Topic: Today is the story of my investment in Bitcoin - page 3. (Read 2557 times)

Everything we normally do in life has risk to take enable to move to another level, when it comes for money making, here in cryptocurrency industries, especially Bitcoin to get rich is sure, but not to go Rich quick business, because no one can predict Bitcoin next level of price, but it requires patience and time and also have another plan to pay back money borrowed, if the prediction goes wrong. But for sure about Bitcoin is a gradual process added values appreciative business.

I support your decision, OP, if you don't take risks, there can be no success, success requires trade-offs. Many people said you were too risky but now you are profitable, that proves them wrong. If it were me, I would also borrow money to invest because I believe in bitcoin and believe in my abilities.

If you made an investment, it doesn't means that you did a right thing especially if that money that you use is a debt and you are still starting out. Maybe if you are already have experiences in the market and you know how to make money from it and understand some advanced concepts then I can agree that getting a loan and making investment is really good idea but the scenario is the guy is takes a loan and quickly buy a bitcoin without having a prior experience and foundation about bitcoin. For me it is a bad move especially if you bought during a transition of the market where it turns out to be bearish.

Making an investment is not simple as many people as they think, it is not just putting your money on specific asset. You should always consider on the capital that you will use in order for this investment, and also the timing regarding when you will invest your money. The timing is very important because the opportunities are not always present, identifying the best entry point is very crucial especially if you really want to have high returns in the future.

Hearing and knowing that individuals genuinely take loans for stuff like this is great and shocking at the same time. Obtaining a loan to invest in an unstable asset like Bitcoin is absolutely the most careless idea ever, not to mention incredibly hazardous. Although there is a chance that it won't, there is also an amazing probability that it will not, and that is most likely always the case - it doesn't pay off, adding to your problems.

You've ventured bravely into crypto's uncharted territory, and I'm ecstatic for you. It's a rare occasion when one pursues a dream and manifests it into existence.

I must admit, your methods elicit a chuckle. Borrowing and smashing piggy banks may appear precarious, but fortune favors the bold. And gauging by your fervor, I'd wager this daring leap will yield substantial dividends.

Your upbeat attitude and lofty aspirations are admirable. Clutching that Bitcoin for a few spins around the sun could very well spawn an enviable fortune. With those profits, debt repayment will be child's play. It's as if you've cracked a clandestine code to monetary triumph, unbeknownst to the masses.

I think in my mind it's the foolish ever decision to buy a volatile asset like Bitcoin on a money which are borrowed from any other bank or guy with a different monthly interest rate. According to Bitcoin chart movement after every bull season Bitcoin price dump alot, so you have a lot of opportunities to buy small small about of Bitcoin at cheap price by hand earn money instead of taking loan and buying fully one Bitcoin.
I know it will worth later, but let suppose if some hack your account or some how you lose your wallet phrases then it will be very tough situation for you because the interest rate will be increased with time and time and you will have no money to payback. So before taking such kind of decision you must need backup plan too to normalize the situation..

It's an amazing story.  I think you've made a great move.  If the debtor has an interest of 18% per year and your crypto has a profit of 100% per year that is an advantage for you.  I have also done the same with your story.  I have taken money to open my business to invest in crypto and I have been getting bigger profits from opening a business I thought.

It's a real risk, but no success comes without a trade-off. And after all, now that he is profitable on his investment, I can say that he has succeeded with that plan. He bought bitcoin for 20k, and in less than 1 year, it gave him 50% profit. Right or wrong, everything has happened, and he is winning with his plan, we should congratulate him rather than criticize him. I don't recommend people borrow money to invest, but if they're willing to take the risk and know what they're doing, borrowing money to invest shouldn't be a problem.

I don't know why still trading or long-term investing is very risky in this case, even if you look at the certainty of the market at certain opportunities if you don't count the profits and losses and the loan calculations and calculate what percentage of profits and losses it will look worse and you only relying on your predictive ability, basically no one guarantees bitcoin price fluctuations,
If you are a trader, I think it's better for you to use your money, even if it's a small amount, at least you can accumulate profits first to start with bigger capital than you use borrowed money.
Don't take a situation where you will be in too much trouble if everything you plan is going to kill you if something goes wrong.

Risk takers are adapted to accept their fate in the market, they're ready to accept what the market have for them, without doubts, prepared your mind and ern the accolades when the results is out. Taking risks is absolutely one of the sector that fuels the gigantic profits of the market. I borrowed only when I'm sure my rewards is worth the investment. Risks is a regular basis of the market, making extra further step inother to grab good Opportunities in trading is my priority, no giving up on trade even when it's crystal clear prove wrong by the trends in thr market.

That is probably the best description or phrase I have read about what investing means! I thought about your sentence for a second and it's true, investing is a skill that you build over time. Some people are gifted and can start at a higher level as they are less susceptible to emotional fluctuations, but ultimately it is the same for everyone. Develop a principle, much like a habit, and adjust (or rather improve) when necessary if certain conditions change.

