Today is the story of my investment in Bitcoin

[Mr.corol]

But as I explained, if rates are not good enough and you are not having good income its best to not buy Bitcoin with a loan.

You are right, Investing in Bitcoin by borrowing is not really a good. Because investing with debt, Bitcoin has the potential of not only profit but also loss. Now if you borrow and invest and suffer a loss, how do you repay your debt? According to me, if one has accumulated wealth, then it is better to invest for him.

[1714871327]

1714871327

[fullhdpixel]

I always had hard time convincing myself to buy Bitcoin with a loan from bank. Eventually I bought some around 20-21k levels with something like 1k usd loan with 0.5% interest. It definitely doesn't kill me because I work so I have fixed income. But as I explained, if rates are not good enough and you are not having good income its best to not buy Bitcoin with a loan. I wish you best with your purchase. I guess you (OP) already made profit as price is higher now. Also its best to put that Bitcoin into earn program so you can generate more for future.

What if you have a stable job but the interest rates of the loan are higher than usual? Would you still have the guts to take the loan? For me no but even if the interest rates are only normal I think I will still not take a loan only to buy BTC at the dip. I always have a bad feeling about loaning money ever since, because I already saw someone else who is struggling to pay his loans and he already sold some of his appliances only to pay some amounts because he is now being threatened by the lending company.

If BTC value is higher now, we can always wait for it go down but at the mean time, we can only set aside and stack some of our residual money from our salary. It will be a perfect timing to use once BTC is dipping heavily as that can also take time.

[Ale88]

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 strongly believe bitcoin has a great future ahead but, as others have already pointed out, what you did is extremely risky and frankly I would never do it. If you can't afford to buy a whole bitcoin right now you can simply buy a little every month, getting a loan with 10% interest to buy such a volatile asset like bitcoin is a huge risk, everything could happen. I wish you the best of course.

[Raflesia]

I always had hard time convincing myself to buy Bitcoin with a loan from bank. Eventually I bought some around 20-21k levels with something like 1k usd loan with 0.5% interest. It definitely doesn't kill me because I work so I have fixed income. But as I explained, if rates are not good enough and you are not having good income its best to not buy Bitcoin with a loan. I wish you best with your purchase. I guess you (OP) already made profit as price is higher now. Also its best to put that Bitcoin into earn program so you can generate more for future.

This is indeed a little difficult because indeed when making a loan to buy bitcoin we also need some considerations for that and one of the considerations is as you said.
The fact is that even though this is still good, this can only be done with a number of conditions, such as having conditions where you still have a steady income from the work you are doing now and already know what to do in paying off or installments that must be faced.
But in this case, I also don't feel that it's wrong to borrow to buy bitcoin because it really comes back to strategy and as long as we can afford it, we can do it too. But the average would definitely avoid this and I will also do that because indeed my choice not to be in a loan to a bank or to anyone to buy bitcoins is still the best decision I have at this time.

[tjtonmoy]

~snip

It was a very bad idea and approach in Bitcoin investment. I know you have bought at a good price point, and now you are in green. But still. With borrowed money? People always say, "Don't invest what you can't afford to lose." and yet you chose to borrow money from others. It would be wise if your own money percentage was higher, and you borrowed less from others. Like 75% to 25% ratio. That way, you could have repaid them by now. And also one beginner mistake you made was, you put all your money at one buy. Learn to DCA. Market is uncertain. You could have made more profits that way.
But what done is done. Hope you learn from your mistakes. Good luck with your HODLing. Hopefully you'll be able to pay them back at your promised interest.

[ajiz138]

This is indeed a little difficult because indeed when making a loan to buy bitcoin we also need some considerations for that and one of the considerations is as you said.
The fact is that even though this is still good, this can only be done with a number of conditions, such as having conditions where you still have a steady income from the work you are doing now and already know what to do in paying off or installments that must be faced.
But in this case, I also don't feel that it's wrong to borrow to buy bitcoin because it really comes back to strategy and as long as we can afford it, we can do it too. But the average would definitely avoid this and I will also do that because indeed my choice not to be in a loan to a bank or to anyone to buy bitcoins is still the best decision I have at this time.

Borrowing from a bank and just to buy those bitcoins is going to have some problems and of course other considerations I think it would be better to avoid it or never do it.

There are still ways that are really effective where we can buy bitcoins regularly without involving money from banks, for example, use 20% of your total salary every month, or there are other ways where you have side income so it can also be used to buy bitcoin while your salary will not be disturbed by this but the most important thing is how you can manage your cash flow properly.

Currently signature campaigns are quite effective as a side income that you can also do as an investment or sort of do the DCA method just like everyone else is doing.

