Will you take a loan or sell ur Bitcoin? - page 3.

Judith87403

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

I decided to come up with this topic now cause it will be very vital to know how some people cherish and how they can handle situations in their worst times. I see the way investors and traders are being happy the way Bitcoin is causing waves in the crypto market and running in a bull run direction.

So what will you do in this situation where there is a serious issue at hand and even on ur shoulders a very emergency situation at a critical time but no money in ur account not even a friend nor family member can come to your aid and u are a HODLer in this time that Bitcoin is in its prime in the market. As an investor will u compromise ur Bitcoin to solve the problem or u consider taking a loan to solve it then pay it later.
Remember no money with you and consider how u would work and strive to have such a huge amount to pay back a loan.
So which is ur option, compromise ur Bitcoin or take a loan and strive.

Well just like you said this is just an imagination although sometimes we do encounter situation like this but the thing is, how will one encounter this kind of situation without having at least a little thing with him/her when you are an investor, it is very rare to see a bitcoin investor encounter a challenge like this and do not have atleast a little money with him or her. if i may ask what have the investor being using to invest since and what kind of strategy is the investor using, we are ought to invest with what we can afford and what is convenient for us because of this kind of challenge so anyone who is not observing this, is already getting the investment wrong and lastly if at all a situation like this comes up and the person is stranded but have bitcoin in his/her wallet, if the challenge is worth selling the bitcoin to... then the investor should sell and..., after all life does not end here i mean the investor can still continue again but it is really going to take time to grow your investment back.

DaNNy001

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It depends on the situation, if it's an urgent matter that I need to settle and I'm still hodling and waiting patiently for price of BTC to hit my target then I would take the loan with plans of paying back..not everyone would prefer to take a loan because of the inconvenience that comes with it.. before taking the loan you must make sure that you are aware of the risks involved should in case a huge dip projects..In a season Like this where the direction of the market Is somewhat predictable you can take that risk, but on other occasions I wouldn't advice anyone to do that.

knowngunman

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

Remember no money with you and consider how u would work and strive to have such a huge amount to pay back a loan.
So which is ur option, compromise ur Bitcoin or take a loan and strive.

First of all, what's the purpose of your investment? Secondly, are you HODLing till eternity? Thirdly, how critical is the emergency case?

The above questions determine your choice at such critical time. AFAIK, the purpose of every investment is to relieve you in trying time and make you independent. Having Bitcoin in your custody while you are seeking for a loan to solve emergency situation is as if your investment is not serving its purpose of relieving you in trying time. Loan has implications that are very harmful to your financial system. It's not ideal to request for loan in dealing with emergency situations that will not result in bringing in more profits. If you are scared of selling your bitcoin now to settle the situation, you might be forced to sell it at more worst market condition to settle your loan.

Again, we are not HODLing Bitcoin to heaven. No matter how long you intend HODLing, you will definitely going to sell someday. If you can not sell during your emergency condition that requires urgent attention as you said, when do you intend to sell then? At your affluence time? The right time to sell is when you need to and not when you don't need it. Although, cases like this depends on how critical the emergency situation is because the severity of the case determines your next line of action.

SmartCharpa

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Quote from: AYOBA on November 29, 2024, 06:01:31 AM

The way some of the people’s take the Bitcoins investment as normal investment is not like that, because some people are even struggling to survive with his family’s at home and they will be having interest to invest in Bitcoin’s and by market is not moving that’s how you see them they live life has they don’t have anybody in this world again.

Invest in the Bitcoins it’s depend on the how your situations you leave, because people’s think Bitcoins is just like normal altcoins there unawre that BTC have more value the them those coins it more expensive that’s not everyone have capable to invest in Bitcoin.

It's just a normal thing to me if one's trying to find their way out of poverty. No be new things for this country wey we go see some individuals who their family still dey struggle to meet their daily needs but they still wish to invest in Bitcoin. It's just a normal stuff if someone invest in Bitcoin but they have to understand that Bitcoin investment unlike the other investment to give them a quick money they want to get out of poverty. On the other hand, if dem still have the patient to hold onto their Bitcoin for a long-term because it depends on how long the person can hold.

