Loan to buy Bitcoin? - page 12. | Bitcointalksearch.org

BlackFor3st

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Quote from: Wolf Overclocked on October 03, 2019, 09:20:14 PM

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

As what you have mentioned, you wouldn't starve for this move then you can freely do what you like to do. You can continue to invest 500$ or even take the risk of loan and invest your 20,000$.

There is always a risk in every investment but right now, we are nearly at the bottom of the market yet so the risk of your investment in bitcoin is pretty low right now knowing that the market will surely recover in the following months as it is how the market works.

DabsPoorVersion

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Quote from: ReiMomo on October 05, 2019, 02:02:17 PM

Quote from: Pab on October 05, 2019, 12:17:30 PM

Quote from: Wolf Overclocked on October 03, 2019, 09:20:14 PM

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

I think 20K loan can be too much if you can pay back 500$.What if you will lost your job
Think twice.Bitcoin is very profitable now in time before halving.But you have take under consideration that bitcoin most risky emerging asset in the world.So be careful

No, I don't think it's a good idea. If you are going to loan in order for you to be able to buy bitcoin I think you must think about it first because if your loan you need to pay it in a short period of time. While bitcoin is for a long term investment so I think much better to buy bitcoin using your savings and do not loan for it. There always a risk in investing bitcoin, I think it would be better if you invest that you only can afford to lose.

Its actually a bad idea.
Before I was also thinking the same way, I plan to loan at least 2k usd, not really high compared to the OP's planning to loan,
and luckily I didnt continue to my plan, because after a few months, the price of bitcoin decreased more than half of its highest price.
I dont have a regular job that time, and I dont know where I can get a money to pay for that money if I continue what I am planning.

Oasisman

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Quote from: Anonylz on October 05, 2019, 11:02:49 AM

Quote from: Oasisman on October 05, 2019, 09:08:37 AM

Thats the kind of question most people would like to ask when investing in Bitcoin. They heard just a few hyped and the unprecedented Bitcoin ATH last 2017, they automatically think Bitcoin would make them rich in the next few years.
I know we are all positive about this thing to happen in the future , but the risks is always there. You might change your mind in the middle of hodling because your target price/profit didnt meet your expectations on time, and start selling just to cover your loss.

Nevertheless, the decision is still on you, Bitcoin is capable of giving good returns more than your loan and the interest. Who, knows it might work, but thats a pretty huge amount.

Life itself is risky, if you don't take risk you will never know how far ahead you can get,

Or how far the worst situation in your life you can get. Specially in a financial aspect.

Quote from: Anonylz on October 05, 2019, 11:02:49 AM

op has a stable job that can enable him payback his loan,

But, because of this, I might make an exemption to the OP. I just realized he said he took $500 out from his salary to accumulate more Bitcoin. So, why not right? He might have these FOMO vibes, but he have to take the risks.

I was just helping the OP to picture out the possible scenario when he fails to make a profit from his invested capital which came from the loan. It will double his financial struggle if that happened.

SaShiRaJaVu

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Quote from: Wolf Overclocked on October 03, 2019, 09:20:14 PM

I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

All we have are assumptions on where the price of bitcoin will be in the next few years and there is no certainty on how the entire financial sector will behave in the next few years, what if there is a financial crises pops up taking all the market down, you cannot undermine those situations when it comes to taking a risk by investing in something by taking a loan. Investment must be from your savings and not by taking a loan and having a time frame and if the market collapses all your calculation will go down the drain too. So my advice is to avoid taking loans to invest in anything.

ReiMomo

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Quote from: Pab on October 05, 2019, 12:17:30 PM

Quote from: Wolf Overclocked on October 03, 2019, 09:20:14 PM

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

I think 20K loan can be too much if you can pay back 500$.What if you will lost your job
Think twice.Bitcoin is very profitable now in time before halving.But you have take under consideration that bitcoin most risky emerging asset in the world.So be careful

No, I don't think it's a good idea. If you are going to loan in order for you to be able to buy bitcoin I think you must think about it first because if your loan you need to pay it in a short period of time. While bitcoin is for a long term investment so I think much better to buy bitcoin using your savings and do not loan for it. There always a risk in investing bitcoin, I think it would be better if you invest that you only can afford to lose.

