Today is the story of my investment in Bitcoin

[mia_houston]

I don't know why I find this story so weird. In as much as I am very much sure that owning 1btc is a good business and you will never regret it, but the huddles that you passed through to own the 1btc doesn't really worth it.

Maybe I am just being me here. If you have a nice source of income, an initial investment of $6k is not bad, I wonder why you acted as if there was gun on your head.

I would not be able to live a debt life for two years in order to make massive profits, especially when it involves investing in a volitile assets. Let's assume your story is real, then assume that btc goes to $10k, what will be your state of health?

I don't know if what the OP did was too bold or a bad move, because owing someone else to invest in something as volatile as bitcoin is definitely not the right move, investing in bitcoin is a good move if we have the funds cold or personal, but by borrowing other people money we will only increase fear when the market goes down like this especially when the debt is due, I agree with you, it's better to invest $6K with the money we have and at least we can sleep no matter what the conditions happend, rather than of having 1 BTC, but we are overwhelmed by fear and trouble due to debt.

[uneng]

I don't know why I find this story so weird. In as much as I am very much sure that owning 1btc is a good business and you will never regret it, but the huddles that you passed through to own the 1btc doesn't really worth it.

Maybe I am just being me here. If you have a nice source of income, an initial investment of $6k is not bad, I wonder why you acted as if there was gun on your head.

I would not be able to live a debt life for two years in order to make massive profits, especially when it involves investing in a volitile assets. Let's assume your story is real, then assume that btc goes to $10k, what will be your state of health?

I don't know if what the OP did was too bold or a bad move, because owing someone else to invest in something as volatile as bitcoin is definitely not the right move, investing in bitcoin is a good move if we have the funds cold or personal, but by borrowing other people money we will only increase fear when the market goes down like this especially when the debt is due, I agree with you, it's better to invest $6K with the money we have and at least we can sleep no matter what the conditions happend, rather than of having 1 BTC, but we are overwhelmed by fear and trouble due to debt.

To borrow money from a relative is somehow better, because the deal can be re-negotiated friendly if something goes wrong, but the worst part of this story is to be in debt with the bank. They are going to charge 10% annually for the loan! And there aren't any guarantees bitcoin will double its price soon, but he will have to repay the loan without any excuses, with or without profit from bitcoin fluctuations.

In my opinion it's one of the biggest mistakes someone can commit in financial world. Banks' loans aren't an option because they are abusive, treacherous in case you don't repay them on time and give no real benefits to the borrower after all. It's better to not have money to invest or invest low amounts of money than contracting a debt with a bank.

[Thara20]

Wow! I do admire your courage in taking out a loan just to buy bitcoin. However, according to me, this is not a wise decision.

If you have another source of income, it would be preferable to use it to pay off the debt rather than rely solely on the profit you anticipate from one bitcoin over the course of the upcoming years. However, if you're going to rely on it, it would be much better if you used a Dollar-cost averaging strategy as opposed to taking out a loan to buy bitcoin. Under DCA, you could have divided the total investment amount and purchased the crypto asset in intervals.

 I wish you luck and hope you pay off all of your debts.

[Kelvinid]

Wow! I do admire your courage in taking out a loan just to buy bitcoin. However, according to me, this is not a wise decision.

Exactly, we can buy half of Bitcoin if that is the only amount that we can afford to buy without borrowing money. In fact, we can add more if we already have spare money just for the sake of not compromising our finances.  

If you have another source of income, it would be preferable to use it to pay off the debt rather than rely solely on the profit you anticipate from one bitcoin over the course of the upcoming years. However, if you're going to rely on it, it would be much better if you used a Dollar-cost averaging strategy as opposed to taking out a loan to buy bitcoin. Under DCA, you could have divided the total investment amount and purchased the crypto asset in intervals.

It should be important to consider how to pay these debts and bank loans before we decide. We even don't know when the market recover so we can pay our loans. Maybe, at least having an additional source of income could help and be considered as a backup in case the bear season stays long.

