Should I Get a Loan? - page 4. | Bitcointalksearch.org

Finestream

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Quote from: Rikafip on December 26, 2024, 04:43:34 AM

Even if answer is yes, he shouldn't take a loan from bank to invest in bitcoin. Ideally, we should invest in bitcoin what we can afford to loose, and if you have to go into debt in order to invest that means that you can't afford it. Simply, its a bad idea.

He might just think differently, he’s a big risk-taker, and there’s nothing wrong with that. If I’m brave enough to borrow from the bank to start a business, I wouldn’t hesitate to do the same for Bitcoin, as long as I can handle the risk. Sure, it’s generally a bad idea, but some people have tried it and actually succeeded!

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He doesn't plan to just buy and hold, he plans to actively margin trade, meaning he could loose everything.

I guess that doesnt matter as long as he believes in himself.

armanda90

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Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

Looks you need think one more again about loan interest more than 20% behind 8 months loan payment period, you must take much profit above 120% for eight months later and looks its not easily although your investing in bitcoin only.
Actually get loan for investing in bitcoin its not crucial mistake and have positive side depend cryptocurrency market price most lower and you get lower interest loan, but for eight month and loan interest more than 20% I scare you can pay back loan payment on time with much profitable earn?
Not matter with your trading kinds as short or long term but how to manage earn profitable more than 120% for eight months later get enough loan payment, I don't think how difficult for loan payment when market correction and get losses much due bitcoin have going to lower price.

Rikafip

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Quote from: Finestream on December 24, 2024, 10:26:58 AM

First things first, I’d like to ask: can you pay off the loan if your investment doesn’t go as expected?

Assuming the answer is yes, then go ahead and take the loan..

Even if answer is yes, he shouldn't take a loan from bank to invest in bitcoin. Ideally, we should invest in bitcoin what we can afford to loose, and if you have to go into debt in order to invest that means that you can't afford it. Simply, its a bad idea.

Quote from: Finestream on December 24, 2024, 10:26:58 AM

thing is, even if Bitcoin doesn’t pump within the timeframe you’re expecting, it will likely increase over time since all these positive news factors can drive its price higher. however, keep in mind that there are no guarantees, so you’ll need to accept the risk and trust your instincts.

He doesn't plan to just buy and hold, he plans to actively margin trade, meaning he could loose everything.

Barikui1

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Quote from: Finestream on December 24, 2024, 10:26:58 AM

Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

First things first, I’d like to ask: can you pay off the loan if your investment doesn’t go as expected?

This particular question speaks volumes, and your response will determine wether it's a logical approach or not, because when it comes to Bitcoin investment, it's best to invest with an amount you aren't needing anytime soon, like in five to ten years time from now, , Because the way Bitcoin is structured, it's more beneficial to invest and hold for a very long period of time than to invest and be hoping on cashing out big in just a year time, because due to how uncertain life is, Bitcoin can retrace back to a lower figure, far bellow what you bought it, and due to the fact that you need the money urgently, it might result in you selling at a loss, so it's very important to invest money you aren't needing back anytime soon, so as not to sell when you ought not to.
Then lastly, how small is the interest? Because the size of the interest will determine wether it's a logical thing to do or not, but overall, I really don't like the idea of borrowing money to invest, because it puts you under unnecessary pressure that isn't ideal for a Bitcoin investor.

maydna

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No need to take a loan for trading because that can makes you in trouble. You can stat trading with the money you can afford and not from the loan. That will be safe for you because you don't have to repay the loan and you can takes all of your profit. You can focus with your trading and make as much money as you can so the risk will be reduce. But if you still insist to take a loan, you can take a loan for small amount and see how it works for you. If you can make a nice profit, you can continue and pay the loan while you need to save your profit. But still, we don't suggests you to take a loan because of the risks.

LogitechMouse

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Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

No, you don't.

If you will take a loan and will invest it into Bitcoin to hold it for long term then it might be plausible, but to use it for trading? I'm not saying that it's prohibited, but that will double the risk. You have a high chance of losing your money and you must pay your loan even you lose your money.

What you see is what we also see, but the question is will that be the case? Are you sure? At all costs, don't ever take a loan and use it for trading. Trust me, that might be your worst decision in your trading journey and your life might get affected on it. Well, if you have a huge monthly income and you have spare money to use to pay that loan that you said then you can try it just for experience, but we will say it to you that, when you're trading in actual already, it will add more pressure to you because you will be thinking "I need to make money so I can pay my loan."

