Scripture (OP)
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June 21, 2022, 05:32:27 AM |
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I have a friend who are keep on asking me if taking loans just to buy Bitcoin is ideal thing to do so? I understand the market is very cheap right now, and because of this I just want to share some tips especially to those newbies who are also considering the same thing.
Before you apply for a loan make sure to consider this first.
1. How much money you can afford to take the risk? 2. Is the profit enough to repay the loan, is there any guarantee? 3. Can you still repay the loan even if the market continues to drop? 4. Is your collateral enough to cover your loans? 5. Are you confident about your investment decision?
These are the common questions for myself before taking loan for the purpose of reinvesting, I know this can be a good opportunity to increase your holdings but if you don't have the funds yet, better not to rush yourself and just wait for the right moment. Taking loans is good if you are responsible enough to repay it, but if you think you can't better not to apply at all.
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mk4
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June 21, 2022, 05:38:49 AM |
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Send the link to this thread to your friend and let him/her read the responses. If he/she doesn't get convinced to not do it, I don't know what will. Topic: [Q]To take a loan or not to https://bitcointalk.org/index.php?topic=5403282Shameless plug to my response: Taking loans for asset investments you mostly have no control of is kinda dumb.
1. Markets can drop far further than we think it can 2. It can take longer than expected to go back up 3. Especially when talking about crypto outside of bitcoin, you're taking so much risk that it's multiples of magnitudes dumber
If I were to take a loan, it would mostly be for something like a business that I've deeply thought of and strategically planned for already.
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June 21, 2022, 05:45:41 AM |
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Investment, in like bitcoin, do not rush, the bull market may not occur so fast, even if bitcoin increase a little, there could still be a little price downturn. Just be patient, the money you think you are working for that you will use to repay the loan, instead, do not borrow and pay interest, be patient and work for the money and use it to invest. Patience is a requisite in investment in assets like bitcoin. Do not encourage friends to borrow money to invest in bitcoin and also tell them about altcoins, they are far riskier.
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Don Pedro Dinero
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June 21, 2022, 05:59:59 AM |
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It is not usually a good idea, although with today's addiction to debt, if we compare borrowing for a holiday or a wedding to borrowing for investment, at least with the investment loan there is a potential return.
But the bottom line is that the decisions you make are not the same if you have taken a loan as if you are in good financial health and what you buy is done with money you have to spare.
I would say that, if we are talking about retail investors, the percentage of people who are successful in borrowing to invest is very low. Institutional investors would be another thing.
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aoluain
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June 21, 2022, 06:23:31 AM |
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I have done this before and its been successful. There are a few things to consider especially in this current financial climate.
1.) if you take a 5 year loan out for example to buy Bitcoin you are essentially pre-buying Bitcoin at a fixed price, you could say you will be buying every month for the next 5 years at $19500 because of the repayments!
2.) be prepared for Bitcoins price to hover between ~$18k and ~$30k for the next year
3.) be mindful of rising interest rates and job security in this current climate where there is talk of a global recession
4.) consider the potential loan repayments and instead of a loan just DCA every month instead, that way you can always skip a month when times are tough.
Just a few pointers, I'm not a financial advisor so take it with a pinch of salt!
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Jawhead999
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June 21, 2022, 07:36:29 AM |
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Taking loans is good if you are responsible enough to repay it, but if you think you can't better not to apply at all.
If you're responsible enough to repay the loan, you're already have money at the beginning and you didn't need to take a loan lol. The reason why many people taking a loan is they didn't have any money while their needs or desire force them to do that. They're already calculate how much the profit and how long they can pay, but many scenarios goes wrong and they're begging to their parents or families to repay their loan.
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Scripture (OP)
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June 21, 2022, 07:55:48 AM |
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Taking loans is good if you are responsible enough to repay it, but if you think you can't better not to apply at all.
If you're responsible enough to repay the loan, you're already have money at the beginning and you didn't need to take a loan lol. The reason why many people taking a loan is they didn't have any money while their needs or desire force them to do that. They're already calculate how much the profit and how long they can pay, but many scenarios goes wrong and they're begging to their parents or families to repay their loan. Not necessarily, being responsible doesn't mean you have the money already especially if you are depending on your other source of income that may come along the road. Technically, this is just an advance money as a loan so you can use it and catch up the trend. Even rich people have their own loans, if you’re wise enough you can multiply this money with your own strategies.
