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moooonu
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December 03, 2017, 06:32:32 AM |
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Risk is too high in this as continuous growth isn't guaranteed in case of bitcoin. If you see recently bitcoin took at dip from 11K+$ to around 10K$ but it recovered back in short time so there is a chance of it going down again but as seeing its growth its going crazy high since past month and we can see btc reach around 14K$ by the end of this month.
Just be aware of the facts if you couldn't pay all the amount you took from credit card then you have to face the consequences.
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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Aiga7phoiy
Newbie
 Offline
Activity: 19
Merit: 0
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December 03, 2017, 10:44:07 AM |
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Hi,
Just to use all the money in your credit cards to buy some BTC and then before the grace period pay them back and repeat. If I am not wrong, this should give you a very nice profit say for a total amount of $20k between 7-8 credit cards plus good credit and all the cachback and points each CC have.
Is this smart?
Anyone does this?
And more important which exchanges allow you to use credit cards? Or is it better to buy using paypal and fund it via the CCs?
Thanks in advance.
No, you will only waste your time, pay most for fee and may cause banned your card because banks have problem with bitcoin |
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family934
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December 04, 2017, 08:22:01 AM |
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Yes it is smart but it need a good sense of the bitcoin market and proper knowledge about the bitcoin value in the market and the other fiat currencies value in the market, so that you can make your decision what to max and what to not. The maxing is very beneficial but need a good sense
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ghonkz
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December 04, 2017, 08:34:53 AM |
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dont ever try to do that, i mean max all CCs limits to buy bitcoin ? nonsene, you know that the price of bitcoin him self very volatile, different thing if you a wizzard and can predict the price of bitcoin in the future and buy it at the right time
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luke.watson
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December 04, 2017, 08:38:52 AM |
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Yes it is smart but it need a good sense of the bitcoin market and proper knowledge about the bitcoin value in the market and the other fiat currencies value in the market, so that you can make your decision what to max and what to not. The maxing is very beneficial but need a good sense
No it is not smart to max out your credit line for anything, let alone a speculative investment #1 rule of investing is never to invest more than you can afford to lose, if you're investing the banks money via credit then I'm pretty sure you can't afford to lose it and so should not be touching it! There's a lot of Bitcoin success stories, but there's also a lot of stories about people losing everything in the flash crashes |
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CoinChili
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December 04, 2017, 10:15:13 AM |
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Might be a good idea actually, I am more inclined for doing this rather than buying Stuff or expensive gadgets with no returns, see the charts, you need a lot guts and bravery, it is better than doin nothing and useless spending.
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crypto4lambo
Full Member
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Activity: 210
Merit: 100
Large scale, green crypto mining ICO
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December 04, 2017, 10:43:35 AM |
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Hi,
Just to use all the money in your credit cards to buy some BTC and then before the grace period pay them back and repeat. If I am not wrong, this should give you a very nice profit say for a total amount of $20k between 7-8 credit cards plus good credit and all the cachback and points each CC have.
Is this smart?
Anyone does this?
And more important which exchanges allow you to use credit cards? Or is it better to buy using paypal and fund it via the CCs?
Thanks in advance.
I don't think it is a good idea. Maxing your credit cards just to invest into something is not a clever move. Though bitcoin gain its momentum every now and the, you cannot predict what will happen next. If you invest it in one shot and it doesn't go as planned then you will be stucked at holding or take the courage to cut loss. Have a good money management before doing so, and ask yourself what is your plan B if it doesn't work. Always have aback up plan and don't try to messed up because your emotions will hinder your trading plan. Always plan your trade then trade your plan. |
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P3
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December 09, 2017, 11:38:35 AM |
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methods like these are considered highly risky. you need to be one of those people who love taking big risks like this in their lives in order to perform this, otherwise it will wreck you. this is something similar to going all in, in my opinion. you may earn a huge amount of money but also you may go bankrupt too!
additionally you need to be familiar with bitcoin price movements and also its market to be a good trader. you shouldn't be taking the money just because you hope price is going up or think it has gone up so far so it should continue to do so. instead you should be nearly sure based on your speculation and analysis.