But you know that some people do not care about their family situations, them too want to feel among those who are holding Bitcoin. But before we invest our money make dey remember that, is not advisable for someone who is not financially stable or have a good source of income to invest because we might sell at loss, when we need money to solve other problems.

AYOBA

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

I decided to come up with this topic now cause it will be very vital to know how some people cherish and how they can handle situations in their worst times. I see the way investors and traders are being happy the way Bitcoin is causing waves in the crypto market and running in a bull run direction.

The way some of the people’s take the Bitcoins investment as normal investment is not like that, because some people are even struggling to survive with his family’s at home and they will be having interest to invest in Bitcoin’s and by market is not moving that’s how you see them they live life has they don’t have anybody in this world again.

Invest in the Bitcoins it’s depend on the how your situations you leave, because people’s think Bitcoins is just like normal altcoins there unawre that BTC have more value the them those coins it more expensive that’s not everyone have capable to invest in Bitcoin.

Zackz5000

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

I decided to come up with this topic now cause it will be very vital to know how some people cherish and how they can handle situations in their worst times. I see the way investors and traders are being happy the way Bitcoin is causing waves in the crypto market and running in a bull run direction.

So what will you do in this situation where there is a serious issue at hand and even on ur shoulders a very emergency situation at a critical time but no money in ur account not even a friend nor family member can come to your aid and u are a HODLer in this time that Bitcoin is in its prime in the market. As an investor will u compromise ur Bitcoin to solve the problem or u consider taking a loan to solve it then pay it later.
Remember no money with you and consider how u would work and strive to have such a huge amount to pay back a loan.
So which is ur option, compromise ur Bitcoin or take a loan and strive.

Bitcoin investment is not for someone who is struggling in life to survive Bitcoin investment is not an investment where you will take a loan to invest on and shouldn't think of selling it you just started Bitcoin investment before you decide to venture into Bitcoin investment you need to have a good source of income also make sure you set aside your emergency fund reserve funds and discretionary income available so you won't sell out your Bitcoin hodling when emergency or unforeseen circumstances arises. Bitcoin investment is a long time investment and it should be money you won't be needing for long and don't take a loan to invest on Bitcoin that's a wrong approach of investing on Bitcoin.

Sonia_123

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

I decided to come up with this topic now cause it will be very vital to know how some people cherish and how they can handle situations in their worst times. I see the way investors and traders are being happy the way Bitcoin is causing waves in the crypto market and running in a bull run direction.

So what will you do in this situation where there is a serious issue at hand and even on ur shoulders a very emergency situation at a critical time but no money in ur account not even a friend nor family member can come to your aid and u are a HODLer in this time that Bitcoin is in its prime in the market. As an investor will u compromise ur Bitcoin to solve the problem or u consider taking a loan to solve it then pay it later.
Remember no money with you and consider how u would work and strive to have such a huge amount to pay back a loan.
So which is ur option, compromise ur Bitcoin or take a loan and strive.

Why going through the stress of taking a loan from the bank, that will give u a high interest rate that will be twice the amount of money you collected,since you have Bitcoin as a reserve,why not quickly sell it off to solve that problem that is eating you up and start your Bitcoin investment and accumulation a fresh before it gets to it's next prime,so that you will have something in your wallet, because no one knows what will be the next prime .
We sort for more money in other to live a comfortable live and meet up our daily expenses and not to create more burden for ourselves.
Loan is a liability while Bitcoin is an asset that appreciate with time, you will be surprised that you will not have to sell much of your Bitcoin to solve that critical problem of your and still have reserve, which you can now continue your life with.

RockBell

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Quote from: Pi-network314159 on November 25, 2024, 12:59:53 PM

That's why we often advice that as we are investing in bitcoin we must be able to set aside emergency fund and also have a reserved fund to be able to sort your self out. The emergency and or reserve fund are like two layer protector against selling too quickly at any condition. So it is rear to find a suituation where you don't have any option than to sell your bitcoin to solve problem. But however if such situation arises I will advise you sell some portion of your bitcoin to solve somuch problem than taken loan. Afterall HODLing bitcoin is not HODLing for dear life.

It is always very good when it comes to investment having emergency funds aside will help you do better after investment so their because when you pray for rain you have to deal with the mud to because after investing you have to have money for up to spend after spending everything, because those that are holding for a long time this is what they actually need and you don't have reserve jobs than it will be better to just invest in something else ot even have a job and your monthly salary can be used to upkeep.

