Should I get a loan? - page 9. | Bitcointalksearch.org

terrorJR

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Quote from: Inspiron14 on June 12, 2021, 11:13:30 AM

Bitcoin is being dumped again today, and it is reported that bitcoin will retest to support again at $33k or $30k,
so just in case you can buy in that area, if there is no money then get a loan, because I believe the price will bounce back again.
but if you want to loan money, make sure you can pay it at a later date

although the temptation is to make big profits, sometimes people think of borrowing. that's what crossed my mind too. However, due to unstable market conditions, I gave up my intention to make a loan. because I prefer to use personal finance as it is and not leave too big a debt to others. major corrections occur at any time, perhaps in the long term, while the interest on the loans we invest will continue to grow every month. what if the price of Bitcoin falls like a proven pattern every 4 years. is it worth the interest that keeps piling up?

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Getting a loan for investment into cryptocurrency is not a good idea! Cryptocurrency is too volatile, you can not use other people's money and be objective as regard your trade postion, you will make a lots of mistake which would be avoidable if you were using your own money to trade! The rule of thumb here is to trade with money you can afford to lose!

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Well, if you are sure the loan is from your family and comes with absolutely no interest, then it's good, but I will still advice you to let your family know what or where you are investing the money on, so as to avoid future embarrassment, If I was to advice you in person, I did tell you to try to be Okey with what you already have, in time, the market will go up and you make your profit without having to pay anybody part of it, getting a loan to invest in crypto is highly risky most especially now that the government is starting to get interested in the happenings in crypto, we can be optimistic as possible but the truth remains that we can't tell what will happen in the next hour, if you must get a loan, make sure to let your family know exactly how long you are likely to hold it before you are able to pay back.

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Quote from: teosanru on June 12, 2021, 12:01:03 PM

But if the money is being borrowed from someone in your family and it's interest free with no certain return period, I can say you can borrow, but don't enter into the market all at once, get a good 25% position at the current price then buy more if it goes down averaging your position size. This way you would be more profitable.

I don't think the OP need to force his will to get a loan from the family even without interest just to buy more of his investment asset. Meanwhile, the current value of the investment is close to $200K, I think that is enough to keep him in the shadows between profit or loss due to market fluctuation. If his investment goal is long term, then I don't think he should lend money in any way. Hold the asset and wait for the right time to take profit.

Quote from: sujonali1819 on June 12, 2021, 12:30:45 PM

I will not agree if the loan would be +interest. Yes, If the source of your loan would your family you can take loan from them to invest in alts. But I will suggest don't do loan a high capital and don't buy any shitcoin to get quick profit. Always better if you can keep you all portfolio in Bitcoin.

In the long term, all loan may experience problem even if they are obtained from the family because there are many other unexpected factor such as an urgent need for money. That's why I think investing from loan may never be a good fit even if it's an interest-free loan.

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 PM

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.

If you don't have a 100% repayment plan, you can't take out a bank loan. The same goes for an interest-free loan, because you can't risk the money that was raised by your family members, since the cryptocurrency market can't be predictable. I believe that you have enough of your own deposit to trade and invest without putting your family's well-being at risk.

sujonali1819

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 PM

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 will not agree if the loan would be +interest. Yes, If the source of your loan would your family you can take loan from them to invest in alts. But I will suggest don't do loan a high capital and don't buy any shitcoin to get quick profit. Always better if you can keep you all portfolio in Bitcoin.

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 PM

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?

About loan which is already interest free and from family, people expectation maybe you can pay it anytime you want. But if me with that already big amount of investment, maybe i will use that loan money but for back up when anything worst happened. Because we can't only wait if something bad happen to our investment and must spare more capital to use as back up.

teosanru

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 PM

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 never recommend investing in cryptos by taking any kind of loan. It's because this market is pretty new and fragile, even though you might be profitable because of the natural cycle of bitcoin bull-bear run but adoption wise, not a lot of things can be said so far about the cryptocurrencies market in the longer term. a few bad news can affect the market so badly that a bear run might last too long. Also, who knows if this is the rock bottom market that would go before the next bull run? So putting in all the amount at once into the market is also a different sort of challenge. But if the money is being borrowed from someone in your family and it's interest free with no certain return period, I can say you can borrow, but don't enter into the market all at once, get a good 25% position at the current price then buy more if it goes down averaging your position size. This way you would be more profitable.

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 PM

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?

