is it a bad idea to take a loan for investing. Even if an asset looks good it can fail anyway. And that's why investment should be with own money only and those money should be not the last and diversification is a good idea as well. Main idea of investing is not to multiply your money but to save them at least from inflation. So if we choose assets wisely, if we diversify, if we use only free money, then we probably will have some income and save our money for our future. And if we take a loan we have a risk of spoil our future with a debt...

I made investment twice and all those investments were loan amount.
You lose money - you lose peace of mind - you lose friends and you lose trust so my suggestion is NEVER invest loan amount.

jokers10

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Quote from: Cryptock on April 09, 2023, 01:10:40 PM

It is always a good idea to invest - but for me investment is not my cup of tea.
I have been in lose all my life nothing has worked for me - I invested in Luna and you can understand the joke life has done with me

And this is a wonderful example of why is it a bad idea to take a loan for investing. Even if an asset looks good it can fail anyway. And that's why investment should be with own money only and those money should be not the last and diversification is a good idea as well. Main idea of investing is not to multiply your money but to save them at least from inflation. So if we choose assets wisely, if we diversify, if we use only free money, then we probably will have some income and save our money for our future. And if we take a loan we have a risk of spoil our future with a debt...

Twentyonepaylots

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Quote from: G_Besar on April 09, 2023, 10:26:08 AM

Quote from: Adams0001 on April 09, 2023, 08:53:55 AM

Taking out a loan to invest in bitcoin is extremely risky because the cryptocurrency is unregulated and volatile. Bitcoin is a long-term investment, and the price can rise and fall at any time. How will you pay back the loan? It is preferable that you have a source of income so that if prices fall, you will not feel the pain.

Loans are only more suitable for use in more real trades, for example, such as opening a business buying and selling daily necessities that are always selling every day. Not to be used for investment because it will indeed be difficult for a borrower in terms of paying it off when it is due, unless the person taking the loan does have other income every month which income can be used to pay off the loan.

But still, it is highly not recommended because considering the risks are not small, so I say that loans in the form of money are only suitable for more real trading capital because the money can be rotated regularly so that it is not so difficult for the borrower to pay.

It will never be a good idea to take a loan just to invest in cryptos since it does not have guaranteed returns. The monthly profit from investing in bitcoin is not always positive profit that you can use to repay the loan. I agree that loans should be taken if it will be used to something that has guaranteed positive returns such as business. It is best to allocate small percentage of your income into bitcoin investment taking note that these percentage is insignificant that it wont affect your financial security in terms of needs.

Quote from: og kush420 on April 09, 2023, 11:53:30 AM

everytime I make an investment - of course after the home work - it hardly has given me any profit.
So I think I should stick to my job - and be a slave for ever rather than investing in my own business and try to be super smart by being my own boss.

I think you just have no patience when it comes to investment. Any investment does not make you rich in seconds. Any profit, no matter how small it is, is still a money you earn. In todays time it is kind of hard to start a business since the competition is getting broader in the market, but I think it takes courage and determination to start it. Everybody starts from something small. Even I want to have my own businesses so that my future financial status would be secured. I could retire early and just enjoy my life and not be stuck with my job and be slave. Well, that's just me.

Cryptock

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Quote from: G_Besar on April 09, 2023, 10:26:08 AM

After a price decline, of course it always takes time for Bitcoin to increase again and it is indeed a very natural thing for Bitcoin when until now it has not been able to pass ATH in 2021 because ATH is indeed difficult to create every year so you and everyone need to be patient if would like to see ATH again in Bitcoin. So give Bitcoin time to reach its ATH again in the coming year and I don't think it will happen in this year either.

It is always a good idea to invest - but for me investment is not my cup of tea.
I have been in lose all my life nothing has worked for me - I invested in Luna and you can understand the joke life has done with me

og kush420

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Activity: 1050

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Quote from: reagansimms on April 09, 2023, 07:34:09 AM

Quote from: Phyna4 on January 22, 2023, 07:40:00 AM

It is important to do your own research and make sure you understand the risks before investing in any financial product, including Bitcoin.

Even if you have done personal research on coins that have strong fundamentals, including bitcoin, it is not recommended to invest using borrowed money. You have mentioned some of the risks in Op, apart from that the risk of paying installments + Interest is still a burden if your assets falter due to falling prices.
One thing that needs to be underlined, in investing in crypto assets there is no guarantee that you will get the profit you have targeted. For me personally, using borrowed money to invest in crypto assets is like slow killing myself.

everytime I make an investment - of course after the home work - it hardly has given me any profit.
So I think I should stick to my job - and be a slave for ever rather than investing in my own business and try to be super smart by being my own boss.

