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Author Topic: When is it useful to borrow bitcoin?  (Read 78661 times)
CryptoBjorn
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September 26, 2016, 10:33:01 PM
 #741

It is useful to borrow bitcoin when you have a plan and need funds for that plan. But beware that if this plan fails you have money to pay back and also rent.
You always need a backup plan when borrowing money cause if you don't pay back quick rent can stack and you can lose alot of money.

You are right about that, if you need the money for something this can be an option you can take but I think its not smart.
The fact is that borrowing means also you have to pay it back and its also that its not smart because you most likely have to pay monthly for it too.
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September 26, 2016, 11:04:56 PM
 #742

It is useful to borrow bitcoin when you have a plan and need funds for that plan. But beware that if this plan fails you have money to pay back and also rent.
You always need a backup plan when borrowing money cause if you don't pay back quick rent can stack and you can lose alot of money.

You are right about that, if you need the money for something this can be an option you can take but I think its not smart.
The fact is that borrowing means also you have to pay it back and its also that its not smart because you most likely have to pay monthly for it too.
Usually people do ask loans here to gambling, and some of them are able to make a good profit with their bets, i do believe they bet at sports anyway sure only if need should require a loan.
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September 27, 2016, 01:59:09 AM
 #743

i think if we are really sure that the rate will be increase so high, then we can borrow some bitcoin into our friends and when the rate is reach the highest rate, then you can give what you borrow with your friends and you still have bitcoin in your wallet and you make a good profit that.

That is not a good idea and for sure your friends aren't going to agree that you are going to borrow without interests rate. And if your purpose is just like that for holding then don't borrow bitcoin. Better if you are going to buy a lot of bitcoins if your purpose is just going to wait for the price increase in able to get some profit.

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September 27, 2016, 03:14:28 AM
 #744

i think if we are really sure that the rate will be increase so high, then we can borrow some bitcoin into our friends and when the rate is reach the highest rate, then you can give what you borrow with your friends and you still have bitcoin in your wallet and you make a good profit that.

That is not a good idea and for sure your friends aren't going to agree that you are going to borrow without interests rate. And if your purpose is just like that for holding then don't borrow bitcoin. Better if you are going to buy a lot of bitcoins if your purpose is just going to wait for the price increase in able to get some profit.

You are right, even  if you borrow from your friends  you should expect to have interest since its money and  money cant be borrowed without interest at all, it depends on your friends decision if he would put interest or not and also you would have no guarantee of when you would able to pay your friend since you dont know  when bitcoins price would rise.

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September 27, 2016, 05:35:31 AM
 #745

i think if we are really sure that the rate will be increase so high, then we can borrow some bitcoin into our friends and when the rate is reach the highest rate, then you can give what you borrow with your friends and you still have bitcoin in your wallet and you make a good profit that.

That is not a good idea and for sure your friends aren't going to agree that you are going to borrow without interests rate. And if your purpose is just like that for holding then don't borrow bitcoin. Better if you are going to buy a lot of bitcoins if your purpose is just going to wait for the price increase in able to get some profit.

You are right, even  if you borrow from your friends  you should expect to have interest since its money and  money cant be borrowed without interest at all, it depends on your friends decision if he would put interest or not and also you would have no guarantee of when you would able to pay your friend since you dont know  when bitcoins price would rise.

If you have friends who play nicer also borrow bitcoin to your friend, I myself just me playing bitcoin in my area, so it is hard to do ", but I don't seem to be ever borrowed to others

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September 27, 2016, 08:20:24 AM
 #746

It is never useful to borrow money or bitcoins as you have to give back more
well if you borrow bitcoin for a valid reason and you have a confirm source of income and you know you can pay them back then it is not that much bad.
but if you borrow bitcoin for gambling(most of loans being taken for gambling reason) then it is not good at all. if you loose that money the situation sometime gets worst for you.

If you want to borrow a bitcoin there should be a clear explanation and will usually be asked also to what is bitcoin you borrow, if borrowed bitcoin just to play a gamble I don't think you will get a loan

Exactly, only with a business plan or anything alike you should borrow money but to borrow to bu that shiny new pc or to gamble that is a no-no. Only borrow money to make money and not for any other reason.


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September 27, 2016, 09:11:05 AM
 #747

The most useful time to borrow the bitcoin is at the lowest price off cours i dont think that would help everytime because the price is not such low as always but you can try becasue never tried never know.
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September 27, 2016, 09:23:26 AM
 #748

The most useful time to borrow the bitcoin is at the lowest price off cours i dont think that would help everytime because the price is not such low as always but you can try becasue never tried never know.
Low price i think its much better to borrow bitcoins when the price is high that you can convert into fiat if the price is decrease and low you can convert back your fiat into bitcoin and you gain profit and you can pay also your loan..

