Today is the story of my investment in Bitcoin

[Cyber_Alien]

When I see posts like this, it irritates me. I don't think it's a good idea to bet so much on something volatile. You take a risk that you are willing to bear on your own. If you wish to invest in Bitcoin, do so with your own money rather than a loan. You don't have to buy the entire Bitcoin; you can buy a portion. If the price rises, that's good; if it doesn't, you know it's your money, and no one will come and question you about it.

[1714633793]

1714633793

[Maidak]

If you have a stable income, I will definitely support you, because in those 2 years you can also pay off your debt with your salary. But if you just rely on bitcoin profits to pay off debt and interest to the bank then I think I would object.
We all believe that bitcoin will rise again, but there is no certainty it will rise again, and even more uncertain in the next 2 years it will increase, all just stop at predictions.
It all happened, and I hope you are ok with your choice, but I don't expect you to spread this story to make people do the same, especially newbies.

Impressed forcing what the OP did. Investments made using money borrowed from a bank are not the right choice, tantamount to causing new problems and adding to the monthly installment burden for the bank. The next question is how OP pays off the monthly loan that runs every month, because what I read he uses a long term method of investing in bitcoin. The investment he made was correct, but his method was not quite right.

There's no doubt that bitcoin is a good investment for the future, but taking the risk of lending a bank's money can only make it more difficult. I think the OP made a mistake, it's better to buy bitcoin in small amount than borrow money from the Bank. For the next month, OP will definitely be busy looking for money to cover the monthly installment costs.

The dream of owning one bitcoin is the dream of many people, and we can understand OP's desire, but actually he risked too much when borrowing a large amount of money to invest in bitcoin. Because to get profit from bitcoin, we have to calculate by year while OP's interest to pay the bank is monthly. I'm afraid given the current situation, since bitcoin has never experienced something like this before, bear season will last longer, which will definitely be bad for the OP. Hopefully, he has a backup plan for the worst if it happens.

[slaman29]

As you said, it can be said that the interest rates in different countries are not the same, the bank interest rate in my country is currently up to 12%/year, and if you have a long-term loan, the interest rate is even higher.

It's too bad that OP decided to borrow money to invest in bitcoin, for me, it's the most taboo not to try even 1 time. Bitcoin is a risky investment with its volatility, we never know when it will increase and when it will decrease, so it is advisable to invest only with idle money. If we do not have too much money to invest once, accumulate them over time, and never borrow. But anyway, good luck to OP with his choice.

12% a year suggests a really high inflation rate and if it's one thing I learn from all the past many years of interest gain versus inflation, keeping your money for interest is just not enough to keep up with rising prices.

So in theory, borrowing money to invest sounds like a good idea but only if interest is keeping up in the long term with Bitcoin gains, and in my experience, compounding interest kills you off. Never a great idea to borrow...

[KennyR]

If you have a stable income, I will definitely support you, because in those 2 years you can also pay off your debt with your salary. But if you just rely on bitcoin profits to pay off debt and interest to the bank then I think I would object.
We all believe that bitcoin will rise again, but there is no certainty it will rise again, and even more uncertain in the next 2 years it will increase, all just stop at predictions.
It all happened, and I hope you are ok with your choice, but I don't expect you to spread this story to make people do the same, especially newbies.

Impressed forcing what the OP did. Investments made using money borrowed from a bank are not the right choice, tantamount to causing new problems and adding to the monthly installment burden for the bank. The next question is how OP pays off the monthly loan that runs every month, because what I read he uses a long term method of investing in bitcoin. The investment he made was correct, but his method was not quite right.

There's no doubt that bitcoin is a good investment for the future, but taking the risk of lending a bank's money can only make it more difficult. I think the OP made a mistake, it's better to buy bitcoin in small amount than borrow money from the Bank. For the next month, OP will definitely be busy looking for money to cover the monthly installment costs.

The dream of owning one bitcoin is the dream of many people, and we can understand OP's desire, but actually he risked too much when borrowing a large amount of money to invest in bitcoin. Because to get profit from bitcoin, we have to calculate by year while OP's interest to pay the bank is monthly. I'm afraid given the current situation, since bitcoin has never experienced something like this before, bear season will last longer, which will definitely be bad for the OP. Hopefully, he has a backup plan for the worst if it happens.

Owning 1BTC have turned to be a big thing. In the past it looked like anyone can afford to have 1BTC, and now things have changed as the market have got widened as well as grown high in value. Op had risked, looking the market situation it is good he had made the entry at the right time. He could try to make some more earning through the regular trading practice. The interest rates on borrowed money is high, but it gives the satisfaction of making his dream come true.

