Today is the story of my investment in Bitcoin

[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..

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.

Mining, gambling, offering services are all methods to earn money but everything has its risks. For mining I was talking about how difficult things became to earn a bitcoin once asics joined the game. Before that it was easier, especially at the beginning of Bitcoin.
OP is mature enough tho to know what should be done and what shouldn't, we gave him an advice and it is up to him to assume consequences. He might win big if the price double, he might also default his loans if the price drop for quite long time.

[barbara44]

The idea of getting a loan is not that bad if we are talking about reaching to a higher level than of your own. For example, people could buy a 100k house by paying 20k and then taking out a 80k loan, but they would have 100k worth of house, sure they will pay back maybe more than 100k but with inflation that house will be worth even more in the future. Think about it, if you could have that kind of low interest, high guarantee, high inflation, decades long purchase, you would do that with crypto too.

For example, if I had 20k, and could get 80k loan for 30 years, and buy bitcoin with it, the amount I would pay yearly would be very low, and monthly would be even lower, and I could probably pay that with my salary anyway. That way instead of saving and waiting for years, I would have that right away, and if we consider bitcoin and what it could be in 30 years, that is a damn good deal if you ask me.

[topman21]

In fact, investing in Bitcoin lights a different kind of lamp of hope inside the mind. I always support your thoughts whatever you think.If you invest 1 Bitcoin then I find you will have huge amount of money in every trade.I've invested a small amount of Betcoins from here and I can see that once the market is pumping, the gap is many dollars in no time.Whenever you invest with one bitcoin, you don't see how many dollars go up and down in your account every moment.But I think you will own big money very soon.You invest in bitcoins long-term and see where your financial portfolio takes you.

[Nrcewker]

good luck with your investment. indeed investing in bitcoin is very popular with many people including me too. because bitcoin has high potential and my prediction of bitcoin in the future will be very far in price, and I also have bitcoin and I haven't sold it because I will use it for future investments.

The OP’s post is about one year back.
Before commenting or posting anything, please have a look and understand things clearly.
I am curious to know what’s the status of OP with his investment that he made in 2021.
Is he still holding his coins like the others or did he panic and sold all the coins.
If he haven’t sold any, then I would suggest to stick with that only, as soon the bear market will come to an end and again the price will rise back to normal.

[Kakmakr]

This is one of the things we tell people NOT to do...... NEVER buy bitcoin with DEBT! What is this obsession with people to buy 1 whole bitcoin, when we all know that you can by a fraction of a bitcoin for a few hundred dollars? If I were you, I will sell the Bitcoin now at a profit of $3500 and take that money and pay off the loan (with penalties paid) ..... I will then give back the money to your Uncle and give him some reward for his effort.

The remaining money (+/- $6000) will then be used to buy back some Bitcoin at todays price ($23500) ..which will give you about 0,2548 BTC... and then you hoard that Bitcoin until the price hit the next ATH.... (Which might be more than 200% more than what it is today... giving you a profit of more or less $12 000!) 

[dezoel]

It’s amazing and yet shocking to hear and know that people actually take loans for things like this. It’s literally the worst idea ever and very risky getting a loan to invest in an asset as volatile as Bitcoin. Though there’s a possibility it may pay off but at the same time, there’s also another staggering possibility that it would not and that is most likely always the case – it doesn’t pay off, adding more problems to you.

I would not advise anyone to take loans and invest in cryptocurrency, basically you’re even supposed to invest you can afford to lose, that is what I was taught when I was about starting, I’m not expecting to be seeing different ideologies now!

[goldkingcoiner]

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.

*facepalm*

For the love of god people, do not take out loans for any investments, regardless of whether its crypto or not. Do not invest money that you do not have is investing 101 and is the very first rule you learn when you start your "career" of investing.

Why is it so hard for people to understand this rule?

In a few months we are going to see you either happy or extremely unhappy. Bitcoin can go down up or sideways. that a 66% chance of you screwing yourself over with that loan.

[minime0105]

good luck with your investment. indeed investing in bitcoin is very popular with many people including me too. because bitcoin has high potential and my prediction of bitcoin in the future will be very far in price, and I also have bitcoin and I haven't sold it because I will use it for future investments.

The best time to invest into crypcurrency is during the bearish market but people do not understand search method research pattern of buying cryptocurrency when the price is low. That is why I went bitcoin turn negative many people started complaining of it falling habit so people to invest into it because they have seen other people who is running going into it. So on the process into investing into it are there when there is a little bit red in the market you see investors being against Bitcoin

[AmoreJaz]

good luck with your investment. indeed investing in bitcoin is very popular with many people including me too. because bitcoin has high potential and my prediction of bitcoin in the future will be very far in price, and I also have bitcoin and I haven't sold it because I will use it for future investments.

The best time to invest into crypcurrency is during the bearish market but people do not understand search method research pattern of buying cryptocurrency when the price is low. That is why I went bitcoin turn negative many people started complaining of it falling habit so people to invest into it because they have seen other people who is running going into it. So on the process into investing into it are there when there is a little bit red in the market you see investors being against Bitcoin

it also depends on the financial capability of the individual himself. if he can't afford to wait for his investments, bearish period is not a good one for him, because the possibility of selling at a loss is high. so in this case, we will always have a different story when it comes to investing. most of the time, it relies on the financial status of the person.

[wmaurik]

good luck with your investment. indeed investing in bitcoin is very popular with many people including me too. because bitcoin has high potential and my prediction of bitcoin in the future will be very far in price, and I also have bitcoin and I haven't sold it because I will use it for future investments.

