Jet Cash
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February 28, 2021, 05:07:18 PM |
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Well Bitcoin has become a hard asset, so I can't see any problems with using it as a security. The real question is - should you be borrowing money? Borrowing to service living costs or luxuries is a bad idea. Borrowing to purchase an income producing asset may be a good idea if you are sure that the project is viable.
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Once a transaction has 6 confirmations, it is extremely unlikely that an attacker without at least 50% of the network's computation power would be able to reverse it.
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Mauser
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March 01, 2021, 07:57:24 AM |
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I feel similar about debt, it's a bad idea. Whenever we can avoid debt we should do so. Sure there might be same opportunities where is actually good to go into debt if you can save taxes like it. In such cases however I would recommend to have the borrowed money available to repay the loans at any time. Borrowing money that you need buy might lose is a very risky business and I wouldn't do it. In the end it all depends if you can live with high risks or not. Being unable to sleep because of it would be devastating.
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SaShiRaJaVu
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March 01, 2021, 08:24:12 AM |
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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. Who is going to lend you fiat while taking bitcoin as a collateral, if you think that it is the best option then you can create your own business but tell me how you are going to profit in the long term and how you will sustain the business with a high volatile asset like bitcoin. Suppose you keep gold as collateral you get around 67% to 70% of the valuation depending on the financial institute, how much percentage do you think you can risk with bitcoin. 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. If you are looking for profits and you hate debt and if you have the assets in bitcoin and you are in emergency why take a loan when you can sell the coins. Suppose you kept the bitcoin you were holding as loan and what happens the market rallies during the period and you were not able to return the loan in time, what do you think will be your benefit as anyone willing to give out loan keeping bitcoin as collateral will not be a fool as they know the market will go in either directions, do you think you can benefit from the rally or you will be forced to share the benefit with the institute as well.
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Karartma1
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March 01, 2021, 08:59:18 AM |
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Well Bitcoin has become a hard asset, so I can't see any problems with using it as a security. The real question is - should you be borrowing money? Borrowing to service living costs or luxuries is a bad idea. Borrowing to purchase an income producing asset may be a good idea if you are sure that the project is viable.
I'd never borrow money for stupid things but the moment I'd need some fresh cash I'd like to use my bitcoin as a collateral. What scares the shit out of me is that bitcoin's volatility could definitely kill the LTV loan ratio anytime as we all know the wild price swings bitcoin is able to do. Today, that's what prevents me to leverage my bitcoin to borrow some money.
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michellee
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March 01, 2021, 01:34:47 PM |
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You can borrow money to buy bitcoin and not selling your bitcoin because you believe that the price will reach more than $100k. But you must remember that the price will not increase, but the price will fluctuating before the price can really hit $100k or more. So I think you should think twice before deciding because before the price can increase more than $100k, you need to pay the debt every month.
It is better to use some part of your bitcoin to sell at a high price and buy it back again at a low price. Using that method, you can have a chance to have more money as a profit, and you can also have an opportunity to have more bitcoin as your investment.
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Yatsan
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March 01, 2021, 08:58:36 PM |
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As much as possible if you really wanted something that you still cannot afford to have as of the moment, you better not to include the idea of borrowing money no matter what the reason is for the fact that you still have lots of time until you can afford having such thing. The point is that if you have been familiar into the concept of always borrowing money is that you will not progress that easy because you are being dependent into someone or something that can let you borrow money just to afford what you wanted to have. In terms of Bitcoin, we all do know how unstable or volatile price of Bitcoin is so why do make it an idea borrowing money and using it as a collateral when you are still not sure of how the price will be keep going? As much as possible avoid getting into debt and do only limit yourself into things you can afford.
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AmoreJaz
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As much as possible if you really wanted something that you still cannot afford to have as of the moment, you better not to include the idea of borrowing money no matter what the reason is for the fact that you still have lots of time until you can afford having such thing. The point is that if you have been familiar into the concept of always borrowing money is that you will not progress that easy because you are being dependent into someone or something that can let you borrow money just to afford what you wanted to have. In terms of Bitcoin, we all do know how unstable or volatile price of Bitcoin is so why do make it an idea borrowing money and using it as a collateral when you are still not sure of how the price will be keep going? As much as possible avoid getting into debt and do only limit yourself into things you can afford.
by any means, it is not advisable to borrow money just to invest in bitcoin. though the value of btc in the market is very promising, however, that should not be the reason to borrow from someone and hoping that it will increase afterwards. and also, you dont know what will be the value of your btc when you need to cash out and pay for your loan. wont advise this move especially for those who are just starting to know the crypto market. if you want your mind to be at peace, dont borrow money for a very volatile and risky investment.
