Should I get a loan?

[Renampun]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

I estimate your financial condition is stable, so don't hesitate to take a loan to buy more coins...

taking a loan to buy crypto coins sounds risky but who knows, it could be that in the next few months your assets increase 3x or 5x, you profit, and your debt can be paid. As long as you can manage your finances well, don't worry about taking a loan.

[Rexler]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

IMO you already have enough money invested in the crypto space, why do you still want to invest more? Even though the loan is from your family and interest free, don't you think you are going against this rule of "not investing what you can't afford to lose" putting all your eggs in one basket is very risky you know, what if bitcoin doesn't go up goes south after you invest everything in it, I think you should reconsider before going all in to avoid being unhappy lately on, the market won't always go up so it's not guaranteed that if you wait for 5years you will still get a profit out of your investment.

[Lanatsa]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

Don't do it man. You already have 160k USD invested in crypto currencies. If you take out a loan to increase your risk exponentially. Does your family need the money any time soon? Imagine prices are going down even further. It would be very sad if your family needs the money back and you are forced to sell at a loss. Personally I would only take money from my family if I really need it. And I would be very happy if I already own 160k USD in cryptos. You must have made a lot of money. Congrats.

Majority of people on this forum would really be seeing these numbers to be huge but there are people who do treat up that these are just small money and now the had been asking out if he should took some loan where it isn't really that necessary at all.

If I do have that amount of money then its not needed since you can always diversify those into smaller parts or simply those money you had generated on alts
would be converted to Bitcoin.

No need to take loan because you are just simply trying to look for some problem on repaying something if you do have money or doesn't really need it.

[lalabotax]

To be honest, one of the most ignored things to do in crypto is loaning money to invest in crypto. We don't know the future of crypto and we don't know how long it will rise up. Once you lose your money, you may not be able to pay your loans and their interests, and you will be stressed because of losing much money and must pay for the loans. There were so many experiences and lessons here by the people loaning money for crypto and being stressed in their life

[livingfree]

Using loans/credit to buy crypto is never a good idea.

Yes.

It's never been a good idea to use loans to buy crypto. You'll like holding a double edge sword on your hands. That's why you shouldn't decide to take loans just for crypto or anything that makes you think that it's a good idea.

Be clear that if you're investing to cryptocurrencies, you're using money that didn't came from borrowing.

[BitTraderCute]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

it was huge amount dude, using loan to add your bag in bitcoin or altcoin doesnt make it better. you have to anticipate worst scenario that might happen suddenly in market. be wise with your investment and dont be greedy or market will take everything you have. alot of example for traders that use loan , they lost money, family and even crazy.

[perfect999]

Crypto is always a risky trade and there are many coins where only a handful of people control the market trend. Rather than taking a loan, learn trading, Do your own research and invest early in potentially good projects.

I guess there are 2 things we need to consider here; if OP is about to loan for the purpose of investing then I guess they may go for it and at the same time if the loan will be for the sole purpose of trading in cryptos, then I as well will suggest not to go for it for the same reasons like you have mentioned.

The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.

If I were you, definitely I will not call that a loan because in more sense, it is kind of help we are getting from our family members (and from colleagues/friends) and definitely we are going to pay them back then why we should call it loan?

[LUCKMCFLY]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

You have a large amount of money dude. Actually, that amount of money here in my country is equivalent of millions here where
I can able to have a brand new house and lot, vehicles and business own for sure. But I wonder why Loan? isn't much better to lend your
family with your own family instead what you are planning? You don't need others opinion, you have the money and capable to do it.

Although the advice is very good, I think about what he is looking for, obviously he wants to play it all or nothing, if he wins I think his life and his whole family have already settled, although his instinct tells him that he must make the loan he has to, but The only thing is that I do not recommend that you put everything in alts, that you diversify your money with another ratio, I would say 80% for BTC and the other 20% for alts, that way I think you could go much safer.

BTC can give many surprises, among them it can go down even more and stay there for a long time, so I recommend that you have your money well managed in case you have to wait longer waiting for the good bullish movement of BTC that surely, if you have it Everything under control and you need the loan, do it, everything in life is a risk, sometimes to win you have to bet.

