I think you're doing it right. Bitcoin will grow, it is very very likely, because the coin is interesting to a huge mass of people. However, be careful not to miss the moment when you will need to sell everything and earn
Taking a loan to invest in anything is always a bad idea, only invest what you can and not from borrowed or loaned amount, if there is a rally you could earn the profit but the risk is really high as you never know when the rally would be and hence it is not a good idea to invest money that you do not own because if the market did not go according to your plan and the market goes the other way around you will be in big trouble and you will be forced to sell at a loss, so why the unwanted risk. 
Topic: Loan to buy Bitcoin? - page 9. (Read 6147 times)
I really almost 100% always suggest against buying bitcoin with loans. You're just putting yourself at too much of a risk in my opinion.
It's really the same thing as buying bitcoin on margin, right? Many traders do that, and the wisdom of borrowing money in order to buy anything really depends on how much you're paying in interest and the potential of what you're buying. If Op could borrow money for little interest, I would say do it. I've been saying that now is the time to be buying bitcoin because there is a good chance it's hit bottom. And if Op has a steady job and a good income, why not do it? It's better than buying lottery tickets in my opinion, and it sounds like he can afford it.
Generally I wouldn't recommend borrowing money to buy crypto, because in most cases it's far too risky. I've heard of people getting cash advances on their credit cards and paying over 20% APR on that, and that's stupid. But if you can borrow money at, say, 5% and buy bitcoin with it...that's probably going to be profitable in the next few months I'd say.
I don't recommend getting loans for buying bitcoin. Actually, I don't recommend getting loans for investing somewhere. It is risky and to invest something, you need multiple sources of income. You rather use loans to invest, this is not an income. When you get a loan, this wil surely affect you psychology and you may panic sell.
A very good tactic is when a person every month allows himself to allocate a certain amount from the money earned in order to invest their cryptocurrencies, while not harming the home budget, so as not to put himself at risk of being left without means of subsistence. Of course, if we are talking about a person who lives in more developed countries and has not only a salary at his disposal, but also other assets, as well as profitable deposits, then he can always afford to invest in cryptocurrency at a more suitable moment in the cryptocurrency market. But taking loans for investments in cryptocurrency is a stupid undertaking, because no one can predict the further development of events in the cryptocurrency market and how quickly a person will be able to make a profit and return the loan taken. No one can argue that today it can be very profitable to invest in Bitcoin and its price in the future can again reach $ 20,000 or more. But you need to take into account the fact that before Bitcoin reaches $ 20,000, it can again fall to $ 3,000 or in general, the time of a bull run can drag on for 3 or 5 years. For a person who took a loan is too long.
It is awesome for you but I have some recommendation and some tips because your house is at stake, I mean your money. First, you should study and learn first about what do you want to do here using your money because there are lots of threats and techniques you should consider for you to be able to earn some money. Getting a loan is not actually bad as long as you are using that money for the right and perfect path. So if we talk about threats you should be aware of every step and decision you make because there are lots of scammers in here, so do not give trust to anyone you do not know unless they show you some good projects or recommendation on how you are going to earn. Just what I have said a while ago, you should study and learn, be aware. It is really a good decision to enter this kind of business because you can really earn here.
A very good tactic is when a person every month allows himself to allocate a certain amount from the money earned in order to invest their cryptocurrencies, while not harming the home budget, so as not to put himself at risk of being left without means of subsistence. Of course, if we are talking about a person who lives in more developed countries and has not only a salary at his disposal, but also other assets, as well as profitable deposits, then he can always afford to invest in cryptocurrency at a more suitable moment in the cryptocurrency market. But taking loans for investments in cryptocurrency is a stupid undertaking, because no one can predict the further development of events in the cryptocurrency market and how quickly a person will be able to make a profit and return the loan taken. No one can argue that today it can be very profitable to invest in Bitcoin and its price in the future can again reach $ 20,000 or more. But you need to take into account the fact that before Bitcoin reaches $ 20,000, it can again fall to $ 3,000 or in general, the time of a bull run can drag on for 3 or 5 years. For a person who took a loan is too long.
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?
You said you have a stable job and in a good company, I don't see anything wrong on that if, you think you can still keep something for an emergency so you can still keep all your coins in a long run, this will eventually pay off if Bitcoin get another all time high in the next two years, and besides this is an investment, however very volatile you should be ready to accept any eventualities even to the point of selling to cut your losses.
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?
This will take you 40 months to pay the Loan?i afraid this is advisable because many things may happen in more than 3 years,what if you got fired or something emergency happens and you need to stop working?where will go take that 500$ monthly obligations when the price of bitcoin continues to fall?The answer is NO never risk your future with loans,though we all believe in Bitcoin and we know how this can be in the future but we are not certain when this be happening and that is the risk of getting loan to invest in crypto
Try not to make this kind of decision for you own goodness mate,I have seen some post here about same situation and they are not in pain until this moment
Generally, getting a loan just for buying Bitcoin is something I won't advice anyone to do particularly for someone with unstable income.
