I've calculated that you've invested about $170,000 in cryptocurrencies, i think that's a huge investment and it's not necessary to put more money on it expecially that you don't have any extra money. I don't think it's a good idea to loan money to invest, even from your family.
Investing is risky, and in another 5 years the currency you buy will not necessarily go up, or even down a lot, including BTC.
Topic: Should I get a loan? - page 10. (Read 2238 times)
business is business , family is family , that happen in my environment , u have a better life i guess. as long as you can handle it, I mean, interest that are not big, I don't think there's anything wrong with that , and of course , u must know when to go , market is really bad right now. i guess we must stay away for now.
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
Ive seen several stories like yours in the past and it doesn't ends well for them but if you are confident with your trading and holding strategy then why not since the loan are interest free it will be a good bet for long term HODL. If this is a loan from the bank it would be a different scenario.
I was surprise from your submission and not convinced of your mission of obtaining a loan having such a huge amount of asset in both Bitcoin and alt is enough to earn decent profit in long term even not up to five years just sit back and monitor the market, asking for any loan whether interest free or not is unnecessary, if crypto market regain it bullish sentiment the OP portfolio will amount to huge and massive profit in some couple of years to come just keep hodling
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
If you can still pay the loan without putting your family's stability at risk then getting it to accumulate more crypto is not a bad choice. It looks like you have a deep pocket that you are willing to hodl for many years if your investment's value drop. It even has no interest so your debt is not that big when you get a loan. If I am in your situation, I would get that loan because mass adoption is slowly happening, bitcoin and other alts starts to stabilize at this moment from the recent dumps so 5 years is long enough to make your investment grow profit.
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I think your holdings are already enough and loaning isn't a smart idea anymore. Just gain a good profit out of it first and reinvest again. Borrowing funds for investment wouldn't be a good idea because we all know that crypto investment has a huge risk or earn from your own money so you'll have funds to invest with altcoins.
In Cryptocurrency I believe is really a bad idea to borrow money to buy a coin but since you are getting it from a family member and is interest free and the person can even wait for 5 year I really that's not bad but I will advise you to do your research very well first before buying a coin and don't even try to invest in any shit coin or any upcoming coming make sure you invest in coin that you believe they will never fail you like ETH, BNB, LTC etc. I believe coins like that won't fail you but if you invest in upcoming coins anything can happen because you might endup losing your money.
Even if it's from his family. Although there's the favor that will be given to him being part of the family but money matters for some families. In general of this, it's not really a good option to borrow money for investing in cryptocurrencies. But if he understands all the huge risk that he's taking and it's totally fine.
If he has the capacity and source for paying it, make sure that he understands what he does.
Well, the family should also know the risks involved when it comes to crypto investments. He should laid out possible scenarios to them and be transparent. With the money that he has invested on crypto right now, I believe, he has the capacity to pay his family in case something goes wrong. And if he is willing to wait long term, better invest on rock solid projects like ETH and BNB. But if there is another choice, better not get a loan even if it is from your family, stick to you own financial capability.
because if family members do know that it would be invested on crypto or something that they didn't able to hear off then they would really be in doubts.
For sure there would be other reasoning behind those taking loans or borrowing money scenarios. No matter what kind of reasoning it would be
as long you are responsible on repaying those loan and wont really be taking too long then that would matter the most.
In Cryptocurrency I believe is really a bad idea to borrow money to buy a coin but since you are getting it from a family member and is interest free and the person can even wait for 5 year I really that's not bad but I will advise you to do your research very well first before buying a coin and don't even try to invest in any shit coin or any upcoming coming make sure you invest in coin that you believe they will never fail you like ETH, BNB, LTC etc. I believe coins like that won't fail you but if you invest in upcoming coins anything can happen because you might endup losing your money.
Even if it's from his family. Although there's the favor that will be given to him being part of the family but money matters for some families. In general of this, it's not really a good option to borrow money for investing in cryptocurrencies. But if he understands all the huge risk that he's taking and it's totally fine.
If he has the capacity and source for paying it, make sure that he understands what he does.
Well, the family should also know the risks involved when it comes to crypto investments. He should laid out possible scenarios to them and be transparent. With the money that he has invested on crypto right now, I believe, he has the capacity to pay his family in case something goes wrong. And if he is willing to wait long term, better invest on rock solid projects like ETH and BNB. But if there is another choice, better not get a loan even if it is from your family, stick to you own financial capability.
In Cryptocurrency I believe is really a bad idea to borrow money to buy a coin but since you are getting it from a family member and is interest free and the person can even wait for 5 year I really that's not bad but I will advise you to do your research very well first before buying a coin and don't even try to invest in any shit coin or any upcoming coming make sure you invest in coin that you believe they will never fail you like ETH, BNB, LTC etc. I believe coins like that won't fail you but if you invest in upcoming coins anything can happen because you might endup losing your money.
Even if it's from his family. Although there's the favor that will be given to him being part of the family but money matters for some families. In general of this, it's not really a good option to borrow money for investing in cryptocurrencies. But if he understands all the huge risk that he's taking and it's totally fine.
If he has the capacity and source for paying it, make sure that he understands what he does.
