Topic: Will you take a loan or sell ur Bitcoin? - page 4. (Read 867 times)

Shey our aim for Bitcoin investment na for profits ba. Ones that is achieved, peso go fit decide to sell their Bitcoin for their personal gains and reasons. I no fit get Bitcoin, and I d in serious need of money, I d think of what to do. I go first of all sell some part of my Bitcoin to raised money to solve the critical problem at hand.

Em no make sense I get Bitcoin, I go d consider taking a loan wey be sae my invested Bitcoin don already provided me some profits wey I d look for. Na to sell my Bitcoin first, you know why? Bitcoin can be reinvested in but the problem wey we get wey need money to solve, no fit wait to stay unattended to. Na so em come, we d make everything possible to get it solve immediately to avoid making the problem to grow bigger.

Before taking a decision in this kind of situation, you have to weigh the two options though at this point it's not easy to decide on what to do, as a hodler I believe you have other jobs you do, if you employed person I also believe that if you approach a loan facility considering your level at work, you may be getting the loan because the loan facility knows how they will get their loan back including the interest, it will even be easy for you if you are a Government or multinational company employee, but mind you people don't always be in this kind of situation because I believe as a hodler you would have some back up or emergency funds in your possession even though the emergency funds are not enough to solve the problem at hand, you would have to start from somewhere and I believe the remaining amount could be borrowed to sought out the pressing need, personally i dont see selling your bitcoin asset during emergency as an option especially when you have not reached your satisfied accumulation stage, there should be ways if not even though you yu consider selling your bitcoin at this point, you may sell lower than expected because of how inquisitive you are about getting the funds to remedy the situation, this may lead to regret as soon as you solve the problem.

Him no go regret anything and na because of people like him wey make bitcoin dey where e dey today, i dey talk about people wey believe in bitcoin from the beginning, people wey believe say bitcoin na currency/money, and they spent it or gave it out to others, in order to encourage them to use bitcoin. E dey wrong to dey reason say such people make mistake, they didn't and the community should be proud of their actions.

Some situations dey critical pass others and in Nigeria, everybody sabi say things dey very hard so it is not even a shame to say things get as e be for you, every body understand that level.

So regards to the critical nature, if na say person never chop or you dey owe someone money, Omo you no need to sell your Bitcoin now because the bull just dey start because dem dey speculate Bitcoin to reach around $150k above. So you can take a loan and invest if you can and hodl your btc till next year but if na wetin concern health, don't play so you don't learn in the hard way. Sell your coins to get your treatment because na person wey dey alive dey get btc, if you die without disclosing your passphrase to someone then your coins don go.

I think before one must invest into Bitcoin, they should also have a saving plan for emergencies too and by so doing wouldn't have to sell off their Bitcoin in times that you don't intend to. Before also take the loan, you should consider the amount and the interest, if it's an amount you can be able to settle within the given timeframe without touching your BTC, then you should go with the loan.

Judging by how bullish the Bitcoin market is currently at the moment, and depending on how urgent the situation is, I will opt in for taking a loan from the bank rather than selling my Bitcoin to solve a little personal or family problem, because with the high rate at which the price of Bitcoin has been skyrocketing ever since Donald Trump won the US presidential election, it's mind blowing, and I wouldn't want to be among those that will regret tomorrow for selling my Bitcoin at a lower price, just as the guy who sold 10,000 for mere 2 pizza many years ago, as I'm very sure if he is alive to see what value Bitcoin has turn out to be today, he will definitely regret why he traded a whole 10,000 for mere 2 pizzas.

First, i go like talk say e dey always dey important to get emergency funds, and if e no dey for fiat, e must dey for asset wey you fit liquidate without worrying about volatility or other whatnots. Na this kind of funds dem dey use solve any problem wey just show up. That being said, if i find myself for this hypothetical situation, i go take loan take solve the problem, but e go be low interest loan.

I will stand with Charles-Tim ideology here. Of what point is it that you will go borrow or take a loan when you have assets in profit and you do not pay tax for them when transacting via your local banks. Do you not think it would be better to collect your profit than going to borrow a loan which you would have to pay an interest on it when you can just take a  little profit from your investment since you don't pay tax for it compared to the western world were you pay tax for almost everything you do. 

It would be okay to say that a back up fund will be nice because sometimes when things occurs as a matter of urgency, the backup fund could serve as a rescue rather than borrowing or selling your assets against your will. Always remember that anything can happen and as such one would need to have an extra source of income so as to be able to remedy any situation that unfolds itself.

Indeed, it's better you convert your coin, you know it's your money, it's your investment, than going to borrow a loan plus interest rate and the drama that comes with a loan, its something one should not get into
 
Converting your coin, and hopefully the issue you need to solve is not going to take so much money from you, it is safer, then continue holding your remaining  coin, when you get more money, you reinvest.

It's that simple.

Although you are meant to have like a backup emergency fund for things like this, or a stable source of income for worst-case scenario, something like this happens.

But the point is don't put yourself at the mercy of an organization or somebody by going to borrow a loan.
It might not end well.

You can not have an investment like bitcoin and you would be hungry, it's better for you to sell your bitcoin for survival. Same is the case that you are talking about, since it's an emergency that needs to be solved it would be better that you weigh the outcome of the two solutions before taking action on the best solution to apply.

If you are working and your income will allow you pay up the loan installmentally from your salary without affecting your finance, you can take the loan, and when bitcoin hits 100k, sell some portion and pay back the loan with interest.

This is not a well developed country and exchanges operating in Nigeria task are peanut and some are task free. I go with the second option.

I'm not in support of taking loan taking but somehow it seems to be inevitable cause as humans we must undergo hard times as well as good times, that's why every human needs to work hard and smart enough to put themselves in positions that won't warrant them to take loans on a regular and always be in debt.
 However, holding Bitcoin requires patience and for a long time, I believe after a full circle or more but in a situation where my reserve funds cannot tackle the circumstances I find myself inside, then I could be forced to sell some portion of coins and holding to solve the problem but in a case where I've not invested up to a full circle, then instead of selling what am holding, I'll rather be forced to take loan from a close and trustworthy friend.

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.

Actually in a situation like this, I would think of taking a loan but if unfortunately no body could offer it to me I would then sell part of my investment.
However, it's very important that even before you start making investments you should have a backup funds for emergency cases like this. Although what would actually make me sell part of my Bitcoin is when the emergency has to do with life and death, other things might wait until I have money to sort them out, but when one is on the sick bed you can not postponed your health till further notice because if anything should happen to you, you can neither have access to your Bitcoin.

The reason some people will take a loan is because of the tax if they sell their bitcoin. The tax would be so much than taking a loan. Rich men prefer to take a loan in those well developed countries because of not to pay high tax in selling their coins and take a loan instead.

In Nigeria, have you paid any tax like that before? If tax is not your issue as I know almost everyone here are not paying any tax for selling their coins, better sell your coins than taking a loan. If you are working, start to buy bitcoin again instead of using the money to be paying for the loan. Bitcoin is still at high price and people that are selling now are selling in profit.

First of all, anyone having a bitcoin investment should also have a back up funds for his bitcoin investment which is known as an emergency funds. This is the funds that is used for the kind of emergency that you mentioned. However, in such a situation like what you mentioned above, I will sell part of my bitcoin investment to solve the problem, because I don't think that the problem will exhaust all my bitcoin and moreover my investment is on profit with the current price of bitcoin. You should also note that it's the size of your bitcoin investment and the loan duration that will determine if taking loan is the best option.

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.