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Author Topic: When is it useful to borrow bitcoin?  (Read 78109 times)
StevenLiang
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November 06, 2015, 08:29:43 AM
 #61

You need to borrow bitcoins when the need arises. However, you need to be careful when doing the borrowing since you may end up paying back more than double the amount of bitcoins you borrowed. Of late, bitcoin prices have been fluctuating due to the fact that most people have ventured into this business. With this in mind, there is need to carefully know your limits. Borrow bitcoins when all the possible alternatives have been tried and haven't produced fruits. You know the whole idea of borrowing is not always a good practice and should always be avoided at all cost.

Just borrow money when you really on need. Like to pay some bill or for medical issue.
And before borrowing some money, you need to find a way for pay them back with interest.

If it is not so important, don't take a loan.
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November 07, 2015, 08:34:51 AM
 #62

You need to borrow bitcoins when the need arises. However, you need to be careful when doing the borrowing since you may end up paying back more than double the amount of bitcoins you borrowed. Of late, bitcoin prices have been fluctuating due to the fact that most people have ventured into this business. With this in mind, there is need to carefully know your limits. Borrow bitcoins when all the possible alternatives have been tried and haven't produced fruits. You know the whole idea of borrowing is not always a good practice and should always be avoided at all cost.

Just borrow money when you really on need. Like to pay some bill or for medical issue.
And before borrowing some money, you need to find a way for pay them back with interest.

If it is not so important, don't take a loan.
That's going to be thousands of dollars. Bitcoin loans are usually tied with yeah Bitcoin. Hence, if you borrowed the coins when it was $200 and you have to return today, you would be paying $180 extra with interest. Most don't do loans tied with USD or fiat. Violatility of Bitcoin makes it unsuitable for lending platforms.














 

 

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StevenLiang
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November 08, 2015, 04:49:02 AM
 #63

You need to borrow bitcoins when the need arises. However, you need to be careful when doing the borrowing since you may end up paying back more than double the amount of bitcoins you borrowed. Of late, bitcoin prices have been fluctuating due to the fact that most people have ventured into this business. With this in mind, there is need to carefully know your limits. Borrow bitcoins when all the possible alternatives have been tried and haven't produced fruits. You know the whole idea of borrowing is not always a good practice and should always be avoided at all cost.

Just borrow money when you really on need. Like to pay some bill or for medical issue.
And before borrowing some money, you need to find a way for pay them back with interest.

If it is not so important, don't take a loan.
That's going to be thousands of dollars. Bitcoin loans are usually tied with yeah Bitcoin. Hence, if you borrowed the coins when it was $200 and you have to return today, you would be paying $180 extra with interest. Most don't do loans tied with USD or fiat. Violatility of Bitcoin makes it unsuitable for lending platforms.

That's true, for some case bitcoin is not suitable for lending platforms. That's why we better not take a loan both in BTC or fiat currencies.
And if someone take a loan from BTC, either the BTC price going up or down, they need to pay the loan money back + interest with BTC again. Never make loan with 'lock rates or price' contract. Believes me, it will make you loss. Beware of loan whale.
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November 08, 2015, 12:36:46 PM
 #64

You need to borrow bitcoins when the need arises. However, you need to be careful when doing the borrowing since you may end up paying back more than double the amount of bitcoins you borrowed. Of late, bitcoin prices have been fluctuating due to the fact that most people have ventured into this business. With this in mind, there is need to carefully know your limits. Borrow bitcoins when all the possible alternatives have been tried and haven't produced fruits. You know the whole idea of borrowing is not always a good practice and should always be avoided at all cost.

Just borrow money when you really on need. Like to pay some bill or for medical issue.
And before borrowing some money, you need to find a way for pay them back with interest.

If it is not so important, don't take a loan.
That's going to be thousands of dollars. Bitcoin loans are usually tied with yeah Bitcoin. Hence, if you borrowed the coins when it was $200 and you have to return today, you would be paying $180 extra with interest. Most don't do loans tied with USD or fiat. Violatility of Bitcoin makes it unsuitable for lending platforms.

That's true, for some case bitcoin is not suitable for lending platforms. That's why we better not take a loan both in BTC or fiat currencies.
And if someone take a loan from BTC, either the BTC price going up or down, they need to pay the loan money back + interest with BTC again. Never make loan with 'lock rates or price' contract. Believes me, it will make you loss. Beware of loan whale.

well, the whale wan to loan you is becuz they wan to gain benefit from you. that is why they want to get the most out of you. so you really have to know what are the terms and conditions otherwise you will realise you will be heavily in debt and difficult to pay back.

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November 09, 2015, 08:33:55 AM
 #65

You need to borrow bitcoins when the need arises. However, you need to be careful when doing the borrowing since you may end up paying back more than double the amount of bitcoins you borrowed. Of late, bitcoin prices have been fluctuating due to the fact that most people have ventured into this business. With this in mind, there is need to carefully know your limits. Borrow bitcoins when all the possible alternatives have been tried and haven't produced fruits. You know the whole idea of borrowing is not always a good practice and should always be avoided at all cost.

Just borrow money when you really on need. Like to pay some bill or for medical issue.
And before borrowing some money, you need to find a way for pay them back with interest.

