Wow! I do admire your courage in taking out a loan just to buy bitcoin. However, according to me, this is not a wise decision.
If you have another source of income, it would be preferable to use it to pay off the debt rather than rely solely on the profit you anticipate from one bitcoin over the course of the upcoming years. However, if you're going to rely on it, it would be much better if you used a Dollar-cost averaging strategy as opposed to taking out a loan to buy bitcoin. Under DCA, you could have divided the total investment amount and purchased the crypto asset in intervals.
I wish you luck and hope you pay off all of your debts.
Topic: Today is the story of my investment in Bitcoin - page 11. (Read 2557 times)
I don't know why I find this story so weird. In as much as I am very much sure that owning 1btc is a good business and you will never regret it, but the huddles that you passed through to own the 1btc doesn't really worth it.
Maybe I am just being me here. If you have a nice source of income, an initial investment of $6k is not bad, I wonder why you acted as if there was gun on your head.
I would not be able to live a debt life for two years in order to make massive profits, especially when it involves investing in a volitile assets. Let's assume your story is real, then assume that btc goes to $10k, what will be your state of health?
I don't know if what the OP did was too bold or a bad move, because owing someone else to invest in something as volatile as bitcoin is definitely not the right move, investing in bitcoin is a good move if we have the funds cold or personal, but by borrowing other people money we will only increase fear when the market goes down like this especially when the debt is due, I agree with you, it's better to invest $6K with the money we have and at least we can sleep no matter what the conditions happend, rather than of having 1 BTC, but we are overwhelmed by fear and trouble due to debt.Maybe I am just being me here. If you have a nice source of income, an initial investment of $6k is not bad, I wonder why you acted as if there was gun on your head.
I would not be able to live a debt life for two years in order to make massive profits, especially when it involves investing in a volitile assets. Let's assume your story is real, then assume that btc goes to $10k, what will be your state of health?
In my opinion it's one of the biggest mistakes someone can commit in financial world. Banks' loans aren't an option because they are abusive, treacherous in case you don't repay them on time and give no real benefits to the borrower after all. It's better to not have money to invest or invest low amounts of money than contracting a debt with a bank.
I don't know why I find this story so weird. In as much as I am very much sure that owning 1btc is a good business and you will never regret it, but the huddles that you passed through to own the 1btc doesn't really worth it.
Maybe I am just being me here. If you have a nice source of income, an initial investment of $6k is not bad, I wonder why you acted as if there was gun on your head.
I would not be able to live a debt life for two years in order to make massive profits, especially when it involves investing in a volitile assets. Let's assume your story is real, then assume that btc goes to $10k, what will be your state of health?
I don't know if what the OP did was too bold or a bad move, because owing someone else to invest in something as volatile as bitcoin is definitely not the right move, investing in bitcoin is a good move if we have the funds cold or personal, but by borrowing other people money we will only increase fear when the market goes down like this especially when the debt is due, I agree with you, it's better to invest $6K with the money we have and at least we can sleep no matter what the conditions happend, rather than of having 1 BTC, but we are overwhelmed by fear and trouble due to debt. Maybe I am just being me here. If you have a nice source of income, an initial investment of $6k is not bad, I wonder why you acted as if there was gun on your head.
I would not be able to live a debt life for two years in order to make massive profits, especially when it involves investing in a volitile assets. Let's assume your story is real, then assume that btc goes to $10k, what will be your state of health?
Don't source loans for risky endeavours within your family. I'll tell you from experience that most of the time this will end up bad for your relationships.
You do know that 10% APR will cut your loan in half after 5 years?
Even if Bitcoin in 2 years you will still only make a 80% profit --> that is 40%/year with quite some risk on your side. What if Bitcoin does not double in 2 years? Can you digest the loss and service the debt burden? In other words you need to have a contingency plan. If you can't easily cover the loan rates from your income, then you should redo the math.
Also keep in mind that you don't need to own one whole Bitcoin in order to profit from a potential market appreciation. 0.01 is enough if that's what you can afford at the moment. Don't stretch yourself too much or you're gonna get burned.