When I read your sentence at first I had to think about Yoga or any other kind of activity that needs mental focus, stability and persistence. Then I thought that what you said is absolutely true and I could find myself in your words. Started "investing" without realizing that I was actually gambling and over time turned my gambling back into investing. The problem is that gamblers can get lucky and start building their principles on a flawed foundation. Then it depends when they get crushed for the first time. If they are lucky it happens early on with minimum financial damage, which gives them the chance to reconsider. But you know, even a lot of folks who got crushed with their gambling attitudes don't have what it needs to actually fundamentally reconsider their approach.

Specifically, taking a loan to invest in a volatile asset like Bitcoin is a risky thing to do. Unless the person taking the loan has some other source of income they can use to repay their loan when it is overdue. If not so, all the effort and time they spend holding and investing in that asset may just be futile, because when they are faced with a situation where their loan is overdue and their Bitcoin investment has not produced much profit, they may even be forced to sell just to cover their loan, and when that happens, they have just lost everything about the Bitcoin investment.

You sound like you do not know what the fuck you are talking about - absent that you are gambling.

If we are talking about investing, which seems to have had been the topic of this thread (at least the attempt that was being made) rather than gambling, then we consider a variety of factors, including that we want to attempt to both grow our principle and also to preserve our principle.

Of course, even OP was talking as if he was wanting to use a couple of loans in order to engage in investing, but the punchline was that OP was engaging in a kind of a gambling, too... even though he seems to have had not realized that he was gambling... which happens with a lot of folks who overly optimistically calculate the upside potential without really seeming to adequately and seriously account for other possible scenarios and then to weigh their behaviors based on the total variety of possibilities..   

Taking a loan for an investment purpose is not bad but they are facts that needs to be there before you can actually take a loan which is the medium in which you are to pay the dept and the interest added to it because without you having a tangible means of paying back, you could just end up entangling yourself to more loans because as we all know a bitcoin investment take times because any good profit could be seen so you must have an alternative means of paying such loan especially if you are using for a bitcoin investment.

It is risky to take a such step but if your risk appetite can accommodate it, why not. In your case, it was a success but it is a high risk.
For me, I may borrow a little to test now that the Bitcoin price is low and if it failed I will accept my fate. All the best to all the risk-takers.

You make a decent point Dzwaafu11.

Many times when we are younger and we are building our investment portfolios, we fail/refuse to sufficiently/adequately prepare for emergencies, and part of any preparation for an emergency would be to have cushions of credit that we could be able to draw upon in the event that shit-hits-the-fan, and if we have gone through considerable measures to fill our various credit avenues, then there are fewer and fewer options available... ...

And, sure many times, I have already asserted that I am not against the idea of using credit, front loading an investment (when cashflow might not currently be enough) or even building credit for reasons that might not necessarily be obvious winners, but it seems to be the case that many times younger (and less sound) investors will be taking undue risks - which has fewer possibilities of actually building credit and/or coming out well.

Another thing is that I get the sense that OP has probably already fucked up this whole situation in which s/he had taken out the two loans in June 2022.. since s/he has been silent in terms of any status update in the last several months (and also an inactive account), but sure it is possible that s/he had been able to ride out the negative price movement and NOT to panic and then to go from being in negative territories towards current positive territories, in the event that s/he had been able to ride out the fairly long downfall (about 9 months from June 2022 to March 2023-ish.. and not even saying for sure that we are out of the volatility or the possibility that OP might end up going back into the negative in the event that no actions are taken).

If the salary from the main job is not enough to support the family, of course it is very difficult if someone does not get a loan or loan to cover this. But that doesn't mean it can't be tricked into making enough of it, because everyone can still find other solutions such as a side job to make ends meet to provide for their family. So that he can also save the Bitcoin assets that he already has without having to just spend them under any circumstances.

That's what I would do too, I think it's a pretty awesome that you haabe a source of income without the worry of your bitcoin being spent for emergency and rest easy throughout the whole ride towards the bull run. Debts and loans are a haard stuff to deal with especially if you have a family to provide to, debt and loan is inevitable if you're salary isn't enough.

First of all making investment with the money of loan is not advisable decision because its very risky and there are more chances of win and also more chances of losing money. So try to initiate investment with your own money if you don't have any money then just wait for getting money instead of taking loan from someone other.

Just loan is not good idea but your remaining thoughts are appreciable and as you have invested money in Bitcoin in 2022 so there was not much increase in price so when two years will completed your profit will be double or may be greater than this because now Bull run is Initiated so try to hold it till 2024.

If you act like that, you will most likely have difficulty paying off your debts, especially the debts you have with the bank, for the debts you owe your uncle, that is lighter, because they are your relatives, and there are no monthly installments. . But it's different from the debt that you have to the bank, with predetermined interest, you are also definitely required to pay monthly installments, and there shouldn't be any arrears. If you are in arrears for more than three months, it is certain that the bank will confiscate your goods, which you used as collateral.

How many posts have there been, how many hundreds of people have discussed in this forum, that you should never invest in bitcoin/crypto, using money from loans, especially from banks. because all of that has a very big risk, so don't ever force it let alone borrow to invest.

And in essence you have to look at what has happened to many people, about what they have experienced as a result of borrowing from banks. Just a little at a time, don't be too hasty, to invest or buy bitcoin. Just make it a lesson for the future.