[South Park]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

First of all this is a public forum you should never disclose so clearly how much money you have invested as that is a fortune for some people and they will do everything to try to separate you from it, second it is also a mistake to get a loan to buy bitcoin especially from your family, even if you are willing to wait for five years to breakeven do you think that your family is going to be able to wait for that long? Most likely the answer is no and this will create problems down the road.

I dont see any problem with this because no one can know on whose the person behind the account telling off that he hold up much money.
As long you dont give out some important details and you are much aware on how to be safe then i dont see any problems with that.
Its just way too big for someone to have such amount and still considering on taking a loan despite of the money he had currently have?
Better convert those alt profits in Bitcoin if he do intent to store up Bitcoin for long term.

This is not my problem with this, just as we do not know the identity behind the account that person cannot know the people behind all of the accounts that are probably PMing and offering him advice, we must remember that people get scammed way more often than getting hacked which means that a few convincing words can be all what is necessary to convince a person to give up their coins, and once a person does that then there is almost no way to get those coins back.

[barbara44]

For anyone that wants to take out a loan, loans are there to make you financially better and not worse, people should realize that. So when you question if you should get a loan or not, really think what you are going to use it for, is it something that will make your life better financially, now or in the future, or is it something that is risky? I can also get a loan and wager that all at once, which means I could also win, but I could also lose as well so who knows? Should I do that?

It is basically a thing that is provably good for your finances, buying a house, getting a car, buying out your debt from a bad interest to move it to something better, or shorter debt to longer debt to drop the monthly, basically it needs to make it better for you or you are not going to live a good life for a very long time, hence why you should try to not take a loan unless you are 100% sure.

[NewRanger]

To be honest, one of the most ignored things to do in crypto is loaning money to invest in crypto. We don't know the future of crypto and we don't know how long it will rise up. Once you lose your money, you may not be able to pay your loans and their interests, and you will be stressed because of losing much money and must pay for the loans. There were so many experiences and lessons here by the people loaning money for crypto and being stressed in their life

many example for traders  that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

[Quidat]

To be honest, one of the most ignored things to do in crypto is loaning money to invest in crypto. We don't know the future of crypto and we don't know how long it will rise up. Once you lose your money, you may not be able to pay your loans and their interests, and you will be stressed because of losing much money and must pay for the loans. There were so many experiences and lessons here by the people loaning money for crypto and being stressed in their life

many example for traders  that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

You would really be having a big problem if you don't know on how to handle up yourself when taking up a loan and you should know on how to repay once you do consider on taking one and it isn't bad if its intended for investment but be sure that you can really repay it because once you do miss out on repaying it then this is where the problem do begins and since op does still have money to spent then I don't see a reason on why he would be needing to take some loan as we can see that he had lots of money to spent on and Its not a good idea on doing so if he wont really like for possible problems then better skip that idea for now.

[zanezane]

many example for traders  that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

[conected]

many example for traders  that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

- Winning in crypto is a story without a deadline, which has also become a weakness for loans, unlike loans that invest in gold and real estate, their value has an upward speed and it is difficult to fall into a downtrend, crypto is more of a rebellious nature and because of this rebellious character, crypto has very strong and damaging liquidations, sometimes loans are added to what we have lost and losses are doubled. Going into crypto loans is not a fun idea, keep our money well before touching this big idea

[newdevices]

many example for traders  that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

Taking loans to invest or trade is really risky. It is either give you profit or give you headache. Loans are easy to get but hard to repay if you don’t have a specific source of repayment. You don't hold the market so you are also not sure if you will make or lose. All I want to say is avoid loans as you can and just invest the amount that you can afford to lose.

I even agree if you take a load during the current situation, because the price of altcoins is very cheap,
of course this will be the last bottom for altcoins, because the altcoin seson hasn't arrived yet, so if you take a loan now then you will not lose,
yes of course before buy altcoins make sure you match the analysis you make, and make sure your strategy must be implemented

[jostorres]

Taking loans to invest or trade is really risky. It is either give you profit or give you headache. Loans are easy to get but hard to repay if you don’t have a specific source of repayment.

