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Author Topic: Loan to buy Bitcoin?  (Read 3408 times)
Ideas of Satosi
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October 26, 2019, 01:13:08 PM
 #161

I wouldn't suggest you to take loans for buying bitcoin. It makes you nervous that you are using loans and this affects your trading psychology. Psychology is everyhing while trading. You need to have solid nerves so that you can hold. Even if you are not considering to make trades, you are becoming a holder, long term investors. In order not for you to sell your bitcoins in panic sell, you should have some ways to prevent this.
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October 26, 2019, 01:35:05 PM
 #162

This is very high risk, and I will not do it. For me, I will buy BTC from my personal salary, even though it is a small amount.  Borrowing Money to buy Bitcoin is not recommended, because buying Bitcoin is not a basic necessity in life. And my advice, use the loan money that you do to meet the needs of your life, do not buy BTC because the risk is very high.

Risk is always everywhere, it will be up to him if he wanted to take risk in loaning some money to buy BTC, or just watching the price goes up as the time is passing by, as per some Billionaires that I have red, one of their strategy is to make a loan and do business. Don't be afraid in loaning some amount which your instinct saying that you should buy it, sometimes after doing research following our instinct is good.
Investment is already risky, loaning some money will make it much risky. Crypto is volatile and it's hard to tell whether it will increase or decrease.
If this is OP really wants, and I think he already planned on how he can pay if ever he loans money, then he can go with his own decision.
Loan to buy BTC is a really dumb idea I consider. How much we consider crypto to be the safest or reliable source of investment still, it is a lot of risky as the market is too volatile. Things here not always work as per one's predictions so, it won't be a smart move to risk your money. I would strongly recommend you invest only what you can afford to lose so that it won't cause you to regret in the future if lose any money...

yes that's very true, it's a very silly thing for us if we take money loans for bitcoin investments because we can't predict 100% of the bitcoin market price of course this is a very fatal risk, I think if I take a better money loan I opening a real business such as opening a shop or restaurant because with this business we can achieve our income at the end of the month.

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October 26, 2019, 01:50:45 PM
 #163

I'd recommend against it. Aside from the volatility of Bitcoin itself, you don't know what life has to offer around the next corner. Taking out a loan for a high-risk investment could pay off in the future but in a state of emergency, you might wish you hadn't done that. It might affect your credit score and you'll be in trouble for a while.
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October 26, 2019, 02:15:04 PM
 #164

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?
This is not quite reasonable, invest what you could afford. You should happy with your current financial situation. Monthly buy 500$ is pretty good amount and you might consider it as a your future savings. Even bitcoin price back into $3K once again you will not face problems. Because now you are buying from your extra savings. Do not expect high return from bitcoin. It would not favour you always and you might be lose. When you will buy bitcoin with lent amount you have to return your lent amount with any cost on any situation. Life is very hard we don't what would happen on coming days. Just imagine you need huge money tomorrow for some treatment, you may get loan from somewhere. But if you default a loan then it would be difficult, incase if bitcoin dumped you can't sell it instantly.


So my suggestion is be happy with whatever you have. Don't be greedy, it would throw you to hell.





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October 26, 2019, 02:53:33 PM
 #165

I think it is wiseable if we not use money from loan and only use money that actually we get. Because with buy little by little, you can see bitcoin price movement from time by time and then make any action from it. So you know when to buy or maybe when to hold. Although if price keep increased maybe you can get less amount of bitcoin. But it is only personal suggestion.

 
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October 26, 2019, 03:11:47 PM
 #166

Risk is always everywhere, it will be up to him if he wanted to take risk in loaning some money to buy BTC, or just watching the price goes up as the time is passing by, as per some Billionaires that I have red, one of their strategy is to make a loan and do business. Don't be afraid in loaning some amount which your instinct saying that you should buy it, sometimes after doing research following our instinct is good.
Billionaires who loaned money to start a business and becoming successful have their vision on how to handle things and hence we see them reaping profits and not by taking loan to invest in a volatile market as it can break you financially and destroy your life, so think before making any of these decisions, the realistic possibility to make money is when you invested when the market went down last week and if you would loaned the amount and invested you would have earned a healthy profit in a couple of days and returned the loan  Tongue Grin. You cannot be successful with instinct alone in a financial market.

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October 26, 2019, 04:28:49 PM
 #167

I have been working on the cryptocurrency market for a long time and constantly meet a warning that the cryptocurrency business is a very big risk and you need to have very great knowledge and experience to risk it with your own funds.  Nevertheless, I also constantly meet complaints, the authors of which are trying to accuse someone of their greed, greed and lack of knowledge, which caused problems.  I think that the same story is with Bitcoin for a loan, because if someone puts his head in a loop for a loan, as a result, the loop will drag around his neck.  This is the law of meanness such.

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October 26, 2019, 04:31:29 PM
 #168

You can loan to buy bitcoin but do not loan all your money for bitcoin. Make it balance so you won’t lose everything in case something happened towards your investment. Do not settle for inconsistency.

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October 17, 2020, 02:45:59 PM
Last edit: October 25, 2020, 01:44:55 AM by JohnMes
 #169

I believe that taking out a loan to invest in bitcoin is a risky business. I would only take out a loan if I could easily repay it later. Also, I would not take a long-term loan in order to have time to transfer, for example, bitcoin to other cryptocurrencies or money. Usually this helps me paydayinusa.com with whom my friend has been working for a long time and now I am. I recommend everyone to diversify their money, that is, not to keep them all in one place, but to distribute them correctly in different assets.
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October 17, 2020, 03:24:25 PM
 #170

Wow! I'm surprised on how far this topic went. After reading every single comment, and appreciate everyone who took time to write something, I decided to just keep buying slowly every month and not taking that loan. I's been said I would do what I thought best, but I confess I was more inclined to take that loan. After reading all the comments I realized that was a bad idea, so I'll just keep buying sats. No hurry.