The best decision to buy bitcoin is when you have managed all your needs.

[wmaurik]

You are right, Investing in Bitcoin by borrowing is not really a good. Because investing with debt, Bitcoin has the potential of not only profit but also loss. Now if you borrow and invest and suffer a loss, how do you repay your debt? According to me, if one has accumulated wealth, then it is better to invest for him.

More precisely, having own capital is much better to invest in Bitcoin than having to borrow money because you want to invest compulsorily in Bitcoin. I also agree with this point because investing with no debt is a very good solution because if someone invests with debt, he will feel two pressures that might not be too difficult to contain.

The first is pressure because he has debt and the second is pressure if he hasn't made a profit but it's time for the debt to be paid off. So in this case I think it's very clear that investing with your own capital, even if it's not big enough, is very much better than with bigger money but obtained by debt.

[Raflesia]

This is indeed a little difficult because indeed when making a loan to buy bitcoin we also need some considerations for that and one of the considerations is as you said.
The fact is that even though this is still good, this can only be done with a number of conditions, such as having conditions where you still have a steady income from the work you are doing now and already know what to do in paying off or installments that must be faced.
But in this case, I also don't feel that it's wrong to borrow to buy bitcoin because it really comes back to strategy and as long as we can afford it, we can do it too. But the average would definitely avoid this and I will also do that because indeed my choice not to be in a loan to a bank or to anyone to buy bitcoins is still the best decision I have at this time.

Borrowing from a bank and just to buy those bitcoins is going to have some problems and of course other considerations I think it would be better to avoid it or never do it.

There are still ways that are really effective where we can buy bitcoins regularly without involving money from banks, for example, use 20% of your total salary every month, or there are other ways where you have side income so it can also be used to buy bitcoin while your salary will not be disturbed by this but the most important thing is how you can manage your cash flow properly.

Actually, in conditions like this, when we are able to carry out an extreme strategy like OP, it can still be done because something like that cannot be said to be wrong, considering that in this case we have our own style of collecting bitcoins.
This is a strategy that in my opinion can be extreme and of course I don't want to do this but on the other hand the fact is there are still lots of people who can do this like OP or even more famous maybe Saylor who did this the same one.
As long as they are able to mitigate and anticipate all the consequences that will be received then it is not a problem.

[BTCBroker2016]

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

I realy do not understand how people plan to earn taking loans they wouldn't close if assets wouldn't work

[MGLLOV12%]

I am a new trader I want to buy a bitcoin but I don't know if it will come true I have accumulated some money slowly it is not possible to buy a bitcoin can I buy bitcoin now with a loan from the bank is there a chance for me to profit?  Have this question to all of you hope all will give good advice

[Bounty Inspectors]

I am a new trader I want to buy a bitcoin but I don't know if it will come true I have accumulated some money slowly it is not possible to buy a bitcoin can I buy bitcoin now with a loan from the bank is there a chance for me to profit?  Have this question to all of you hope all will give good advice

Before buying BTC You need to have an understanding of the market. You can buy BTC step by step and make big funds. I would never recommend buying Bitcoin with a loan. Because no one knows exactly when Bitcoin will go up or down. Even if the price drops after you buy Bitcoin, you still have to pay the interest on the loan. Then sell your bitcoins at a loss. So, take a loan with care.

[JayJuanGee]

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

I realy do not understand how people plan to earn taking loans they wouldn't close if assets wouldn't work

It should not be very difficult to understand.  If the price moves in your favor, then you make more by being able to buy early, so it remains a kind of gamble - whether the one who takes the loan has the cashflow to cover the loan or not.. Of course, no one should be taking loans if they do not have backup means to cover the servicing of the loan and the payoff amount when it comes due.

The one who does not make sure that s/he has cashflow to cover the loan in spite of the asset's performance (in this case bitcoin's price performance) is the one who is failing/refusing to adequately assess downside risk, and likely should not be employing such leveraging tools to gamble (when they might believe that they are trying to invest, but they end up employing a gambling strategy with an investment asset.. in this case bitcoin)...

I am a new trader I want to buy a bitcoin but I don't know if it will come true I have accumulated some money slowly it is not possible to buy a bitcoin can I buy bitcoin now with a loan from the bank is there a chance for me to profit?  Have this question to all of you hope all will give good advice

The best way to start buying bitcoin is little by little (dollar cost averaging methods are really good for beginners) and to figure out your financial situation so that you manage your cashflow and other aspects of your finances and psychology, and likely the longer that you buy into bitcoin and build your investment portfolio, then the more likely you will be able to learn and to figure out ways to start to employ more sophisticated tools, such as forms of financing (such as loans or whatever other tools that you might decide to use), but even more sophisticated BTC buyers don't necessarily fuck around with those kinds of financing tools because instead of becoming rich, they get reckt because they don't know what they are doing.. or how to play bitcoin's volatility.. which is a quite difficult task.. and part of the reason that slowly buying in and learning along the way tends to be much better than getting loans.