[MarjorieZimmermanGinger]

The dream of owning one bitcoin is the dream of many people, and we can understand OP's desire, but actually he risked too much when borrowing a large amount of money to invest in bitcoin. Because to get profit from bitcoin, we have to calculate by year while OP's interest to pay the bank is monthly. I'm afraid given the current situation, since bitcoin has never experienced something like this before, bear season will last longer, which will definitely be bad for the OP. Hopefully, he has a backup plan for the worst if it happens.

Yes, it really is a choice.
But not by pushing myself, I was seen taking money in the bank in 2016, it literally imprisoned me for a monthly fee. OP takes a big risk when he doesn't have a backup plan for monthly fees to be paid to the bank, because the bearish season is likely to last for a long time, so the investment OP makes will have an impact on withdrawing money. We hope the OP can sort it out and have a backup plan going forward in the current month, so it doesn't get into trouble with the bank and says bitcoin is not a viable investment.

Because I believe that when bitcoin experiences a severe correction and demands for bank monthly fees cannot be resolved, the OP will act beyond predictions and it is in this condition that many people say bitcoin is unable to solve the problem, even though he did something without a mature forecast and strategy.

Owning 1BTC have turned to be a big thing. In the past it looked like anyone can afford to have 1BTC, and now things have changed as the market have got widened as well as grown high in value. Op had risked, looking the market situation it is good he had made the entry at the right time. He could try to make some more earning through the regular trading practice. The interest rates on borrowed money is high, but it gives the satisfaction of making his dream come true.

In theory he made the right investment, by placing money in bitcoin and was very right to enter the market when bitcoin conditions were in a bear market, which became a problem for the decision to take money at the bank. Because it will be difficult to get a return on the investment he made now, when the bear market has not shown any improvement towards recovery anytime soon.

OP definitely has a backup method for the problem of borrowing money at the bank, because it may have been considered quite carefully before everything was done.

[Bobrox]

OP, have you borrowed from a private bank that has cooperated with the government?
because in my country the Bank does not give loans with interest exceeding 7%. even Bank Negara only gives 5% interest per 2 years. However, for small private banks, they always provide loans with interest of 10% and above. and in my opinion it is very high risk for you OP.

Seems excited leaving in your country based on 5% interest when loan money in the bank, currently in my country have to pay more higher interest, I am remember with my neighbor get loan from the bank have to pay more than 20% interest per two years.

I think not good financial advice when investing in Bitcoin from Bank loan depending we need paying every months and several percentage of interest. Faced difficult with capital used for investing in Bitcoin make us have blame and use anything possible not only from Bank loan but also I faced reality in my country many people getting loan from illegal side. They have to pay highest interest loan and ever I read they history have paying more than 50% loan interest with loan one year only.

[Maidak]

If you have a stable income, I will definitely support you, because in those 2 years you can also pay off your debt with your salary. But if you just rely on bitcoin profits to pay off debt and interest to the bank then I think I would object.
We all believe that bitcoin will rise again, but there is no certainty it will rise again, and even more uncertain in the next 2 years it will increase, all just stop at predictions.
It all happened, and I hope you are ok with your choice, but I don't expect you to spread this story to make people do the same, especially newbies.

Impressed forcing what the OP did. Investments made using money borrowed from a bank are not the right choice, tantamount to causing new problems and adding to the monthly installment burden for the bank. The next question is how OP pays off the monthly loan that runs every month, because what I read he uses a long term method of investing in bitcoin. The investment he made was correct, but his method was not quite right.

There's no doubt that bitcoin is a good investment for the future, but taking the risk of lending a bank's money can only make it more difficult. I think the OP made a mistake, it's better to buy bitcoin in small amount than borrow money from the Bank. For the next month, OP will definitely be busy looking for money to cover the monthly installment costs.

The dream of owning one bitcoin is the dream of many people, and we can understand OP's desire, but actually he risked too much when borrowing a large amount of money to invest in bitcoin. Because to get profit from bitcoin, we have to calculate by year while OP's interest to pay the bank is monthly. I'm afraid given the current situation, since bitcoin has never experienced something like this before, bear season will last longer, which will definitely be bad for the OP. Hopefully, he has a backup plan for the worst if it happens.

Owning 1BTC have turned to be a big thing. In the past it looked like anyone can afford to have 1BTC, and now things have changed as the market have got widened as well as grown high in value. Op had risked, looking the market situation it is good he had made the entry at the right time. He could try to make some more earning through the regular trading practice. The interest rates on borrowed money is high, but it gives the satisfaction of making his dream come true.