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Quote from: Wolf Overclocked on October 03, 2019, 09:20:14 PM

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

I think 20K loan can be too much if you can pay back 500$.What if you will lost your job
Think twice.Bitcoin is very profitable now in time before halving.But you have take under consideration that bitcoin most risky emerging asset in the world.So be careful

Alert31

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Loan to buy bitcoin is a very bad idea. We know investing in bitcoin is risky so always "Invest money that you can afford to lose". That is always a reminder to us when we invest. Bitcoin value is very volatile and it doesn't guaranty 100% that we can make profit. Loan to buy bitcoin is not advisable.

fiulpro

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Okay I would just be honest with you ,

1. If you are investing for long term then I think you should not take any loan to buy Bitcoins since you are aware of the volatility factor and trust me the chances of it going down the drain is Preety high.
2. If you still decide to take a loan then go for short term trading and encash timely .

Don't take it wrong I love Bitcoins but there are a lot of risk factors associated with it thus ensure safety of your money .

Anonylz

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Quote from: Oasisman on October 05, 2019, 09:08:37 AM

Thats the kind of question most people would like to ask when investing in Bitcoin. They heard just a few hyped and the unprecedented Bitcoin ATH last 2017, they automatically think Bitcoin would make them rich in the next few years.
I know we are all positive about this thing to happen in the future , but the risks is always there. You might change your mind in the middle of hodling because your target price/profit didnt meet your expectations on time, and start selling just to cover your loss.

Nevertheless, the decision is still on you, Bitcoin is capable of giving good returns more than your loan and the interest. Who, knows it might work, but thats a pretty huge amount.

Life itself is risky, if you don't take risk you will never know how far ahead you can get, the btc early adopters took risk investing and believing in btc and today they are in control over the rest of people, ofcourse nobody can guarantee what will happen to price in next coming days, but sometimes we have to take risk to achieve our goals in life,
Since from all time high btc has gone as low as 3k and back up to 8k when most people thought otherwise, op has a stable job that can enable him payback his loan, all he need is excercise some for his investment to yield profit, if we believe btc will surpass this current price in future then there is need to panic about little drops in price at present.

Oasisman

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Thats the kind of question most people would like to ask when investing in Bitcoin. They heard just a few hyped and the unprecedented Bitcoin ATH last 2017, they automatically think Bitcoin would make them rich in the next few years.
I know we are all positive about this thing to happen in the future , but the risks is always there. You might change your mind in the middle of hodling because your target price/profit didnt meet your expectations on time, and start selling just to cover your loss.

Nevertheless, the decision is still on you, Bitcoin is capable of giving good returns more than your loan and the interest. Who, knows it might work, but thats a pretty huge amount.

teosanru

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Quote from: Wolf Overclocked on October 03, 2019, 09:20:14 PM

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

I know this sounds like an exciting idea thinking that loans are pretty easily available at a rate of 10% per annum while bitcoin can make a deviation of 10% in a day so what if it's your lucky day and you just go 10% up you have actually covered up for interest in the first day itself. But there is only one problem about it. Which is your loan amount will stay as it is while BTC may not. If you it never recover from 8k which means if it goes to the downside then you won't only have risked the whole amount all at once which is now in negative but you have also missed the change of buying cheap which you would regret and then you would try to buy more. SIPs or monthly investments work well because they have an advantage of averaging over time which means even if price goes down you are buying cheap which is not true with lump sum . So one should go for lump sum only when he is pretty sure that price will definitely rise from this point. Take advantage of averaging and let it be how it is now. Because 500$ invested now is more if price goes up but if it goes down then future $500 would buy more bitcoin and you won't even need to pay interest on it.

darkangel11

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Don't let others control your BTC -> self custody

Don't do it unless you have a very strong hand.
People are victims of their own mindsets. Do you know why so many people lost money on bitcoin when it was such an easy asset to win with? They lost the nerve and couldn't cope with the losses. They had their friends and family wear them down. They were waking up every day to red candles and finally said enough.
Take a loan and it will wear you down. A wealthy investor will see red candles and ignore it. A normal investor who is a bit in the red will say I'm down 20% but that's not a lot, I can take it and wait". A guy with a loan will keep paying interest and will have to struggle to find the money every month. He'll add the numbers and while everybody is at 20% loss he's at 40 because of the loan interest. Most people can't handle it.