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CarnagexD
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March 01, 2021, 10:44:44 PM |
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Debt is truly bad indeed, personally I am in debt right now and I can't emphasize how awful it is to wake up everyday knowing that anytime soon your bank could call you asking for the money. Which also became my driving force to invest in bitcoin. Now regarding your question, you have to understand that people have their needs too, and for sure bitcoin is bound to reach perhaps even $1 million, but that's going to take a very long time, and everyone's gotta eat today, not next decade. And of course, we wouldn't advise borrowing money to invest in bitcoin, as hopeful we are with bitcoin's mooning, we are also aware that all of it can be gone in a snap of a finger. As much as possible if you really wanted something that you still cannot afford to have as of the moment, you better not to include the idea of borrowing money no matter what the reason is for the fact that you still have lots of time until you can afford having such thing. The point is that if you have been familiar into the concept of always borrowing money is that you will not progress that easy because you are being dependent into someone or something that can let you borrow money just to afford what you wanted to have. In terms of Bitcoin, we all do know how unstable or volatile price of Bitcoin is so why do make it an idea borrowing money and using it as a collateral when you are still not sure of how the price will be keep going? As much as possible avoid getting into debt and do only limit yourself into things you can afford.
My personal motto, "if you can't buy four of those, then you can't afford it", which of course does not apply to investing, a simple mantra to help me control my spending, and to keep me from borrowing money.
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Twentyonepaylots
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March 01, 2021, 11:37:57 PM |
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taking a loan to jumpstart your cryptocurrency journey is something that I am actively against and is advising to avoid, We may be very hopeful about bitcoin reaching the moon or solar system but we are also fully aware that there is that chance where we could lose everything in a snap, and we don't want that to happen to you, so only invest what money you can afford.
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Karartma1
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March 02, 2021, 10:25:53 AM |
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As much as possible if you really wanted something that you still cannot afford to have as of the moment, you better not to include the idea of borrowing money no matter what the reason is for the fact that you still have lots of time until you can afford having such thing. The point is that if you have been familiar into the concept of always borrowing money is that you will not progress that easy because you are being dependent into someone or something that can let you borrow money just to afford what you wanted to have. In terms of Bitcoin, we all do know how unstable or volatile price of Bitcoin is so why do make it an idea borrowing money and using it as a collateral when you are still not sure of how the price will be keep going? As much as possible avoid getting into debt and do only limit yourself into things you can afford.
The amount of money that you do not currently have is also important in terms of how you choose whether or not you should get into the borrowing land. To me avoiding debt is very important to keep some financial health. When I was young and not having any money I wanted to buy stuff, like everyone else I guess. It was always a great despair not being able to buy things like my friends. With time and study, I built my financial foundations which now gives me peace of mind.
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newwest
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★777Coin.com★ Fun BTC Casino!
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March 02, 2021, 11:38:44 AM |
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taking a loan to jumpstart your cryptocurrency journey is something that I am actively against and is advising to avoid, We may be very hopeful about bitcoin reaching the moon or solar system but we are also fully aware that there is that chance where we could lose everything in a snap, and we don't want that to happen to you, so only invest what money you can afford.
Agree to the point, indeed its highly risky against the bitcoin due to its volatility and you never know just like the prices from 57k fallen till 46 and what if it continues to fall. So, the one who has taken the loan will just be unable to repay it. It’s always better to earn first and then only start with the capital you have it so that you do not have any lenders as such else that is different stress.
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Taskford
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March 02, 2021, 01:01:01 PM |
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taking a loan to jumpstart your cryptocurrency journey is something that I am actively against and is advising to avoid, We may be very hopeful about bitcoin reaching the moon or solar system but we are also fully aware that there is that chance where we could lose everything in a snap, and we don't want that to happen to you, so only invest what money you can afford.
Agree to the point, indeed its highly risky against the bitcoin due to its volatility and you never know just like the prices from 57k fallen till 46 and what if it continues to fall. So, the one who has taken the loan will just be unable to repay it. It’s always better to earn first and then only start with the capital you have it so that you do not have any lenders as such else that is different stress. The one who do that will have triple worries since he need to come up with the interest + lose from possible volatility as well might lose everything he loan since he didn't know what is the exact thing to do since I'm sure that he do that(taking loans) because some has been hyped up that they can possibly earn thousands of dollars for investing or trading with bitcoins and crypto.
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Coinsfera
Copper Member
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Buy Bitcoin in Dubai | Buy Bitcoin in Istanbul
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March 02, 2021, 01:53:36 PM |
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I do not like debt. I think a lot of the financial problems the world is dragging down come in large part from debt. The over-indebtedness of people, of states, of companies. Money is created as debt. At first it was mortgages and personal loans, then credit cards, but today you can finance practically everything. 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. I don't like the idea they propose either, because if it were to become generalized, bitcoin would be encouraging the very thing it proposes to flee from: bitcoin is an alternative to money as debt and encouraging massive indebtedness by taking bitcoin as collateral seems paradoxical, to say the least. I'd like to know what you think about it.
