Topic: Should you take loan(s) to invest in crypto? - page 13. (Read 2115 times)
I'm guessing how people will manage to be in the right state of mind when you take loan to trade bitcoin or buy crypto, the fear alone is enough to make you loss money, you need your calmness state and patience to make the right decision in crypto space and you can only achieve that if you are in good state of mind.
I think @PeterMcCormack is too crazy and Ihope you don't follow what he has done. yes maybe he still has a lot of assets out there and when he can't return the money he borrowed, he still has a guarantee to survive in the future
In my country there was someone who borrowed money and then invested in bitcoin but after bitcoin fell he could not pay the loan to the bank and made him decide to commit suicide
In my country there was someone who borrowed money and then invested in bitcoin but after bitcoin fell he could not pay the loan to the bank and made him decide to commit suicide
Reasons why it's bad to take loans for crypto trading or investments
1. Your mind won't be at peace while taking risk because the fear of losing the money that isn't yours is alive.
2. It's very easy to lose money when trading because crypto is unpredictable
3. You might fail to meet the agreement of the loaner while you are trading, orders can get late to meet sometimes
1. Your mind won't be at peace while taking risk because the fear of losing the money that isn't yours is alive.
2. It's very easy to lose money when trading because crypto is unpredictable
3. You might fail to meet the agreement of the loaner while you are trading, orders can get late to meet sometimes
Take loan from bank? i think its so high risk, let's take an example, if you use free money to invest, it doesn't mean that your money will return in full, especially not at all. Most of them may be tempted by the profits they make until they don't know the risks. Beware of your money 
If you are a regular Twitter user and happen to follow a bunch of influencers or investors, there are high chances that you will have gone through some of the tweets claiming someone has borrowed a loan from bank to just invest into crypto. If not yet, check it here. Well, this is one really interesting topic so I though why not discuss here.
What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
Actually, I did, in 2018 but ended up a disaster because of the bearish market situation at that time. In the year 2018-2019 the Crypto industry is struggling to survive and experiencing the longest bearish market situation in the history of the Crypto industry that sent too much negativity, especially in the new investors. by the way, I think having a loan to invest in cryptocurrencies is not a bad thing as long as you know what you are doing, But for the best we must educate ourselves first about "do's and don't" in crypto before having a loan so that we are all aware of the real crypto situation.
If you are a regular Twitter user and happen to follow a bunch of influencers or investors, there are high chances that you will have gone through some of the tweets claiming someone has borrowed a loan from bank to just invest into crypto. If not yet, check it here. Well, this is one really interesting topic so I though why not discuss here.
What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
This question is very important and people need to get their facts rights before getting involved with crypto in the first place, getting their facts right means knowing all they could about crypto before investing in whatever coin or token. The reason for this statement is, if someone adequately understand how risky and volatile the crypto space is, I don't think he will tow that line of taking a loan. In crypto, it is always advisable to use a fund which you can afford to lose, not a loan, you can't afford to lose a loan because you will pay it back with interest, now having it in mind, how then can someone take a loan bearing an interest and then investing in crypto, if it doesn't go as planned, they will still be the ones to go about tagging crypto with unworthy names, while it is them that failed to understand how the space works.
Also, with the growth of the market, it is very important as well for people to stop listening to any influencer or whatever who will advice them to go for a loan in order to invest in crypto, it is a bad idea.
It depends on your financial situation, if you can afford to pay it back then loan is no problem. If you have $100k rusting in your back account, taking $10k loan is not that bad of an idea.
In my opinion, you should only invest your own money given the risk of the crypto market even today. If you decide to take a loan, pay attention to the interest rate and when will you break even. Some of them charge heap of interest rate that it'll take you a long time breakeven and call profit.
In my opinion, you should only invest your own money given the risk of the crypto market even today. If you decide to take a loan, pay attention to the interest rate and when will you break even. Some of them charge heap of interest rate that it'll take you a long time breakeven and call profit.
What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
Crypto is very volatile and when you are taking 10k USD as your loan and then you have used it to invest into the crypto and it can go zero anytime when you are investing in the shitcoins. You should never do that and avoid to use your loan to invest in crypto.
You were missing the best time to invest in crypto when the market was getting plunged so hard.
Before taking loan make sure that you have more money in your account that can cover any losses, if not you will o my put yourself in big trouble, loss is inescapable in crypto world and loan isn't for everyone, if you have no way to recover losses do not give loan a try, you won't be able to sleep at nights
What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
That's a big no for sure. Cryptocurrency as we already know is very volatile, yes the bullish market will surely arrive in cryptocurrency no matter how long the bearish market will reign but what will happen if the bearish market will stay for too long and you need to payoff your loan and you doesn't have a stable source of income to pay it off? You'll just drown in debt in the long term. If you want to invest in cryptocurrency just spare some amount from your monthly income to put in cryptocurrency. Avoid loans and debts as much as possible.