If you really want to trade, use your own money and don't take a loan. If you believe in what you saw, use your own money.

stomachgrowls

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Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

The main question on this one is that would you be able to pay up the loan without needing or waiting up for the market to rise up? If YES, then go ahead but if NO then its better to sit still and wont really be doing something stupid like getting a loan. Come to think or you should be thinking up that Bitcoins price wont be making 3-4x on next 6 months, not unless if you do make out some leverage trades then you might be able to possibly get up some bigger profits but of course this is something which is really that very risky. This is why its really that recommended that you should really be that make use of the amount that you can afford to lose when dealing up with crypto investment.

If you dont have the money or finances in doing so then it will be wise to wait up until you do have the funds or wont be doing any actions rather than on risking on taking up a loan just because you are really that eager on trying out to invest into crypto space. The shit thing on here is that there are people who do carelessly doing such act and will really be trying out to do things without minding too much about the risks involved.

sokani

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Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

I do not support the idea of taking loan to invest in crypto because your investment could go south and you'd lose the fund. It's better you use your spare cash to invest in Bitcoin rather than taking up a loan. More also, trading is a very risky investment, and professional traders can also suffer lose. If this happens, what are you going to do and how do you intend to repay the loan?

Miles2006

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Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

Firstly why not try the little you can provide first before chasing big, it’s absolutely good trading with what’s available meanwhile with such thought and calculation I bet you might miss out. Don’t always outsmart the market with past predictions and event talk more of a loan, investment like bitcoin don’t require a loan although paying back might not always be the problem for some folks rather the loss. Taking such risk seems high and at what chance will you be able to make this money before then, don’t take a loan so you don’t regret your actions later.

mirakal

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Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

Well, OP, taking out a loan is not a bad thing especially if this is for something that generates income. However, since we are talking about investing in bitcoin, therefore, we really need to carefully think about it. We know that the price of bitcoin doesn’t always go up, so if we are planning to do this stuff, then we make sure that we have other sources of income to repay it.

Whether you like it or not, OP, you can’t guarantee profit from bitcoin every day or even every month. That is why we need to think this carefully before making such a move to avoid regret later. Always remember that we can’t solely rely on bitcoin investment profits, especially in the current situation, where its price has a high chance of dropping.

tvplus006

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Quote from: ? on December 24, 2024, 10:09:48 AM

...Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help.

As I understand it, you have no trading experience or you have already lost your deposit, otherwise you would not have thought of taking out a loan for trading. And if you haven't been able to make money trading before, then you will lose your borrowed funds very quickly. What you call a strategy is not really a strategy and does not lead to a guaranteed profit. You need to find a job, earn money and only then start trading.

Zigabel

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Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

That's quite a risk, why don't you use your own money you have saved or earned from your job or something else and using leverage groom it gradually using the best minimal risk management without trying to double up in a day, give yourself some time and before you know it, you will have grown your funds to a very good amount where you can proceed with this strategy you have mentioned and be free of loan pressure.

Stable090

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Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

The first question that I will be asking is, are you new to the crypto space? If yes, then I won’t recommend you take a loan just because you want to invest or you want to trade. Also, if you have been in the crypto space for some time, then I would like to know if you will be able to pay back the loan that you are planning to take without affecting you in any way. If yes, then you can go for the loan, at least take the risk, but if you can’t pay back the loan and you depend on the profit that you will be making from the coin that you bought to pay back the loan, then I will recommend you don’t go for the loan.

I don’t always advise anyone to take a loan to trade or invest in bitcoin, it doesn’t make sense to me. It’s just better to invest from your salary, you can just allocate some percentage that you will be using to invest every month, and you will have peace of mind when investing rather than taking a loan and investing. Whenever you are on loan, you will be under tension, which might end up affecting some decision that you want to take.

Findingnemo

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Don't take loan for investing, especially when the asset we are talking is highly volatile. Apart from that 30% interest rate what will happen if things didn't go as planned because it's all based on assumptions. Even it's almost certain that price of Bitcoin will rise in the next year I only take risk with the money what I have instead of taking loan which is a huge risk.

But everyone has different approach, so if you are sure you have the ability to pay the loan even if your $2.8K investment become zero then go ahead.

Lucius

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Quote from: ? on December 24, 2024, 11:07:52 AM

First thing first I thank to you all for sharing your opinions with me. If I don't lose the base money then yes I can surely handle the loan's interest. But if I lose like %20-30 then bell of chaos is likely to start ringing.