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September 27, 2016, 10:05:23 AM
 #749

Borrowing bitcoin is never so useful. Borrowing money always costs money so if you talking about efficiency it's only efficient if you can make alot of money with the money you borrowed somehow.
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September 27, 2016, 12:12:19 PM
 #750

The most bitcoins are borrowed at the lowest price of the bitcoin off course but i dont think borrow bitcoins is a really profitable thing you know allot of peopel are trading bitcoins because that goes many times faster.
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September 27, 2016, 02:42:06 PM
 #751

Borrowing bitcoin is useful when for example you own a business and need a bit more capital to close a deal out which you know is making profit.
You need to use the borrowed money to turn it into more money else it's not worth it since borrowing money costs money.
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September 28, 2016, 02:08:15 AM
 #752

Borrowing bitcoin is useful when for example you own a business and need a bit more capital to close a deal out which you know is making profit.
You need to use the borrowed money to turn it into more money else it's not worth it since borrowing money costs money.

I think you are speaking the truth about this with all my heart, if you cannot make money with the borrowed money you should not do it because it would not be worth it.
Its way too risky to borrow money if you cannot pay it back, just have a decent plan people.
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September 28, 2016, 06:09:22 AM
 #753

Borrowing bitcoin is useful when for example you own a business and need a bit more capital to close a deal out which you know is making profit.
You need to use the borrowed money to turn it into more money else it's not worth it since borrowing money costs money.

I think you are speaking the truth about this with all my heart, if you cannot make money with the borrowed money you should not do it because it would not be worth it.
Its way too risky to borrow money if you cannot pay it back, just have a decent plan people.
Maybe bitcoin loans are having huge interest rate like 5% to 10% per month. But, banks are providing business loans with interest rates up to 1% per month (~12% per annum). With this reasonable interest rate, you will get chances to make use of loans for any business purpose.

We cannot simply ignore the uses of loan for a developing business. I do see many people are having good idea for their projects but in due to insufficient funds they are struggling. For those people loans are very good helper.


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Sandroxa
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September 28, 2016, 07:50:29 AM
 #754

If you want to borrow bitcoins you should try to do is right after a big crash because you will make the most profit when you buy them at the lowest price you know.
phreaky
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September 28, 2016, 08:22:03 AM
 #755

It is never useful to borrow money in the end you make a loss cause borrowing money costs money so imo it's only worth it when you can turn that borrowed money into even more money.
But you have to be sure cause if you lose the money your screwed cause you have to pay it back still.
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September 28, 2016, 08:32:37 AM
 #756

If your estimated gain is more than the lender's interest rate, you can say it is a very useful situtaion to borrow bitcoins.

But then borrowing bitcoins or borrowing money from bank is no different than each other, while except this forum is full with scammers, banks are usually safe.

Tldr; I wouldn't borrow or lend any btc's in this forum. Too risky.

I'd say the same. Unfortunately, it is very rare such a situation comes up due to the insane interest rate. If it wasn't for something real special where I was prepared tp lose money, I'd go to a fiat bank instead and buy BTC.
It is usefull to borrow bitcoins when the price is usefull you need to pay attention eveytime at the price because when you are investing at the wrong time you wont make profit.
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September 28, 2016, 08:35:05 AM
 #757

It is never useful to borrow money in the end you make a loss cause borrowing money costs money so imo it's only worth it when you can turn that borrowed money into even more money.
But you have to be sure cause if you lose the money your screwed cause you have to pay it back still.

Supposed to be the reason to borrow is like that, if we would use it to earn more as a fund for out project, but sometimes others borrow bitcoin just because they want to.. Also, when we borrow, we should be capable to pay since it is not given as free, so collateral is a great stake, so even if you run, the deal is still not screwed and the borrowed money is still paid.

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September 28, 2016, 01:41:24 PM
 #758

I dont think you should borrow them right now because the price is to high if you want to borrow bitcoins you should try it on a lower price becuase the less you get it for the more profit you will make off course.
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September 28, 2016, 02:08:43 PM
 #759

It is never useful to borrow money in the end you make a loss cause borrowing money costs money so imo it's only worth it when you can turn that borrowed money into even more money.
But you have to be sure cause if you lose the money your screwed cause you have to pay it back still.

Supposed to be the reason to borrow is like that, if we would use it to earn more as a fund for out project, but sometimes others borrow bitcoin just because they want to.. Also, when we borrow, we should be capable to pay since it is not given as free, so collateral is a great stake, so even if you run, the deal is still not screwed and the borrowed money is still paid.

If we  give a strong collateral  for sure no one would  intend to run after all unless if hes crazy enough to do that thing. Its better  to  pay  the debt rather than to run because  if you  build a bad reputation  at first you would  really have a hard time  on making a loan  again next time.

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September 28, 2016, 02:41:07 PM
 #760

Maybe if you really need the money its worth it but overall I do not think its worth borrowing something like that, its not just something you can do simply.
I think that borrowing bitcoins is very risky.

I agree borrowing bitcoin is very risky because there are some lenders and as well as borrowers that are tend to be scammers. So it is not a good thing if you are going to borrow bitcoins but if you badly needed it for something profitable like trading. Then that is the only way to make borrowing useful for everyone.

There's alot of scammers going around but they are always the borrowers because they borrow money and disappear with it.
But anyways I am not sure when it is useful to borrow bitcoin but when you do be sure to do it safe.
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