But in your case, I won't say you shouldn't go for because you mentioned that you can pay the loan with your stable income and alternative income.
Before you pick the loan, I suggest you tell yourself if you really want to do this, if Bitcoin go below 1k, you won't freak out as you will be paying for a loan even with the accumulated interest and no gain at all from Bitcoin. if you can visualize this pain and willingly to survive it.. Then you are good to go.
But in your case, I won't say you shouldn't go for because you mentioned that you can pay the loan with your stable income and alternative income.
Before you pick the loan, I suggest you tell yourself if you really want to do this, if Bitcoin go below 1k, you won't freak out as you will be paying for a loan even with the accumulated interest and no gain at all from Bitcoin. if you can visualize this pain and willingly to survive it.. Then you are good to go.
it's better not to take out a loan to buy bitcoin because it's very risky. I have heard the story of someone who was poor then after hearing the rise of bitcoin in 2017 he was very interested in buying bitcoin. without enough knowledge about bitcoin and a brief thought that bitcoin is a way to get rich quick. finally he bought bitcoin with borrowed money. however what has happened to bitcoin has continued to decline since 2018 to its lowest point in early 2019, which is only $ 3k. of course he became stressed and confused how to return the loan money. until finally he chose to run away.
That depends on how long you are going to HODL your bitcoin. If you buy bitcoin now and HODL it for the next 5-10 years you are going to make a huge amount of profits. Imagine the people that bought bitcoin in the last 5-8 years? Those guys bought bitcoin around $100 to $200 range and yet they can now sell their bitcoins for roughly $8k minimum. Bitcoin is a very good investment for the long term.
5-8 years of risking the money you didn't own. Its more than a gamble if you think about it risking much money that didn't came from your own wallet and work and money that you need to return with interest. There is no assurance that bitcoin will still sore up in that span of year, we can't say if bitcoin will die in few years you must expect the unexpected too sometimes. Perhaps a better idea would be to get the loan but instead of investing it all in one go of $20k market buy, you still do your dollar cost averaging but accelerated. This means, instead of buying $500 per month, maybe buy $1000 or more per month but still spread it out over several months.
If the price dips, you buy more. If the price goes up, well, that was the idea, but at least you risked less than if you put it all in. That would then be a gamble.
Of course, if you had asked this 5 years ago, everyone would think it's dumb, everyone would tell you it's dumb, all the replies on this thread would say you are crazy, but if you did do it anyway, your $20k would be $2m now.
At the moment, I would definitely take a loan for the purchase of Bitcoin for $ 6,000. I think that this price is justified, because the cost of its production is just in this price range. Let's hope that the price drops and many will be able to buy Bitcoin at a discount.If the price dips, you buy more. If the price goes up, well, that was the idea, but at least you risked less than if you put it all in. That would then be a gamble.
Of course, if you had asked this 5 years ago, everyone would think it's dumb, everyone would tell you it's dumb, all the replies on this thread would say you are crazy, but if you did do it anyway, your $20k would be $2m now.
That is not the best way to take loans and continue to buy bitcoin because there have been many case in some, many who take their loans and use them to trade and buy coins, but the results are not return on investment instead of having to pay the loan. Better with your own money, even though a little but no need to worry by others.
Perhaps a better idea would be to get the loan but instead of investing it all in one go of $20k market buy, you still do your dollar cost averaging but accelerated. This means, instead of buying $500 per month, maybe buy $1000 or more per month but still spread it out over several months.
If the price dips, you buy more. If the price goes up, well, that was the idea, but at least you risked less than if you put it all in. That would then be a gamble.
Of course, if you had asked this 5 years ago, everyone would think it's dumb, everyone would tell you it's dumb, all the replies on this thread would say you are crazy, but if you did do it anyway, your $20k would be $2m now.
At the moment, I would definitely take a loan for the purchase of Bitcoin for $ 6,000. I think that this price is justified, because the cost of its production is just in this price range. Let's hope that the price drops and many will be able to buy Bitcoin at a discount.If the price dips, you buy more. If the price goes up, well, that was the idea, but at least you risked less than if you put it all in. That would then be a gamble.
Of course, if you had asked this 5 years ago, everyone would think it's dumb, everyone would tell you it's dumb, all the replies on this thread would say you are crazy, but if you did do it anyway, your $20k would be $2m now.
Perhaps a better idea would be to get the loan but instead of investing it all in one go of $20k market buy, you still do your dollar cost averaging but accelerated. This means, instead of buying $500 per month, maybe buy $1000 or more per month but still spread it out over several months.
