There's a so called good and bad debts, so if you are taking a loan to do business that can generate profit to you then that's a good plan but if you are taking loan just to get things for your personal satisfaction then that's a bad debts.
On your case, you're in a good debt but since you also have others loans I don't suggest to take another loan because that's a debt trap and don't rush into this market, there's always a good time to enter into this market so don't lose hope and be patience to wait for the next bear market.
Topic: Taking a loan to buy Bitcoin? - page 11. (Read 4693 times)
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Do you think taking out a loan makes any sense? The problem is that right now I can not do it because due to the lockdown my income is too low. I would have to wait for the lockdown to end. Then I can work night and day for a month so that I end up making like $7000 within a single month. With that I will easily get a loan of 20K maybe even 50K who knows?
Do you think it is worth it? This might be a once in a lifetime chance.
Do you think it is worth it? This might be a once in a lifetime chance.
Taking a loan will make sense only if you can repay the money. If you can not repay the money and only get another expense, that will not make sense. Even if bitcoin will rise to $1,000,000, that is still not worth doing because we do not have the right estimation about when the bitcoin price increases. Yes, it is a once in a lifetime chance, but that is not worth it for you.
There is a risk for you that you should know because the price now still at $45k. Maybe you can take a loan for small or medium money, and make sure you can repay the money.
Buy and request your loan but only if you have the ability to pay, that is, you have to have the money every month to cancel your debt without touching the money you put in Bitcoin, those 20 thousand Euros you will put in Investment, that means that it is a money that you must forget about it at least until you achieve your goal, when you get benefits is when you can have that money, if you have the ability to live without that money but with your income then do it, otherwise I would not recommend it.
If its a loan with anything less than 5% interest, then I think I would consider it too. In reality, banks charge anything from 7-15%(or even higher depending on reason for loan) in interest which is a bit high while investing into a volatile asset. I know people have done it in the past and its been successful but I'm not sure how long the uptrend will last. What if Tesla cashes out on their Bitcoins? $1.5 billion gone from BTC's marketcap and the market would be on a landslide.
There is a popular saying that what you cannot afford to lose, do not invest in crypto. Taking a loan might be somehow risky. You should invest capital that you will not bother looking back on in the next 2 years. All in all, crypto is very volatile, it can bring joy and equally do the opposite
True that. I've seen a lot of people get carried away and invest more than they can afford to lose. Most use a precious asset like their family property as collateral to get loans only to incur losses and eventually lose everything. It happened during the 2017 bull run that's why I'm not so surprised about OP talking about getting a loan. The only thing we can do is to make him aware pf the risks involved and if he can take it, then I don't see a problem with it.
There's also a popular saying that counteracts the quote you made - no pain no gain or no risks. no rewards
There is a popular saying that what you cannot afford to lose, do not invest in crypto. Taking a loan might be somehow risky. You should invest capital that you will not bother looking back on in the next 2 years. All in all, crypto is very volatile, it can bring joy and equally do the opposite
Actually for me to make a loan to invest in bitcoin is not recommended. Although bitcoin is bullish as it is now and it would be profitable if it made a loan. But what if suddenly bitcoin falls and you lose some of your capital. When considering the worst, making loans becomes a frightening scourge. But all decisions are in your hands, and this relates to your finances, whatever you make, it will hold you accountable.
Indeed, the current bitcoin price movement will make many people get tempted to buy it. The price bitcoin hasn't met a huge correction until now, its price just make a sideway market a few days ago until not the sideaway market has been broken out.
Previously before I didn't know about trading bitcoin I always want to borrow money to the bank, especially when I got profit using my small capital, I was always motivated to borrow money from the bank.
But thankfully that never happened in my life, especially when I know how to trade. Indeed, I can get money easily from trading or investing but you I can also get lose and profit easily. It means, the risk is too high, I can cover it if I juat rely on trading/investing to pay per months to the bank. Until I realize that borrowing money for investing or trading is the bad way, you will never comfortable using the money and you have to know trading/investing need a good psychology.