Thanks guys.

well, this is the best. I also actually believe that the future of bitcoin will be bright and the price will continue to increase, but if you have to buy it from a loan, it's a little scary. however, you never know your financial condition for the next 3 years. So that's right, use the safe funds from your pocket to buy bitcoins.

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October 17, 2020, 06:56:53 PM
 #171

Don't mess with loans. It always ends badly. Either there will be some unforeseen problems that you cannot imagine, or it will turn out that the price of bitcoin will begin to fall - in any case, you should not risk what you have. It is better to move forward little by little and not regret that you bought not so much bitcoins.

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October 17, 2020, 08:12:46 PM
 #172

I'm buying ~500$ in Bitcoin every month with part of my salary. I have a stable job and my company is doing good. I'm wondering if it worth to take 20.000$ to buy 2 BTC now and pay the 500$ as loan installment instead of buying sats every month. I believe in the potential of Bitcoin to reach 50k in a couple years, but it wouldn't be possible to buy near half of BTC at the 500$ rate, so this would be something like an "advance". Hypothetically (but still possible in some probability), if BTC collapses and never recover from 8k, I would still be paying this loan for about 3 years but wouldn't starve or something like that, it would just sux for a while, since I still have another source of income. I know it's not the place to ask I will do whatever I think it's best, but if you were in my position, would you do it?

if I am in your position then I will borrow money to buy 2 BTC, I will repay it even though it is within 3 years, in my opinion there is nothing to be afraid of if you want to buy BTC because the price is quite stable and there is a very high possibility that the BTC price will rise  .  if there is a decline in the price of BTC after I buy it, there is nothing to be afraid of because I have additional income.

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October 17, 2020, 10:01:09 PM
 #173

I once thought like you, loans can benefit from bitcoin for a long time.  because bitcoin is a good investment place.  and my salary is enough for a loan to the bank, but I discussed it with my wife, and we concluded that the loan is not a solution.  I think it's better to invest profit from trading for Bitcoin.  and that's in my opinion.

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October 17, 2020, 10:10:18 PM
 #174

I think it is wiseable if we not use money from loan and only use money that actually we get. Because with buy little by little, you can see bitcoin price movement from time by time and then make any action from it. So you know when to buy or maybe when to hold. Although if price keep increased maybe you can get less amount of bitcoin. But it is only personal suggestion.
Agreed. Bitcoin is not some get-rich-quick scheme that you can throw upon a couple of hundred dollars and expect to profit in the span of a few minutes, if it has been like that I'd tell you a lot of people would've already quitted their jobs and gone full time crypto-trading. So no, the market is much more unforgiving as it seems, don't throw in money that's not yours or you'll regret it later.

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October 17, 2020, 10:21:46 PM
 #175

...
it looks like you are doing a good move by buying Bitcoin little by little...
it is too risky to borrow money to buy Bitcoin, how do you know the future price of Bitcoin, while the interest on your loan continues to increase every month. buying little by little is much better than make a loan  just to buy Bitcoin quickly IMHO.

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October 18, 2020, 05:09:56 AM
 #176

If I am in your position, I will double the 500 $ by trading in the short term. because short term trading is very profitable. Little by little, and the results are used for investment.

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October 18, 2020, 05:41:54 AM
 #177

I once thought like you, loans can benefit from bitcoin for a long time.  because bitcoin is a good investment place.  and my salary is enough for a loan to the bank, but I discussed it with my wife, and we concluded that the loan is not a solution.  I think it's better to invest profit from trading for Bitcoin.  and that's in my opinion.

I agree that loans are not the best way to make a profit, will affect your psychologist who is burdened by market factors, everyone knows bitcoin is unstable so loans are not the best solution to make a profit.

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October 18, 2020, 05:53:26 AM
 #178

Don't mess with loans. It always ends badly. Either there will be some unforeseen problems that you cannot imagine, or it will turn out that the price of bitcoin will begin to fall - in any case, you should not risk what you have. It is better to move forward little by little and not regret that you bought not so much bitcoins.

What do you mean by people who don't understand the crypto market, they will lose.
There is clearly a risk that you will have to face it. If you want to be successful, don't be a coward.
everyone who is successful now dares to take risks. the downsides are obvious, but don't stop there, just keep going.

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October 18, 2020, 05:58:31 AM
 #179

I wouldn't take a loan to buy Bitcoin. It seems to be very risky. You  don't know if the price goes up or down, so you can get a profit or loose some money.

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October 18, 2020, 06:32:12 AM
 #180

If you have a stable job, you will be entitled to that loan on normal interest rates. If you take it against property it'll be lower still. Small businessmen often take loans at exorbitant rates from informal lenders. The rates can be as high as 2-4% per month. In comparison to those people, you are at a good position to risk this. Just one thing differs which is that you intend to just hodl in the hope that it'll double in price. These businessmen put it into ventures that they are sure will give them returns.

If you have a plan and risk-capacity to put that BTC to work and bring you profits, then you can take the loan. If you are only counting on the price increasing then, imo, its not a good idea. While we all want bitcoin to reach new ATHs, that 50K figure you cited is not going to be such a cakewalk.

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