And loan will only be an option when it gets worst because their is nothing with taking loan for emergency because your emergency funds might actually finish, and what option will you comsider next will you say you will sell your bitcoin I don't think that is even advisable to sell your bitcoin when you can easily solve, with other options and that is one considering a lot of options is very important and we need to have financial understanding when it comes to money.

Y3shot

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

So which is ur option, compromise ur Bitcoin or take a loan and strive.

It depends what the problem maybe then I will know if it is worth selling my bitcoin or to take loan to solve it. There are some problems which you can go for loan and you don't even need to tamper with your investment. If it is a problem that is concerned with life, a problem that you need money to survive, I don't think it is wrong for you to get to the point of selling your Bitcoin because life is very important. When their is life there is hope to have more investment in bitcoin.

I_Anime

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There's a reason why emergency funds exist so that one won't find himself in such situation , because going for lone and selling your bitcoin investment ain't encouraging though, so as you are accumulating trying to build your bitcoin Stashes always, set aside some amount of money for emergency purposes to avoid selling your coin too early when it haven't yield any profits.

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

I decided to come up with this topic now cause it will be very vital to know how some people cherish and how they can handle situations in their worst times. I see the way investors and traders are being happy the way Bitcoin is causing waves in the crypto market and running in a bull run direction.

So what will you do in this situation where there is a serious issue at hand and even on ur shoulders a very emergency situation at a critical time but no money in ur account not even a friend nor family member can come to your aid and u are a HODLer in this time that Bitcoin is in its prime in the market. As an investor will u compromise ur Bitcoin to solve the problem or u consider taking a loan to solve it then pay it later.
Remember no money with you and consider how u would work and strive to have such a huge amount to pay back a loan.
So which is ur option, compromise ur Bitcoin or take a loan and strive.

Unfortunately isn't advisable to make decisions of taking loan,I know some people will consider taking the loan,although you took loan you know you are paying with interest,in a situation whereby you don't have any opportunities and don't have any huge financial income and you need a loan to satisfy your need,but do you know the paying back loan sometimes will ruin your life because paying back loan is a big financial commitment because you will try not to be in damaging credit scores and your relationship with the lender,so to me I will never in my life advice anyone to take a loan, you must not take loans to satisfy your needs,some opportunity some times you just have to let it go and try boost your financial income which is very important after that,whenever an opportunity comes like this you will just be smiling.

When you compromise your bitcoin sometimes it can leads to financial difficulties if you don't have enough funds to cover your expenses,avoid compromising bitcoin.

Pi-network314159

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

So what will you do in this situation where there is a serious issue at hand and even on ur shoulders a very emergency situation at a critical time but no money in ur account not even a friend nor family member can come to your aid and u are a HODLer in this time that Bitcoin is in its prime in the market.
As an investor will u compromise ur Bitcoin to solve the problem or u consider taking a loan to solve it then pay it later.

That's why we often advice that as we are investing in bitcoin we must be able to set aside emergency fund and also have a reserved fund to be able to sort your self out. The emergency and or reserve fund are like two layer protector against selling too quickly at any condition. So it is rear to find a suituation where you don't have any option than to sell your bitcoin to solve problem. But however if such situation arises I will advise you sell some portion of your bitcoin to solve somuch problem than taken loan. Afterall HODLing bitcoin is not HODLing for dear life.

Zigabel

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

I decided to come up with this topic now cause it will be very vital to know how some people cherish and how they can handle situations in their worst times. I see the way investors and traders are being happy the way Bitcoin is causing waves in the crypto market and running in a bull run direction.

So what will you do in this situation where there is a serious issue at hand and even on ur shoulders a very emergency situation at a critical time but no money in ur account not even a friend nor family member can come to your aid and u are a HODLer in this time that Bitcoin is in its prime in the market. As an investor will u compromise ur Bitcoin to solve the problem or u consider taking a loan to solve it then pay it later.
Remember no money with you and consider how u would work and strive to have such a huge amount to pay back a loan.
So which is ur option, compromise ur Bitcoin or take a loan and strive.

