zanezane
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February 27, 2021, 01:01:32 PM |
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Debt is the worst thing you can do to make yourself financially stable, consider debt as your last resort for anything, debt comes with many things beside the money that comes with it, the favor that you need to do because you are indebted is one of them. Borrowing money to grow it is the most crazy thing because instead of getting the full benefits, there are people that you need to pay some part of what you reaped because you need to payback what you owe and sometimes with interest. Debt only works if you have a company and your company is doing well to make the borrowed money make more money so that when you pay it back, you won't have any problem financially.
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ice098
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February 27, 2021, 08:20:18 PM Merited by vapourminer (1) |
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I also do not encourage this idea, I hate the idea of borrowing in general, so I will never think of taking bitcoin in the form of debt, do not forget that you must return the debt that you took in addition to the interest owed on this amount, so it does not seem like a good idea to me I prefer to buy Direct and investment rather than borrowing.
I agree i am against in any debt especially with bitcoin I rather missed out any opportunity to buy it rather than taking a debt or borrowing just to buy and go with the flow. Remember a debt is a debt it will continue to grow because of the interests, I would do another job for me to create money and not to rely with anyone, having a debt for me is a big burden, yes bitcoin may pump and bitcoin may dump in an. instant as well, there's no assurance so do not take debt. |
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Oilacris
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February 27, 2021, 08:59:21 PM |
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I also do not encourage this idea, I hate the idea of borrowing in general, so I will never think of taking bitcoin in the form of debt, do not forget that you must return the debt that you took in addition to the interest owed on this amount, so it does not seem like a good idea to me I prefer to buy Direct and investment rather than borrowing.
I agree i am against in any debt especially with bitcoin I rather missed out any opportunity to buy it rather than taking a debt or borrowing just to buy and go with the flow. Remember a debt is a debt it will continue to grow because of the interests, I would do another job for me to create money and not to rely with anyone, having a debt for me is a big burden, yes bitcoin may pump and bitcoin may dump in an. instant as well, there's no assurance so do not take debt. Correct! I would rather prefer that one rather than on getting stressed just because you do have something to repay in due time.Its better to be debt-free than to have that kind of problem. You wont even know if those loaned money or borrowed amount will really be gaining up knowing that investment in bitcoin doesnt really guarantee profit anytime. If you do have other source of fund to patch up to pay your loans then its up to you but depending on the profit to repay then better not to proceed at all. |
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ReiMomo
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February 27, 2021, 09:21:37 PM |
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I guess that is not a good practice, borrowing money and your collateral is your bitcoin, right?
Instead of having profit while you are holding your bitcoin, it will be lost because to pay the interest of your debt or you missed the bull trend that supposed to be you are cutting your profit at that time. Just to avoid having debt, this will not help, I guess it may consider with the small amount but the comment above was right, the debt will still remain debt and you need to pay this with full interest.
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Johnyz
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February 27, 2021, 10:27:13 PM |
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Borrowing just to increase your Bitcoin holdings is fine, just make sure that you have enough money to pay for that debt or else you’ll ended up selling your Bitcoin just to pay for it. I also don’t like to borrow money and I just buy bitcoin with my extra money so I don’t need to force myself rushing into this market, its better for me to always play slow that to rush myself from owning Bitcoins.
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Saisher
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February 27, 2021, 10:51:08 PM |
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I've been hearing the idea that selling your Bitcoin to take (some) profits is stupid. That it would be better to borrow against it and let it keep growing. I heard this from Saylor a Max Keiser. If you really believe that Bitcoin is going to keep growing, that it's going to reach $1M or more, why are you going to sell it at $50k?
The idea would be to borrow using the Bitcoin as collateral, and refinance as the price continues to rise. That way you don't sell your Bitcoin and you don't pay taxes, income tax or capital gains.It should be done with a low debt ratio, which will allow you to weather a bear market storm for a couple of years.
I do not see it clearly, I understand that in general the best you can do is to avoid debt and increase your net worth, and you can only sell partially when the price reaches certain milestones. For example, you sell 25% when the price reaches $100k, another 25% when it reaches $250k, and so on.