If it is not so important, don't take a loan.
That's going to be thousands of dollars. Bitcoin loans are usually tied with yeah Bitcoin. Hence, if you borrowed the coins when it was $200 and you have to return today, you would be paying $180 extra with interest. Most don't do loans tied with USD or fiat. Violatility of Bitcoin makes it unsuitable for lending platforms.

That's true, for some case bitcoin is not suitable for lending platforms. That's why we better not take a loan both in BTC or fiat currencies.
And if someone take a loan from BTC, either the BTC price going up or down, they need to pay the loan money back + interest with BTC again. Never make loan with 'lock rates or price' contract. Believes me, it will make you loss. Beware of loan whale.

well, the whale wan to loan you is becuz they wan to gain benefit from you. that is why they want to get the most out of you. so you really have to know what are the terms and conditions otherwise you will realise you will be heavily in debt and difficult to pay back.
In the lending section of Bitcoin, the lender would be crazy to even try to extort money out of the borrower. It isn't possible to do as there's a term that both parties have to agree on. The only problem is the volatility and if the exchange gets closed or hacked. The exchange rate reference won't be accurate anymore.














 

 

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michietn94
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November 09, 2015, 04:48:51 PM
 #66

For me borrowing bitcoin as same as we give our interest to lender which mean we loss.
So make sure that the time is precise when you decide to borrow bitcoin or you'll get trouble when you did not repaid the debt

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November 09, 2015, 07:45:36 PM
 #67

I don't think people should borrow bitcoin at all.

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November 10, 2015, 01:03:42 AM
 #68

When you have no intention of paying it back?

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November 10, 2015, 04:04:29 AM
 #69

When you have no intention of paying it back?
Well, without reputation, loans on Bitcoins are very hard to get. If you have collateral, that would be an insurance against defaults. Hence, planning to default from the start is never a choice.














 

 

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Laosai
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November 10, 2015, 05:22:56 AM
 #70

When you have no intention of paying it back?

Haha you got a point, its really useful and that makes you a scammer Tongue But I doubt anyone can't get a loan easily without providing any collateral. So if you have no intentions of paying back, you'll probably don't get a loan.

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November 12, 2015, 02:52:46 PM
 #71

When is it useful to borrow bitcoin? Considering that it is really hard to get a loan here on this forum even with escrow, and the plentiful amount of scammers floating around here, is there really a great reason to even bother getting a loan here? I mean unless you're flat broke I could understand but even still it's an uphill battle. It's way easier to take out a cash advance in an emergency. I suppose if you're dealing with a trusted borrower and trustworthy escrow you may have a chance in obtaining your funds. Other than that, it can be difficult for a scam-less transaction to take place.
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November 17, 2015, 08:26:25 PM
 #72

Some people speculate when Bitcoin price has a highly volatility. For example the price jumps from 200$ to 400$ as recently At 200$ a user borrows 1 BTC for one month for 0.5% a day. He speculates the price jumps and sells at $400. So, he made a good gain. i know two people which are doing business in this way. Risky but also worth the risk. Sometimes  Grin

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November 18, 2015, 01:01:42 AM
 #73

Well, I got a loan from my friend, where he gives me 0.5 BTC (then worth $100) and I pay him back $110 in BTC. xD it just so happened that bitcoin jumped up two hundred bitcoin the next day Grin



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November 18, 2015, 01:49:20 AM
 #74

When is useful to borrow what ever?! Just when u are sure u can return it. I think like that but also I didn't invest big, so sometimes if worth to try if u believe in something and u need some extra money to finish job.


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November 19, 2015, 10:39:25 AM
 #75

Don't take a loan if you're not sure you can pay back with intrest

I personally wouldn't barrow bitcoin from anyone

Why would you need to barrow anyway?

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November 19, 2015, 02:05:54 PM
 #76

It can be useful if you really need it for the time being

But you also gotta think about when you're going to pay it back and for how much you're borrowing for

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November 19, 2015, 02:42:37 PM
 #77

Usually, people take loan when they need it to start a new business.
But IMO you should take loan just when you need it so much, such as when you get a rare opportunity.
Just borrow it when you truly need it Wink

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November 22, 2015, 08:00:12 PM
 #78

Usually, people take loan when they need it to start a new business.
But IMO you should take loan just when you need it so much, such as when you get a rare opportunity.
Just borrow it when you truly need it Wink

The most loans here are quite low. I would never held my hand out to a stranger and beg for money.

If you are really in need of money, find a job and postpone your financial obligations.
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November 23, 2015, 09:27:45 PM
 #79

If you need money for a business go to a bank. They have educated advisors that will turn your business plan up and down, checking if it will profitable.

If you need money to buy some new jeans. Wait till you have collected enough money and buy it. Don't spend money you don't have.

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November 23, 2015, 10:03:17 PM
 #80

Usually, people take loan when they need it to start a new business.
But IMO you should take loan just when you need it so much, such as when you get a rare opportunity.
Just borrow it when you truly need it Wink

The most loans here are quite low. I would never held my hand out to a stranger and beg for money.

If you are really in need of money, find a job and postpone your financial obligations.

I couldn't agree more. There is no need to borrow 5 bucksunless you need it for food (survival).

To borrow 5 bucks or start another micro loan is a waste of time for all parties involved (my opinion).

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