[Dr.Bitcoin_Strange]

But in this case, I also don't feel that it's wrong to borrow to buy bitcoin because it really comes back to strategy and as long as we can afford it, we can do it too. But the average would definitely avoid this and I will also do that because indeed my choice not to be in a loan to a bank or to anyone to buy bitcoins is still the best decision I have at this time.

That's the truth; there's a saying that "if someone places their treasure on something, that's where their mind will always be." The OP understands that he needs to buy one bitcoin, so he looked for available means to get loans and acquire the one bitcoin he chose to have. I am not sure, but even before Op decides to go ahead with his plans, he has already understood about the volatility of Bitcoin and made plans on how he can repay the loan. With the current price of Bitcoin, if the OP wants to repay the loan, whose total interest is 18% ($15,320), he will still be left with $12980 (he has still made a profit of $6980). That's a good strategy for OP and good timing.

It was a very bad idea and approach in Bitcoin investment. I know you have bought at a good price point, and now you are in green. But still. With borrowed money? People always say, "Don't invest what you can't afford to lose." and yet you chose to borrow money from others. It would be wise if your own money percentage was higher, and you borrowed less from others. Like 75% to 25% ratio. That way, you could have repaid them by now. And also one beginner mistake you made was, you put all your money at one buy. Learn to DCA. Market is uncertain. You could have made more profits that way.
But what done is done. Hope you learn from your mistakes. Good luck with your HODLing. Hopefully you'll be able to pay them back at your promised interest.

If we go by what the OP has said, he made mention that if he's able to make about 100-500% in 2 years, then he can repay those debts, which means the loan he took is to be repaid in two years with just 10% interest to the bank and 8% to his uncle. It's really good timing for OP, and he still has enough time to repay the loan. From when he created this thread, June this year will make it one year, so the OP still has a year plus some months to repay the loan, plus the fact that next year is Bitcoin's halving. The Bitcoin price always increase during it's halving period, so if the OP hold till next year halving season, he will have made a good profit to have repaid the loan. Read OP's statement in the code below.

Code:

[quote author=smartaction link=topic=5404490.msg60469129#msg60469129 date=1656500861] 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.
[/quote]

Also @tjtonmoy, I really agree with you that DCA is a good strategy when investing in bitcoin, and if the OP had used DCA, he would have made more profit because the Bitcoin price dropped below $20,000 after he bought his 1 bitcoin. But the good news is that the OP has aquire the one bitcoin he desired and is overjoyed.

[sokani]

Dear OP as much as am happy for you being a BTC holder, taking a loan to buy a crypto asset is not a smart move, especially one that is volatile and it's something I would totally kick against. I don't see any special feeling in holding 1 BTC, you would have been contented with what you have and use the $6000 from your savings to buy it instead of incurring debts on yourself.

[khiholangkang]

I am a new trader I want to buy a bitcoin but I don't know if it will come true I have accumulated some money slowly it is not possible to buy a bitcoin can I buy bitcoin now with a loan from the bank is there a chance for me to profit?  Have this question to all of you hope all will give good advice

You can buy bitcoins with the money you have right now even with $10 or $20 you can own bitcoins, so why not? But if you are slow in collecting to buy bitcoin then choose the DCA method and we often say things with even small money if you remain consistent in this way you can continue to accumulate bitcoins for every money you have.

If you want a loan from a bank then to buy bitcoin but are you able to cover the need where you have to pay each maturity date? While the average for bitcoin holders is for the long term so it won't be profitable in the near future unless you trade and of course it's not easy.

It's better what you can afford to do than forcing a bank loan but it will be difficult for you to pay the monthly later.

[Ryu_Ar1]

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

I realy do not understand how people plan to earn taking loans they wouldn't close if assets wouldn't work

Things like this are actually still possible to happen and I think it's not too difficult to understand when they know the consequences.
When borrowing, of course we know the risks and they are also aware that investing in bitcoin is not as easy as turning the palm of the hand, so they know when they try to borrow and invest in bitcoin for the loan, they will know the consequences when bitcoin goes down and the assets they have are not develop.
But I think the point is not there, when they borrow, they must be ready for all conditions including payment and of course they have thought from the start how to repay their loan collateral without having to expect bitcoin first.
An example might be the current well-known case of Saylor, who has the concept of bitcoin maximalism, who even dared to take out a US$250 million loan in 2022.
He is aware of the consequences and he knows that he won't immediately benefit practically here but he still does things like that with his convictions even though we think things like this are too reckless but still for some people things like this can still happen.

