LeGaulois (OP)
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January 06, 2018, 02:32:43 PM |
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With cryptocurrencies trending in popularity, it seems that many investors are purchasing bitcoin on borrowed money — credit cards and loans that bear interest. The consumer group Lendedu released a report on bitcoin investors who use credit to purchase digital currencies Which of the following best describes how you funded your account to purchase Bitcoin? After purchasing Bitcoin on your credit card, have you paid off your credit card balance? Are you comfortable paying interest on your credit card as a result of your Bitcoin purchase?![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fimage.prntscr.com%2Fimage%2FOEBkqIQUQZu0lJLPHdMHRA.png&t=665&c=c-XpyDFXq6aihQ) Are you planning to pay off your credit card balance, accumulated by purchasing Bitcoin, by using the proceeds from the sale of your Bitcoin investment?
Between people who used a credit card to fund and purchase (Question 1) Do you plan on buying additional Bitcoin using your credit card?a. 76.23% of Bitcoin investors answered "Yes." b. 23.77% of Bitcoin investors answered "No." Source 1Source 2
People are so crazy, really...So, 18% used a credit card, 22% of them haven't pay off their credit card balance. 1/3 are worried about the interest expense.... and 23% will continue buying additional Bitcoin using your credit card?... the average annual percentage rate (APR) on a credit card is 15.07 percent
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Hydrogen
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January 06, 2018, 09:35:00 PM |
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Excellent post, OP! ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) This is the first positive news story covering credit card use that I've read in a long time. Usually the only stories I see about credit cards are doom and gloom topics like "consumer credit card debt is at all time record highs, its the end of the world, kiss your butt goodbye~". This shows how great bitcoin is. It can take something negative like credit cards, some of which have high interest rates, and turn it into a positive thing where credit card users profit off of bitcoin's long term value. This could serve as a microcosm of how bitcoin benefits the economy, job markets and has other far reaching and difficult to pinpoint positive implications. Maybe an example of how bitcoin benefits society and civilization and things like that.
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squatz1
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January 07, 2018, 04:47:50 AM |
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This really does highlight the stupdity of people, these are the same people who go ahead and think that Bitcoin is going to 1M and they need to get in now. They probably don't even know anything about Bitcoin in the least though they think this is the path to finally making millions. I guess they'll be surprised when they get fully fucked as Bitcoin is taking a bit of a downturn -- at least from 20k
It's sad that this is the type of lesson that people need in order to not use margin to invest or to GAMBLE (as Crypto is basically gambling)
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fiulpro
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January 07, 2018, 04:58:08 AM |
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Well I do think that it's nothing sort of a bad thing.
Investing in something from borrowing money is something used by investors for centuries and it's in fact good source of income for the people investing in share market and for the businesses that have just established , it's just a sort of investment too for the people who can't afford..
I don't think we can judge on this because, it's the way it is and how it's related to bitcoins shows that bitcoins is getting accepted by people just like any share or something, it's nothing crazy or bad that's just their personal choice therefore is normal.
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TurboRyzen
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January 07, 2018, 05:03:30 AM |
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That's very risky. That's the bad thing about this Bitcoin media exposure that has exploded, people are taking risks that can easily end up hurting them. Imagine buying at 18,000, it goes down to $13,000, freaking out and selling. Now you have to pay the credit card company, get disgusted with cryptos and leave, then 5 years later you take a look and Bitcoin is at $40,000.
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bryant.coleman
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January 07, 2018, 05:08:30 AM |
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I am strongly against making any such investment, but till now Bitcoin has given massive amounts of returns to whomever invested in that asset. So I don't have the right to advice anyone. If they want to take the risk, then let them take it. There is also a possibility that these guys will be having a better understanding about Bitcoin when compared to me.
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yepaiyique2
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January 07, 2018, 05:22:29 AM |
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I think it's very dangerous to borrow money to invest in bitcoins, because there are risks in investing, and there is no denying that investing in bitcoins will bring benefits, benefits and risks. When you assess risk, do you consider other factors that can be troublesome when you have no money to borrow?
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pugman
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January 07, 2018, 05:25:51 AM |
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Holy smokes. People are really stupid and dumb. I personally know a lot of people who are like damn rich now, and they didn't invest a penny in Bitcoin, they have all earned their way through and their hard work has paid them off finally. I believe loans should taken for investment only if you know what the subject is, otherwise that's sheer stupidity and a step taken for greed without knowing the consequences.
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arpon11
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January 07, 2018, 05:30:22 AM |
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This is very serious! I was thinking that money that should have been investing on this should be money one can afford to loss and not risk money from borrowing. Though bitcoin has returned huge amount of profit from it investors one has to really be careful the way they invest into crypto currencies. Many are using bitcoin as a mode of payment but and a lot of people are using it as investment with hope of huge return.
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Stegobit
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January 07, 2018, 05:34:20 AM |
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Although I am strong cryptocurrency believer, borrowing money to buy Bitcoin is too risky. For a short term its fiat value can fall, but you nevertheless have to make payments. In worst case you can become homeless!