G_Besar

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Activity: 1120

Merit: 504

Quote from: Adams0001 on April 09, 2023, 08:53:55 AM

Taking out a loan to invest in bitcoin is extremely risky because the cryptocurrency is unregulated and volatile. Bitcoin is a long-term investment, and the price can rise and fall at any time. How will you pay back the loan? It is preferable that you have a source of income so that if prices fall, you will not feel the pain.

Loans are only more suitable for use in more real trades, for example, such as opening a business buying and selling daily necessities that are always selling every day. Not to be used for investment because it will indeed be difficult for a borrower in terms of paying it off when it is due, unless the person taking the loan does have other income every month which income can be used to pay off the loan.

But still, it is highly not recommended because considering the risks are not small, so I say that loans in the form of money are only suitable for more real trading capital because the money can be rotated regularly so that it is not so difficult for the borrower to pay.

Quote from: ?? on ??

Right, taking a loan is very risky, we still remember that sometimes bitcoin took up to 4 years to pass the last ATH, and since bitcoin dropped from $ 69k to below $ 20k a lot of news said that many were stressed because they sold assets and prices bitcoin until now has not been able to pass ATH in 2021.

After a price decline, of course it always takes time for Bitcoin to increase again and it is indeed a very natural thing for Bitcoin when until now it has not been able to pass ATH in 2021 because ATH is indeed difficult to create every year so you and everyone need to be patient if would like to see ATH again in Bitcoin. So give Bitcoin time to reach its ATH again in the coming year and I don't think it will happen in this year either.

Adams0001

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Taking out a loan to invest in bitcoin is extremely risky because the cryptocurrency is unregulated and volatile. Bitcoin is a long-term investment, and the price can rise and fall at any time. How will you pay back the loan? It is preferable that you have a source of income so that if prices fall, you will not feel the pain.

WillyAp

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Looking for guilt best look first into a mirror

Worst case scenario:

Take a 30.000 $ loan pay monthly

Using the minimum payment, you'll pay: $444.88 ($31.78 average per month) In total interest

Using the maximum payment, you'll pay: $302.79 ($33.64 average per month) In total interest

You'll get a Bitcoin or 100 000 000 Satoshis.

A month later you pay $32 but BTC went down to 27 000. You need to stay focused and don't panik to succeed.
Its up to you.

With $30 000 you could open a business making 2.500 to 6.000.

And that is only if you don't loose that bitcoin.

CryptSafe

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Quote from: Phyna4 on January 22, 2023, 07:40:00 AM

"Can I take a loan to invest in bitcoin" this question was asked by a friend
My reply to her is this:
It is generally not advisable to take out a loan to purchase Bitcoin or any other cryptocurrency. Cryptocurrency markets are highly volatile and the value of a particular coin can fluctuate greatly in a short period of time. This means that the value of the coin you purchase with a loan could drop, making it difficult to repay the loan. It is important to do your own research and make sure you understand the risks before investing in any financial product, including Bitcoin.
What is your advice?

OP you did well by giving your friend that enlightenment. I believe your friend could have gone for the loan when not properly informed of the volatile nature of bitcoin. You see, if one can be told to invest with your spare cash you know you can afford to loose that should tell everyone what the bitcoin and Crypto market is all about.

Taking a loan for bitcoin investment is not advisable when one does not know how the bitcoin market is but having an in-depth knowledge about the system and how it works can help you Know what to do at the right time. You should teach your friend a little about bitcoin as you are knowledgeable about it and do well to tell your friend not only to depend on your teachings but to also do their own research too. That would guide your friend in making decisions.

reagansimms

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Quote from: Phyna4 on January 22, 2023, 07:40:00 AM

It is important to do your own research and make sure you understand the risks before investing in any financial product, including Bitcoin.

Even if you have done personal research on coins that have strong fundamentals, including bitcoin, it is not recommended to invest using borrowed money. You have mentioned some of the risks in Op, apart from that the risk of paying installments + Interest is still a burden if your assets falter due to falling prices.
One thing that needs to be underlined, in investing in crypto assets there is no guarantee that you will get the profit you have targeted. For me personally, using borrowed money to invest in crypto assets is like slow killing myself.