The conditions are the same here, we cannot say that those who borrow only to invest in bitcoin are reckless because indeed it is the best option they have, it's just that the way is different from us, who collect little by little doesn't mean they are wrong I think.

[Dzwaafu11]

Your desire seems admirable and intriguing, however getting a bank loan or doing anything else to invest in bitcoin or cryptocurrency is not a good idea. It would be better to use your small business to invest in bitcoin while it is still operating and you still have some cash on hand than to take out a loan, in my opinion.

You can invest in bitcoin with the little you have; it's not really necessary to go out and get a loan first. Keep in mind that cryptocurrency is not a life or death venture. Because of this, I don't actually borrow money to buy bitcoin and other cryptocurrencies. Generally speaking, I only invest money that I can afford to lose,I've always been afraid of the risk involved, which is why I didn't take out a loan to invest in bitcoin. God forbid, what if the market arrives and fails to go as planned?

[tjtonmoy]

If we go by what the OP has said, he made mention that if he's able to make about 100-500% in 2 years, then he can repay those debts, which means the loan he took is to be repaid in two years with just 10% interest to the bank and 8% to his uncle. It's really good timing for OP, and he still has enough time to repay the loan. From when he created this thread, June this year will make it one year, so the OP still has a year plus some months to repay the loan, plus the fact that next year is Bitcoin's halving. The Bitcoin price always increase during it's halving period, so if the OP hold till next year halving season, he will have made a good profit to have repaid the loan.

Are you really certain that this will really happen in 2 years time period? It's all about calculation and prediction, which are never 100% accurate. And what about risk management?
Let's say that OP did a good choice, choosing the time and price, and now he's making profits. Let's imagine the same scenario with a different user who will buy after watching this post and getting inspired from it. I am not against HODL and long term investment. But just imagine, someone else took some huge loan in order to invest in bitcoin.
The bull market starts, and as we all know, it doesn't stay high for a long period of time. It will drop again. What if the price drops below your buying value?
How long are you going to HODL again? And how are you going to repay your loan with interest? That's why it is best to invest what belongs to you and some small amount of loans that you are able to repay in short time in this event.(Taking loan for BTC investment is never a good idea).

[Dr.Bitcoin_Strange]

Are you really certain that this will really happen in 2 years time period? It's all about calculation and prediction, which are never 100% accurate. And what about risk management?
Let's say that OP did a good choice, choosing the time and price, and now he's making profits. Let's imagine the same scenario with a different user who will buy after watching this post and getting inspired from it. I am not against HODL and long term investment. But just imagine, someone else took some huge loan in order to invest in bitcoin.
The bull market starts, and as we all know, it doesn't stay high for a long period of time. It will drop again. What if the price drops below your buying value?
How long are you going to HODL again? And how are you going to repay your loan with interest? That's why it is best to invest what belongs to you and some small amount of loans that you are able to repay in short time in this event.(Taking loan for BTC investment is never a good idea).

I was only judging based on the OP's statement. But honestly, I also fall into the category of the scenario you gave; the difference in my case is that I did not borrow the money I invested with. During the 2021 bull market, I bought a little fraction of Bitcoin, and my hope was that Bitcoin price could bump to $100k, at which point I would just sell and take my profit, but my plans were futile because the price could not get to $100k and we went into a bear market in 2022. In the OP's case, I can say he's lucky, but I will not tell any of my friends or anyone reading this not to invest in bitcoin. I can only advise them about the risks involved in taking out a loan before investing in bitcoin; if they choose to go ahead with it, I can't force them to stop.

[Mate2237]

But as I explained, if rates are not good enough and you are not having good income its best to not buy Bitcoin with a loan.

You are right, Investing in Bitcoin by borrowing is not really a good. Because investing with debt, Bitcoin has the potential of not only profit but also loss. Now if you borrow and invest and suffer a loss, how do you repay your debt? According to me, if one has accumulated wealth, then it is better to invest for him.

Investing in bitcoin is not something you reap in the following day or week, so if one take loan to invest how does he plan to back the loan. Though there are some loans that the lender or the lending company gives to the borrower to pay back after 3 to 4 years but those loans interest rate is very high which you might even used everything you got from the investment to pay the loan and at the end you loss out. And that is no capital and no income. You invest for the lender and not for yourself. So that is why people are advised not to borrow and Invest on bitcoin because the risk that is involved is very high. But if the you have alternative ways to pay back the loan on time then you can borrow and Invest.