Previously before I didn't know about trading bitcoin I always want to borrow money to the bank, especially when I got profit using my small capital, I was always motivated to borrow money from the bank.
But thankfully that never happened in my life, especially when I know how to trade. Indeed, I can get money easily from trading or investing but you I can also get lose and profit easily. It means, the risk is too high, I can cover it if I juat rely on trading/investing to pay per months to the bank. Until I realize that borrowing money for investing or trading is the bad way, you will never comfortable using the money and you have to know trading/investing need a good psychology.
Getting loans just for the sake of buying Bitcoin is a big no for me. Many of us here have already been saying this once in a while but I think there are already many times that many member have mentioned this that only invest money that you have and you can attain to loose so that you will not take it too hard once it fails. Yes Bitcoin is massively increasing which many people are seeing it as a great opportunity to buy at this phase for there is somehow an assurance that you will gain profit but better think of it, you will be risking other people's money into no assurance that you can gain from it and will be able to give that money will borrow in exact time. Added by pressure that it is not your money you will be using, it is risky for your money is at stake. If you are really trying to invest or buy Bitcoin, better do it on your own based on the capacity and capability that you have so that you will not mess up.
I think you are just planning to hurt your own feelings in the future. Loan is not the solution to your problems in terms of money you need
dude. Besides, there are a lot of way for you to earn Bitcoin or cryptocurrency in this field of business industry. Because, in my case I already did mate, so if I make it, then you can also make it too, just be resourceful and observer here.
He can be right about using it for trading but the problem is if able to pay it if he ever loses in trading. I think OP should be thinking also that scenario and he needs to have a back-up source that could help him in the case I'd mentioned.
I think what we are seeing right now is a rocket that is launching. I want to get on this rocket and I think any minute it could be too late as there is already all kind of heat shooting out of the rocket. It is hard to get on at this time. So I am considering to take out a loan of say 20.000 Euros. It wouldn't kill me if it fails but I don't think it will fail. Even if it crashes it will come back 2 or 3 years later. And yes we might eventually end up seeing prices of $100M per Bitcoin or maybe $1B. I am saying this not so much because I think Bitcoin is a great invention. I am saying it because I think the Euro and the USD are currently collapsing. Now since Elon has gotten on others will get on. And eventually the government can not make Bitcoin illegal anymore because too many people are heavily invested.
Do you think taking out a loan makes any sense? The problem is that right now I can not do it because due to the lockdown my income is too low. I would have to wait for the lockdown to end. Then I can work night and day for a month so that I end up making like $7000 within a single month. With that I will easily get a loan of 20K maybe even 50K who knows?
Do you think it is worth it? This might be a once in a lifetime chance.
Do you think taking out a loan makes any sense? The problem is that right now I can not do it because due to the lockdown my income is too low. I would have to wait for the lockdown to end. Then I can work night and day for a month so that I end up making like $7000 within a single month. With that I will easily get a loan of 20K maybe even 50K who knows?
Do you think it is worth it? This might be a once in a lifetime chance.
I think you are just planning to hurt your own feelings in the future. Loan is not the solution to your problems in terms of money you need
dude. Besides, there are a lot of way for you to earn Bitcoin or cryptocurrency in this field of business industry. Because, in my case I already did mate, so if I make it, then you can also make it too, just be resourceful and observer here.
I do not have to read all about your post before I will tell you taking a loan is not necessary.
Yeah.I don't have to finish the sentences too. TL;DR.
Btw, OP you're serious about taking a loan about buying bitcoin? it may not be a crazy idea for you and to others but we've heard several stories that rekt them with that decision.
Think many times before doing it.
You wouldnt really need to think twice but thrice or even more when considering on taking a loan just because you do like to buy bitcoin.
Repaying the loan is really a hard thing to be done if you dont have any source of income for you to rely on and lets say you are depending
on the profits that you can only make into your investment which i can say that this is a suicide.I'll rather buy bitcoin in small parts
with some small or ample amount of money at least you are confident that you arent really paying up something or does have due dates.