There are many ways to own 1 bitcoin, it is not necessary to risk fulfilling your dream in such a hurry. If you can't buy 1 bitcoin at a time, you can also accumulate weekly, monthly, and we have the advantage of being in the bear season, so accumulating to get 1 bitcoin is not too difficult to achieve. I think OP is having a big problem because his original plan was to have no inflation, but now inflation is high, and he has to pay more interest than expected. It is an uncomfortable situation to get the dream quickly.

[wmaurik]

When I see posts like this, it irritates me. I don't think it's a good idea to bet so much on something volatile. You take a risk that you are willing to bear on your own. If you wish to invest in Bitcoin, do so with your own money rather than a loan. You don't have to buy the entire Bitcoin; you can buy a portion. If the price rises, that's good; if it doesn't, you know it's your money, and no one will come and question you about it.

I see the expression of the idea that you provide is also very good because I personally have never made a loan to buy Bitcoin or other cryptocurrencies. Because I realize that this kind of thing is very bad when it comes to cryptocurrencies.

So it is very true as you say that it is better to buy Bitcoin half or as much as we can with the money we have without having to make loans to other parties for this. After all, everyone who buys Bitcoin is looking for profits accompanied by sincerity in the event of a loss, not adding to the burden through loans.

[robinia6je]

This is a very risky investment method, but I hope you can have a backup plan. At present, you have not purchased a bitcoin asset. If the price of bitcoin has not risen to the ideal price after two years, how do you repay it?

[PouJonah31]

It worries me when all your assets are not enough to own a bitcoin. Although investing in bitcoin will not let you down, but the plan can't keep up with the changes. You can still save more money in other areas within two years A rainy day.

[slaman29]

It worries me when all your assets are not enough to own a bitcoin. Although investing in bitcoin will not let you down, but the plan can't keep up with the changes. You can still save more money in other areas within two years A rainy day.

Make up your mind. If you're confident that Bitcoin won't let you down, then why are you still worried? It doesn't matter if you own a single coin, many, or fractions of, you're protecting yourself against longterm inflation we know for sure affects fiat, and that Bitcoin so far shows it can overcome.

Forget the downs and ups, remember the cycle after cycle performance.

Two years, too short... You need to start thinking minimum 4-5 years (one halving).

[kro55]

If you have a stable income, I will definitely support you, because in those 2 years you can also pay off your debt with your salary. But if you just rely on bitcoin profits to pay off debt and interest to the bank then I think I would object.
We all believe that bitcoin will rise again, but there is no certainty it will rise again, and even more uncertain in the next 2 years it will increase, all just stop at predictions.
It all happened, and I hope you are ok with your choice, but I don't expect you to spread this story to make people do the same, especially newbies.

Impressed forcing what the OP did. Investments made using money borrowed from a bank are not the right choice, tantamount to causing new problems and adding to the monthly installment burden for the bank. The next question is how OP pays off the monthly loan that runs every month, because what I read he uses a long term method of investing in bitcoin. The investment he made was correct, but his method was not quite right.

There's no doubt that bitcoin is a good investment for the future, but taking the risk of lending a bank's money can only make it more difficult. I think the OP made a mistake, it's better to buy bitcoin in small amount than borrow money from the Bank. For the next month, OP will definitely be busy looking for money to cover the monthly installment costs.

Everyone has a different investment method, he is also a legend on the forum, which means he knows what risk he will take when deciding to take a bank loan to invest. I wouldn't say he made a mistake because we're not him, we weren't in his situation so we wouldn't know what he was thinking. But when it comes to the monthly interest he has to pay, I guess he struggled because of the sudden increase in inflation this year. It will be a difficult time for him.

[Japinat]

When I see posts like this, it irritates me. I don't think it's a good idea to bet so much on something volatile. You take a risk that you are willing to bear on your own. If you wish to invest in Bitcoin, do so with your own money rather than a loan. You don't have to buy the entire Bitcoin; you can buy a portion. If the price rises, that's good; if it doesn't, you know it's your money, and no one will come and question you about it.

Relax, don't get so riled up because there are some certain things that we cannot control. I understand what you feel but we can't do anything about it as the OP chose to take that path where it's so risky. Let him do some mistakes as that is his own way to learn things, he chose to learn it expensively though.

