Would You Ever Take Out a Loan in Bitcoin?

[commandrix]

I've considered it. But what a friend told me from his experience with BTCJam is that you want to make sure everything, including future income, is practically guaranteed because the members tend to jump all over you if you're late with a payment even once.

[nickaizoku]

never take a loan yet, and didnt know BTC can be loan ( before joined here ) well if it can be loan i wont loan it too, prefer to find it by other way like faucet or anything,,

[6strings]

I've considered it. But what a friend told me from his experience with BTCJam is that you want to make sure everything, including future income, is practically guaranteed because the members tend to jump all over you if you're late with a payment even once.

Well that should be the case with any loan. One shouldn't borrow money without honestly believing they can pay it back. Investors are taking a risk and sometimes they get burned. Its their right to leave negative feedback if the borrower doesn't live up to their obligations. The borrower should try to make their payments early where possible. In the end it works out best for all parties involved. The investor gets the return they expected,  the borrower gets a good rep and a lower rate on future loans should they be required. Negative feedback isn't permanent, the lender can delete the bad feedback should the borrower pay up etc.

[DaddyMonsi]

Hey Bitcoin Community! Essentially, I would like to know if you would ever consider taking out a loan in bitcoin? If you have previously taken out a loan, please share your experiences! What were the pros and cons, and what would you improve? Thanks 

Yes I considered taking a loan and probably providing loan as well.
There are more cons than pros if you are providing loan such as higher chance that loan may default.

[Herbert2020]

never take a loan yet, and didnt know BTC can be loan ( before joined here ) well if it can be loan i wont loan it too, prefer to find it by other way like faucet or anything,,

yeah, bitcoin can be loaned and you can take loan in bitcoin too but you have to pay it back with "interest". so take a loan only if you need it and only if you can earn the profit more than the interest that you have to pay back. and also you have to provide collateral

[Falconer]

never take a loan yet, and didnt know BTC can be loan ( before joined here ) well if it can be loan i wont loan it too, prefer to find it by other way like faucet or anything,,

No surprise, if fiat can be loaned, then same with bitcoin, with interest and collateral surely. Imo sometimes loan or lending become a way to gain trust between lender and recipient, which the recipient will get high trust if he can repay with its interest even higher.

[DaddyMonsi]

problem with lender is if exchange rate is down from day loan was approved.
that's a loss if you ask me even if you say there will be interest.
thats why i would understand if lenders ask for high interest to protect their investment as well

[6strings]

never take a loan yet, and didnt know BTC can be loan ( before joined here ) well if it can be loan i wont loan it too, prefer to find it by other way like faucet or anything,,

No surprise, if fiat can be loaned, then same with bitcoin, with interest and collateral surely. Imo sometimes loan or lending become a way to gain trust between lender and recipient, which the recipient will get high trust if he can repay with its interest even higher.

Yes indeed!
As you see above I've borrowed a few times on here and now I have lenders PMing me at times to offer loans. Like if I request a loan from one lender their competition will PM me offering to do it right away.  I usually thank them for the offer but turn them down to stay loyal to my original lender however when this happened recently my regular lender was leaving for vacation so I took them up on the offer. I find it funny how folks are leaping out of the woodwork to offer me funds. Its too bad that doesn't happen in the real world

[Patatas]

Of course I will cause it is also money. Taking a loan in bitcoin has more cons though but I still take it
It is also instant and convenient compared to cash

[g1974ak]

Hey Bitcoin Community! Essentially, I would like to know if you would ever consider taking out a loan in bitcoin? If you have previously taken out a loan, please share your experiences! What were the pros and cons, and what would you improve? Thanks 

I haven't taken never a loan in bitcoin. I haven't had the necessity to do this. But if I will need one for sure that I will ask one. But with one condition. I will take it for a short period. The value of bitcoin in us dollar is very unstable. So it can be the opposite. I take the loan to do something and I can lost to much in returning back it. So, in other words, instead of having that i want, I cannot have even my money back.

[n2004al]

Hey Bitcoin Community! Essentially, I would like to know if you would ever consider taking out a loan in bitcoin? If you have previously taken out a loan, please share your experiences! What were the pros and cons, and what would you improve? Thanks 

I haven't taken any loan in bitcoin until today. And I don't think that I will take this kind of loan some day. Bitcoin is to much volatile and n one know how and what it will be the price of bitcoin even within one day. I remember the time of MT Gox when the price does high every hour. And the time of Silk Road when within a day the price goes very very low. With every such kind of volatility I cannot believe a loan in bitcoin.