Well, it has been done already, that was the choice of OP. Only we wish him success in his crypto journey.

[KingsDen]

I don't know why I find this story so weird. In as much as I am very much sure that owning 1btc is a good business and you will never regret it, but the huddles that you passed through to own the 1btc doesn't really worth it.

Maybe I am just being me here. If you have a nice source of income, an initial investment of $6k is not bad, I wonder why you acted as if there was gun on your head.

I would not be able to live a debt life for two years in order to make massive profits, especially when it involves investing in a volitile assets. Let's assume your story is real, then assume that btc goes to $10k, what will be your state of health?

I don't know if what the OP did was too bold or a bad move, because owing someone else to invest in something as volatile as bitcoin is definitely not the right move, investing in bitcoin is a good move if we have the funds cold or personal, but by borrowing other people money we will only increase fear when the market goes down like this especially when the debt is due, I agree with you, it's better to invest $6K with the money we have and at least we can sleep no matter what the conditions happend, rather than of having 1 BTC, but we are overwhelmed by fear and trouble due to debt.

Sometimes we see bitcoin as a business or an investment that will end next month. I have made some mistakes when I was a newbie in this crypto market. I have bought unnecessary coins due to FOMO and I lost in all. I have done so many bad investments, but my happiness is that I have learnt my lessons.

I have learnt that another opportunity will still come. Who thought bitcoin would be as cheap as it is today. If I miss the opportunity, another one will come. The simple truth is that no one would be super rich with bitcoin again. If you are not an early adopter, you can only have money to fit your bills but you cannot be super wealthy.

[adzino]

I decided yesterday morning that I would buy 1 bitcoin from this dip market. But I did not have enough money.  With which I can buy 1 bitcoin. I had an Fixt Deposit of $ 6,000 in the central bank. And the bank would paying interest at the rate of 5.5% APR. I broke it down yesterday and decided to buy Bitcoin with that money. But with this money I will not be able to buy 1 bitcoin.  On the other hand, my dream and desire is to buy 1 bitcoin. I then decided to take a loan and applied to the bank for a loan. But I told the bank that I would use this money for business. The bank agreed to give me a loan of $10,000 at 10% APR interest. I take advantage of that opportunity and take out a loan. And the remaining $ 4,000 I borrowed from my uncle and promised to pay him 8% APR interest, which is more then bank interest. Finally i bought just now 1 BTC price at $20,000. It gives me a different feeling That feeling I have never had before. I think if I hold this bitcoin for 2 years I can get 100% -500% profit. Then I will be able to easily repay my debtors with an average interest of 18-19% in 2 years as an average of 9.something% APR and I will be able to keep a huge profit.

So you just bought a whole bitcoin taking loans "hoping" that the price will go up by 100% to 500% within 2 years? Lol, sorry to say but you made a huge mistake. What if the price goes down back to $10,000 within 2 years? You would lose a lot plus you will have to repay the loans and the interest that has accumulated over the years. You might want to extend those loan period, and even if the price did go up a little, you will end up paying a lot in  interest. Why take such risks? Why do you have to hold one whole bitcoin? Why not invest slowly and only as much as you can?

[rojan]

Great story but buy bitcoin with loan money it is high risky. I never support it. You say $6,000 is your own money. You should have bought Bitcoin with your own money. It is not mandatory to buy a full of bitcoin. Since you already bought it.  In that case now there is nothing left but to say good luck to you. Hopefully you will be able to get to your destination.

[GigaBit]

You have learnt such incidents in your real life which was a dangerous situation where both profit and loss could be huge. You have won this decision. Because now the price of Bitcoin is a bit higher than your buy price. But still I think it was a risky investment. If the bitcoin price went down further, you were more likely to lose money.

[virasisog]

Taking loans to buy a volatile asset is a dumb idea. Why not just buy in slowly using your hard-earned money from your job/business? You don't need to have 1 full bitcoin literally right now, it's not like the price is going to skyrocket overnight and that you're going to be left out.

