Topic: Taking a loan to buy Bitcoin? - page 6. (Read 4693 times)
I will counsel you not to take a credit. The bitcoin market and crypto market for the most part are instability, credit isn't suggested for it. There isn't any assurance that the benefits that you'll get in crypto will outflank the premium the bank forces on the credit. Also, if your work right currently isn't paying adequately to cover for your costs and your advance, at that point you'd simply be setting yourself in a great deal of pressure.
This is not a good idea but since you are doing this for a good purpose, then why not? At least you were possibly getting returns unlike if you are just to borrow money for nonsense. But one thing you have to be sure of is you can make a payment. That be sure you have other sources of income in the case your trading journey won't succeed ( but I hope it won't). That is why you should have to think about it wisely and don't get rush. Besides, we can make an entry to trading any time as long as you are ready enough.
I have actually been trying to take out a loan since yesterday and I have failed miserably :d I never realized that I needed to actually end up taking out a loan when I didn't even needed it, and repay it so that banks would give me a loan, or need to have a credit card at least, so that I could make a debt to banks and repay it so that they would think I am a good person to loan money to.
I think when you do something like that and the bank doesn't give you a loan, I see that as a sign. If you were not capable of taking out a loan, that means a good thing, because it probably means if you were capable of it, you would have lost money, I see these things as signs and that is why I am happy with the both situations, if you were capable of taking out a loan, I would have seen that as a sign as well.Also there is something called "credit score" which means if you take out a small amount of loan and pay it back you get your score higher, and you keep growing bigger and bigger eventually being able to take out a huge loan and pay that back because you have done that so many times even if smaller.
If you have zero credit score, the best way to approach that is put a decent sized amount of money in, and asking for a small loan when you have 10x that in your account, banks usually accept that. Do not use this to take out loan to buy crypto though, I just wanted to help for people who might need it for emergency reasons.
-snip-.Taking a loan isnt bad but you should think or mind all of those things to be considered first before proceeding.
On real talks then taking loan isnt really a good idea at all.
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.On real talks then taking loan isnt really a good idea at all.
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.
-snip-.Taking a loan isnt bad but you should think or mind all of those things to be considered first before proceeding.
On real talks then taking loan isnt really a good idea at all.
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. On real talks then taking loan isnt really a good idea at all.
Loan is worst way to go for anyone, as it not only put push us towards major losses but also takes us to place of tension and stress, it must be avoided at any cost.
No wonder so many people are getting greedy now to see the price of Bitcoin continue to rise. But not because we want to get big profits, then do things that are risky. Borrowing money is only for urgent needs, because if we owe mainly to banks, there is an obligation to pay installments.
For sure borrowing money should be the considered when you have no other option and you are sure that the money you are borrowing, you will be able to earn enough with it to pay off the loan and the interest. If you have taken a loan on 15% interest lets say then make sure you are at least earning 16% or more with it otherwise its useless and harmful.While the Bitcoin price is very volatile, we have to learn from what happened in 2017. Many people become FOMO and finally decide to buy Bitcoin with borrowed money. Then what happens is that many people end up having problems after the Bitcoin dump in 2018. So always buy Bitcoin with the money that we can afford to lose.
Also keep in mind that if the price remain stable for sometime you will lose money because you need to pay interest and how are you going to pay interest when the market hasn't moved much. So better to just buy bitcoins with the amount you own and don't get mad about holding more bitcoins beyond your pocket allows. 
The thread is 10 days old, BTC has gone up more than 10% in that time (despite having had a huge run just before that already). If the OP had taken a loan he would be in nice profit right now.
Just saying.
Just saying.
I don't think it's a problem with you making a loan to buy Bitcoin...
but remember, you have to estimate everything, you must be able to have a main job to pay the installments, don't cheat the bank, you will just go to jail.
It's a problem if you're doing it because you think that you'll make instant money from buying bitcoin with a loan. Despite we're seeing bitcoin reaching new highs.but remember, you have to estimate everything, you must be able to have a main job to pay the installments, don't cheat the bank, you will just go to jail.
That's still not enough reason for one to take loans for buying bitcoin. We all want to have bitcoin and invest on it but depending on your situation, you can choose to buy it in small portion with your own money not with loaned money.
I don't recommend this to anyone. Keep in mind by taking a loan to invest in bitcoin you will be risking yourself in double. First because you will have to pay exorbitant interest rates to banks or lenders and second because bitcoin might enter a bearish market suddenly. Personally I prefer to invest slowly, step by step, accumulating maximum coins as possible in crypto currency, but never contracting debts with third party services for this goal.
On the other hand, if you have a near family member in good financial condition you could ask him or her to lend you some money with low or no interest at all. If things go wrong with your btc investment you don't need to panic and you can pay the loan back in smaller portions without abusive extra interest or fixed deadlines.
On the other hand, if you have a near family member in good financial condition you could ask him or her to lend you some money with low or no interest at all. If things go wrong with your btc investment you don't need to panic and you can pay the loan back in smaller portions without abusive extra interest or fixed deadlines.
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This is what I was trying to emphasize previously. I am not sure why would people think of adding liability into their finance then letting the lady luck decide their fate.It's gonna be hella depressing for me if I was to do that then Bitcoin plummeted. I think I would go really really insane.