[RealBitcoin]

Taking out loan in bitcoin is not recommended, because its a deflationary currency, its value can go up massively, which is not good.

Taking out loan is only acceptable if the currency you get is a very inflationary like euro and other fiat.

[Falconer]

Yes indeed!
As you see above I've borrowed a few times on here and now I have lenders PMing me at times to offer loans. Like if I request a loan from one lender their competition will PM me offering to do it right away.  I usually thank them for the offer but turn them down to stay loyal to my original lender however when this happened recently my regular lender was leaving for vacation so I took them up on the offer. I find it funny how folks are leaping out of the woodwork to offer me funds. Its too bad that doesn't happen in the real world

Seems you have gain high trust from your lender, and other lender want to get profit in your situation    Are you running a business so you borrowed btc few times?

Of course I will cause it is also money. Taking a loan in bitcoin has more cons though but I still take it
It is also instant and convenient compared to cash

Well fiat is better imo if you can get it from your friend in real life, its value is stable, not like bitcoin.

Taking out loan in bitcoin is not recommended, because its a deflationary currency, its value can go up massively, which is not good.

Taking out loan is only acceptable if the currency you get is a very inflationary like euro and other fiat.

Well it depends on each people perception, what do they think about it. Actually with bitcoin, you can borrow money from abroad user here, if you cant get any from your friends in real life 

[RealBitcoin]

Yes indeed!
As you see above I've borrowed a few times on here and now I have lenders PMing me at times to offer loans. Like if I request a loan from one lender their competition will PM me offering to do it right away.  I usually thank them for the offer but turn them down to stay loyal to my original lender however when this happened recently my regular lender was leaving for vacation so I took them up on the offer. I find it funny how folks are leaping out of the woodwork to offer me funds. Its too bad that doesn't happen in the real world

Seems you have gain high trust from your lender, and other lender want to get profit in your situation    Are you running a business so you borrowed btc few times?

Of course I will cause it is also money. Taking a loan in bitcoin has more cons though but I still take it
It is also instant and convenient compared to cash

Well fiat is better imo if you can get it from your friend in real life, its value is stable, not like bitcoin.

Taking out loan in bitcoin is not recommended, because its a deflationary currency, its value can go up massively, which is not good.

Taking out loan is only acceptable if the currency you get is a very inflationary like euro and other fiat.

Well it depends on each people perception, what do they think about it. Actually with bitcoin, you can borrow money from abroad user here, if you cant get any from your friends in real life 

If you have a job you can most likely get a 5-6% interest loan out in euro, probably up to 10.000€ in europe.

If you dont have a job then you are probably a scammer, and probably not deserve a loan in first place.

If you dont have a job but you plan to create a business out of it, then the risk is higher and you deserve 10-15% interests, which is even harder to pay than a 5% so, it might go scam later, or it might default, as the price will go to 600$ soon

[misterycoins]

I dislike taking loans in general. I think I would not take a loan in Bitcoin. But in my case it's not an entirely Bitcoin specific loan aversion

[zeraTunerse]

I dislike taking loans in general. I think I would not take a loan in Bitcoin. But in my case it's not an entirely Bitcoin specific loan aversion

Yes I think taking a loan is not an good idea and that also on bitcoin doesn't sounds great, It is better that we work hard and earn bitcoins rather then going for a loan, as you never know anything could happen and it is not safe to go for a loan you might loose your bitcoin as well.

[Falconer]

I dislike taking loans in general. I think I would not take a loan in Bitcoin. But in my case it's not an entirely Bitcoin specific loan aversion

Yes I think taking a loan is not an good idea and that also on bitcoin doesn't sounds great, It is better that we work hard and earn bitcoins rather then going for a loan, as you never know anything could happen and it is not safe to go for a loan you might loose your bitcoin as well.

Thats why we need a collateral to guarantee us that our loan transaction can be safer. And the collateral must have higher value than the loan, so no one cant get loss. Atleast with the loan, we can help other person for his business.

[Mickeyb]

I would take small loans, but since I believe in it so much and I am positive the price will grow a lot in the future, I would be afraid each day that the price will explode.

I mean, if I was to take 5 btc loan at the moment,  that would be arond $1300,i.agine if price jumped to $1000 a Bitcoin, I would have to give back $5000. That's a huge risk in my opinion.

[scumbag]

taking a loan is a good option for emergency situations
i will not take a loan if its just to buy something as i might end up paying interest which makes the item i bought expensive since aside from the original price, i have to add the interest

[Brad Harrison]

Not unless I really had too