I will sell of some of my holdings because that is literally one of the reasons I held the coins I had, I mean I held the coins so when I get profit on it, I will be able to use to take care of one of many bills and not just having to preserve whereby I'm suffering in the long run, it makes almost no sense for me, borrowing and going into debt which you would still probably pay back from your holdings even with interest doesn't sound ideal enough with me so I prefer I just sell off from there and taka care of the situation on ground.

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Quote from: Marvelockg on November 13, 2024, 07:35:21 AM

Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

So which is our option, compromise ur Bitcoin or take a loan and strive.

In an ideal case, an intentional Bitcoin investor ought to have an emergency fund that would have come into play in times like this so taking a loan or touching your Bitcoin wouldn't be an option you should be considering but then, knowing that life happens and sometimes, even with the emergency funds, it can't serve the purpose of the emergency to completion and you will have to make use of a source that's available then the easiest option would be taking a loan or using your crypto.

As a member of the forum that's capable of taking up loans at the lending board, I would prefer taking up a loan as the first option while keeping my investment intact. The reason is that the extra money I'm going to pay as interest at the end of let's say two months that it may last would be far less than the implication of selling my holding and then Bitcoin goes above $100k before the year runs out. It's going to be a huge loss on my side.

However, if the process of obtaining the loan looks cumbersome, there's no crime in using your Bitcoin holding to solve a challenge you're facing. I mean, what's the essence of owning an asset if you can use it to bail yourself out in times of emergency? You're not buying Bitcoin just because you want to leave it hanging forever, you've got to spend it at some point and if using it to clear off your emergency is the option, so be it.

Well said, every good investor should have a well planned investment comprising of emergency fund for emergency situations like this but just as you said at times the emergency fund might not be enough to cover for the emergency expenses and so you will have to look for other options which are taking a loan or turning to your investment. If that is the case then i think sticking to your investment plan is very crucial because these are the kind of situations we are likely to encounter and if you are no where near your investment target or how long you intend to invest then taking from your investment shouldn’t be an option unless if it is the only available option and you have no where else to source funds.

We don’t intend to hold forever but that’s why we should have it well planned out with a target to achieve, we own it to achieve a goal and we should try as much as possible to reach that goal. We don’t expect things to be easy for us, we have a whole life after investing and we should be prepared for these kinds of situations so if there is other options then we should consider them first before thinking of touching our investment.

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

I decided to come up with this topic now cause it will be very vital to know how some people cherish and how they can handle situations in their worst times. I see the way investors and traders are being happy the way Bitcoin is causing waves in the crypto market and running in a bull run direction.

So what will you do in this situation where there is a serious issue at hand and even on ur shoulders a very emergency situation at a critical time but no money in ur account not even a friend nor family member can come to your aid and u are a HODLer in this time that Bitcoin is in its prime in the market. As an investor will u compromise ur Bitcoin to solve the problem or u consider taking a loan to solve it then pay it later.
Remember no money with you and consider how u would work and strive to have such a huge amount to pay back a loan.
So which is ur option, compromise ur Bitcoin or take a loan and strive.

Na waw ooh, how can a person have food stuff in house and still be feeling hungry? You know say that one no fit possible, I no fit dey hold Bitcoin and make I get problem and go take loan, that one no go happen, if na me I will sell some Bitcoin to get money to solve the problem, loan is like taking another risk and also adding another problem to the problems you get before.

Although some people go think say because the Bitcoin na waiting dey Don plan to hold for future but holding Bitcoin doesn't mean that when you have a problem should not sell it, I don't know about some people but for me I will sell some Bitcoin and solve my problem, if you take loan and solve the problem na so you will start to dey think how to pay the loan back and you will start thinking wey fit make you sick again.

SmartCharpa

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

I decided to come up with this topic now cause it will be very vital to know how some people cherish and how they can handle situations in their worst times. I see the way investors and traders are being happy the way Bitcoin is causing waves in the crypto market and running in a bull run direction.

So what will you do in this situation where there is a serious issue at hand and even on ur shoulders a very emergency situation at a critical time but no money in ur account not even a friend nor family member can come to your aid and u are a HODLer in this time that Bitcoin is in its prime in the market. As an investor will u compromise ur Bitcoin to solve the problem or u consider taking a loan to solve it then pay it later.
Remember no money with you and consider how u would work and strive to have such a huge amount to pay back a loan.
So which is ur option, compromise ur Bitcoin or take a loan and strive.