That's a good idea I hope one company will take that idea or an institution that is government funded or regulated will take that idea, so we can avoid selling our Bitcoin when we badly need fiat, many investors are doing and it's recommended to avoid crash on the market, selling a portion like 5 to 10% will not hurt the market and your profit in the future. |
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GeorgeJohn
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February 27, 2021, 11:24:36 PM |
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Borrowing is not really bad because at a point borrowing really solve some certain issues now, borrowing above your income can be seen as a wrong altitudes from my views but I don't really know for others because here in community their is a particular board for lending which involves cryptocurrency especially bitcoin, so basically you borrow and be paying gradually with a Bitcoin, but that should not be above you monthly or weekly Bitcoin achieved.
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Lorence.xD
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February 28, 2021, 12:52:02 AM |
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Borrowing is not really bad because at a point borrowing really solve some certain issues now, borrowing above your income can be seen as a wrong altitudes from my views but I don't really know for others because here in community their is a particular board for lending which involves cryptocurrency especially bitcoin, so basically you borrow and be paying gradually with a Bitcoin, but that should not be above you monthly or weekly Bitcoin achieved.
Really? You can say that to the people that are drowning in debt and can't pay. Borrowing anything means that you will do anything to pay it back and there are a lot of things someone can do because they want to pay back what they borrowed. I do agree that you have a certain point where you are allowed to borrow but don't you think that it will be practiced in real scenario, most people who are in debt typically spiral out of control and borrow more money than they can pay back. |
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xSkylarx
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February 28, 2021, 01:35:37 AM |
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I would definitely not do it just to buy bitcoin. Its price is very volatile like the market can't go well after you bought it then you can be in dept in just a few months. What will you do to pay the money you borrowed if that happens, the bitcoin's value you bought won't be enough to pay it. I would prefer to buy an amount that only I can afford even if it's just a small amount. Some of us are just really hyped now and FOMOing to buy bitcoin because of its rapid increase, but this bullish season won't last forever.
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GeorgeJohn
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February 28, 2021, 09:12:12 AM |
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Borrowing is not really bad because at a point borrowing really solve some certain issues now, borrowing above your income can be seen as a wrong altitudes from my views but I don't really know for others because here in community their is a particular board for lending which involves cryptocurrency especially bitcoin, so basically you borrow and be paying gradually with a Bitcoin, but that should not be above you monthly or weekly Bitcoin achieved.
Really? You can say that to the people that are drowning in debt and can't pay. Borrowing anything means that you will do anything to pay it back and there are a lot of things someone can do because they want to pay back what they borrowed. I do agree that you have a certain point where you are allowed to borrow but don't you think that it will be practiced in real scenario, most people who are in debt typically spiral out of control and borrow more money than they can pay back. The thing I understand through borrowing is that, it really help for quick solving problems, and a process whereby we are I needs of finance and the money is not available the problem will remain, is Better to borrow and solve issues than to allow problem to lead us to early grave. |
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Peanutswar
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February 28, 2021, 09:22:12 AM |
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Still depend on your self if you would like to risk at all some of the members would like to ask for bitcoin just for a different reason also this is the reason why we have the collateral to make sure that the borrower will give it back also some of those people who didn't pay will now tag as a defaulted loan. Also, it's all about risk-taking a loan but still, if you don't really need to borrow money just for nothing there is no reason to ask for a loan. On our local we have an amount in PHP even its not a bitcoin still the borrower doesn't need to lose anything because of the volatility.
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alexforneus
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February 28, 2021, 09:41:43 AM |
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It almost impossible to earn on crypto loans
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MCobian
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February 28, 2021, 11:22:57 AM |
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I think that debt is the source of all financial problems, so I avoid debt. If we need money and are looking for a way to make our Bitcoin become
collateral that's a stupid idea. Why make something volatile become collateral, that's a very big risk. Then if we already know Bitcoin can provide
profit in the long term, why let Bitcoin be used as collateral and make other people control our Bitcoin. I think we can live without needing to
borrow money, most of the people borrow money because of prestige and speculation.