You do know that 10% APR will cut your loan in half after 5 years?
Even if Bitcoin in 2 years you will still only make a 80% profit --> that is 40%/year with quite some risk on your side. What if Bitcoin does not double in 2 years? Can you digest the loss and service the debt burden? In other words you need to have a contingency plan. If you can't easily cover the loan rates from your income, then you should redo the math.
Also keep in mind that you don't need to own one whole Bitcoin in order to profit from a potential market appreciation. 0.01 is enough if that's what you can afford at the moment. Don't stretch yourself too much or you're gonna get burned.
I don't know why I find this story so weird. In as much as I am very much sure that owning 1btc is a good business and you will never regret it, but the huddles that you passed through to own the 1btc doesn't really worth it.
Maybe I am just being me here. If you have a nice source of income, an initial investment of $6k is not bad, I wonder why you acted as if there was gun on your head.
I would not be able to live a debt life for two years in order to make massive profits, especially when it involves investing in a volitile assets. Let's assume your story is real, then assume that btc goes to $10k, what will be your state of health?
Maybe I am just being me here. If you have a nice source of income, an initial investment of $6k is not bad, I wonder why you acted as if there was gun on your head.
I would not be able to live a debt life for two years in order to make massive profits, especially when it involves investing in a volitile assets. Let's assume your story is real, then assume that btc goes to $10k, what will be your state of health?
I decided yesterday morning that I would buy 1 bitcoin from this dip market. But I did not have enough money. With which I can buy 1 bitcoin. I had an Fixt Deposit of $ 6,000 in the central bank. And the bank would paying interest at the rate of 5.5% APR. I broke it down yesterday and decided to buy Bitcoin with that money. But with this money I will not be able to buy 1 bitcoin. On the other hand, my dream and desire is to buy 1 bitcoin. I then decided to take a loan and applied to the bank for a loan.
This is not investing, this is gambling. This is no different than shorting stocks except you have at least have a maximum amount of funds that you can lose.
But I told the bank that I would use this money for business. The bank agreed to give me a loan of $10,000 at 10% APR interest. I take advantage of that opportunity and take out a loan. And the remaining $ 4,000 I borrowed from my uncle and promised to pay him 8% APR interest, which is more then bank interest. Finally i bought just now 1 BTC price at $20,000.
Seems awfully unethical, doesn't it? Lying to the banks about a business plan you have when you throw the money in crypto instead? The interest calculation would have been different if you told the bank the truth.
Perhaps if you had told them the truth they wouldn't have given you the loan?
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I don't think taking a loan to buy bitcoin is a good idea because that way will have risks after you receive the money. Bitcoin is still in a fluctuating moment in the market and we don't know how long this will be over. I just hope you repay your bank's interest so you can continue to live and not depend on other people. But if using that way can give you a chance to buy bitcoin at a low price, you must be careful and not try to get a loan because you can get a problem after this. Yes, the potential of the increases and decreases in the price can help you to have 1 bitcoin but you need to be patient don't take a loan from anybody because you know about the risk behind that.
hi, OP; +1
There is a phrase or old conjecture that says: "who came first the chicken or the egg?" everyone will have doubts about it.
Let's not go into detail that if you already have a HW, this HW is not necessary, etc.
Any way at all! I am with you, congratulations, you are an older man, these are your decisions, we cannot see the glass always half full with certain assessments that may be questionable.
You made an investment to the BTC unit, you completed the 100 million sat. I hope your investment planning is successful.
There is a phrase or old conjecture that says: "who came first the chicken or the egg?" everyone will have doubts about it.
Let's not go into detail that if you already have a HW, this HW is not necessary, etc.
Any way at all! I am with you, congratulations, you are an older man, these are your decisions, we cannot see the glass always half full with certain assessments that may be questionable.
You made an investment to the BTC unit, you completed the 100 million sat. I hope your investment planning is successful.
