Taking a loan to buy Bitcoin? - page 5.

FanEagle

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Quote from: avarnet on February 26, 2021, 09:50:19 AM

Borrowing money for trading will only make your expenses increase because you have to think about the interest that you have to pay every month. I make sure it will not be easy because your emotions will not make the analysis maximal. better not to take this decision if not ready for risky things. remember when you lose money and don't have an emergency fund for payment then you will lose. so make sure you think about it first

That is the point of taking a loan, in order to gain more you have to have more but that also means in order to lose more you to have more as well.

Someone who doesn't have 10k can't lose 10k, or at least that is normally the case, you have to spend that with credit card, take out a loan or be in debt to someone which means at some point you do have that much money and it went somewhere. That means if we are in a situation where you have that kind of money and lose it, that was your own choice and you did that knowing what you are doing.

If a person knows what they are doing and they took out a loan that means they know what they are doing and it is not a surprise to them, they willing to take that situation face on.

geegaw

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Quote from: South Park on March 01, 2021, 01:20:57 AM

Quote from: Willitivity on February 25, 2021, 08:41:04 AM

Investing in bitcoin is definitely worth it, but only when the money invested into it is yours and not a money you loaned from a bank or someone, it's never advisable take a loan just to invest in crypto because you feel it's going to explode very soon, remember things don't always go as we plan, you might be thinking it will explode but in the end things might not go as you planned then boom you're a debtor, always make sure you invest money you can afford the lose, crypto investments are risky do not take a loan to invest in any coin, it's never the best choice.

We saw many people that invested in bitcoin using loans and for the most part they lost and the worst part is that they lost money that it was not even theirs which meant that they had to pay the debt and they got nothing to show for, personally I think people like that will never make it in the market as they are unable to wait so they can save their own money, it is not like the markets will disappear, if you take a few years to save money you could became a great trader during that time and then make money without asking for a loan.

As you said, the majority of borrowers fall into a loss but another part is still successful, maybe this probability is relatively low but why not we find out the cause of this failure? Increases our chances of becoming a successful bitcoin investor through a loan, common causes for loss are lack of knowledge and patience, emotions are also a limited part of success. In addition, the pressure from the loan and forcing yourself to succeed immediately, it easily leads borrowers to make mistakes, qualifying necessary, the loan will no longer be a great risk, it is even a bridge to shorten the path to success

South Park

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Quote from: Willitivity on February 25, 2021, 08:41:04 AM

Investing in bitcoin is definitely worth it, but only when the money invested into it is yours and not a money you loaned from a bank or someone, it's never advisable take a loan just to invest in crypto because you feel it's going to explode very soon, remember things don't always go as we plan, you might be thinking it will explode but in the end things might not go as you planned then boom you're a debtor, always make sure you invest money you can afford the lose, crypto investments are risky do not take a loan to invest in any coin, it's never the best choice.

We saw many people that invested in bitcoin using loans and for the most part they lost and the worst part is that they lost money that it was not even theirs which meant that they had to pay the debt and they got nothing to show for, personally I think people like that will never make it in the market as they are unable to wait so they can save their own money, it is not like the markets will disappear, if you take a few years to save money you could became a great trader during that time and then make money without asking for a loan.

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Quote from: elmuchodingdong on February 09, 2021, 08:14:00 AM

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.

If you tap to change the first loan. It is a very dangerous knife. especially in the cryptocurrency market. Personally, I do not encourage myself to think like you, but hopefully you have to calculate, in the middle of an emergency you can use this account to buy. Second is the payback calculation time or the minimum cycle rate. Third, should not form the habit of borrowing. 20k euros is a small loan, how long will you invest in bitcoin? when? and string string to be used as any. Many people often go up by borrowing, but the rate of failure is the majority.

MWesterweele

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Quote from: Julien_Olynpic on February 22, 2021, 04:51:11 AM

A loan to buy a cryptocurrency is not the best solution. I would even say that this is a crime against risk management. However, this can be done by following certain safety rules.
1. Borrow only the amount that you can pay off without any problems, even if you lose all your bitcoins.
2. As soon as after the purchase the value doubles, sell half of your bitcoins and repay the loan.

At some instances of life where some of our colleagues couldn't afford to buy or have their own kind of bitcoin right away then this could be their best way to have it, taking a loan to buy bitcoin. But in my own opinion it isn't the best solution since i am afraid to the mere fact that this was a total taking of risk. I am afraid to the fact that it can be lost with just a glimpse. I didn't mean that taking a loan for the sake of bitcoin wasn't worth it, but i guess it should take seriously, should need a wise decision.

carelessboy

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No because in my country interest fee too much.if i buy bitcoin so need hold and need many time. invest from your capital. when bitcoin price low under 20k .i bought more i tell my mother if he can,t give ne money i will sell my bike or house. bitcoin is good investment .you can rich for buy some bitcoin. sell your everything and buy bitcoin .after bitcoin price boom you made a duplex house.

jostorres

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Quote from: avarnet on February 26, 2021, 09:50:19 AM

Borrowing money for trading will only make your expenses increase because you have to think about the interest that you have to pay every month. I make sure it will not be easy because your emotions will not make the analysis maximal. better not to take this decision if not ready for risky things. remember when you lose money and don't have an emergency fund for payment then you will lose. so make sure you think about it first

There are people who take money on credit and invest in stock markets so I don't think its too bad to consider taking loans, maybe for long duration though, buy bitcoins and even some potential altcoins like DOT or ADA and then just wait for the market to mature and once the price starts raging upwards, you can sell and pay your loan.