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shahani
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January 07, 2018, 06:09:09 AM |
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It is true that there are people borrowed money to invest bitcoin. Mostly people working in some banking institution. They used and borrowed money from their workplace bank and invested to bitcoin that's why some large banks react of the price of bitcoin falling, because they got losed. It is only my own opinion.
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Indrawan77
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January 07, 2018, 06:29:43 AM |
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Some people like to gamble, and if you are sure that you can return back the money you borrow then its okay, as we know crypto currencies got a good potential to earn only by holding it for some time, when people see the opportunity to make profit they will use every source to make it happen, and the bigger you invest the bigger payout you will get, but the person that lend money to invest sure got a good mentality
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Fitrilalala
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January 07, 2018, 06:30:09 AM |
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The investor hope that bitcoin profit that they keep as invest could pay the interest of credit card. It showing how people can get crazy with bitcoin. In the fact they do gambling with their real life. Bitcoin didn't always growth high sometimes its growth really low. Better using your own money to invest in bitcoin than should rise the debt.
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BrewMaster
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January 07, 2018, 06:30:52 AM |
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well, this is nothing new. people have been making investments like this (with the money they do not own) for a very long time. of course some small number of them do this with some calculation of the risks but most of them do it recklessly. and this is not limited to bitcoin at all, they have been doing this in stocks market and in many other markets and investment types.
sometimes it is a good thing to take risks like this for example you borrow money and invest it in your own business and make it grow and pay it back after earning a lot more profit. but sometimes some people do it just because they feel left out and want to take huge risks and it can end badly.
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There is a FOMO brewing...
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Ariel1122
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January 07, 2018, 06:55:20 AM |
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Holy moly that a bad idea borrowed money to invest in bitcoin what if bitcoin become useless after they invest in bitcoin? we know that bitcoin is very votile, but they take the risk they have a great trust in bitcoin i salute you guys.
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eaLiTy
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January 07, 2018, 07:27:20 AM |
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Holy moly that a bad idea borrowed money to invest in bitcoin what if bitcoin become useless after they invest in bitcoin? we know that bitcoin is very votile, but they take the risk they have a great trust in bitcoin i salute you guys.
Bitcoin is not a technology that would become useless all of a sudden but the volatility in price will be there , borrowing money to invest in something is always a bad idea but the price if bitcoin attracted many to make money in a short time and so is the reason we saw that trend.
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alisafidel58
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January 07, 2018, 08:09:11 AM |
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Holy moly that a bad idea borrowed money to invest in bitcoin what if bitcoin become useless after they invest in bitcoin? Ive seen a lot of people borrowing money to buy bitcoin when there was a bull run, but they were to late to join the ride and then the dip came through, they bought at $18k thinking it will continue to rise but to their surprise bitcoin was dipping fast and they lost a lot of money.
we know that bitcoin is very votile, but they take the risk they have a great trust in bitcoin i salute you guys. The risk taker are newbie to crypto currency and doesnt know a thing or two about bitcoin, they only join bitcoin because of the popularity that you can be a millionaire someday in the future just by holding bitcoin.
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Vatimins
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January 07, 2018, 08:24:57 AM |
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Man, i never thought people can be this stupid or greedy. Imagine spending money you do not own and just borrowed which is already something that's enough to make me have sleepless nights, let alone the fact that you haven't payed yet but still plan to invest more and more to bitcoin. That is just wrong people.
But yeah i get it, bitcoin is really tempting. But unless you have spare to invest, don't jump into it. Like rely on bitcoin for your future. That is just plain dumb. I cannot even think about what they will do if certain emergencies come.to their lives and they cannot loan anymore. Oh well, that's their lives, can't do anything about it. Just sad that people are this greedy or dumb.
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January 07, 2018, 08:40:37 AM |
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Or else whomever borrowed to invest in any cryptocurrency is 100% sure that his or her invest will yearn a particular profit then they can do so but if not, this is way too risky to do so. Investing in a cryptocurrency with a borrowed money is so much different from borrowing money to set up a business. At least in a business you many be quite sure your business will yearn some profit but cryptocurrency is a risky investment. This is just pure foolishness.
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jseverson
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January 07, 2018, 09:48:32 AM |
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Excellent post, OP! ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) This is the first positive news story covering credit card use that I've read in a long time. Usually the only stories I see about credit cards are doom and gloom topics like "consumer credit card debt is at all time record highs, its the end of the world, kiss your butt goodbye~". This shows how great bitcoin is. It can take something negative like credit cards, some of which have high interest rates, and turn it into a positive thing where credit card users profit off of bitcoin's long term value. This could serve as a microcosm of how bitcoin benefits the economy, job markets and has other far reaching and difficult to pinpoint positive implications. Maybe an example of how bitcoin benefits society and civilization and things like that. Wait, how could you say it's a good thing? I suppose you could consider it as such because it would seem some people have success with it, and more people entering the market is always a good thing, but I find the practice incredibly irresponsible. You're essentially investing with money you don't have. Fact of the matter is that Bitcoin is speculative, and that 'good' news could just as easily have been bad. Many will tell you that you should only bet what you can afford to lose, and this looks like it just shatters that completely. But uh, different strokes for different folks, I guess. If it works for them, then I can only really wish them luck.
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