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TheGreatPython
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February 28, 2021, 11:26:48 AM |
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Giving bitcoin as collateral to get the fiat money doesn't look like a great idea, you are expecting it to grow meanwhile you are paying your interest but what if the price of BTC gets crashed? Lender will ask for more BTC for sure or they will never accept it as valid collateral to get finance. First of all understand that if you are going to pay interest rates then it will be too hard to see any returns so saving money is the only smart choice whether it is fiat or bitcoin.
Yes, that's the only problem although I overall like the idea because the price has to go up technically speaking since the demand is growing beyond expectation and although there are swings up and down but overall the price is only rising. I like the idea but only so much that I won't implement myself but I don't mind others trying. I would rather sell some part of bitcoins I hold and pay off my loans, then just focus on earning while locking my bitcoins in a safe wallet and don't considering selling or even trading them for years. |
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DoublerHunter
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February 28, 2021, 12:06:37 PM |
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I think that debt is the source of all financial problems, so I avoid debt. If we need money and are looking for a way to make our Bitcoin become
collateral that's a stupid idea. Why make something volatile become collateral, that's a very big risk. Then if we already know Bitcoin can provide
profit in the long term, why let Bitcoin be used as collateral and make other people control our Bitcoin. I think we can live without needing to
borrow money, most of the people borrow money because of prestige and speculation.
^ Definitely right, your idea is good and convincible and probably that is the reason I will seek a loan when I most needed it but if not, I will not take a loan and have debt as long as I can find ways to provide my financial problem. BTC is a very volatile thing, you don't know when it comes to repayment day BTC will drop the value and you cant able recover the interest that you have borrowed, which is very risky to your side. As long as you can avoid a debt find a better solution and BTC is not good for collateral unless if that is a real state or even a car or your house loan much better. |
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AniviaBtc
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February 28, 2021, 12:29:18 PM |
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This is like gambling where you are making yourself in a bad position or place, because when you take a debt and invest it in bitcoin, it is like you are putting yourself into a circus.
It is much better to work first then save then invest so that you are secured and you are confident to use your money in a bitcoin investment.
I don't guarantee you to use borrowed money because it will just haunt you when you lose it.
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Cling18
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February 28, 2021, 12:33:04 PM |
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This idea will surely bring regrets in the future. Getting fiat and having Bitcoin as collateral will never be a good idea because we all know the capability of Bitcoin to strike higher in the future. As for me, Bitcoin is best for investment. If you still have other collateral to offer then choose it over Bitcoin. Be wise so you'll gain a better profit than having regrets when Bitcoin reaches the best price.
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virasisog
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February 28, 2021, 01:52:11 PM |
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Stick to the idea of "invest what you can afford." Although BTC is promising, you'll be taking a big risk if you will borrow money to invest on it, or even spend all your savings to expect a huge income after a few years. I don't like the idea of borrowing money if it's not an emergency. Earn, save and invest what you can, don't be greedy and don't put your self in a big risk just to take chance to earn big.
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Strongkored
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February 28, 2021, 02:16:56 PM |
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If debt is made to build a business then it doesn't matter as long as debt is not for consumption purposes.
But the idea of making BTC as collateral to get a loan is not a good idea, it would be better to sell the BTC we have to finance our needs, especially if it's to start a business, BTC itself is an asset, so why add debt if we still have assets that can be utilized.
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el kaka22
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February 28, 2021, 04:48:59 PM |
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I do not like borrowing debt with collateral like that, sure collateral could be a "thing" but it should not be money. In my country for example, if you show 1000 dollars as your money, you could get 2000 dollars in debt, but I do not see that as making sense and in crypto that is not that way neither because you may not get 2x of what you put in as collateral. But, showing your house? Your car? Your things could be a collateral and that would be fine by me.
Assets and money are different and I think crypto is money and not asset, there is a reason why it is called "crypto currency" and crypto should be approached like that.
I believe we should probably do the reverse, get regular fiat loan from regular banks and use that for crypto instead, that would be being in debt as well but it would also be something that would help us a lot as well if crypto goes up like it does all the time.
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