P.S. I hope you're using a hardware wallet

100% agree with this. You don't have to force things by loaning if you can't afford 1BTC. You can save and allocate enough funds from your hard-earned money to buy Bitcoin until you complete 1Bitcoin. It's better to use your own hard-earned money than to take loans because the volatility of Bitcoin is too unpredictable and we don't even know when will it recover. Slowly but surely would be better than forcing things that you aren't yet to afford.

[erep]

Great story but buy bitcoin with loan money it is high risky. I never support it. You say $6,000 is your own money. You should have bought Bitcoin with your own money. It is not mandatory to buy a full of bitcoin. Since you already bought it.  In that case now there is nothing left but to say good luck to you. Hopefully you will be able to get to your destination.

He doesn't have to pursue his desire to buy 1 bitcoin, but just $6k from the funds he has to buy bitcoins for the long term without using other borrowed funds, because any type of loan funds even without APR interest payments is also very risky for long-term investments even if there are agreement but the decision may change depending on the borrower (his uncle).

[romero121]

What OP have done is really a risky try, but a person who have confidence and believe in bitcoin only can do this. Only thing that fears me is the loan. If OP could engage himself in regular buying and selling practice, surely he can finish his loan and settle the borrowed money. If not, for a long time he needs to hold and pay the periodic interest. There is regular price fluctuation and this can be used as an opportunity. This too have got risk, but the same could make him get out of the loan at the earliest.

[qwertyup23]

I do think that as a rule of thumb, you should never take out a loan and use it on a volatile asset. Due to the nature of loans, they are demandable upon the due date or the maturity of the loan regardless of your financial status. This means that when the maturity date comes, it becomes an absolute obligation on your part to furnish the necessary capital to pay it out.

The reason behind this rule is due to the fact of the nature of cryptocurrencies. No one really knows when their prices will rise especially in this given market. Who know that maybe 5 or even 10 years where the next ATH hits.

[snipie]

I assume most of people here who owns +BTC1 and who joined relatively late and was unable to mine using asics, collected the BTC1 progressively without taking the risk of defaulting loans mainly. That might take years obviously but you will end up by collecting it.
My advice is to try to pay back your loans as soon as possible even if it requires to sell a part from that BTC1 when the price increases..

[Fesatmas]

Great story but buy bitcoin with loan money it is high risky. I never support it. You say $6,000 is your own money. You should have bought Bitcoin with your own money. It is not mandatory to buy a full of bitcoin. Since you already bought it.  In that case now there is nothing left but to say good luck to you. Hopefully you will be able to get to your destination.

I also don't seem to support the steps the OP is taking in buying bitcoins with borrowed money. I don't think it's good for our psychology, I don't expect to pay interest on the profits the OP expects. That's the same as you get a profit because the results from that we allocate to repay the loan. If I were in the OP's position I'd rather buy some bitcoins than have to take out a loan.

[rojan]

I assume most of people here who owns +BTC1 and who joined relatively late and was unable to mine using asics, collected the BTC1 progressively without taking the risk of defaulting loans mainly. That might take years obviously but you will end up by collecting it.
My advice is to try to pay back your loans as soon as possible even if it requires to sell a part from that BTC1 when the price increases..

As Op story, op bought bitcoin as price as $20000 for 1 bitcoin. Now bitcoin price is $21k+ It's mean op now in 1k+ usd profit. In my opinion he should sell her some bitcoin and repay his bank loan. Because bank loan with high interest is too much risk. He shouldn’t keep his loan soo long. This could put him in danger in the future.

[noormcs5]

Great story but buy bitcoin with loan money it is high risky. I never support it. You say $6,000 is your own money. You should have bought Bitcoin with your own money. It is not mandatory to buy a full of bitcoin. Since you already bought it.  In that case now there is nothing left but to say good luck to you. Hopefully you will be able to get to your destination.