I can take loan for offline businesses but not online and especially not in crypto space where risks are present in every corner, it's so easy to lose money in crypto space, anyways this is just me, some still take loan for any online investments and I've seen some who are lucky and I've also see some you landed into big problem, you need to understand who you are, loan is bad for majority, I think it's better to avoid loan
Most people sometimes make loans to fulfill their goals. well, I feel that it takes a lot of confidence. most likely a lot of people are already doing this in the cryptocurrency world, and I'm pretty sure that the goal is coins that have a lot of popularity and potential.
Personally, I instilled the principle in my life to avoid borrowing. because of this, I have not made a loan for investment purposes in the cryptocurrency world.
Personally, I instilled the principle in my life to avoid borrowing. because of this, I have not made a loan for investment purposes in the cryptocurrency world.
Certainly a bad decision.
One notable aspect is that cryptocurrency can reduce your capital and you know that investing in crypto is very risky. It is foolish to invest in Crypto with a loan from a bank because in the future if you cannot make a profit from crypto and repay the loan on time then you may have to spend your personal assets like sell home, car and land.
You can also trade with some amount of loan where the amount of profit is less but the amount of your risk will be less. Moreover you need to take appropriate qualifications in this regard.
One notable aspect is that cryptocurrency can reduce your capital and you know that investing in crypto is very risky. It is foolish to invest in Crypto with a loan from a bank because in the future if you cannot make a profit from crypto and repay the loan on time then you may have to spend your personal assets like sell home, car and land.
You can also trade with some amount of loan where the amount of profit is less but the amount of your risk will be less. Moreover you need to take appropriate qualifications in this regard.
It's something crazy, I'll never do it. Crypto market movements are often beyond predictions. This action is highly discouraged for any reason even if you have an accurate predictive ball.
But this guy was lucky, currently 2.55 B is worth $60k. No, he doesn't have to wait 6 more years to pay off debts and interest. He should change his mind by now as he has made a profit of $14k within 1 week.
But this guy was lucky, currently 2.55 B is worth $60k. No, he doesn't have to wait 6 more years to pay off debts and interest. He should change his mind by now as he has made a profit of $14k within 1 week.
See, people are not seeing this and calling this entirely luck. We know that price arises after halving (for instance and call it just one known event) so it it turns a good idea during this timeframe. Besides, right after bitcoin breaking 10k resistance, we kind of knew bull run is near and we will see new ATH this year itself.
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a person has to deal with monthly payments (or whatever payment terms) with the use of their own funds
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you need to pay your loans and interest every due date
The idea can be: lend your bitcoin and pay for interest! Risky? Taking a loan for investing in crypto itself is a risky deal. Why don't try lending, of course, with a proper research.
If you are a regular Twitter user and happen to follow a bunch of influencers or investors, there are high chances that you will have gone through some of the tweets claiming someone has borrowed a loan from bank to just invest into crypto. If not yet, check it here. Well, this is one really interesting topic so I though why not discuss here.
I haven't seen that tweet but I've seen the same thing happened during 2017.What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
That's not a good idea. I haven't done that and will never get into my mind that I'll take a loan to invest. That's not my attitude towards investment in crypto. Although those lucky few people that did this gamble and borrowed money to invest in crypto and took mortgages of their house. This isn't really for everyone. If it have worked for them, they probably were lucky and got a nice entry. If you are a regular Twitter user and happen to follow a bunch of influencers or investors, there are high chances that you will have gone through some of the tweets claiming someone has borrowed a loan from bank to just invest into crypto. If not yet, check it here. Well, this is one really interesting topic so I though why not discuss here.
What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
Maybe you are not aware of it but this topic has been already discussed million times in bctalk.What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
Anyway this is the right time to discuss about this again because its just common for someone to get loans or borrow money from someone to invest on cryptocurrency at the time of immediate spike but prices are likely to take a correction or dump after huge increase so don't invest right now unless it is your money.
the worst mistake anyone can make Is make loan to buy cryptocurrencies. every loan has interest rate, time to pay loan and guarantee that the person must give (to pledge some asset) and the profits of the cryptocurrencies are not guaranteed and may result in losses and the person can be arrested depending on the place where he made the loan.
I don't see the advantage of someone embarking on this type of adventure
I don't see the advantage of someone embarking on this type of adventure
No, don't make a loan just to invest in crypto because crypto is very risky.
seeing that tweet, I remember that in the past someone sold his house and was willing to sleep on the side of the road just for bitcoin and in 2018 suddenly bitcoin fell, making that person go crazy. maybe if he still keeps the bitcoins he bought at $ 19k and sells them now he will make a profit
seeing that tweet, I remember that in the past someone sold his house and was willing to sleep on the side of the road just for bitcoin and in 2018 suddenly bitcoin fell, making that person go crazy. maybe if he still keeps the bitcoins he bought at $ 19k and sells them now he will make a profit
What do you think of taking loan(s) to invest in crypto? What's your input? Have any of you done this already? Isn't this crazy?
I personally don't think this is recommended, if only for investing in crypto. This will clearly imply that crypto has a long-term process of getting its results. while parties will require monthly payments along with any additional interest charged.
unless someone has assets outside of crypto, for example, a company that is collateralized. but still, it won't be convenient if you have to borrow money from a bank to invest in crypto. sounds really bad.
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