Yes it is smart but it need a good sense od the bitcoin market and proper knowldage about the bitcoinvaule in the market and the other fiat cuurencies value in the market, so that you can make your decission what to max and what to not. the maxing is very beneficail but need a good sense. |
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datodota002
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December 09, 2017, 11:56:24 AM |
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I think it's not good because if something happens to bitcoin then you will not have a backup plan, my suggestion is to divide your bitcoin purchase time into sections in a month so if something bad happens you will not lose it completely
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regan101
Newbie
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Activity: 32
Merit: 0
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December 09, 2017, 12:07:35 PM |
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Hi,
Just to use all the money in your credit cards to buy some BTC and then before the grace period pay them back and repeat. If I am not wrong, this should give you a very nice profit say for a total amount of $20k between 7-8 credit cards plus good credit and all the cachback and points each CC have.
Is this smart?
Anyone does this?
And more important which exchanges allow you to use credit cards? Or is it better to buy using paypal and fund it via the CCs?
Thanks in advance.
Profit is possible but too risky. You are dealing with a double risk on the interest of the credit card against the potential value of the profit you will earn in bitcoin. However, with the recent trend of the value of bitcoin, we can say that you can really pay your credit card in the shortest time possible but still you need to manage the exchange of paying little by little of the credit card interest and the outstanding capital debts. |
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Chekitan
Newbie
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Activity: 42
Merit: 0
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December 09, 2017, 12:09:48 PM |
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Due to the unpredictable nature of the price of bitcoin it is not at all advisable to max out you credit cards to buy bitcoin.
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hadveach
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December 09, 2017, 12:10:50 PM |
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I think both are good, but I would prefer to use paypal. why? because credit cards usually take advantage greater than paypal. and of course it makes me lose.
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rubyspeak
Newbie
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Activity: 10
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December 17, 2017, 11:23:12 AM |
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Number one rule for an investor would be to never gamble what you don’t even have, because if you do you not only would go broke but also in depth. It would be wise to only invest what you currently have right now.
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Harlot
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December 17, 2017, 11:35:03 AM |
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Well it depends if you think you can profit from your trade as by doing so because as of right now Bitcoin is still on a uptrend and it is still unsure when it will correct. Keep in mind that you are making your credit rating on the line in which if you can't pay at the end will put you in a bad position, it is better of to only use what available money you have.
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paolo099
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December 17, 2017, 11:53:46 AM |
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maxing your credit card it's never a good move because that's like a debt and trust somebody who's still paying his debts for years now it's a neverending story, putting on the table the volatility of BTC it adds another level of risks.. think always about long term and not just now, you never know whan can happen tomorrow, better be safe than sorry.
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cupidios
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December 18, 2017, 12:24:02 PM |
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in my opinion, is too risky to buy bitcoin using money from debt like credit card. because bitcoin movement no one can predict it and not recommended for short-term investment for bitcoin and cryptocurrency.
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genology
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Activity: 168
Merit: 10
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December 18, 2017, 12:29:47 PM |
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I don't prefer doing this because just like stocks, BTC is still risky. A wiser thing to do is to put your EXTRA money to BTC for it to grow. Investments for me is for extra income only. When you invest to BTC using credit card, BTC might fall down and you have 0 profit and a lot.of debt.
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Dapper
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December 18, 2017, 12:32:29 PM |
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Now that is an example of gambling if I ever heard one.
I wouldn't do it, but hey, to each his/her own.
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sent from my X6
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Crypto Bloke
Newbie
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Activity: 32
Merit: 0
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December 18, 2017, 12:32:49 PM |
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Only an idiot would actually do this. But there are many idiots in the world....!  |
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shinjunobi09
Member
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Activity: 126
Merit: 14
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December 18, 2017, 12:35:27 PM |
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Not a wise move for me because what happens if the bitcoin failed to increase during the following day then what will happen to you you'll suffer a great amount of loss due to your loans. I am not saying it is wrong to loan some money to buy bitcoin but not to the point that you will maximize your credit in your credit card because you'll have to consider the worst case scenario.
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