It is risky to use debt as an investment for Bitcoin. Firstly, what will you tell the bank about how you will use this money. Popular bitcoin influencer Peter McCormack used debt to buy Bitcoin and after a while, he posted that his bank does not want to work with him anymore. He said that he will use it for a new car but he invested that money in Bitcoin to buy a better car, I guess. Secondly, you cannot predict the cryptocurrency market since it is too volatile and your money can drop significantly. Finally, if you decided so then you should borrow as much as you can afford to lose. It is not financial advice and no one should risk the money they cannot pay back.
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coinsfera.com
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Spaffin
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March 02, 2021, 05:50:47 PM |
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I completely agree with all users who spoke negatively about a loan for investing in Bitcoin, but at the same time, if we are talking about an experienced investor who has sufficient knowledge, it may well be profitable to invest the money received from the loan. Almost the end of 2020, as well as the beginning of 2021, provided quite extensive opportunities for profitable investments, including even such cryptocurrencies that showed lightning-fast, but short-term jumps in price, such as AME, DOT, Dogecoin....
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Rehan Zakir
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March 02, 2021, 06:39:07 PM |
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I don't want to suggest anyone to borrow Bitcoin for trading. Bitcoin is a very volatile currency. And if you borrow 1 Bitcoin at 10000$ rate and used this amount. And Now price of Bitcoin is 50000$. It means that now you have to pay 5 times more then your borrow amount. So, it is very dangerous.
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Fatunad
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March 02, 2021, 06:51:16 PM |
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I completely agree with all users who spoke negatively about a loan for investing in Bitcoin, but at the same time, if we are talking about an experienced investor who has sufficient knowledge, it may well be profitable to invest the money received from the loan. Almost the end of 2020, as well as the beginning of 2021, provided quite extensive opportunities for profitable investments, including even such cryptocurrencies that showed lightning-fast, but short-term jumps in price, such as AME, DOT, Dogecoin....
Possible but this cant really be attained by everybody which do simply means that experience is a must and taking a loan from an experienced person might really give out different outcome compared to those who did just took up some loan without any idea on when to enter the market.Also, it is somewhat need some sort of luck when you do deal into this market due to unpredictability then no matter what analysis you would make through.If you do saw some opportunity that you cant let it pass then its a matter of risk if you do decide to do it but be sure that you do know on what are the next things that you do need to settle.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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Argoo
Full Member
Online
Activity: 2268
Merit: 225
#SWGT PRE-SALE IS LIVE
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March 03, 2021, 02:21:11 PM |
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If we are not completely sure about the price growth of bitcoin for the duration of the loan, then obtaining such a loan for investing in bitcoin looks like a gamble. Since the price growth of bitcoin is almost completely unpredictable, then the use of credit is clearly inappropriate here. Many have already talked about their negative experience of obtaining a loan for subsequent investment in cryptocurrency. However, some learn only from their own mistakes.
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Ucy
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March 03, 2021, 03:36:19 PM |
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I prefer not to borrow atall. I would instead invest only a part of my whole savings into Bitcoin rather than everything, then use the other parts to finance other important things when I need to . Or I will simply just focus on accumulating small bit of Bitcoin regularly.
Borrowing can be addictive. And imagine getting addicted to it but not using the borrowed money well and being profitable.
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Snappycoco
Member
Offline
Activity: 534
Merit: 19
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March 03, 2021, 03:48:56 PM |
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Borrowing doesn't make your situation much comfortable, it makes it worse. I dont prefer borrowing but after I watch Robert Kiyosaki talks about lending it will change everyone's perception about it. https://youtu.be/dN5qHjnd_xk
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uneng
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March 03, 2021, 05:37:45 PM |
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I completely agree with all users who spoke negatively about a loan for investing in Bitcoin, but at the same time, if we are talking about an experienced investor who has sufficient knowledge, it may well be profitable to invest the money received from the loan. Almost the end of 2020, as well as the beginning of 2021, provided quite extensive opportunities for profitable investments, including even such cryptocurrencies that showed lightning-fast, but short-term jumps in price, such as AME, DOT, Dogecoin....
It's totally like gambling. Professional investors can't predict the market and they will be in serious risks of loss if bitcoin suffers a temporary devaluation. Bitcoin is good on long run, but it should never be put as guarantee for something on short-medium run. The traditional holding strategy is still the most efficient in crypto universe and if you want to risk yourself a little more you can also invest your coins to earn passive income, but borrowing against your btcs is insanity.
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