Owning a Bitcoin does not mean that I should look at it while I am in a time of need. What if you are in an urgent situation, like a medical condition, and you are short of cash but owning Bitcoin? Health is wealth, you can't get money somewhere else and refuse to use it to fix a problem. To be honest, I would rather sell my Bitcoin than go to anyone else to get a loan. If you decide to take a loan from a bank, you will be charged interest, and you will still have a deadline to pay it back. You can't talk to someone at this stage and ask for a loan without first telling you their situation; they may even reply, "If to say na yesterday they have the money."

If I find myself in a situation where I have no choice but to sell my Bitcoin, I don't care if I sell it all because when there is life, there is hope that you will be able to get another amount of money and begin your investment. However, we do not pray to have any problems that will make us cry to anyone.

Abu-Naim

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Quote from: promise444c5 on November 15, 2024, 06:14:32 PM

You're not meant to be investing all your life saving into bitcoin the first place, especially incase of situations like emergency... having your emergency funds at hand could cover that and at the same time it's a form of risk management( even though BTC is not some kinda risky investment)..
Thus, if your available emergency fund can cover the whole emergency situation, like CryptopreneurBrainboss said... "don't think twice" get it out and fix it there will still be opportunities to get in back ( if time permits ) and hopefully you might get a dip..

I truly believe in Bitcoin and crypto investment, and I believ in holding coins for future purpurses.

But make accoding our elders, 'Na who de alive de monitor coin for wallet'; if you have emergency, and have some coins in your portfolio, I don't think you should think twice than selling some coins to fix your problem, then keep holding the rest for any opportunity, and if you get the money back, you can use DCA to buy back all what you used.
Taking loan is not bad, but the interest is something else; therefore, it is better to use what you have to solve the problem.

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

I decided to come up with this topic now cause it will be very vital to know how some people cherish and how they can handle situations in their worst times. I see the way investors and traders are being happy the way Bitcoin is causing waves in the crypto market and running in a bull run direction.
So which is ur option, compromise ur Bitcoin or take a loan and strive.

The word hodl, doesn't necessarily mean that you should starve your self of money, when you need it. For a situation where it comes to the point of taking a loan, it must be serious. Like some have already said in the comments, BTC price is currently in an ath, alot of persons are already selling as this is the right time to sell as, price might come back down soon. Don't take the hold thing too much to the extent of taking a loan that will cause you no rest of mind as you get to pay back with some interest. Use you money to do what is needed as you will always have a chance to buy BTC.

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Quote from: Bright0515 on November 13, 2024, 01:01:55 AM

So what will you do in this situation where there is a serious issue at hand and even on ur shoulders a very emergency situation at a critical time but no money in ur account not even a friend nor family member can come to your aid and u are a HODLer in this time that Bitcoin is in its prime in the market. As an investor will u compromise ur Bitcoin to solve the problem or u consider taking a loan to solve it then pay it later.

No forget say na because if things Dry, make I get where I go fit fall back to, na why I Dey invest be that. If I get emergency, and I no get any other way to get money, na to sell my bitcoin solve the problem now, but if I go fit see person wey go borrow me, and no be say you go Dey add nonsense interest, then go just go for the loan, and I go Dey pay back small small, or I go promise when I go pay back.

Just imagine say person get health challenges, and him get bitcoin for wallet, but him no wan sell am, abeg no be person wey Dey alive Dey hold bitcoin? If person don die, e don turn family property, if dem no even sabi say you get bitcoin, e don waste be that.

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This is the reason why you should not invest all your money in bitcoin so that you will not want to sell your bitcoin to survive, which might get you off the game, partially or completely. It is always wise to use the money you will not be needing for 4-10 years or more so that you will not want to sell your bitcoin to survive even though you are at a loss since the money is not allocated to solve your daily expenses or build up your emergency funds. It is also not wise to invest in bitcoin in such a way that it will stop you from sorting out your daily expenses because you will end up selling your bitcoin to survive.

Topic: Will you take a loan or sell ur Bitcoin? - page 3. (Read 1144 times)