CryptoSable
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August 24, 2021, 06:16:31 AM |
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Yes, I agree when you say borrowing is part of the business, we must prepare for the best. But what if we lose, we have to pay the debts and that's a lot to handle since crypto is volatile. So, we have to prepare for the worst as well.
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semobo
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August 24, 2021, 06:51:12 AM |
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From 30K to 50K in just few weeks its a proof that its a highly volatile asset so you are not supposed to take a loan and buy bitcoin since its highly risky. Don't do it since are already reaching the new all time high so there are chances for dump again so you will lose capital as well as the mental strength.
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imstillthebest
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August 24, 2021, 08:00:29 AM |
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sure bitcoin holding can be beneficial but mostly in the long term but there are deadlines whenever we make a loan so that is the only problem that i see . i dont think that somone can guide you with this because theres still no guarantee that what happen to them can also happen to you because we all know that the value of btc is totally unpredictable and doesnt move in a followed pattern .
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CryptopreneurBrainboss
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eXch.cx - Automatic crypto Swap Exchange.
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August 24, 2021, 08:06:26 AM |
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Thus, timing is another criterion to discuss. How can someone know the perfect time to pick such a desperate gamble? We win or lose in trading or holding bitcoin but,
Don't do it, this mentality you currently have will put you in debt that might be unpayable. Although good debt are encouraged especially those you take to invest in your business but when assets that's as volatile as bitcoin is in discussion, you're advice to abstain from such practice as the market can be very unpredictable and you having your borrowed funds in the market when the corrections is happening can lead you to making decisions that'll be regrettable like panic selling. The only time I can recommend borrowing is when you have a guaranteed source of income to payback within the expected time and the market has just presented a buying opportunity. An example is you taking a Loan to pay back when your salary get paid. Such loan though should be within your limit so Incase the market doesn't go as planned, you won't panic and still be able to clear up the debt. Investing in Bitcoin should never be consider gambling so you don't use such mindset to follow the market if not you'll end up regretting engaging yourself with the cryptocurency industry.
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Mauser
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August 24, 2021, 08:40:27 AM Merited by JayJuanGee (1) |
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Bitcoin price is increasing so fast such that some people wish they borrowed and bought bitcoin at 29k some weeks ago
I want to know if it's much risk to borrow and purchase bitcoin like it is to trade bitcoin. However, the market is pumping, and it may seem like a good move if the loan is not for lunch, rent, and family bills which account for our daily needs (That is, my daily needs have been taken care of). Thus, timing is another criterion to discuss. How can someone know the perfect time to pick such a desperate gamble? We win or lose in trading or holding bitcoin but, I presume with the help of experts in this forum who have gone through thick and thins in this market, good guides or rules can be shared for users and newbies in the forum to have a grip on the market and know if borrowing is appropriate. It does sound thoughtless but, borrowing is part of the business. And we must prepare for the best as well.
Thanks, I'm ready to learn.
It depends where you can get the money and on what conditions. Let's say you have the chance to borrow some money from your family without any interest and also with no fixed repayment plan yet. If they don't need the money and can wait a few years for getting repaid, then I think it is a decent strategy to invest in some bitcoins. In the end it is like you invest the money for your parents. But if you get the money from the bank, with a fixed interest rate and repayment plan than you might be in trouble if the market moves against you.
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Ararbermas
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August 24, 2021, 11:13:05 AM |
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Think about it before making decision, because its definitely not safe especially if you don't know how crypto investment really works, if i were you must educate your self first so that it's not useless and to prevent problems in the future as well, remember many people always end up losing money because of being lack of knowledge. So be aware to keep your borrowed money safe and you will become successful instead..
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Wexnident
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August 24, 2021, 01:07:12 PM |
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Well it isn't anything new, but definitely not something recommended. #1 rule of investing imo is to invest only what you can afford to lose. Once you invested it, always assume that you would never actually get it back in case you need money for emergencies and whatnot. I would definitely not recommend borrowing money, ever, even if it was from your family or friends who wouldn't have interest rates or whatnot when you're investing. I'd rather suggest slowly save up, even when the price is still going up, It's a lot better than borrowing money ngl, after all, who says that the market wouldn't dip right?
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dimonstration
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August 24, 2021, 01:46:18 PM |
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It's not weird, long as you make a profit or your borrowed money doesn't incur large interest then you're good to go. Remember that investment companies do this all the time and compared to you, they borrow much bigger amount of money than you so go on and borrow that money hopefully you can make a profit.