While it's good to own 1BTC but we don't need to be hasty about it especially if we cannot really afford owning one. OP might have forgot that owning a fraction of it still counts and it's still profitable considering that we're just investing what we can afford and it's just a spare that won't be a liability in the future. I know that bitcoin's future is bring but owning one by loaning? That's just certainly a bad wild idea to begin with.

[abel1337]

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.

I think this is not good idea to buying Bitcoin for taking a loan because someone give you a loan for a few months and if you want good profit from investment then you hold Bitcoin for a few years atleast 2 or 3 years then you will get huge profit.

Yep majority of us here thinks it's a very risky move even if OP calculated the return of his investment after few years. Even me don't recommend to loan money out for the reason to invest, trade or gamble. Crypto is a volatile assets and it's a very big no for me to borrow and buy even if it is bitcoin. There are many possible things might happen in crypto and it's possible that the long awaited bull market we expect might not be in our face 2-3 years from now. It's a bold risky move and let's see how his investment will go in the future.

[Newlifebtc]

When I see posts like this, it irritates me. I don't think it's a good idea to bet so much on something volatile. You take a risk that you are willing to bear on your own. If you wish to invest in Bitcoin, do so with your own money rather than a loan. You don't have to buy the entire Bitcoin; you can buy a portion. If the price rises, that's good; if it doesn't, you know it's your money, and no one will come and question you about it.

Sometimes does post some people use it to testify of their own story or what they experience into cryptocurrency so I will advise you not to develop hate to anyone posting method or posting style because many of us use what they pass through and what they witness to correct or make a post for we to read and see

[Yawa2020]

I think this is not good idea to buying Bitcoin for taking a loan because someone give you a loan for a few months and if you want good profit from investment then you hold Bitcoin for a few years atleast 2 or 3 years then you will get huge profit.

Even after that 2-3 years, profit is not guaranteed. So I don't see any rational behind taking loans to buy Bitcoin as OP did. I will never do that while in my right senses. It is understandable the OP just want to fulfill his dream of owning a btc and he did though with much risk associated. I hope he'll not regret later.

[JayJuanGee]

He could try to make some more earning through the regular trading practice.

Yes.. take a dumb idea and make it even dumber by employing a "regular trading practice," and losing even more.  That's what degenerate gamblers do.. they take one dumb thing, and then they keep adding dumb things.. and at some point maybe they will get lucky, but the odds become increasingly against any of us the more layers of gambling we add on.

Shitcoiners love to do those kinds of things.. and the vast majority lose money.. so bringing that to bitcoin does not make it better merely because it is on bitcoin or related to bitcoin.

Don't get me wrong.  I am not opposed to trading or even playing swings but it is way better to have calculated and incremental strategies that largely emphasize bitcoin accumulation and holding that does not count on selling in order to accumulate.. but instead largely skewed in favor of buying, accumulating and DCA'ing-related practices.

I thought I would buy 1 bitcoin and save it for 2 years.  Because I know Bitcoin's past, what Bitcoin once was and what it is now.  I know the current market situation is bad so I want to take advantage of this bad time for Bitcoin.  I have faith that I will succeed.  So those who thought of buying Bitcoin quickly bought it.  Hope we all write a success story together.

If you bought two years ago, you still have profit, and it's big, and I am sure you will still reinvest your profit since it's been so long. I don't know what price you saw two years ago, but it is really far from the price right now. I am hoping that you will write a story that is kind of positive because what I am reading right now is that they are kind of saying that Bitcoin is a scam because they lost their profit (which we experience, but some will say that it isn't true).

If you are considering bitcoin as a long term investment rather than some kind of pump and dump, then two years is likely too short of a timespan, and more likely you should be considering 4-10 years or longer, and some form of ongoing DCA rather than merely lump sum investing and/or buying on dip... even though lump sum investing and buying on dip can also be good practices to supplement DCA buying.

No matter what there are no guarantees either.. so each of us should be attempting to account for the fact that there are no guarantees in bitcoin, even though it seems to have been, to be and to continue to be amongst the best (if not the best) of places in which we can allocate value for the longer term of 4-10 years or longer.

If you have a stable income, I will definitely support you, because in those 2 years you can also pay off your debt with your salary. But if you just rely on bitcoin profits to pay off debt and interest to the bank then I think I would object.
We all believe that bitcoin will rise again, but there is no certainty it will rise again, and even more uncertain in the next 2 years it will increase, all just stop at predictions.
It all happened, and I hope you are ok with your choice, but I don't expect you to spread this story to make people do the same, especially newbies.