You already have huge amount of money , enough to make it grow in investing in some valuable coin in the market. Taking loans is not good even it has no interest because that is not your own money. Although it has no interest rate, it is still better not to put the money of your relatives on risk. This is just my own opinion. It is still up you if what is your decision regarding your investment.

conected

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Quote from: Inspiron14 on June 12, 2021, 11:13:30 AM

Bitcoin is being dumped again today, and it is reported that bitcoin will retest to support again at $33k or $30k,
so just in case you can buy in that area, if there is no money then get a loan, because I believe the price will bounce back again.
but if you want to loan money, make sure you can pay it at a later date

- The market and the economy are struggling with stagnation, almost our wages are falling a large part, so a loan for a big investment like bitcoin won't be something we can pay off easily, don't forget that the loan service will confirm the time and need us to pay interest every month, while the pandemic still has no end in sight, it's exhausting to stick to a loan right now. Even if it is loans without interest free, bitcoin has also been on the way to a sharp fall, some inappropriate investments can make us unable to repay the loan in time and lose our reputation

Inspiron14

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Bitcoin is being dumped again today, and it is reported that bitcoin will retest to support again at $33k or $30k,
so just in case you can buy in that area, if there is no money then get a loan, because I believe the price will bounce back again.
but if you want to loan money, make sure you can pay it at a later date

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Quote from: JooBra on June 11, 2021, 02:45:48 AM

I would do that only if you could postpone the return of loan for couple of years if it happens that we need to wait that much for next bull run.

Yes i also think that after getting next bull run he can recover everything and pay his family .Its very good for him/her as he/she is getting it from own family and its totally interest free .its always a good choice to invest on crypto .I think the due payment will get return soon mate .You can go through invest on crypto .

LimLims

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 PM

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?

Loan from the family is a good decision, but yes don’t break their trust. Don’t blindly invest their hard-worked money in non sense coins.
It would be also great if you can tell us what coins are you investing on by taking the loan to give more clarity.
Moreover i can suggest you that rather investing on alts, buy BTC at the moment.
Soon BTC price will boom up and you will get huge profit.
Rest following my advice is up to you.
Do safe trading OP.

Lordhermes

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I cannot say the amount of money you have already in bitcoin and other altcoin is enough but I can ask whether you are can afford to loss that amount of money.

Taking loan depends on different perspective, you know the market condition is not bearish and we don't know I the bearish season had started, remember the formal bearish took 4 years to recover, what if the same happen, can you bear the pain after all?

If you can afford to loose, take loan, if you can't afford to loose that amount of money.

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Quote from: cheezcarls on June 12, 2021, 07:58:33 AM

I am not comfortable in getting a loan unless if I have collateral, even if it’s from a family member. I would rather find ways to raise funds on my own and not gonna get a loan unless if necessary. I usually do anything to make money in a legal and honest way, in which part of my funds would be reserve for investing on some coins back then when I was still a struggling crypto enthusiast in my early days.

Because we never know what will happen by tomorrow or in the next 5 years.
What if...what if...well--that I was supposed to trust the market but it becomes too hard when we are not sure for the incoming. If ever I take some loan, maybe $100 is good enough to risk coz for sure, with that certain amount I could still repay for no matter what will happen to me.

But to know that OP has already money in his wallet, I don't tend to agree with him. It is better to use it rather than to compromise himself.

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I am not comfortable in getting a loan unless if I have collateral, even if it’s from a family member. I would rather find ways to raise funds on my own and not gonna get a loan unless if necessary. I usually do anything to make money in a legal and honest way, in which part of my funds would be reserve for investing on some coins back then when I was still a struggling crypto enthusiast in my early days.

However, it’s totally up to you to loan or not, so you might not get really stressed if you loan from a family member. After all, it’s you who will make the final decision and be fully responsible on whatever happens to the money you borrowed.

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Quote from: Xsinx on June 12, 2021, 02:51:52 AM

Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 PM

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?

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.

If he can take the loan from his family and interest free, I think that can help him invest in crypto. But still, I would not recommend it because that money comes from the loan, and we never know what will happen in the future, even if his family will not ask about the interest. It is better to use our personal money to invest in crypto so we do not have to think about repaying the loan and getting a full profit in the future. But that will be up to him because he already made a decision.

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Quote from: Bitcoin10003 on June 10, 2021, 11:46:30 PM

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?

Since the Funds is interest free and will come from your family then i can see no issue at all because even if you lose the chance of profiting yet your Loan will remain as is and wont go any higher even if this took a long time.

I hope to have a family like yours that supports your crypto investments.

isaac_clarke22

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Quote from: Ryker1 on June 11, 2021, 06:05:41 PM

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Thing is what if the OP didn't get lucky? I do not want to be pessimistic nor optimistic that much but the market we're trading has been like that almost everytime. It is unstable.
How would the OP repay the amount even if the max he can wait is 5 years? We're not even sure how would the price of the coin would be at that year.
It is somehow looking like double or nothing now.

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Quote from: Issa56 on June 11, 2021, 05:02:38 PM

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.

That sounds like an even worse idea in my opinion. Friends and family are interest free but the stress of borrowing from them, and then the relationships after that is going to be so awkward. Trust me I know as I've been there before.

Even after you pay back, the feeling is always never going to be the same.

Don't borrow to trade. Fullstop.

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