LastKiss

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SOL.BIOKRIPT.COM

Quote from: Pujangga on April 09, 2023, 04:17:46 AM

It's normal when we do business or invest and have no money and then borrow, I've also borrowed money from the bank to grow the business that I manage, and been successful, and I think it's the right idea when we want to borrow money at the bank for bitcoin investment because huge profit potential.

Taking a loan to start a business is a bad idea I guess, but its different when you already have a business and you want to expand your business then it makes sense to take a loan from a bank or any other source. Bitcoin movement is what we can't predict at all since we can't predict Bitcoin movement we shouldn't increase the risks of taking a loan. No one can't guarantee a profit in Bitcoin or cryptocurrencies so think carefully before you take a loan for Bitcoin.

chikading2016

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Taking a loan to invest in crypto? Please be careful with the decision the loan has interest and crypto is unknown if it will rise or fall after we buy the coins,that was a very risky idea.

Pujangga

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It's normal when we do business or invest and have no money and then borrow, I've also borrowed money from the bank to grow the business that I manage, and been successful, and I think it's the right idea when we want to borrow money at the bank for bitcoin investment because huge profit potential.

Dzwaafu11

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Quote from: Phyna4 on January 22, 2023, 07:40:00 AM

"Can I take a loan to invest in bitcoin" this question was asked by a friend

Based on your friend's opinion, if she thinks that will help her to lessen the financial difficulties she is experiencing, then go for it. However, I can never advise taking out a loan to invest in bitcoin because, aside from being afraid of loans, I'm also afraid of bitcoin investments in general. Trust me, any business investment entails risk.

Quote from: Phyna4 link=topic=5436350.msg61635553#msg61635553 date=1674391200
What is your advice?
[/quote

My advice to your friend is NO that's too risk for her to take loan and invest in bitcoin what if the profit she's expecting doesn't come the way she want it, what will be her Reaction I cannot and can never advice anyone to take loan before investing in bitcoin

jokers10

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Quote from: og kush420 on April 08, 2023, 02:33:41 PM

Quote from: jokers10 on April 04, 2023, 03:14:51 AM

Wishful thinking or you try to push the market by hurrying up others to buy? There are very few reasons for fast growing and I'd say that many are predicting flat for months, and some predict soon lowering, — there are all possible predictions for every preference. And if you'll take a loan be prepared to pay it all before bull market, don't rely on some or many analysts. It will be your own decision both in case if you'll fail or in case of you'll win. If you are ready to this, then as you wish. But I don't recommend taking a loan for investing, doesn't matter investing in what.

Most of the time even if you make an investment after doing a homework you never know if you are going to lose money or you will get profit out of it.

If you don't have a reliable insider you never know if your investment will be profitable, because even most reliable assets can face up with unexpected problems. We know so many examples in the history when huge corporations with great opportunities fall! So we can just try to choose wisely, diversify our investments and hope we chosen what will give us a profit. But taking a loan for that is not wisely, it is always too risky, IMO. Debt hole is too unpleasant place to go there by own choice. Grin

Cryptock

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Quote from: Ebede on April 03, 2023, 06:00:14 PM

Some people kick against someone taking loan to invest in cryptocurrency I've not been a wise idea or why decision but from the way I am seeing taking loan to invest in Bitcoin I do see it as a wise idea because the money used for the investment can bring up another money so I don't support that decision of some people go decline or reject someone who borrowed money to invest for Bitcoin

its totally the personal decision - I would never suggest anyone
Because if the things go wrong people blame other and if thing go fine they take the credit. so it better to stay away from other people businesses

Unbunplease

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Quote from: erep on April 08, 2023, 03:34:59 PM

The decision to borrow for investment purposes is not recommended, although various analyzes say the same result for the potential for a bull run in the future, but we will never know when a bull run will occur, but as long as the loan you have to repay the loan every month and market conditions are declining, so what what do you think about that condition and after considering the risks of that case, will you still take a loan for investment?

If there is no money available, but there is a relatively reliable model of earning, based on investments, it is still worth considering a loan. Naturally, it is necessary to take into account the unpredictable behavior of financial markets, and be ready to withdraw from the market when the threshold of expected losses is reached

Topic: Can I take a loan to invest in bitcoin? - page 12. (Read 4422 times)