Impressed forcing what the OP did. Investments made using money borrowed from a bank are not the right choice, tantamount to causing new problems and adding to the monthly installment burden for the bank. The next question is how OP pays off the monthly loan that runs every month, because what I read he uses a long term method of investing in bitcoin. The investment he made was correct, but his method was not quite right.

There's no doubt that bitcoin is a good investment for the future, but taking the risk of lending a bank's money can only make it more difficult. I think the OP made a mistake, it's better to buy bitcoin in small amount than borrow money from the Bank. For the next month, OP will definitely be busy looking for money to cover the monthly installment costs.

I personally don't have any problem with a loan and to take chances that front-loading the investment might pay off better than buying incrementally.  Each of us is free to exercise those kinds of potentially reasonable gambles - even with long term investment money.

I think that the area in which OP went wrong was that it appears that he was calculating that the BTC price will go up during the next two years, and he seems to calculate that into his plan as if it were guaranteed, and even if the odds might be greater than 50% that the BTC price will go up in the next two years, that seems to be allowing for too many loose ends in regards to how to play a 8% to 10% per year interest rate that guarantees a certain level that he has to cover in the loan just to pay the servicing of it and how much the loan is costing him.  He also seems to NOT have other funding sources, such as a cashflow and/or other monies to assure that he does not have to sell his bitcoin.. so it is weird that his plan almost guarantees that he "has to" sell some of his bitcoin, even if the BTC price goes up within his anticipated 2x to 5x range.... and I suppose nothing wrong with servicing the loan by selling some BTC if the BTC has gone up 2x to 5X, that would end up being more profitable than if he had not taken out the loan.. but it still seems like an unreasonable gamble if all of the possible outcomes are considered rather than just assigning value to various upside scenarios while either failing/refusing to account for downside possibilities or giving really high discount calculations to the possible downside scenarios.. like assigning the downside values lower levels of probability than they actually deserve.

[NicNacCoin]

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.

What you have done is a risky thing to do. It was not a matter of you having to buy a single bitcoin. If you could buy bitcoins little by little with your own money over time, that investment would be a good investment. At present you are in a lot of loss from your investment. How long will it take for the market to recover in your position, but you are not even able to analyze it. Right now you have to pay weekly or monthly installments to your bank. So you are in for a tough time right now. Anyway hold on to your investment. And look forward to Bitcoin Halving.

[Bobrox]

Depending with each country regulation about Bank interest and seems OP country adopted about 8% until 10% loan interest most heavy trough Bitcoin still going dump and not consistency with profitable earn. Actually, there are not any problem yet when using loan for investing in Bitcoin trough entry when Bitcoin still going dump, but little risk when OP have been investing in not right time and waiting until two years later with his Bitcoin investment not profitable yet.

Better waiting right time for investing in Bitcoin trough Bank loan actually when Bitcoin have going dump, earn profit about 10% until 30% better for selling it and take recovery from your loan and used half for reinvesting again in Bitcoin with your earning profit.

[MarjorieZimmermanGinger]

I personally don't have any problem with a loan and to take chances that front-loading the investment might pay off better than buying incrementally.  Each of us is free to exercise those kinds of potentially reasonable gambles - even with long term investment money.

Everyone has no problem with borrowing, it's free to do for certain interests, especially the use of the money taken is placed in investing in bitcoin.

I think that the area in which OP went wrong was that it appears that he was calculating that the BTC price will go up during the next two years, and he seems to calculate that into his plan as if it were guaranteed, and even if the odds might be greater than 50% that the BTC price will go up in the next two years, that seems to be allowing for too many loose ends in regards to how to play a 8% to 10% per year interest rate that guarantees a certain level that he has to cover in the loan just to pay the servicing of it and how much the loan is costing him. 

Predictions like this are normal things to happen in my opinion, because the OP could have tried to calculate bitcoin's journey when it reached the previous ATH, so that in the next two years bitcoin can provide a large return on the investment it makes. The time accumulation the OP was trying to calculate seemed to follow a four year cycle, so he decided to invest and take the risk of borrowing money from a bank.

However, the problem that will be faced in the following month is how to pay the bank's monthly fees, especially if you do not have other sources of funding, such as cash flow and/or money from other proceeds. Honestly, I would like to know how much the monthly fee must be paid to the bank by the OP?

He also seems to NOT have other funding sources, such as a cashflow and/or other monies to assure that he does not have to sell his bitcoin..

The biggest problem arose here, there was no other source of reserve funds as he started to run out of money to cover the bank's monthly fees, so when faced with difficult conditions he would decide to sell bitcoins. Thus the investment he made did not get any profit and you could say he failed miserably in implementing this investment pattern.