Topic: Today is the story of my investment in Bitcoin - page 12. (Read 2557 times)

I believe that you have taken a very dangerous investment even though I believe in bitcoin's potential. If you were to invest into something, in my opinion it would be better if you use money you can afford to lose, not something that you have to take a loan. It will just add to the risk of this volatile cryptocurrency.

Despite that, I hope you succeed in this venture!

I hate to say this but applying for a loan on bank for the purpose of buying Bitcoin is a bad and very risky idea. I just don’t know what are the terms that you have with the bank in paying back the loan, but it would be much worse if either BTC would go down even further and tread water for a long time.

There are no promises or guarantees if BTC can give you 100% to 500% profit in 2 years as you said. I just don’t know how confident are you in this, but I am sorry loaning for the purpose of buying 1 Bitcoin is not a good idea at all. If I were in your shoes, I wouldn’t do it and just only invest an amount that I can afford to lose no matter what. By the looks of it in your financial status, I don’t think you are ready to afford losing $20k. Unless you are making $20k a month, for sure you can afford. 

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.

wow wow wow calm damn sir take a deep breath and think again  I mean look at your username @smartaction  Taking a loan and putting entire savings to buy a whole bitcoin is a very aggressive move if this has already happened you should take care of yourself. i mean I want it to have whole bitcoin is very shining tho. but you don't need to take a loan and like other said you can just buy a half or quarter bitcoin and it still a big achievement 

I want to congratulate you for owning 1 BTC because its a milestone that not every bitcoiners can achieve. However, the way you accumulate your BTC by taking a loan is quite risky. Its not advisable to take loan to use for investment regardless of how good or profitable the investment is. Like what others have been said, you can buy little by little instead, using your own money.

But its been done already so I just hope everything will turn out well. It would be best now if you have a real job to earn stable income, it can help for you to pay your loan somehow or even the interest atleast, just incase. Because we cant predict how long it will take before this bearish season is completely over.

It's a brave decision. It is not easy to make this decision, especially since investing in Bitcoin has a fairly high risk. However, if you look at Bitcoin's journey so far, this bearish time is indeed one of the best times to buy Bitcoin. At least we can believe that the price of Bitcoin can rise again in the next bullish period. This doesn't guarantee 100%, but if it's in accordance with the cycle, won't it be bullish after the Bitcoin halving later?
I personally also plan to buy Bitcoin on a DCA basis, especially when BTC starts to drop below $20k.

Congratulations mate for your acquisition of 1 full Bitcoin, owning 1 Bitcoin and above have always been my dream and it still is until am able to achieve to it, though with my hard earned money and not by means of borrowing, getting a loan most especially from the bank to invest in Bitcoin is rather too risky, though i know we all have to take some risk if we must hit it big, but on other hand, you have to think of what might happen if things end up not happening the way you planned it, what you stand to loose, one have to put all this into consideration before deciding if getting a loan is indeed a good option.
I want to personally believe you've thought about all this before you proceeded with a loan request from your bank and your uncle?, Anyways, congratulations once again and goodluck.

Many people had a different story and strategy for the bitcoin.The story related to the loss,profit and life changing momentum by the bitcoin.Inad all this in my story times.When the price of bitcoin had crossed the 50k hustle,I had gained more from the crypto currency.Then I had used the same money for the employment of the business.When I had build up good business idea and strategy,I had gained huge profit from it.

what people need to be successful in cryptocurrency market is to acquire the courage and wisdom, it is a big risk for to borrow money for investment in cryptocurrency so I know quite well that cryptocurrency on it own is having a marker challenge which whoever that invested in cryptocurrency right now will absolutely make a reasonable profit if it hold for long time but it's not encouraging as a beginner in any investment to borrow and invest because of it's advantage. I know that through your statement you are not in support of borrowing money to invest because two things are involved into it either lost or profit.

He has money on his own and it was only 6k usd but his goal is to buy 1 btc so that wasn't enough. He can surely make more money without needing to borrow from someone but that could take time and maybe the moment he collected a total of 20k, the price of btc isn't 20k anymore but it can be higher than that so for him its wise to just borrow money or he might miss this once in a lifetime opportunity.

We have been in this bear for a long time so I think that op made a good timing there. He also feels that the bear can't last any longer but the bull will now take its place and he can sell and repay the loan before the interest rates gets bloated.