Do you think taking out a loan makes any sense?
Do you think it is worth it? This might be a once in a lifetime chance.
No.Do you think it is worth it? This might be a once in a lifetime chance.
Just learn from the experiences of people on 2017 when there's a bull run and they've took loans. The next year, 2018, it made them in pure losses because they invested because of hype and not learning the process.
It's all on you. If you understand what you do and you can take the possible loss that's about to come, it's your take.
You can say too on the possible thing that will happen if the market tend to rise even more into that 2017 event where it can possibly be in result for you to make
even more money if it did really continue but to say that time that it was never anticipated that its already into its peak and tending to make out that
huge correction after that.No one did really anticipate nor expect for that thing to happen.Taking a loan for the sake of investment is really hard to consider.
You know that risk is heavier than on the possible reward unless if you don't rely into those profit to repay those loans then go ahead
but be sure that you are really risking something that you would still need to pay afterwards.
The final decision is still on him, he needs to weigh his situation.
And consider that if things go sideways, can he pay the loan on time and not incur more debts?
He should not look into the scenario that bitcoin will continuously go up as the increase is not forever.
It is better to invest in crypto using your own funds. You are subjecting yourself into possible trouble if you will take a loan.
I do not have to read all about your post before I will tell you taking a loan is not necessary.
Yeah.I don't have to finish the sentences too. TL;DR.
Btw, OP you're serious about taking a loan about buying bitcoin? it may not be a crazy idea for you and to others but we've heard several stories that rekt them with that decision.
Think many times before doing it.
I think what we are seeing right now is a rocket that is launching. I want to get on this rocket and I think any minute it could be too late as there is already all kind of heat shooting out of the rocket. It is hard to get on at this time. So I am considering to take out a loan of say 20.000 Euros. It wouldn't kill me if it fails but I don't think it will fail. Even if it crashes it will come back 2 or 3 years later. And yes we might eventually end up seeing prices of $100M per Bitcoin or maybe $1B. I am saying this not so much because I think Bitcoin is a great invention. I am saying it because I think the Euro and the USD are currently collapsing. Now since Elon has gotten on others will get on. And eventually the government can not make Bitcoin illegal anymore because too many people are heavily invested.
Do you think taking out a loan makes any sense? The problem is that right now I can not do it because due to the lockdown my income is too low. I would have to wait for the lockdown to end. Then I can work night and day for a month so that I end up making like $7000 within a single month. With that I will easily get a loan of 20K maybe even 50K who knows?
Do you think it is worth it? This might be a once in a lifetime chance.
Do you think taking out a loan makes any sense? The problem is that right now I can not do it because due to the lockdown my income is too low. I would have to wait for the lockdown to end. Then I can work night and day for a month so that I end up making like $7000 within a single month. With that I will easily get a loan of 20K maybe even 50K who knows?
Do you think it is worth it? This might be a once in a lifetime chance.
Bitcoin is really worth the time. I know I don't have any reliable source for what I am going to say, Now when I was scanning through social media I found out a man did something unexpected He bought bitcoin for 1 dollar and it was the start of bitcoin like not so many people know bitcoin. Now it was the present and bitcoin was totally in almost all the country knows it he later saw that the dollar knows become his Car.
My point of saying this story Possibly, from what I know Bitcoin will not go bye-bye, as long as there are people who are interested in bitcoin will go up and up. Bitcoin is worth the time but using a loan is a 50 50 move you have the chance to win and lose plus the bank might not allow it if they did there into bitcoin and you are something different which is like your business is into trading. Bank will investigate and won't just give you a loan is a snap.
You having the capabilities to trade will make a 100% big win out of it but if not a chance a 50 50 what if it loses what will be mind then? it is okay to imagine but when you're doing it asap or your in the situation you'll regret it when every thing does not work properly.
Do you think taking out a loan makes any sense?
Do you think it is worth it? This might be a once in a lifetime chance.
No.Do you think it is worth it? This might be a once in a lifetime chance.