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June 21, 2022, 08:23:03 AM |
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Before you apply for a loan make sure to consider this first.
Your list misses a point 6: human psychology. Imho if one has been using loaned money to buy bitcoin, he will be more likely to panic sell when the price goes down heavily. I think that this is one important factor against getting a loan for investing into bitcoin, no matter how good the answers to the (other) 5 points look like.
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Upgrade00
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June 21, 2022, 08:49:31 AM |
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If the purpose of taking out a loan is to avoid liquidating other assets you own or to reduce your tax returns on your investments, then it's not such a bad idea as long as your friend is financially educated and responsible enough to understand and manage the risks involved.
But, if your friend plans to take out a loan cause they do not have the resources to purchase now, but feel it's a good price to buy at and wish to take advantage of that, then that's a huge gamble I would not advice anyone to do.
High risk investments are not things you dabble into in the hope of making a quick buck, cause they are largely unpredictable especially in the short term, and most loan durations do not go long term and would accrue more interest as time goes.
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Mpamaegbu
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June 21, 2022, 09:26:38 AM |
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I responded to a similar thread to this yesterday. The bottom line (no pun intended) of my response to this situation is to alert whoever wants to take out a loan to purchase Bitcoin or any other cryptos to make sure they've assets/cash for repayment by the side in case of loss. Bitcoin bull and bear are always in a circle. One comes as the other dies down. This circle has kept repeating itself over the years. I don't know why people tend to be in a rush whenever there's a repeat. Can't people just set up capital by the side in preparation for the bear season? We know it MUST surely come after the bull. It's like the expected sunshine after the rains. It must happen. Now, the trick is this – if you miss this bear season, wait for the next.
BTW, those rushing to buy Bitcoin now should bear (no pun, again) in mind that crypto investment isn't a get rich quick scheme. It's so they don't get burnt to the point of suicide.
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nakamura12
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June 21, 2022, 09:50:52 AM |
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Why not tell your friend to take a loan but before you let your friend take a loan, make sure your friend can repay the loan taken using the money your friend will get from work or a business if business owner. If it was me then this is what I will do, first I will check if I can pay the loan when I get my salary from work. After that, I will take take a loan and do what I want to do like buying Bitcoin, investments, trading or it depends on what you decide to do. This is the same as waiting to receive your salary then buy Bitcoin. One more thing, don't pay your loan using your profit in crypto. Why?, Because gaining profit in crypto is not 100% sure. As you have known, crypto price is volatile.
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Poker Player
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June 21, 2022, 10:15:05 AM |
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The problem with borrowing to invest is that many people who borrow to invest don't know what they are doing. It is not the same a company that takes a loan to make an investment that allows it to scale the business, with a good debt to equity ratio and having enough margin in the cash flow to meet payments than the case that the OP tells us about his friend, who sees the price of Bitcoin cheap, has no money and plans to take a loan to invest. There is much more ignorance and risk in this second case.
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Johnyz
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June 21, 2022, 12:34:51 PM |
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Before you apply for a loan make sure to consider this first.
1. How much money you can afford to take the risk? 2. Is the profit enough to repay the loan, is there any guarantee? 3. Can you still repay the loan even if the market continues to drop? 4. Is your collateral enough to cover your loans? 5. Are you confident about your investment decision?
This can be a big help, especially now that I'm planning to have some loan again since the price of Bitcoin and other top coins are really attractive to buy right now. Questioning your own capability means a good way to self-control, loan can still be a good one. There's a so called good debt and bad debt and with regards to investing your loaned money, that can still be a good debt, just make sure you can pay it because it can ruin your reputation especially here in the forum.
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Botnake
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June 21, 2022, 12:43:59 PM |
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It's a gamble because we never know when the market will recover and if bitcoin will really recover.
For me, it's not advisable, unless you have another source of income that will help you pay the amortization of the loan. I'm not saying that it will fail, let's just consider the risk first, if we can accept the risk, then we should proceed with the plan, like I said it's a gamble.
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Lucius
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June 21, 2022, 12:48:29 PM |
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Taking loans is far from ideal, but nowadays it has become commonplace, at least in my environment. On the one hand, I understand when someone does it to buy an apartment/house or maybe a car, or to go on an exotic trip - but it is completely illogical for me when someone does it to invest in anything risky.