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I believe that you have the courage to risk more in crypto but I'm going not to agree with you borrowing money from anyone else even from your family. Why? You know how risky is this, not all the time we are lucky. You have said you are willing to wait for 5 years but have you think that your family couldn't be in need of money for that long? Maybe they are and you might sell your investment when the time has come even the price is cheap, that was your loss, I think.I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
If you are lucky in trading, there will be a chance that your money will fold for how many times, otherwise, --it will also easy to wipe out in just a matter of hours, and the chances that you will get profit is very small. There could be a double sword effect if you will get a loan just to trading and hoping you will earn on it. Lossing the amount that you have borrowed and also the capital that you have borrowed. It is a very risky part, so if you plan to do trading, just set an amount that only you can afford and make sure that this is not needed like supposedly for daily needs.
Currently I have $109,750 in Bitcoin and $60k in alts.
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
I believe that you have the courage to risk more in crypto but I'm going not to agree with you borrowing money from anyone else even from your family. Why? You know how risky is this, not all the time we are lucky. You have said you are willing to wait for 5 years but have you think that your family couldn't be in need of money for that long? Maybe they are and you might sell your investment when the time has come even the price is cheap, that was your loss, I think. I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
However, I could use some opinions first. What do you guys think I should do?
In Cryptocurrency I believe is really a bad idea to borrow money to buy a coin but since you are getting it from a family member and is interest free and the person can even wait for 5 year I really that's not bad but I will advise you to do your research very well first before buying a coin and don't even try to invest in any shit coin or any upcoming coming make sure you invest in coin that you believe they will never fail you like ETH, BNB, LTC etc. I believe coins like that won't fail you but if you invest in upcoming coins anything can happen because you might endup losing your money.
I still consider it irresponsible to borrow money to invest. Especially in a market as volatile and unpredictable as cryptocurrency.
-snip-
Unfortunately, people tend to take incredibly high risks when there is even the slightest chance of a very high profit. For me, taking out a loan in order to invest already belongs to this category of "incredibly high risks". -snip-
Banks usually do not give loans for such "ideas", if then only with correspondingly good collateral through real estate or similar.
Taking out a loan for an investment with friends or relatives I consider even more questionable. This can lead to the fact that friendships are destroyed for ever.
Long story short: Don't do it.
Banks will never provide loans without the desired collateral so it will be difficult to approve loans.
All around me, their friendship has started to break because of unfinished loans.
There's nothing wrong with getting a loan to buy crypto currency assets, but you have to loan money wisely to use it,
and you have to get a loan from people who really don't need money, otherwise you'll be confused if you can't. pay it,
and it doesn't go according to plan, before getting a loan, my advice is to make risk management first
and you have to get a loan from people who really don't need money, otherwise you'll be confused if you can't. pay it,
and it doesn't go according to plan, before getting a loan, my advice is to make risk management first
I don't think you need a loan in these circumstances. you can try to do some short term trades to get profit. I'm sure it's pretty easy if you're not too greedy. only a few days to be able to do market analysis, and you can make ends meet in a few days or reinvest if you want
I would say you're really lucky. My alts used to be about 30/40 percent of Bitcoin when I started hoarding and now it's only around 10% and that's mainly thanks to Ethereum doing so well.
Don't get a loan though, at least, not in a bull run. Prices may still go lower. Invest what you can afford to lose, and never put yourself in debt.
Just don't.
Don't get a loan though, at least, not in a bull run. Prices may still go lower. Invest what you can afford to lose, and never put yourself in debt.
Just don't.
If the loan doesn't burden your family, do it. Because we have to think about the biggest risks that can happen in the future, many people discuss crypto will smell good this year and will be bad for next year. Maybe now your family can provide the loan, but maybe next year they want it back and the market is not in good condition.
if you want a lot of profit in the next few days or the next few months you should start now you have to buy cryptocurrencies, especially Altcoins, don't let you see people get rich in the next few months, yes you can borrow money from your brother or at the bank,
and buy when the price is cheap, don't buy all in, but buy gradually
If the loan doesn't burden your family, do it. Because we have to think about the biggest risks that can happen in the future, many people discuss crypto will smell good this year and will be bad for next year. Maybe now your family can provide the loan, but maybe next year they want it back and the market is not in good condition.
Your pocket money is already quite large by now and that for me is already at its highest point.
But that's if you are sure of the choice then it's not a problem for you as long as the loan is really safe from your own family so it's big without interest for a long time even 5 years is targeted
Maybe you have seen how the potential of altcoins in the future is, and now is the time to act if you want to get bigger, but I believe you are a bigger player and always manage your portfolio after getting the loan.
The big risk is definitely you, the important thing is to make sure it's all you can bear.
But that's if you are sure of the choice then it's not a problem for you as long as the loan is really safe from your own family so it's big without interest for a long time even 5 years is targeted
Maybe you have seen how the potential of altcoins in the future is, and now is the time to act if you want to get bigger, but I believe you are a bigger player and always manage your portfolio after getting the loan.
The big risk is definitely you, the important thing is to make sure it's all you can bear.
If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
I'm looking at this from your post as you understand that price can drop a great deal. It seem your family is supportive to you in your life endeavour if you can wait this long and they won't bother you, it means it may not be considered as a loan but a gift. Loan itself attracts a fee.
You can get the gift for your investment anyway but you still need to invest in good and existing coins.
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