My burning desire for today...to succeed!

[GrahamCrackers]

All right, I have been approached locally to buy a relatively good amount of BTC. The guy wants to start slow and build it up to where he can trust me. the kicker part is that I don't have the $500.00 in BTC in my wallet. I don't even have even anything remotely close to anything to show that I am a serious buyer. I know this will be a great opportunity to be able to open my listing as there are many in my vicinity that are willing to trade with me.

I have been racking my brain as far as how can I approach my bank in seeing whether they will allow me to secure a loan with them in order to fund it. Has any of you guys gone to the bank in order to make a loan to fund obtaining btc?

I saw a thread, about how people were going to get up there. I am very gung ho on doing this. I am just curious to know what ways to go about it.

[WENGER]

Depending in which country your residing and if Bitcoin is accepted in general and known by banks then there might be a chance. I had similar situation but nothing like that crazy amount but since they wasn't well aware of Bitcoin (back in 2011) then my loan request by the local bank was denied but you might get a chance since its better known now.

[NorrisK]

You are taking some sort of a bet when taking a loan to fund buying bitcoins.

If the guys wants to start of slow and build from there, why don't you buy a couple of 10 dollars first and when you have more fiat use that to buy from him?

You don't have to buy big amounts right away to show your interest in bitcoin imo.

[odolvlobo]

All right, I have been approached locally to buy a relatively good amount of BTC. The guy wants to start slow and build it up to where he can trust me. the kicker part is that I don't have the $500.00 in BTC in my wallet. I don't even have even anything remotely close to anything to show that I am a serious buyer. I know this will be a great opportunity to be able to open my listing as there are many in my vicinity that are willing to trade with me.

I have been racking my brain as far as how can I approach my bank in seeing whether they will allow me to secure a loan with them in order to fund it. Has any of you guys gone to the bank in order to make a loan to fund obtaining btc?

I saw a thread, about how people were going to get up there. I am very gung ho on doing this. I am just curious to know what ways to go about it.

If you are in the U.S., no bank is going to loan you money to trade bitcoins and you risk going to jail if you don't have a license. Those are the challenges you face if you want to become a big-time trader.

[franky1]

whether its bitcoin or stocks and shares many banks do not like to give out loans to be used on financial investments. they prefer things like house payments or car payments where that item can be used as collateral. they like to see proof of income to show you can repay, where their standards of loan acceptance is higher than other options.

$500 is not a crazy amount. you would be better off getting a credit card or getting a bank overdraft as they are easier to get without having collateral or explaining why you need a loan. if you start trading more then that amount you will need to start looking into becoming a business and declaring your investments professionally

[ausbit]

Depending in which country your residing and if Bitcoin is accepted in general and known by banks then there might be a chance. I had similar situation but nothing like that crazy amount but since they wasn't well aware of Bitcoin (back in 2011) then my loan request by the local bank was denied but you might get a chance since its better known now.

Loan from bank is not possible because bank people still thinking and wants to study more and more to get trust on Bitcoins trading. And when banking people learns Bitcoins then they will also start trading and will give loans too to the investors.

[eddie13]

Do you have a good method of turning the cash you get for the BTC back into BTC after you sell it to him?

What sort of percentage profit do yo expect to make on these sales? Would you make enough to be able to pay a decent % of interest on your loan?

Do you have any sort of collateral you could offer against this loan for your sales to start small with?

How small is start small? $20 worth or $500 worth?

[tiggytomb]

I think it would depend on which country you are in and how the banks feel towards bitcoin, I would guess that your chances would be slim though.

[btcdevil]

You are taking some sort of a bet when taking a loan to fund buying bitcoins.

If the guys wants to start of slow and build from there, why don't you buy a couple of 10 dollars first and when you have more fiat use that to buy from him?

You don't have to buy big amounts right away to show your interest in bitcoin imo.

Totally agree with you, if wanted to start the bitcoin buying and selling trading you can start with what ever amount of fiat currency you are holding , so when you see the trading way and earning profit you will gain experience and you will be having more money,

other thinkg is as per i know no other bank gives loan on Bitcoins.

[yohanip]

You are buying the BTC because you are speculating the price will be rising (hodling)? or are you arbitraging the deal? such as you already have a buyer which will pay a lot more than you are buying it at?
If it is the first case, then try to buy smaller amount, and go from there
else If it is the second case, then be the middle man (act as an escrow)
else better hold not to buy

[GrahamCrackers]

Awesome! Thanks for taking the time to read through and respond.

The guy in question doesn't really want to deal in small trades. He wants someone on a bigger level. I really want this opportunity as it will open doors for me. I went to the bank today to inquire. I was looked at like I was the biggest buffoon in the bank. I was like, yeah.. I won't be getting that loan, eh? I am from the U.S. They offered me a car loan, LOL. I was pretty thorough. I told them my business plan and how I can make it beneficial.

It's okay, I firmly believe that I'll get things up and going. I do have a solid strategy in making this work for me and the interested parties. While we all know that btc is lucrative and bound for great things, there are still some very narrow minded people.

I'll type in a bit.