I am also having very similar view like you but after realizing their potential of bitcoin and seeing its past performances, I strongly believe availing loan for the purpose of investing into bitcoin may not be a wrong decision. Because, bitcoin will definitely get you profits over the time if you are ready to hold it for years. When there will be something assured like 99% guaranteed returns then I believe you there will be nothing wrong to going for loan for investing with that.

the price of altcoins is very cheap, of course this will be the last bottom for altcoins, because the altcoin seson hasn't arrived yet, so if you take a loan now then you will not lose

There cannot be any sustaining analysis for this because altcoins can move at any direction at any time because they are purely depending on how bitcoin market is trading. Moreover, if you are going to invest in altcoins then definitely it is recommended NOT to go for loans for the purpose of investing in altcoins because any investment other than bitcoin will be highly dangerous and might get you losses at most of the times.

[RealMalatesta]

For anyone that wants to take out a loan, loans are there to make you financially better and not worse, people should realize that. So when you question if you should get a loan or not, really think what you are going to use it for, is it something that will make your life better financially, now or in the future, or is it something that is risky? I can also get a loan and wager that all at once, which means I could also win, but I could also lose as well so who knows? Should I do that?

Taking loans for gambling and trading are two very different things. Wagering your coins is simply gambling while holding your coins as OP said he can even wait for 5 years is actually investing and since the loan he mentioned is interest-free, there is absolutely no way I see the value of bitcoins not increasing in the next 5 years, I mean surely the value will be at least double and if even not double, I don't see it dropping.

In simple words, if I was getting an interest-free loan for 5 years, I might buy bitcoins and lock them for a year or at least until the value is doubled.

Taking loans can be bad if you have to pay some interest because then you are under a hammer where you either earn worth as much as the loan interest monthly or you are going to pay from the loan amount itself which hurts and gets worse.

[Fredomago]

I even agree if you take a load during the current situation, because the price of altcoins is very cheap,
of course this will be the last bottom for altcoins, because the altcoin seson hasn't arrived yet, so if you take a loan now then you will not lose,
yes of course before buy altcoins make sure you match the analysis you make, and make sure your strategy must be implemented

If you have the guts and the nerve to take those loans believing that the market will rise back and gives you decent profits. It's a case to case basis, knowing that risk is really high.

There are people who are good in understanding the situation and they are confident to take loans, they know how to play with the situation.

They can take a good amount of profits after paying the loan once the market start to pump up.

Make sure that you have that knowledge in anticipating the time frame, paying loans from your investment earnings makes you more successful from this field.

[dimonstration]

many example for traders  that use loan money finally cracked and confuse how to pay its loan. they were being stress and even their family leave them due this big mistakes. first thing we need to prepare in market only psychology and emotion , when this factors under attack due price volatility and unfortunately we use loan for trading so everything will destroyed and maybe sell it bottom will done. so many lesson we can took from this market.

I have seen one of these stories, an acquaintance of mine did a loan which he couldn't pay at the right time which ended up costing him more because of interest and ended up with no profit because he won big in trade but all went to paying the loan, so if I were OP, I would think twice getting a loan.

Taking loans to invest or trade is really risky. It is either give you profit or give you headache. Loans are easy to get but hard to repay if you don’t have a specific source of repayment. You don't hold the market so you are also not sure if you will make or lose. All I want to say is avoid loans as you can and just invest the amount that you can afford to lose.

Invest only if we have extra, loans will make us too pressured to trade. The market is in bear but it does not mean it's the right time to buy thru loans. Invest only what is left in US and don't expect that when you loan the market will suddenly going at bull. Do extra job and invest it than risking in loans that may cost too much interest.

[ahoenk]

Currently I have $109,750 in Bitcoin and $60k in alts.
 
I'm thinking of getting a loan to buy more alts now and more as Bitcoin goes down. The loan would be from my family and interest free. If the value of my cryptos drop I'm willing and able to wait up to five years to break even.
 
However, I could use some opinions first. What do you guys think I should do?

Rules numbet 1 is " never taking any loan for your investment ".
Is your portofolio on profit ? How many percent ? If yes then just let it be like that and wacth your money growing.

If you are in profit its mean you are in good position and dont make it bad by taking loan, even if its comes from your family and interest rate free ( Money does not have family ). You only can destroy your family relationship if somethings goes wrong.