The problem I see, as you also mentioned, is that the price might go down but that's why I said the loan must be taken for longer period so that allows you more time to plan and in an year or two we might see some crazy prices for bitcoins so the interest rate doesn't matter too much but the loan duration is more important.

avarnet

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Borrowing money for trading will only make your expenses increase because you have to think about the interest that you have to pay every month. I make sure it will not be easy because your emotions will not make the analysis maximal. better not to take this decision if not ready for risky things. remember when you lose money and don't have an emergency fund for payment then you will lose. so make sure you think about it first

doomloop

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Quote from: pragna on February 22, 2021, 10:58:25 AM

Quote from: Oshosondy on February 09, 2021, 08:43:50 AM

I do not have to read all about your post before I will tell you taking a loan is not necessary. But if you think you can gain from it, you can try but you can expect gain and lose, this will make it difficult for you. I will advice you not to take a loan. The bitcoin market and crypto market generally are volatility, loan is not recommended for it.

I am fully agree with you because we can not believe on this market. You see market now in big correction like 58k$ to 52k$ and suppose you take a big loan and invest in crypto market and at that time market fall like 2017 than what will be do? If you have family than both will be in great problem. So batter you work slowly and store from that and later go for investment. you will be gainer.

For sure and as a borrower you are always under the pump because there is borrowing fees always working against you and it won't let you relax. Imagine if you have $10k loan and the price of Bitcoin drops just by 1k it would give you sleepless nights while on the other hand if you just invest your own money it gives you the pleasure of not panicking because its your own money and you can lose it all and don't have to pay anyone.

I would rather sell my car and buy bitcoins than taking a loan to buy some. Yes there is one possibility which might enable me to take loans and buy bitcoins and that is if there is a humongous bull run going on or something like what happened with dogecoin happens, even then I would rather do leverage trading and avoid borrowing too big.

Willitivity

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Investing in bitcoin is definitely worth it, but only when the money invested into it is yours and not a money you loaned from a bank or someone, it's never advisable take a loan just to invest in crypto because you feel it's going to explode very soon, remember things don't always go as we plan, you might be thinking it will explode but in the end things might not go as you planned then boom you're a debtor, always make sure you invest money you can afford the lose, crypto investments are risky do not take a loan to invest in any coin, it's never the best choice.

xSkylarx

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Quote from: elmuchodingdong on February 09, 2021, 08:14:00 AM

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.

Since you already said that your income is low and even if you have work night and day, it would be a huge risk to take a loan just to buy bitcoin. It is very volatile, price could soar downwards very quickly in just a day like just what happened recently. If price doesn't recover fast, you would be in debt just to pay that loan. Just buy any amount that you can afford without taking any loan. Even if it is a small amount but you buy consistently like per week or month, it will definitely be worth it in the future.

South Park

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Quote from: elmuchodingdong on February 09, 2021, 08:14:00 AM

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.

Forget it, investing and trading is already hard enough when you do it with your own money, to add a loan to all of this and the interests that you will have to pay is simply a situation that will make your life too difficult, we had people like you during the previous bull run and as far as I know they failed, I do not know what happened to them exactly but most likely their lives got ruined because of it, even if you miss this bull run you can always buy bitcoin once you get enough capital and there is a correction or a crash since this market will keep growing for decades, so do not do it regardless of how tempted you are.

777Jolami

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Quote from: elmuchodingdong on February 09, 2021, 08:14:00 AM

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.

This is very risky. Even though you have good plans and direction for you, you have placed bitcoin heavily on speculation. You are at a loss and want to eat quickly. This is not good if you borrow and go to bitcoin with the mentality of "instant noodles".
It is better to consolidate your funds balance and mingle with bitcoin in the long run.
I won't throw my house like that!

kramat

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Trading is good ideas. But trading is not easy. So Frist you will know the trading information. This invention process. You need to know the positive and negative. Coin price is any time to increase and decrease. So follow the market place the plane to trade the coin. If price will be go down that time right time to trade the coin. Then hold the long time and wait for the price increase. Then starts the trading.

chikading2016

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Quote from: pragna on February 22, 2021, 10:58:25 AM

Quote from: Oshosondy on February 09, 2021, 08:43:50 AM

I do not have to read all about your post before I will tell you taking a loan is not necessary. But if you think you can gain from it, you can try but you can expect gain and lose, this will make it difficult for you. I will advice you not to take a loan. The bitcoin market and crypto market generally are volatility, loan is not recommended for it.