If the price dips, you buy more. If the price goes up, well, that was the idea, but at least you risked less than if you put it all in. That would then be a gamble.
Of course, if you had asked this 5 years ago, everyone would think it's dumb, everyone would tell you it's dumb, all the replies on this thread would say you are crazy, but if you did do it anyway, your $20k would be $2m now.
If the price dips, you buy more. If the price goes up, well, that was the idea, but at least you risked less than if you put it all in. That would then be a gamble.
Of course, if you had asked this 5 years ago, everyone would think it's dumb, everyone would tell you it's dumb, all the replies on this thread would say you are crazy, but if you did do it anyway, your $20k would be $2m now.
Wow! I'm surprised on how far this topic went. After reading every single comment, and appreciate everyone who took time to write something, I decided to just keep buying slowly every month and not taking that loan. I's been said I would do what I thought best, but I confess I was more inclined to take that loan. After reading all the comments I realized that was a bad idea, so I'll just keep buying sats. No hurry.
Thanks guys.
Thanks guys.
That's a very mature decision, Wolf! And I'm glad that the community feedback helped you make your decision! If Bitcoin is going to be a big success in the end and get adopted as a mainstream currency it won't matter at all how much you bought because the numbers will be astonishing. Now I don't know if anyone mentioned before me, but you can always buy Bitcoin on leverage instead of getting a loan, but that implies that you have basic knowledge of how margin trading works. Remember that with margin trading you can lose your whole account if you don't know what you are doing. I wish you the best, man and may we cheer the glasses when Bitcoin will be at $1M!
I'm buying ~500$ 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?
Wait until winter and buy Bitcoin at super low prices. I believe that you can save $2-3k and buy Bitcoin is very profitable at the peak of the bear market
I'm buying ~500$ 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?
Your loan is a good idea because you will have a huge investment in investing in Bitcoin. But you also have a high risk of losing.So think carefully. It's not an easy decision to make because you're going to spend a lot of money on it. And it could cause you a lot of trouble if the price of bitcoin dropped further.
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?
Buying bitcoin using loaned money is risky, Investment should be done by your extra penny and not by using loan. You are only giving yourself a big problem in the future. 20,000$ is a huge amount, if you have invested it in bitcoin, you have no assurance when it will increase. Think of the possible things to happen before taking the risk.I agree with this! Do not get a loan just to buy Bitcoin. Bitcoin has a huge potential but there's no guarantee when it will boom. We are on the early adapters stage. What if it will take more couple of years for cryptocurrency to be acknowledge worldwide? By that time, the interests on your loan will be sky high. $500 every month, if you do it consistently, is already a good strategy. You only need to know when is the best time to buy.
It will depends on how much loan you will need to buy bitcoin and your repayment date. It is good as long as your a trader and not making a loan to buy bitcoin and hodl it for a long time since the interest of your loan is getting bigger every day or month.
If you have a job and earning from it then you can just use of your 30% - 50% hard earned money to buy bitcoin every month and its no hassle and no interest to pay.
If you have a job and earning from it then you can just use of your 30% - 50% hard earned money to buy bitcoin every month and its no hassle and no interest to pay.
If your loan would have long term payment terms, you'll be liable to pay for it using the money from your stable job. But if you're now having any work as sources of income, don't attempt to loan any amount to invest for bitcoin. That's good to have buffer funds before engaging yourself on bitcoin investments, because you can't be sure of when you'll be able to gain your profitable returns of investment coming from bitcoin.
It will depends on how much loan you will need to buy bitcoin and your repayment date. It is good as long as your a trader and not making a loan to buy bitcoin and hodl it for a long time since the interest of your loan is getting bigger every day or month.
If you have a job and earning from it then you can just use of your 30% - 50% hard earned money to buy bitcoin every month and its no hassle and no interest to pay.
If you have a job and earning from it then you can just use of your 30% - 50% hard earned money to buy bitcoin every month and its no hassle and no interest to pay.
That's right, if we do have job, then we can just at least buy bitcoins through our earnings, but, don't take it as a savings as crypto is volatile, so don't forget to save some part of your income before you invest in Bitcoin, so when time comes that you will need fund for emergency at least you have your savings and you cannot get your Btc holdings.
It will depends on how much loan you will need to buy bitcoin and your repayment date. It is good as long as your a trader and not making a loan to buy bitcoin and hodl it for a long time since the interest of your loan is getting bigger every day or month.
If you have a job and earning from it then you can just use of your 30% - 50% hard earned money to buy bitcoin every month and its no hassle and no interest to pay.
If you have a job and earning from it then you can just use of your 30% - 50% hard earned money to buy bitcoin every month and its no hassle and no interest to pay.
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