We don't necessarily buy 1 bitcoin to hold, you can accumulate bitcoins over time if you don't have enough money to buy 1 bitcoin right now. Even though you can afford to repay the debt, I disagree with you in your decision to taking loans for the purpose of buying bitcoin. Our lives don't always go as smoothly as we think, so borrowing money to invest can sometimes be stressful. There is a lot of risk here, I hope you have made specific calculations when making this decision.
~snip~
Although taking a loan from a bank is a big risk for me, I was ready to take that risk. So I took out a loan and bought Bitcoin. However, I have full confidence in Bitcoin so I am not afraid yet. I am now fighting with my luck.
You are very brave and risky, as you have been called many times. It deserves praise and respect. Your confidence in bitcoin could serve as an example for many. Especially for those who are still in doubt whether to buy or not to buy it. A loan, of course, creates an additional burden and obligations, along with a constant feeling of discomfort due to the fact that debts will have to be repaid sooner or later, and even with interest. But I think if you're so confident and ready to fight your luck, you should be able to handle it all.Although taking a loan from a bank is a big risk for me, I was ready to take that risk. So I took out a loan and bought Bitcoin. However, I have full confidence in Bitcoin so I am not afraid yet. I am now fighting with my luck.
Confidence must also be supported by good technical analysis skills, if you only rely on confidence but can't read the market it will only be a guessing game. It is quite risky to make a loan to invest in bitcoin, because of the debt that must be paid in installments within a certain period of time and the interest that continues to run.
Plans to profit from loans will turn into new problems with loans that have to be repaid, remember that crypto is very volatile and any risk can occur.
The most interesting thing is that everyone has their own stories. At the same time, it should be understood that there are quite a lot of negative stories now, because obviously no one expected the current price.
I decided yesterday morning that I would buy 1 bitcoin from this dip market. But I did not have enough money. With which I can buy 1 bitcoin. I had an Fixt Deposit of $ 6,000 in the central bank. And the bank would paying interest at the rate of 5.5% APR. I broke it down yesterday and decided to buy Bitcoin with that money. But with this money I will not be able to buy 1 bitcoin. On the other hand, my dream and desire is to buy 1 bitcoin. I then decided to take a loan and applied to the bank for a loan. But I told the bank that I would use this money for business. The bank agreed to give me a loan of $10,000 at 10% APR interest. I take advantage of that opportunity and take out a loan. And the remaining $ 4,000 I borrowed from my uncle and promised to pay him 8% APR interest, which is more then bank interest. Finally i bought just now 1 BTC price at $20,000. It gives me a different feeling That feeling I have never had before. I think if I hold this bitcoin for 2 years I can get 100% -500% profit. Then I will be able to easily repay my debtors with an average interest of 18-19% in 2 years as an average of 9.something% APR and I will be able to keep a huge profit.
Of course you have felt something you never had before, but for sure you will have more interesting feeling once bitcoin fails you.Yeah bitcoin proves us everything, it grows every 4 years but remember that we are in crypto world and nothing assured us constantly so better watch out mate.
And never forget to Not taking a lone for crypto investment.
This is a very smart move to buy 1BTC at dip from ATH, base on the current price, without looking at the risk involved to borrowed money from the bank and uncle with the interest rate involved to pay back base on the period agreed on, but nevertheless using your initial capital worth of $6000 without borrowed is the best, for a long term investment.
Not only about good advice, but for $6000 is a very fantastic start-up capital in terms of buying Bitcoin at this time even though can't get 1 unit of Bitcoin, but it is very enough to invest in conditions like now with great confidence. Because with that $6000 capital someone can already get 0.29 BTC at this time and that is a very extraordinary thing in my opinion.
This is a very smart move to buy 1BTC at dip from ATH, base on the current price, without looking at the risk involved to borrowed money from the bank and uncle with the interest rate involved to pay back base on the period agreed on, but nevertheless using your initial capital worth of $6000 without borrowed is the best, for a long term investment.
Very interesting story mate, I read it twice and I thing I which conclude is that, there is no need to take loans whichever the business you are gonna start. Lets take it positive, just gather you hand earn gradually and with a very small investment. No need to even think about bigger business if you don't have your bag full.