I am fully agree with you because we can not believe on this market. You see market now in big correction like 58k$ to 52k$ and suppose you take a big loan and invest in crypto market and at that time market fall like 2017 than what will be do? If you have family than both will be in great problem. So batter you work slowly and store from that and later go for investment. you will be gainer.

Crypto has no assurance to earn beause it always change sometimes price may fall and sometimes price may rise, the only poblem is if you take a big amount of loan and we know that the loan has an interest so there is a great posibility that after a year you will be pay big interest for it, however everthing in cypto depends on your faith if you think you can earn then grab it but if you dont have patience dont try investing on it because in cypto if you cant hold you can't be rich and holding is always depend on your patience.

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Quote from: Julien_Olynpic on February 22, 2021, 04:51:11 AM

A loan to buy a cryptocurrency is not the best solution. I would even say that this is a crime against risk management. However, this can be done by following certain safety rules.
1. Borrow only the amount that you can pay off without any problems, even if you lose all your bitcoins.
2. As soon as after the purchase the value doubles, sell half of your bitcoins and repay the loan.

You are contradicting yourself with the 2 statements you made.

You are saying that one should not take risk and even termed it as crime, so you believe that chances are user won't be able to even earn enough to pay the interest.

But on the other hand, you are expecting the value to double up and pay off the loan and keep the remaining 50% which is no doubt a dream scenario but doubling happens very rarely.

I don't like the idea of taking loans and buying Bitcoins but if you know what you are doing and have the belief that you will not panic, then it might just work out.

pragna

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Quote from: Oshosondy on February 09, 2021, 08:43:50 AM

I do not have to read all about your post before I will tell you taking a loan is not necessary. But if you think you can gain from it, you can try but you can expect gain and lose, this will make it difficult for you. I will advice you not to take a loan. The bitcoin market and crypto market generally are volatility, loan is not recommended for it.

I am fully agree with you because we can not believe on this market. You see market now in big correction like 58k$ to 52k$ and suppose you take a big loan and invest in crypto market and at that time market fall like 2017 than what will be do? If you have family than both will be in great problem. So batter you work slowly and store from that and later go for investment. you will be gainer.

Julien_Olynpic

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A loan to buy a cryptocurrency is not the best solution. I would even say that this is a crime against risk management. However, this can be done by following certain safety rules.
1. Borrow only the amount that you can pay off without any problems, even if you lose all your bitcoins.
2. As soon as after the purchase the value doubles, sell half of your bitcoins and repay the loan.

taufik123

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Quote from: SirLancelot on February 21, 2021, 03:01:31 PM

-snip-
I like taking out 1-2k loans for example, that way I pay about 100 bucks a month and be done with it in just few months and I just use that money to invest into things whenever I want instead of waiting for months. Of course do not withdraw loans that you will have hard time paying, I never take out a loan that I would need the investments to pay, I rather pay my loans with my salary and just grow my investments in size.

That's a good way when you already have a regular salary from your real job. Loans 1-2k and pay $ 100 every month. and you settle it in just a few months before the final payment is due.
if it's good for you but not good for others.

I agree with the point that you mean about taking loans that are difficult to pay. Taking a loan according to the portion of the payment that you can afford will be better. However, some people take loans regardless of how much they are able to pay them. ordinary people who want to get into crypto will usually do anything to get their first money for investment.

Pay attention to the investment risks with a loan. Loans are a responsibility that must be resolved and do not let what is invested fail or get stuck with an investment scam, it will ruin everything.

SirLancelot

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Quote from: Ryker1 on February 20, 2021, 06:53:58 PM

Quote from: taufik123 on February 20, 2021, 06:44:26 PM

Good risk management will be very useful when deciding to take a loan. In addition, what must be considered is that it is not a matter of how much to make a loan, but how much interest is charged on the loan and how long it will mature. Don't let the interest be too big and the maturity is too short. Because if you don't pay off the loan on time and the interest, it will be a new problem.

Well, you have a good point, --we should consider that possible outcome that waiting ahead, or let say the negative consequences because once you have failed, it will hit you twice, from paying your debt and the loss in your investment. It is just something like you has hit by a double-edged sword.
Investing is really good in crypto, but don't force yourself if you can't afford what you invest, it is very risky to manage to pay interest in the next month while waiting to gain profit in crypto, it is not a guarantee.

There is one more thing that I always say. Let's say you can "save" 300 dollars a month, there is nothing wrong with taking out a loan that has 300 dollars payments monthly as well. Sure there could be the fact that if something wrong happens and you need money urgently that would be sad but I am sure it will be difficult anyway, whereas if you can take out a loan that you can pay easily no matter what, I suggest doing that anything you can.

I like taking out 1-2k loans for example, that way I pay about 100 bucks a month and be done with it in just few months and I just use that money to invest into things whenever I want instead of waiting for months. Of course do not withdraw loans that you will have hard time paying, I never take out a loan that I would need the investments to pay, I rather pay my loans with my salary and just grow my investments in size.

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