Plus from what you mentioned, interest rates.
increase or decrease which is really a very mental boggling thing if you do really just rely into those investment for you to be able to pay.It isnt really that ideal to take loans
and deal with crypto market if you dont know and aware on what you are doing because you would be putting up yourself into a very big deep trouble if you do such thing.
If you do have some bit spare of money to spent out on investment then that should be your first consideration before making any loans or making this as a last resort
if you do see some opportunity.
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This is what I was trying to emphasize previously. I am not sure why would people think of adding liability into their finance then letting the lady luck decide their fate.It's gonna be hella depressing for me if I was to do that then Bitcoin plummeted. I think I would go really really insane.
Plus from what you mentioned, interest rates.
I don't think it's a problem with you making a loan to buy Bitcoin...
but remember, you have to estimate everything, you must be able to have a main job to pay the installments, don't cheat the bank, you will just go to jail.
but remember, you have to estimate everything, you must be able to have a main job to pay the installments, don't cheat the bank, you will just go to jail.
To be a successful investor, avoiding FOMO is very important which means you never take loans to make investments because cryptos are not giving dividends then how you are going to pay the interest rates? What if your investment become total failure. 
On the contrary, I believe if people are doing margin trading or futures then they are already taking bigger risks because taking 3x leverage means your portfolio will be emptied if the price falls by 33% and considering the volatility of the crypto market it can actually happen within days or even a single night.I always think that better than taking money on leverage and risk losing everything, it is better to take loans in real life and pay yearly interest because it gives you much more time and the assets/coins you buy are going to be yours 100% without any risk of marketing being down or up.
Consider this as an example:
Trader 1: A trader bought Bitcoins at 8k last year February and he took only 2x leverage, in march as the price dropped below 4k he lost everything he hold.
Trader 2: Another trader took a loan of 8k and bought bitcoins with it, market went ballistic and as low as 3k but he lost nothing and somehow market recovered and now an year later he turned his 8k into 45k now.
So, it might not be the worst idea to take loans for buying Bitcoins, given you have back up plan and good strategy.
I have actually been trying to take out a loan since yesterday and I have failed miserably :d I never realized that I needed to actually end up taking out a loan when I didn't even needed it, and repay it so that banks would give me a loan, or need to have a credit card at least, so that I could make a debt to banks and repay it so that they would think I am a good person to loan money to.
However what they do not realize is that, I never had any credit card or any loans before because I never needed, not like I "needed" it today neither, I didn't because I have enough money as always to live, but I wanted to take out a huge sum so that I could repay that whenever I want, not like I would be in trouble if I failed to make profit, I could have paid it with my income anyway, so if all the loan I took out and put into crypto becomes zero, I would still be capable of paying anyway, but they thought I was someone who didn't had money lol.
However what they do not realize is that, I never had any credit card or any loans before because I never needed, not like I "needed" it today neither, I didn't because I have enough money as always to live, but I wanted to take out a huge sum so that I could repay that whenever I want, not like I would be in trouble if I failed to make profit, I could have paid it with my income anyway, so if all the loan I took out and put into crypto becomes zero, I would still be capable of paying anyway, but they thought I was someone who didn't had money lol.
taking a loan is a two way thing, not advisable because you can not afford to lose it. but sometimes you would have a big conviction to do some crazy things like this and it would pay off. but you should keep at the back of your mind that it can go negatively. this definetly not advisable thing to do.
the best option is to use personal money and assets because if I make a loan I think it is very dangerous. With you paying bank interest all the time that's one bad option.
start small and leave the loan so you can still do this with your own assets
start small and leave the loan so you can still do this with your own assets
If you can afford it, you can give it a try. I don't really recommend borrowing money and then investing. No one will know until when bitcoin trends up. even some of these times bitcoin goes into the unexpected ATH that is at the end of the year. And if borrowing money is likely bad is if bitcoin is really dump it is very sad. We're going to lose a lot of money and more because we borrow plus pay the interest.
Can you afford to lose that money, cause if you are not you definitely should not, as the risk is high particularly at the moment.
Bad decision if we have to borrow to buy bitcoin, I remember being in that position very well. doubling valuables to buy bitcoin in trading on Futures. but there I suffered no loss 3 days after borrowing. It becomes the point where I have to be really careful about making a loan for investment. Moreover, the risk in trading or investing in bitcoin is quite high. it is something that must be considered beforehand
Some people trying taking loan to buy bitcoin just to earn profit or to cover loss of money. The more you borrow the more you can lose money. Also the interest costs of the loan makes it harder to pay once a person cannot afford to return the money. So there is a huge risks by doing this just to invest so before taking loans think twice. Risk is high if you'll going to use your barrowed money from something that you are not really good at,
if you are doing this because you think that Bitcoin is really mooning and you are capable of riding from
it, remember that this high volatile asset can easily burned your investment, you need to be very careful
before deciding to loan any amount for the sake of your Bitcoin investment.
Dont get fomo'ed just because you've seen that everyone is really making out some money or in profits because a market could really have that flipping side or lets say some serious correction or pullbacks.
If you are just new into this market then you should be fully prepared on that and if you dont like to lose money then this investment isnt really for you.Its never been good or ideal to consider
on making some investment into a borrowed money specially if you are depending on it to repay those debts.Its just suicide.
I have seen lots of my friends like this where they do take a loan even though this doesnt directly talks about investment but rather on buying their wants
which did result on fucking up theirselves in times of repaying those debts.
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