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Taking loans to buy a volatile asset is a dumb idea. Why not just buy in slowly using your hard-earned money from your job/business? You don't need to have 1 full bitcoin literally right now, it's not like the price is going to skyrocket overnight and that you're going to be left out.
P.S. I hope you're using a hardware wallet
P.S. I hope you're using a hardware wallet
I think this is the best reply of the thread.
These things don't usually end well. People only think about the profit they are going to make, and don't take into account the risk and psychological uneasiness that comes with having a debt for an investment with such volatility. I hope it's not the OP's case but it wouldn't be unusual for there to be a market downturn now, the price drops to $14k or so, and the OP panic sells.
Congratulations mate , I myself dreamed of having a 1 whole Bitcoin as well , but because of Gambling and I really doubt that happened to me from then.
I regret all of those because if not? i may have not only 1 bitcoin , maybe at least 5 bitcoin all in all.
So please OP keep this coin , never let you lose because there are so much you to expect because your Loan is still existing .
I regret all of those because if not? i may have not only 1 bitcoin , maybe at least 5 bitcoin all in all.
So please OP keep this coin , never let you lose because there are so much you to expect because your Loan is still existing .
I don’t think that taking out a loan for investment is a wise idea. Even though bitcoin is a potential cryptocurrency you shouldn’t have taken such a big risk. Insead you should have bought bitcoins in fraction from your own money.
I decided yesterday morning that I would buy 1 bitcoin from this dip market. But I did not have enough money. With which I can buy 1 bitcoin. I had an Fixt Deposit of $ 6,000 in the central bank. And the bank would paying interest at the rate of 5.5% APR. I broke it down yesterday and decided to buy Bitcoin with that money. But with this money I will not be able to buy 1 bitcoin. On the other hand, my dream and desire is to buy 1 bitcoin. I then decided to take a loan and applied to the bank for a loan. But I told the bank that I would use this money for business. The bank agreed to give me a loan of $10,000 at 10% APR interest. I take advantage of that opportunity and take out a loan. And the remaining $ 4,000 I borrowed from my uncle and promised to pay him 8% APR interest, which is more then bank interest. Finally i bought just now 1 BTC price at $20,000. It gives me a different feeling That feeling I have never had before. I think if I hold this bitcoin for 2 years I can get 100% -500% profit. Then I will be able to easily repay my debtors with an average interest of 18-19% in 2 years as an average of 9.something% APR and I will be able to keep a huge profit.
This is a great job for you. But what you have done is very risky. You should not buy Bitcoin with a loan from a bank. You could buy bitcoin with your own money. Maybe you could not buy full 1 bitcoin. But it did keep you out pressure of loan. Since you've already done it. Now just wait for the day you decide to sell your bitcoin. Good luck, Always be healthy and unconscious 
I decided yesterday morning that I would buy 1 bitcoin from this dip market. But I did not have enough money. With which I can buy 1 bitcoin. I had an Fixt Deposit of $ 6,000 in the central bank. And the bank would paying interest at the rate of 5.5% APR. I broke it down yesterday and decided to buy Bitcoin with that money. But with this money I will not be able to buy 1 bitcoin. On the other hand, my dream and desire is to buy 1 bitcoin. I then decided to take a loan and applied to the bank for a loan. But I told the bank that I would use this money for business. The bank agreed to give me a loan of $10,000 at 10% APR interest. I take advantage of that opportunity and take out a loan. And the remaining $ 4,000 I borrowed from my uncle and promised to pay him 8% APR interest, which is more then bank interest. Finally i bought just now 1 BTC price at $20,000. It gives me a different feeling That feeling I have never had before. I think if I hold this bitcoin for 2 years I can get 100% -500% profit. Then I will be able to easily repay my debtors with an average interest of 18-19% in 2 years as an average of 9.something% APR and I will be able to keep a huge profit.
Of course you have felt something you never had before, but for sure you will have more interesting feeling once bitcoin fails you.Yeah bitcoin proves us everything, it grows every 4 years but remember that we are in crypto world and nothing assured us constantly so better watch out mate.
And never forget to Not taking a lone for crypto investment.
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