Can I take a loan to invest in bitcoin? - page 29.

NicNacCoin

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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

What is your advice?

I don't like to do anything on loan. So far I have never done anything with a loan in my life and never advised anyone to do anything with a loan. The Bitcoin market is an unregulated system. Here the market is always up and down. If you buy Bitcoin with a loan and the market goes down, you won't be able to repay the loan later. Later you will be in more danger and have to sell your home assets to repay the loan. So one should not and should not be advised to do anything about the loan. Invest if you have your own money otherwise there is no need to borrow. Loans drive people to ruin.

Phyna4

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Quote from: Darker45 on January 22, 2023, 08:17:31 AM

My advice is the same with your advice. I don't like loans. I don't like borrowing money. I'm not comfortable knowing that I owe somebody a certain amount. But, who knows, if ever a time comes that I will have to borrow money, I might. However, it will never be for the sake of investment. It might be due to emergencies.

But if somebody is to borrow money for the sake of investment, Bitcoin is a better choice especially in the middle of a bear season and if it is for long-term hodling.

If you say so. I'm also very scared of loan.

Frankolala

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It is not advisable to take loan to invest in bitcoin, bitcoin volatile nature makes this not a good idea because you can't predict how long it will take for you to get profit from your investment. Remember it is better to invest in long term than short term, what if the time of the loan expire and bitcoin is in a bear market, what will you do ? How will you pay back your loan when you are not gaining profit but maybe losing due to the dump in price after investing.

Sometimes if the loan is a long term one,remember it will accumulate so much interest. Bitcoin is not a get rich quick business, so it is better that you use only your savings to invest in bitcoin to avoid embarrassment from the loan,which can be so devastating. Though, some persons have loan from and invested which worked for them but it's not the best way to invest in bitcoin.

Darker45

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My advice is the same with your advice. I don't like loans. I don't like borrowing money. I'm not comfortable knowing that I owe somebody a certain amount. But, who knows, if ever a time comes that I will have to borrow money, I might. However, it will never be for the sake of investment. It might be due to emergencies.

But if somebody is to borrow money for the sake of investment, Bitcoin is a better choice especially in the middle of a bear season and if it is for long-term hodling.

coinerer

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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
What is your advice?

Investments in Bitcoin or other cryptocurrencies can never guarantee you a profit. Yes it is true that it is possible to make huge profit from here but there is no guarantee that how long after investing you will get good profit. When you take out a loan to invest in Bitcoin, you must repaid the loan with interest. So if the price of Bitcoin takes longer to rise, you will have to pay more interest. So you must stay away from loans when it comes to investing in crypto. Because the price of Bitcoin may decrease after investment. so be careful from thinking about loan when you will invest in crypto

mk4

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We have a couple of older topics concerning loans and bitcoin. Majority of people's opinions in the replies still stand.

Topic: How weird is it to borrow money and invest into Bitcoin? https://bitcointalksearch.org/topic/--5356144
Topic: Loans are cheap good time to use loans for Investment in btc https://bitcointalksearch.org/topic/loans-are-cheap-good-time-to-use-loans-for-investment-in-btc-5300041
Topic: Maxing Out Credit Cards to Buy Bitcoin https://bitcointalksearch.org/topic/maxing-out-credit-cards-to-buy-bitcoin-3048436
Topic: Taking a loan to buy bitcoin https://bitcointalksearch.org/topic/taking-a-loan-to-buy-bitcoin-349101

Phyna4

newbie

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"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?

Topic: Can I take a loan to invest in bitcoin? - page 29. (Read 4422 times)