Have you ever borrowed fiat to get btc? - page 2.

Welhell

newbie

Activity: 154

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Quote from: A.Delaney on January 05, 2018, 10:36:09 PM

Whether it be buying btc or buying equipment to mine btc. Did you ever borrow fiat to make your purchase? I have not. Just curious if anyone ever has.

I also not borrowed for Bitcoin, because it is the worst way to make money. So, in my country all of banks give loan with 30 percent. Thats true that, i can get more than 30 percent, but, i never do that.

Doge dealer

sr. member

Activity: 462

Merit: 252

yes i borrowed some money in April to purchase some altcoins to complement my Bitcoins holding i plan to cash them out into bitcoins in may when the prices of the altcoins is expected to increase. This is not the first time i borrowed money to buy cryptocurrencies because my first investment was money that was given to buy some goods i actually postponed that purchase bought some bitcoins , cashed out a portion when is price rose bought the goods and still had the initial investment plus a little profit left (all that was left is profit since i had taken back the initial dollar value invested).

Akupuniard

sr. member

Activity: 406

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Nope. I am trying not to borrow money because it's difficult for me to return. When you rely on youself only it's much easier to live and you usually don't need anything.

KingOfWinterfell01

full member

Activity: 504

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Quote from: A.Delaney on January 05, 2018, 10:36:09 PM

Whether it be buying btc or buying equipment to mine btc. Did you ever borrow fiat to make your purchase? I have not. Just curious if anyone ever has.

Never did, though. It's a bad idea to borrow fiat to buy bitcoins now that the market is bullish. It'll be a hard to time pay those people since the man who borrowed might be swimming in deeper and hotter waters because of the price dip of bitcoins nowadays.

walemil

full member

Activity: 448

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Borrowing money to invest in bitcoin and altcoins or to buy equipment to mine bitcoin is not a wise way to go and it is not professionally advisable because it is possible to loose. The standard that will make anyone comfortable is to use spare money (this means any money you can afford to lose)

Mometaskers

hero member

Activity: 1764

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I've considered it but didn't pull through. I'd prefer having at least part of the amount I'm borrowing at hand so if things aren't going well I'd still be able to pay regularly. Problem with this is that it could cause conflict, especially if you borrowed from friends and family. It could plunge and then stay at a lull and then they'd start wanting their money.

Almost happened to me, a relative had the idea to send money I'd buy for btc but it just happened that she had to spend it somewhere else. I suppose if I managed to get that last year and sold during ath, I could return the money with interest.

jame lie

newbie

Activity: 81

Merit: 0

This is correct the risk is multiplied many times if you borrow money, this is what fueled the mortgage crisis in the US since many people did not had the money to buy those houses and were in fact thinking they will be able to buy the house and then sell it for an higher price to someone else.

xraisers

member

Activity: 266

Merit: 10

I wont advice anyone to borrow, true investing is for those that have their finances in order already, you cannot think of investing money when you cannot pay your rent, I know this can be bad news for some since bitcoin is I think the biggest opportunity of our lives but that is why we must always try to be ready so we can take advantage of the opportunities that life give to us

chenczane

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Quote from: A.Delaney on January 05, 2018, 10:36:09 PM

Whether it be buying btc or buying equipment to mine btc. Did you ever borrow fiat to make your purchase? I have not. Just curious if anyone ever has.

No and I have no plans to do that. I have my own way earning money, I have a regular job and I get paid every month. Although I have some expenses, this is not a factor to me not to buy bitcoin, I guess it is my motivation to earn more. I have a family with two kids and my fiat is so hard to budget every month but I entered this busines and I know the risks.

eugene30

sr. member

Activity: 338

Merit: 250

What have you done. meh meh

I have thought this several times when i was starting here in bitcoin but i don't do it because at that time. I was new and i loan money i don't have assurance that it will grow here and if that's not grow. I only give myself a problem on how to pay that. I rather use my own money rather than borrowing.

kiky03

full member

Activity: 305

Merit: 100

I wont advice anyone to borrow, true investing is for those that have their finances in order already, you cannot think of investing money when you cannot pay your rent, I know this can be bad news for some since bitcoin is I think the biggest opportunity of our lives but that is why we must always try to be ready so we can take advantage of the opportunities that life give to us

dillpicklechips

hero member

Activity: 994

Merit: 507

No, I didn't. I earn all my bitcoins that I possess now and never thrown a single fiat to it. By my time and effort, I manage to have an additional income for myself and for my family.

Rajs64

jr. member

Activity: 322

Merit: 6

Quote from: A.Delaney on January 05, 2018, 10:36:09 PM

Whether it be buying btc or buying equipment to mine btc. Did you ever borrow fiat to make your purchase? I have not. Just curious if anyone ever has.

I though once but then dropped my plans.i thought to brought a minning equipment, but seeing bitcoin dips I dropped my plan.

mylyn2327

member

Activity: 294

Merit: 12

Quote from: A.Delaney on January 05, 2018, 10:36:09 PM

Whether it be buying btc or buying equipment to mine btc. Did you ever borrow fiat to make your purchase? I have not. Just curious if anyone ever has.

Haven't done that and probably won't do that. I am more spending my own money and I think it's best atleast you won't need to pay debt whatever happen to that money because we all know that it's very risky.

vionas

newbie

Activity: 261

Merit: 0

Quote from: A.Delaney on January 05, 2018, 10:36:09 PM

Whether it be buying btc or buying equipment to mine btc. Did you ever borrow fiat to make your purchase? I have not. Just curious if anyone ever has.

I do not dare to buy bitcoin from borrowed money, because it is very risky because the value of bitcoin is unstable, but I bought bitcoin from my savings.

meatygeiger

newbie

Activity: 67

Merit: 0

No I too didn't have borrowed because I do.t like to ask anything from others

Pier7

newbie

Activity: 126

Merit: 0

I won't borrow money for bitcoin investment because i know this kind of investment is very risky due to the fact that it is highly volatile. The bitcoin's price keeps changing drastically and we don't know if its gonna crashed someday or become more stable in the future. To be safe, i would just invest the amount i can afford to lose and stay away from more debts.

imking

full member

Activity: 406

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Quote from: A.Delaney on January 05, 2018, 10:36:09 PM

Whether it be buying btc or buying equipment to mine btc. Did you ever borrow fiat to make your purchase? I have not. Just curious if anyone ever has.

I never borrowed fiat to stat on the investment on the bitcoin. I started my journey in a cryptocurrency without money involved, How I do that? Simple, this forum guides me every step, I mean, reading with an understanding of the answer of the member of this forum help me to be a knowledgeable person. I start to join in the different bounty signature and campaign signature and others. I have the plan to build mine equipment.

GayOfThrones

full member

Activity: 479

Merit: 103

I don't borrow money for anything, since I don't want to become a slave. If you have debts you are a slave. Borrowing to get BTC is no exception.

ymirymir

full member

Activity: 462

Merit: 100

Quote from: A.Delaney on January 05, 2018, 10:36:09 PM

Whether it be buying btc or buying equipment to mine btc. Did you ever borrow fiat to make your purchase? I have not. Just curious if anyone ever has.

yes I did, I borrowed fiat from my brother's savings because the price of bitcoin last year was unexpected that it reached beyond our expectations. I borrowed and I didn't imagine that I would be able to pay for it that fast because of he profit that I gained from trading and that was the fist and last time that I borrowed fiat because of bitcoin.

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