Just learn from the experiences of people on 2017 when there's a bull run and they've took loans. The next year, 2018, it made them in pure losses because they invested because of hype and not learning the process.
It's all on you. If you understand what you do and you can take the possible loss that's about to come, it's your take.
You can say too on the possible thing that will happen if the market tend to rise even more into that 2017 event where it can possibly be in result for you to make
even more money if it did really continue but to say that time that it was never anticipated that its already into its peak and tending to make out that
huge correction after that.No one did really anticipate nor expect for that thing to happen.Taking a loan for the sake of investment is really hard to consider.
You know that risk is heavier than on the possible reward unless if you don't rely into those profit to repay those loans then go ahead
but be sure that you are really risking something that you would still need to pay afterwards.
I think what we are seeing right now is a rocket that is launching. I want to get on this rocket and I think any minute it could be too late as there is already all kind of heat shooting out of the rocket. It is hard to get on at this time. So I am considering to take out a loan of say 20.000 Euros. It wouldn't kill me if it fails but I don't think it will fail. Even if it crashes it will come back 2 or 3 years later. And yes we might eventually end up seeing prices of $100M per Bitcoin or maybe $1B. I am saying this not so much because I think Bitcoin is a great invention. I am saying it because I think the Euro and the USD are currently collapsing. Now since Elon has gotten on others will get on. And eventually the government can not make Bitcoin illegal anymore because too many people are heavily invested.
Do you think taking out a loan makes any sense? The problem is that right now I can not do it because due to the lockdown my income is too low. I would have to wait for the lockdown to end. Then I can work night and day for a month so that I end up making like $7000 within a single month. With that I will easily get a loan of 20K maybe even 50K who knows?
Do you think it is worth it? This might be a once in a lifetime chance.
maybe this is logical and I read awhile ago that a person loaned from a bank and put it in bitcoin, now hes a millionaire and made his loan paid in full. But still you need to manage the risk you are putting yourself into.Do you think taking out a loan makes any sense? The problem is that right now I can not do it because due to the lockdown my income is too low. I would have to wait for the lockdown to end. Then I can work night and day for a month so that I end up making like $7000 within a single month. With that I will easily get a loan of 20K maybe even 50K who knows?
Do you think it is worth it? This might be a once in a lifetime chance.
I hope if you ever continue this, you might consider other coins as it has more space to grow and multiply your investments. Goodluck and take care bud.
Do you think taking out a loan makes any sense?
Do you think it is worth it? This might be a once in a lifetime chance.
No.Do you think it is worth it? This might be a once in a lifetime chance.
Just learn from the experiences of people on 2017 when there's a bull run and they've took loans. The next year, 2018, it made them in pure losses because they invested because of hype and not learning the process.
It's all on you. If you understand what you do and you can take the possible loss that's about to come, it's your take.
This is not the first topic of this kind... to take a loan to invest it, in this case in Bitcoin! I am sure some people did it, and if they chose a good moment for that now they are on horse, they can payout that loan and they book nice profit on top of that!
I will say what I always say, it's risky to take a loan for any kind of investment, it's something you do after you tried everything else! In the same time without risk there's no gain, so if you plan to do take a loan, be sure that you checked everything, and have some backup plan! Of course, try to find a good moment for investing in crypto, and I am not sure that now is a good moment for buying, especially with loaned money!
I will say what I always say, it's risky to take a loan for any kind of investment, it's something you do after you tried everything else! In the same time without risk there's no gain, so if you plan to do take a loan, be sure that you checked everything, and have some backup plan! Of course, try to find a good moment for investing in crypto, and I am not sure that now is a good moment for buying, especially with loaned money!
~
If you're low on income meaning you won't have savings, then don't think about Bitcoin for now. There are a lot of outlets there to earn including freelancing,microtasking and even remote jobs. Focus on that first before you decide on Bitcoin. You know how unstable Bitcoin becomes overtime although it doesn't go zero. Losses are your most of the worries.Loaning for something that you even aren't sure if you're gonna earn is a no-no situation.
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