Don't money borrow from anyone, better work to have money to invest into it. It’s too difficult to read the charts and were out of control of what the market will be so we may not be able to pay the borrowed money at the time we need it so better, find extra job and earn then invest than to borrow for peace of mind.
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LimLims
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August 24, 2021, 02:43:40 PM |
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I want to know if it's much risk to borrow and purchase bitcoin like it is to trade bitcoin.
If you have an idea about Bitcoin, you would never think so. You look at the value of Bitcoin a few years ago and now.Not long ago, Bitcoin was $ 60k, which dropped to $ 29k. Now it is $ 50k again.I mean BTC is one of the best tokens on the market. You can buy it without any worries. Your topic is not for this thread. move the topic according to the thread Yes well explanation for the OP. If OP doesn’t have any idea on BTC or how it works , when the price rises and falls, then it’s better not to invest in the coin. At first understand the market first and invest little amount. If you feel confident and earn some profits then think of investing big amount. And if you taking loan then provide enough collateral to make the lender risk free. Wish you all the best OP with your trade.
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bamb
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August 24, 2021, 03:13:17 PM |
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Speculations comes with great risk to your finances. There is broad improbability that you may never make profit! I am of opinion that money should never be borrowed for speculating purposes. Bitcoin however, is solid and if you are willing to wait for your investment in bitcoin to turn to profit, I guess bitcoin is a good gamble!
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taufik123
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August 24, 2021, 03:18:23 PM |
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Speculations comes with great risk to your finances. There is broad improbability that you may never make profit! I am of opinion that money should never be borrowed for speculating purposes. Bitcoin however, is solid and if you are willing to wait for your investment in bitcoin to turn to profit, I guess bitcoin is a good gamble!
Bitcoin is a good bet, but borrowing money for investment is still too risky. must be absolutely sure that what is borrowed will be returned at the right time and can make a profit. The speculative bitcoin market makes the risk even greater. anything can happen in an instant. Avoiding a loan would be better, but if there is no other way and you are sure you will make a profit, the risk is the responsibility of each.
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Cling18
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August 24, 2021, 04:17:47 PM |
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As for me, I don't think borrowing funds just to invest in Bitcoin would be a wise idea. I would rather use savings or extra money for it because Bitcoin is volatile and it could change its value anytime so there's no assurance that we could pay the money that we borrowed in time. We should know the risks of Bitcoin investment first before borrowing funds.
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iv4n
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August 24, 2021, 07:01:41 PM Merited by JayJuanGee (1) |
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Borrowing money shouldn't be a big deal, it's normal when someone borrows money, people do it, companies do it, governments do it... It's when you need more cash at the moment and you don't have it, but you know you will be able to return in the future, from once or in parts.
Only that is important when you are taking a loan, it's a plan for repaying it. Don't rely on just one source, try to have backup plans for anything that can go sideways. It's how you minimize risks, how to keep yourself safe.
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stomachgrowls
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August 24, 2021, 07:21:26 PM Merited by JayJuanGee (1) |
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Bitcoin price is increasing so fast such that some people wish they borrowed and bought bitcoin at 29k some weeks ago
I want to know if it's much risk to borrow and purchase bitcoin like it is to trade bitcoin. However, the market is pumping, and it may seem like a good move if the loan is not for lunch, rent, and family bills which account for our daily needs (That is, my daily needs have been taken care of). Thus, timing is another criterion to discuss. How can someone know the perfect time to pick such a desperate gamble? We win or lose in trading or holding bitcoin but, I presume with the help of experts in this forum who have gone through thick and thins in this market, good guides or rules can be shared for users and newbies in the forum to have a grip on the market and know if borrowing is appropriate. It does sound thoughtless but, borrowing is part of the business. And we must prepare for the best as well.
Thanks, I'm ready to learn.
As long you do have other source of income which could possibly able to repay those debts or interest then it should be fine but if you are making cryptocurrency profits to be the main source for you to pay then its better not to proceed on.Even myself did really experience in the past on borrowing money when i do see some opportunity and luckily it did really paid off on where i do make profits and able to repay the loan at the same time. Yes, it was risky but you wont really be having the chance of profits if you wont risk and also i did have other source of income which i can rely on. It is a matter of a risk taking but there are times which risk taking isnt really worth depending on the case scenario because not all would really be having the capacity or capability in terms of finance So its better to watch out or to be careful.