TrevorS

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Many have already expressed their opinion here, let me join. Taking a loan in itself is a very risky business. Weigh these risks well. After all, as long as you have a job that is your main source of income, you will be able to survive the unfortunate set of circumstances, but what happens if the job does not? After all, the collapse of Bitcoin will not happen “just like that”, it will somehow be connected with some financial changes in the world, and who knows how this can affect you.

bitcon

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Quote from: Wolf Overclocked on October 03, 2019, 09:20:14 PM

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

Cryptocurrencies are associated with huge risks. The decision to obtain a loan for the purchase of cryptocurrencies should be balanced. You can lose much as 20 thousand is very risky here. Besides, pay attention to the fact that regardless of the volatility of digital coins, many investors get huge profits from trading them.

If you play your “crypto cards” correctly, then you can become one of these investors!

Ucy

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Quote from: Wolf Overclocked on October 03, 2019, 09:20:14 PM

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

Borrowing to buy cryptocurrency is a bad idea unless you have a sure means of repaying back.

It is Ok to invest part of your salary in Bitcoin as long as you can afford to lose it. I guess most people can afford to lose 5-10% of their salaries. Anything above that could be consider risky.

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Quote from: Wolf Overclocked on October 03, 2019, 09:20:14 PM

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

If you are loaning, it is probably not a very good idea to take part in buying bitcoins. I expected that you already know that these investment brings a lot of risk and can put you to much more loans in the future if not successful. Maybe I'm not into a high risk but rather low risk with low ROI but with sure profit overtime. It is up to you if you are brave enough to take those actions.

rahmatullah9305

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That's the people's misconception in responding to the Bitcoin fever. This actually makes our condition insecure, because even though the price is very high, the price can go down at any time. there are currently no insurance agents that help users to guarantee the use of Bitcoin. let alone you lend $ 20,000, this might not be recommended.

rijaljun

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Not all loan is bad, in my personal study.. I put loan as a motivation for anyone to be more productive. It's bad if you can't handle it and have no plan to pay the installment or don't know how big the risk is. Buying bitcoin with loans are not always be a gambling, but of course since Bitcoin is not always predictable it might be bad for short term move but still good for long term as you don't need to care daily price changes. If you really want to do so, you need to think about the risk not only twice but several times and find ways, not only a way to get out and make profit from it.

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Quote from: Zionatin on October 04, 2019, 08:48:02 PM

We say all this now though imagine bitcoin soars in price. We will be eating our words and the OP rich. It is too scary for me personally as you can lose thousands within seconds and also gain thousands.

Precisely. That's why it's really hard and scary investing with the money you are not willing to lose, loaning fo your capital will affect your decision-making, as you will always think about what will be the best way to take care of your capital. A big whale dive will scare you a lot and force you to make a big mistake losing your money.

Be very careful not to decide with things you are not ready to let go, Loan money needs being paid whatever happens to your investment. Think more
deeper, if you are willing to take the risk and if you think you can do handle whatever fate brings you, then go for it.

beej

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I too think using loans to buy bitcoin is a bit risky, you
might end up in a lot of debt since the market is so volatile
and unpredictable. If you have extra income or money to
spare that would highly be advisable. But then again everything
comes with a risk. It all depends on your strategy, I know some
people from work that have gotten loans for several investments
and some turned out pretty lucrative.

Topic: Loan to buy Bitcoin? - page 12. (Read 6147 times)