And it would be even better before Bitcoin goes to a higher price, you want to buy it gradually from now on. Because that kind of thing also does not harm you as a holder or as an investor as long as you are still very confident in the future of Bitcoin. I personally also make purchases and also invest in Bitcoin because my belief in Bitcoin is still very strong.

[Ultegra134]

I'm really hoping that turn the way you want them to be, because this must be the worst kind of investment I've ever heard. So far, you're losing 5.5% APR, which isn't that bad, plus another 10% interest, summing up to 15.5% you're missing out. You never invest what you can't afford to lose, you did not only invest all your money, but also you took a loan while you're having extravagant predictions about Bitcoin within a short time period.

[EarnOnVictor]

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.

This is a very good investment story from you but you had better be a good Bitcoin analyst to make this risk worth it. First, you did well by taking the risk, without risk, no one will make money, but borrowing money for this kind of investment plan is what I would not subscribe to (though Bitcoin will surely yield for you, the time it would is my consideration here). This is not to discourage you as you invested at the right time when Bitcoin is still at the bottom. Yet, no one could 100% guarantee any investment, and Bitcoin is not an exception. If I were you, I might have done it differently by investing only $6000 I own to have the rest of my mind and even limit my risk, then be saving for more opportunities like this in the future. Lastly, I hope you will smile at last with this investment, but try to read the Bitcoin chart very for guidance on this investment plan. Good luck to you!

[Nicholas Schaefer]

This is really great to hear. It is important to consider the risks and make investments accordingly.

[Poker Player]

The OP’s post is about one year back.
Before commenting or posting anything, please have a look and understand things clearly.
I am curious to know what’s the status of OP with his investment that he made in 2021.

You are wrong:

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. A

I am curious to follow his investment over time, but it is normal that if it goes well he will come and say so, but if it goes badly he will not. Although I think it is more likely that it will work out well.

[Lambent]

Well done friend. This is exactly what you should do. Take advantage of the market no matter how it goes, that is the way of a trader.
Congratulations on fulfilling your dream of buying 1 BTC. You should have taken the chance when the BTC price fell down to $17k, that was the lowest it went this year. Anyways, better late than never right. I’m pretty sure the BTC market price is going to rise again because the devaluation effect caused by the sudden increase in supply is almost coming to an end.

[Cremi]

never buy a risky investment with a LOAN - i thought its basic knowledge :/

[livingfree]

I'd say that you should have done the other way and not with what you did. Taking a loan isn't really a good idea for your bitcoin and crypto investments.

I can't imagine on how much all the interest that you've got and the market won't be favorable to us in times that you're about to pay all of your debts.

But I think that before you did that, you've got some back up plans on how you're going to pay that despite the market won't be that good during the time of payments. I guess you've got other sources of income where you can pull your money for paying those debts.

Anyway, it's already there and hoping that we'll see the better market in the upcoming days/months/years.

[bitzizzix]

I'd say that you should have done the other way and not with what you did. Taking a loan isn't really a good idea for your bitcoin and crypto investments.

I can't imagine on how much all the interest that you've got and the market won't be favorable to us in times that you're about to pay all of your debts.

But I think that before you did that, you've got some back up plans on how you're going to pay that despite the market won't be that good during the time of payments. I guess you've got other sources of income where you can pull your money for paying those debts.

Anyway, it's already there and hoping that we'll see the better market in the upcoming days/months/years.

It is very risky to invest anything from the proceeds of the loan and if expectations are not matched, although investing in bitcoin is not a bad thing as it will definitely be profitable in the long run.
and it looks like the OP has planned and thought about the risks and made sure he has other income to be able to pay for it, a very bold decision and I hope what he is planning to work out as bitcoin is not easy to predict.

[livingfree]

I'd say that you should have done the other way and not with what you did. Taking a loan isn't really a good idea for your bitcoin and crypto investments.

I can't imagine on how much all the interest that you've got and the market won't be favorable to us in times that you're about to pay all of your debts.

But I think that before you did that, you've got some back up plans on how you're going to pay that despite the market won't be that good during the time of payments. I guess you've got other sources of income where you can pull your money for paying those debts.

Anyway, it's already there and hoping that we'll see the better market in the upcoming days/months/years.

It is very risky to invest anything from the proceeds of the loan and if expectations are not matched, although investing in bitcoin is not a bad thing as it will definitely be profitable in the long run.
and it looks like the OP has planned and thought about the risks and made sure he has other income to be able to pay for it, a very bold decision and I hope what he is planning to work out as bitcoin is not easy to predict.

Yes, we have heard stories from the ATH of 2017 where they've took loans for buying bitcoin at the top. Well, even it's different today and we're likely at the top which was the past ATH, still, not recommended to do such.

We're all for investing in bitcoin but we also need to be careful in investing with where we've taken our money and not from loan. DCA is still the best strategy and whether we're in bull or bear, you'll just have to stick on it and do it no matter what is the situation of the market.

[Vaculin]

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

You should have considered doing DCA OP because that will still give you another opportunity to own bitcoin little by little. Taking a loan will only create future problems especially if you only rely from bitcoin for your payment on your loan. There will always be pressure every now and then. I'm afraid you will still sell them in the wrong time when there is a need already to pay your loan. Maximizing your purchase in bitcoin is always ideal especially with  a discounted price, but if you are not able and capable to do it, then don't force yourself to make it happen.