The golden rule for us small investors is to never invest more than we have and we are ready to lose it at any time - so do not gamble with other people's money, whether it is money from a bank or a local moneylender, because in the end, you can always lose a lot more than you can get.
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Vaculin
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June 21, 2022, 08:58:18 PM |
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I have a friend who are keep on asking me if taking loans just to buy Bitcoin is ideal thing to do so? I understand the market is very cheap right now, and because of this I just want to share some tips especially to those newbies who are also considering the same thing.
Before you apply for a loan make sure to consider this first.
1. How much money you can afford to take the risk? 2. Is the profit enough to repay the loan, is there any guarantee? 3. Can you still repay the loan even if the market continues to drop? 4. Is your collateral enough to cover your loans? 5. Are you confident about your investment decision?
These are the common questions for myself before taking loan for the purpose of reinvesting, I know this can be a good opportunity to increase your holdings but if you don't have the funds yet, better not to rush yourself and just wait for the right moment. Taking loans is good if you are responsible enough to repay it, but if you think you can't better not to apply at all.
Taking loans for investment is something that one should always think it wisely because once its done, you will start to embrace your future struggles repaying it. Good thing if you end up investing in the right coins and then end up prospering, but if your investments fails and never succeed, then its time for you to start looking for another means just to repay your loan. So its certainly very unhealthy to take loans especially if you have no other means that will generate an income, its better to save first and wait for the right timing that you are ready to invest.
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GeorgeJohn
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June 21, 2022, 09:10:28 PM |
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Cryptocurrency investment is not something someone is supposed to take load to invest into cryptocurrency. Basically from my perspective i don't welcomed that as a cogent ideas. Because their is every tendency that cryptocurrency and especially bitcoin can fall to extreme point which any investor will be at the negative side of it.so getting loan to invest is a bad concept, especially to newbies who is starter or fresher into cryptocurrency investment.
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Sanitough
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 21, 2022, 09:33:05 PM |
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I have a friend who are keep on asking me if taking loans just to buy Bitcoin is ideal thing to do so? I understand the market is very cheap right now, and because of this I just want to share some tips especially to those newbies who are also considering the same thing.
Before you apply for a loan make sure to consider this first.
1. How much money you can afford to take the risk? 2. Is the profit enough to repay the loan, is there any guarantee? 3. Can you still repay the loan even if the market continues to drop? 4. Is your collateral enough to cover your loans? 5. Are you confident about your investment decision?
These are the common questions for myself before taking loan for the purpose of reinvesting, I know this can be a good opportunity to increase your holdings but if you don't have the funds yet, better not to rush yourself and just wait for the right moment. Taking loans is good if you are responsible enough to repay it, but if you think you can't better not to apply at all.
Taking loans will only be ideal if you have other stable investments that have been already generating good income for you. And that your purpose of taking loans is to widen your investment or diversify your investments. But for newbies who are starting yet to build their own investment, taking loan will not be helpful at all. It will only create pressures on your part. And by the time its time to repay your loan, and your investment is still not surging, then definitely your life will be rekt. So always avoid it from happening as much as possible.
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TelolettOm
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 21, 2022, 09:52:00 PM |
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Ideal? Hemm, I don't think that taking loans for investing in Bitcoin is such an ideal idea. The ideal one is that we are investing with our own money, free money in which we can afford to lose, that makes us feel usual and no problem whether the price may crash so dump again or not. Because we are investing with affordability. Additionally, investing in Bitcoin may be worthy, but it is not sure enough how long this will be back to you. If you take loans, you need to pay their interest and also to pay back again right? How is your expectation doesn't meet the reality? Will you stay calm and ready for the risks? Many people can be rich because of investing in Bitcoin, but no one can guarantee that you will be also the same, moreover by taking loans for investment. too risky
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Rufsilf
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 21, 2022, 09:57:21 PM |
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These are the common questions for myself before taking loan for the purpose of reinvesting, I know this can be a good opportunity to increase your holdings but if you don't have the funds yet, better not to rush yourself and just wait for the right moment. Taking loans is good if you are responsible enough to repay it, but if you think you can't better not to apply at all.
One thing is to consider our capability to pay the debt/loan. We know the risk and tell your friend about that, if he can then why not? The intention is good and that is for investment but we should also look for some backup in the case that we can't make a profit fast, we can still pay the loan. I do hope that your friend will be able to listen to you and he should. Of course, he could make his decision on his own but at least it was clear to him what might happen after.
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