On one hand you did great OP by buying bitcoin  and not some altcoin. You also chose good buying in at over 70% discount, which should reduce the risk of losing money to a minimum.
On the other hand, you took a loan and interest can be different in 2 years if the inflation keeps rising. Remember that banks can renegotiate your deal if the economy takes a huge hit and also, your fiat will be worth less, so you won't have other choices but to sell bitcoin and take a loss or sell some other property to pay the bank.

1 Bitcoin is just a number. You don't need that much. What if you had 0.5?
I feel like you're chasing profits because you're giving yourself a timeline of 2 years. What if nothing happens by then? Will you consider bitcoin a bad investment?

You're like those guys who invest in bitcoin because they have something to buy and they say to themselves" next halving I'm getting a corvete because I have to show off to my friends! Since bitcoin can reach 100k after the 2024 and my dream car costs 70k, therefore I need 0.7 BTC at $100k to cover that, so I'll take a lonan, buy 0.8 BTC, 0.1 will cover the fees and the rest is for the car"
Plans like that rarely work and then you fall into depression.

Don't expect anything, consider the money lost already, stop following the price and just live your life.

When the price was down in 2018 and 2019 I kept living my life and just accumulating bit by bit from signature campaigns and it paid off. I'm doing the same thing now. No loans, no trading, just holding until something good happens and something will eventually happen. If not this year then in 3 years.

You're totally crazy and the people supporting what you've done are even crazier. It is a very high risk investment. It makes no sense to borrow from relatives and banks to take risks in this uncertain market. Unfortunately, much of this dip is due to people who got into debt and had to sell because they were scared and afraid.

Obviously you can profit a lot from this. But you have to be very strong to keep holding on to this dip.

How does such a replay answer?

It really is a bold initiative, you have made such a big decision through a lot of adversity. I know that if you can hold it for long tram it will definitely bring success but will increase the amount of your interest which may seem impatience to you some times. If you collect your money from own source (not borrowing) i will fully corroborate you in this regard.

It is always stated that we should use what we could afford to loss. Taking a loan from a bank and also going thus far to borrow from your uncle sounds funny though but I commend you for your courageous and bold step. I know you have made your decision before that step you took but you should know that the market is very volatile and no one can predict the next market move. Though it's very much Risky to have gone this far. So what if your expectations of return goes beyond 2years of expectancy and Bitcoin is still down, what would you do about it? Would you sell or just hold and look for a way to pay back your loan or you appeal for debt cancellation.

That’s a great one OP. Am so happy for you for taking this bold step of buying bitcoin. I had always wish to get some bitcoins too to save for better days, I wish I had even little dollars now to purchase some no matter how little. I feel one need to just take the risk against the future when the bitcoin price will skyrocket again. My fear is borrowing money to buy the bitcoin, I don’t like being in debt because I won’t have rest of mind. You’ve taken a good step and I pray its all in your favour at the end.

Keeping the debt move aside, I believe you made a good investment.  Based on Bitcoin history if ever it repeats itself, your Bitcoin will be sitting on a $100k+ value in 2 to 3 years' time.  That is enough motivation to take a huge risk and enough to pay your debt with huge extra.  Besides, I don't think you will do that move without extra precautions, as you stated you earn big with crypto and lost big in it too.  If you make proper risk management in your future endeavor and be able to remove the losses, I believe you can pay your debt even without touching your newly bought BTC.  Good luck and I hope that all goes well.

Never invest money you cannot afford to lose.

Even if you are sure Bitcoin will keep on increasing (which nobody knows for sure ) there are still other dangers like hacks or failing exchanges...

Apart from that I understand the urge for complete coins 

Good luck, although it seems risky to borrow money with high interest to buy bitcoin but I'm sure the end will be happy, when bitcoin rises to a new high you will be able to fully return your debts and make high profits, this risk is worth the experience and the feeling is irresistible when you own 1 bitcoin, sure Many people, especially family, will blame you for this adventurous act, but I'm sure they will discover later how right you were and your insight into the future. I hope you keep it well and I wish you success in your adventure.

At first glance what you say is true, but if the OP doesn't feel burdened by a loan, then it's also not wrong even though buying Bitcoin with as much money as possible is a good solution and considers it an investment in the future with the hope of increasing prices in the market again. Because borrowing when the price of Bitcoin is cheap also has a very big risk for those who borrow when the price of Bitcoin starts to increase again.