I also don't seem to support the steps the OP is taking in buying bitcoins with borrowed money. I don't think it's good for our psychology, I don't expect to pay interest on the profits the OP expects. That's the same as you get a profit because the results from that we allocate to repay the loan. If I were in the OP's position I'd rather buy some bitcoins than have to take out a loan.

Yes everyone is giving the text book advise to the OP that we should not buy bitcoin with the borrowed money. However sometimes if you take the risk you may get a lot of profit. But still you need to understand the consequences of doing all this and if it goes wrong then you need to have a backup plan on how to return the loan.

[Franctoshi]

Finally i bought just now 1 BTC price at $20,000. It gives me a different feeling That feeling I have never had before. I think if I hold this bitcoin for 2 years I can get 100% -500% profit. Then I will be able to easily repay my debtors with an average interest of 18-19% in 2 years as an average of 9.something% APR and I will be able to keep a huge profit.

Though it is very risky to loan money to buy Bitcoin which is still volatile and coupled with a lot of uncertainty in the market, but in the other hands good for you, at least you've got 1 Bitcoin and have your dream fullfiled and now owns 1 Bitcoin, because you might find it more difficult to buy 1 BTC during when the price has skyrocketed. I suggest you look for other means of repaying the loan and give Bitcoin time rather than waiting on the future price of Bitcoin, so you don't depend on the future price of Bitcoin (2yrs you made mention) to repay your loan and you might get disappointed during the repayment time.

[Jemzx00]

I assume most of people here who owns +BTC1 and who joined relatively late and was unable to mine using asics, collected the BTC1 progressively without taking the risk of defaulting loans mainly. That might take years obviously but you will end up by collecting it.
My advice is to try to pay back your loans as soon as possible even if it requires to sell a part from that BTC1 when the price increases..

Mining through ASICS are also a risky and time consuming investment as you will need to build up your rig and maintain it functionalities. You will also need to factor out expenses on maintenance such as electricity. However, this method is a much better way than what the OP did. Loaning on banks and families to buy a volatile assets such as bitcoin is such a risky method and it will catch up to OP in case he won't be able to pay up those loans.

But since he already lend from the bank, it is better to pay up those loans as soon as he gain profit whether or not he reached his 100-500% goal interest. This method works better if you are rich or have enough funds for to pay the loan but would like to spread out your investment however that is not the case for the OP.

[jamyr]

Also keep in mind that you don't need to own one whole Bitcoin in order to profit from a potential market appreciation. 0.01 is enough if that's what you can afford at the moment. Don't stretch yourself too much or you're gonna get burned.

Maybe the author just went in to buy 1 bitcoin after taking a loan because he mentioned he earned a lot in crypto but also lost a lot in crypto, so this is just going all in. (GL author)

In a falling market, we see a lot of tearful stories, and your step can be called a step against the wind and a lot of faith in your luck. May you be lucky. It really sounds nice when you own a whole bitcoin.

1 whole bitcoin, oh.. First thing I would do if I get to own 1 bitcoin would be to sign a message like " I made it!" . "Dreams do come true" .

[TheGreatPython]

Finally i bought just now 1 BTC price at $20,000. It gives me a different feeling That feeling I have never had before. I think if I hold this bitcoin for 2 years I can get 100% -500% profit. Then I will be able to easily repay my debtors with an average interest of 18-19% in 2 years as an average of 9.something% APR and I will be able to keep a huge profit.

I had bad days and I had good days. Crypto is like that, you could have APR going straight and make that type of profit if you are lucky, or maybe something will go wrong and all will go to waste. Nobody really knows what's going to happen, and this is the deal. This means that the best thing we could do right now is hope that it would go up again, and it would stay that way.

This is how we are going to reach to a point where things will be serious, and if not then we are going to just end up with a decent life without a worry. This means that all we need is "nothing to change" from the invested time to withdrawal time but as we all know there could be some changes.