In that case, there's no point in gambling - because what you want to do can't be called anything else. If you already want to invest in BTC, study the DCA method, or simply invest only as much money as you can afford in the sense that it cannot affect your life. Forget about banks and loans, that's a recipe for a very likely disaster.

Finestream

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Quote from: Lida93 on December 24, 2024, 11:04:53 AM

I don't see him being capable of paying off the loan within the stipulated timeframe given by the bank in the event of his plans going south. Here's why I think so. If there was a way he can use to make up for the loan in the time given he wouldn't have need for the loan in the first place but would have used that means in securing the money to use in buying bitcoin than going for where he would incur some interest.

You’re jumping to conclusions too quickly - that’s not right.

I guess you underestimate the how bank evaluate loan applications.. Take not that they aren't a charity, so they won’t release a loan unless they’re confident you’re capable of repaying it. So if it’s a collateral loan, the bank has security, and they’re more likely to approve it, but , if there’s no collateral, they’ll dig deeper into the borrower’s financial situation. If OP doesn’t have a steady job or a business generating income, the bank will likely reject the application. So you can't say he can't pay.

Alone055

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Everyone else has already said that taking a loan for trading is a bad idea, but I would say it again with some points from my side.

When it comes to loans, there are good loans and bad loans. A good loan is a loan that you take and utilize to make more money with it and then repay the loan with interest without facing any problems. A bad loan is one that you take for unnecessary expenses and spend it on things where you don't or might not get fruitful results and then not be able to repay the loan and face problems because of it.

There are two things for which a person should never borrow money specifically. The first one is gambling; it's the worst idea to borrow money for gambling with the hope that you might win and make more money with it because it's luck-based and you can't control your luck.

The second thing is trading. Generally, trading is different than gambling, but when it comes to futures and margins trading, it does contain the same level of risks because you can lose all your money in it if your positions get liquidated.

2Pizza410000BTC

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Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

First of all, don't do anything with debt. Whenever you start trading with debt and at some point your trading gets stuck, how will you repay the debt? Whenever the bank pressures you to repay the debt, you will have no choice. Without any way to repay the debt, you will have to sell your valuables or trade at a loss to repay the debt. Always remember that debt is a very bad thing that can completely destroy you. I want to know from you, are you very experienced in trading? Have you ever traded before? If you don't have enough experience in trading, then you should stay away from trading. Trading is not an easy platform, it is a very risky platform. Especially futures trading platforms are more risky.

michellee

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No, you don't have to get that loan because that is too risky. You never know if you can make a profit from trading or you will lose all of your money because many things. I strongly advise you still use your own cold money which you don't use for many things.

It is easy to calculate all things but you don't know what will happen in this unstable market. So everything can change easily without you realize and if that is happen, you are in a big trouble. Maybe 6 months to pay the loan is short but are you sure that in 6 months you can be able to make a profit especially we don't know where Bitcoin price will moves? But we can only suggest you and the decision will be up to you but be careful if you really want to take a loan.

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Quote from: philipma1957 on December 24, 2024, 11:16:42 AM

Quote from: philipma1957 on December 24, 2024, 11:11:00 AM

Quote from: ? on December 24, 2024, 10:09:48 AM

What I see about bitcoin is its gonna bounce between 100-110k to 80-90k for a long time (at least until Trump takes over). I have an option to take a 2.8k $ loan from a bank and pay 3.4k $ in 8 months. (I'm gonna start paying it after 2 months so you may assume its 6 months). Should I get that loan and make 3x - 5x margin trades on Bitcoin with this strategy? I really appreciate your help. Take Care.

No.

I quoted my answer. As someone may think a 1 word answer is wrong and too short.

FOR YOU THE PROPER ANSWER IS ONE WORD AND IT IS NO.

By the way the proper answer to everyone for this question is no.

The math is against you.

2.8 to 3.4 in 8 months is over 30% interest rate yearly. No one should take out a 30% yearly rate loan.

To be frank if you are willing to do that you have deep issues that you need to address.

Good luck with what you decide to do.

You have said it all. I even like your straightforward answer which was just no. I think the reason someone should take a loan should be when they need the money urgently and importantly in a way the person does not have any other option anymore.

Also another reason someone can get a loan is when the person do not want to pay for huge tax as the tax in the selling his bitcoin will be more than the tax and interest for paying for a loan. But he wants to buy bitcoin and which is the opposite.

Topic: Should I Get a Loan? - page 4. (Read 1019 times)