Topic: Should I get a loan? - page 12. (Read 2238 times)
Taking a loan from a family to invest in coin is not a bad idea where the problem lies is will you be able to overcome greed when the price starts appreciating?. Would you have the mindset to break even when you hit your target or would greed overwhelm you? This has always been the problem of most cryto investors and many loose fortune after seeing massive profit but bluntly refused to take from it.
Are you sure about that? Is probably the question you should ask maybe 5 times a day before the final day of decision making. As much as I advocate Bitcoin just being in a correction and would eventually go up, it isn't really recommended to actually take loans to do investments. There's just no guarantee of you returning it. If it was your money, fine it's okay, it is yours, but in case of loans, it isn't, you gotta pay it back somehow.
Interest-free or not, a loan is still a loan. If it isn't a big amount it should be fine, but since you are investing I hardly doubt it's a small amount. Probably talk with your family and actually consider getting a contract of sorts for it so that every detail is clarified.
Interest-free or not, a loan is still a loan. If it isn't a big amount it should be fine, but since you are investing I hardly doubt it's a small amount. Probably talk with your family and actually consider getting a contract of sorts for it so that every detail is clarified.
Sure that you have a really massive amount of money invested in crypto and you have the capacity to pay off your loan to your family if ever the market declines, but isn't that enough? I am just saying that be aware of your greed because it is more likely that you'll find yourself in a debt spiral as your greed develops.
Though it is possible to get a loan, however, you should have at least consider having other source of income since you are responsible for loan repayments every month if that's the plan between you and your family. At the end of the day it is a gamble and that's for sure, it is a big win if the price goes otherwise you'll end up getting rekt.
Though it is possible to get a loan, however, you should have at least consider having other source of income since you are responsible for loan repayments every month if that's the plan between you and your family. At the end of the day it is a gamble and that's for sure, it is a big win if the price goes otherwise you'll end up getting rekt.
It really depends on some factors. What if your family suddenly needed the money for whatever reason(emergencies, etc) and at the time when they need it bitcoin and the cryptocurrency markets hasn't bounced yet? You'd be screwed.
Overall, this is something I personally wouldn't do. Yes, we have hype cycles and such that in 5 years there's a good chance that bitcoin is a lot higher from here, but always remember that nothing, I mean nothing is guaranteed — and that includes bitcoin going up.
Overall, this is something I personally wouldn't do. Yes, we have hype cycles and such that in 5 years there's a good chance that bitcoin is a lot higher from here, but always remember that nothing, I mean nothing is guaranteed — and that includes bitcoin going up.
Since the loan is from your family and no interest, at least you wouldn't be stressed to pay the interest even though your investment in loss.
I don't think buy Bitcoin in single time is really a good choice, however buy every dip is better to minimize loss due to volatility. You could split and place buy orders on every $35,000 $30,000 $25,000 and so on depends on your strategy. But the profit you'll got isn't really high compared buy all in single time.
I don't think buy Bitcoin in single time is really a good choice, however buy every dip is better to minimize loss due to volatility. You could split and place buy orders on every $35,000 $30,000 $25,000 and so on depends on your strategy. But the profit you'll got isn't really high compared buy all in single time.
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?
You already have the money why you should take a loan for? This is just an advice but if I do have that kind of money probably I'll just make it grow through trading, maybe studying trading will help you earn more alts or Bitcoins but getting a loan I think that's not necessary, though that's just my personal opinion.
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You already have the money why you should take a loan for? This is just an advice but if I do have that kind of money probably I'll just make it grow through trading, maybe studying trading will help you earn more alts or Bitcoins but getting a loan I think that's not necessary, though that's just my personal opinion.
If the loan is from your family without interest that's a good decision but without waiting for the dip price you will lose a big amount of investment.
And another thing is we don't know if the price of Bitcoin on the next block halving will be the same as what happened this year.
We are not a fortune teller and we don't know what will be the price of bitcoin in the next day, months, or years or even in decades. Bitcoin is too volatile there is no perfect prediction on the Crypto market but if you believe in Bitcoin and willing to lose then go buy without waiting for a cheaper price.
For me, it would be better to wait 1 more month to decide if you are going to buy or not if we see a downtrend then let it pass and wait for around $15k to $25k before you invest. This is just my own prediction and analysis due to recent events happen and the price movement.
And another thing is we don't know if the price of Bitcoin on the next block halving will be the same as what happened this year.
We are not a fortune teller and we don't know what will be the price of bitcoin in the next day, months, or years or even in decades. Bitcoin is too volatile there is no perfect prediction on the Crypto market but if you believe in Bitcoin and willing to lose then go buy without waiting for a cheaper price.
For me, it would be better to wait 1 more month to decide if you are going to buy or not if we see a downtrend then let it pass and wait for around $15k to $25k before you invest. This is just my own prediction and analysis due to recent events happen and the price movement.
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?
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