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BuNga_cute
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August 24, 2021, 07:53:06 PM |
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As for me, I don't think borrowing funds just to invest in Bitcoin would be a wise idea. I would rather use savings or extra money for it because Bitcoin is volatile and it could change its value anytime so there's no assurance that we could pay the money that we borrowed in time. We should know the risks of Bitcoin investment first before borrowing funds.
Investing in Bitcoin carries a very high risk, because the price of Bitcoin is very volatile. So I agree it is not wise to borrow money to invest in Bitcoin. Should invest money that we can afford to lose, like using the extra money we have, not with money from a loan. If we force an investment in Bitcoin using borrowed money, we will definitely have problems when paying the debt installments. I think borrowing money is only for urgent needs, so I don't recommend borrowing money to invest in Bitcoin. Because it will only cause problems for us in the future.
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isaac_clarke22
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August 24, 2021, 08:00:14 PM |
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~
Well in the end, you still need to repay that money. The risk at the table in here is whether you can pay or not, regardless if the OP's family needs the money or not. Here, I don't consider borrowing money from any of my relatives just yet unless it is really needed and now that we're talking about risking something that you'll still need to repay elevates the risk into higher level.
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jossiel
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August 24, 2021, 09:21:43 PM |
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I need did this recently when I buy my team on Axie and yeah, this is too risky especially if you don’t have extra fund to pay for that loan when the project you invest with was a scam, fortunately I did the right decision and now I already paid my loan and still earning with my investment, sometimes its ok to borrow if you know you can make money out of it, but if not better not to do so. This is not advisable though, only a risk taker should do this and make sure that you can still pay that money even if you lose your capital.
What you did is too risky. AFAIK, it's still risky and the same as borrowing for buying bitcoin. But with what I knew about that investment you got in, the return was good before and during the hype. And if you just did that a few weeks ago, you're going to have a long time before your ROI.
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Silberman
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August 24, 2021, 09:31:44 PM |
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Bitcoin price is increasing so fast such that some people wish they borrowed and bought bitcoin at 29k some weeks ago
I want to know if it's much risk to borrow and purchase bitcoin like it is to trade bitcoin. However, the market is pumping, and it may seem like a good move if the loan is not for lunch, rent, and family bills which account for our daily needs (That is, my daily needs have been taken care of). Thus, timing is another criterion to discuss. How can someone know the perfect time to pick such a desperate gamble? We win or lose in trading or holding bitcoin but, I presume with the help of experts in this forum who have gone through thick and thins in this market, good guides or rules can be shared for users and newbies in the forum to have a grip on the market and know if borrowing is appropriate. It does sound thoughtless but, borrowing is part of the business. And we must prepare for the best as well.
Thanks, I'm ready to learn.
Do not do it, this is a very advanced tactic and it is one that should only be used by those that are experts in the topic, the rest of the traders which conform the 99% of the market should stay away from it, I know that it sounds tempting to do something like that but the majority of the traders cannot even obtain profits in the market with the current spreads, if you add interest rates to this then your chances that you will become profitable will drop significantly even if you are a decent trader.
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cabron
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August 24, 2021, 09:38:25 PM |
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The timing can be perfected especially if you wait for the bear market to happen because that's the time you should be buying. Many of the investors have figured it out already and I wish I have figured it out a long time ago. Maybe we need to wait again for the bear market and then borrow money from someone.
It will however take years for the price to go up again. So make sure the person you owe the money wouldn't be needing it badly.
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CaVO32
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 24, 2021, 09:47:43 PM |
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I need did this recently when I buy my team on Axie and yeah, this is too risky especially if you don’t have extra fund to pay for that loan when the project you invest with was a scam, fortunately I did the right decision and now I already paid my loan and still earning with my investment, sometimes its ok to borrow if you know you can make money out of it, but if not better not to do so. This is not advisable though, only a risk taker should do this and make sure that you can still pay that money even if you lose your capital.
What you did is too risky. AFAIK, it's still risky and the same as borrowing for buying bitcoin. But with what I knew about that investment you got in, the return was good before and during the hype. And if you just did that a few weeks ago, you're going to have a long time before your ROI. Not many people can take the same risk because you have no idea if the project will succeed or not. Good thing for him, Axie is gaining its momentum and those early investors are really getting their profits already. However, this situation is not for all. I won't advise taking a loan even if it is for bitcoin investment. As you don't know the time when you are going to cash out, if that time period is favorable to you or not, you may end up selling the investments at a loss, who knows?
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