lovesmayfamilis
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February 01, 2024, 04:26:32 AM Merited by fillippone (1) |
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Taking a loan from a relative can only be profitable if the relative himself understands all the risks he is taking by providing such a service. There is a difference between debt to the bank and debt to the family. What are these connections, and how long is the relative willing to wait for a return? In any case, as was said above, we cannot be sure that everything will go according to the scenario that your friend suggests. But he must imagine all the consequences if something does not go according to plan and ways to overcome them.
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Fundamentals Of
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February 01, 2024, 04:41:34 AM |
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Compared to a loan to be used to buy a new car, to buy a new phone, to travel abroad, to go shopping, etc, to borrow money to invest in Bitcoin is way better. But your friend should make sure that he can pay the loan even if the investment didn't turn out well. Your friend's capacity to pay should not be solely dependent on whether the investment works. If this is assured, then your friend can proceed taking that loan and buying Bitcoin with it.
And if it doesn't work, your friend should stick to his Bitcoin until such time that he makes a profit. Hodling will pay off in the end.
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adaseb
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February 01, 2024, 05:22:00 AM |
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You should never take any loans to invest in anything because if your investment goes down in value you are losing money both ways with the principal invested plus the interest.
Borrowing money should only be used to purchase goods like homes or cars, not for speculation. Many had done this and they are in a bad financial situation. Plus there is no guarantee that Bitcoin will go up 2 years from now, so why risk it. Horrible idea.
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bobbybkk
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February 01, 2024, 05:35:51 AM |
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I agree with many others that borrowing money to invest is a piss poor idee. And to involve family or friends makes it even worse..... To consider: If all goes well you make some money and feel like superstar and your family and friends will think you are so smart. If all goes bad, you will become the reason of tensions, maybe people will start to avoid you, you have to beg for extenbing a possible repayment scheduke, just imagine you become unemployed and the person giving the loan urgently needs a repayment.... Who wants to bring himself in such a position ?? My best advice is: Only invest a small amount you can afford to lose, if you are such a talented trader you reinvest your profits and over time become rich without having borrowed 1 cent. Ok takes longer, but it is more healthy than expieriencing a heart attack every time the market goes against you.. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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0t3p0t
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February 01, 2024, 05:49:57 AM |
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Whether or not your own or a loan money you are going to invest it's all the same that takes the risks. Though your own money if lost it's on your own problem but if it is a loan money you are risking your dignity and other peoples money so if your friend really insist in using loan money then he has the right to do it but tell him to make plan B. Tell your friend to find a job immediately so if something bad will happen to his investment then he may be able to repay that loan.
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LogitechMouse
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February 01, 2024, 06:58:37 AM |
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~ Now, I have a friend who is educated about Bitcoin digital currency but doesn't have the capital to invest on it. Meanwhile... He is considering to take loan from his relative to pay back within the range of 2years. This is to say he would have such range of time without a panic to pay back.
I want to say bad things to this kind of strategy, but TBH, I've done it twice in the past already, and it favored me. Yes getting a loan just to invest into crypto is a bad move, but I always believe in the word "timing". You can't time the market I know that, but if you know when you're entering then at least you will know when you will be profitable the most. I said that I borrowed money just to invest into crypto. Yes I borrowed money, and used my monthly income to pay that loan. A few years after, that money already doubled because I invested during the bear market. The amount isn't that high since I'm kind of experimenting at that time, but I know when to enter, and I believe that I can pay that loan thru my salary, and it paid me off. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) However, I don't recommend anybody doing this kind of strategy as not all strategy works on all people. Maybe I'm lucky that I borrowed, and entered during the bear market. As for OP, 2 years is a very long time, and knowing that we might be in a bull run a few years from now, I think your friend can pay it off. Just tell him to invest that borrowed money on Bitcoin to mitigate losses. Before doing this, consider everything including your monthly salary, and how it will affect you as well.
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NotATether
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February 01, 2024, 07:31:27 AM |
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Investing with borrowed money === Leverage trading. Do not do it because especially with that short of a time frame, you will be liquidated. Except the liquidation does not come from an exchange who takes it out of your balance, it comes from threats, lawsuits, court cases, and so on. Two years is way too short a time frame to make any sort of profit.
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Tanzila420
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February 01, 2024, 07:35:44 AM |
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Any possibility to go BTC $50k again within February 2024?
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Samlucky O
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February 01, 2024, 07:37:23 AM |
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On a multiple note, it is been said not to trade in the Bitcoin and crytop industry with a borrowed fund because it is likewise as gambling which proffers the possibilities of lost. I have seen lot of traders and investors who made it prosperously and amiably in their ventures of chasing profits with borrowed funds. It is is a norm fact that "No Risk and No Rewards" Now, I have a friend who is educated about Bitcoin digital currency but doesn't have the capital to invest on it. Meanwhile... He is considering to take loan from his relative to pay back within the range of 2years. This is to say he would have such range of time without a panic to pay back.
Hmm.... Please does it sound good quite understanding the volatility nature in the Bitcoin industry?
There is no point taking loan from bank to invest in crypto currency. Because crypto currency is not a get rich quick scheme. So it's an investment that requires a long term. So whenever we talk about cryptocurrency investment, We should remove our mind from loan, because loan will continue to add interest, and Bitcoin is a gradual process journey which the profit made from it to pay the outstanding loan may not come out as soon as possible. So you will add more problems to yourself than make profit. So in conclusion there is no need to take loan for investing on bitcoin.
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Fiatless
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February 01, 2024, 09:09:40 AM |
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Hmm.... Please does it sound good quite understanding the volatility nature in the Bitcoin industry?
I assume that this loan is without interest which is very good for business. Trading is a very risky section of Bitcoin business and it needs special skills or expertise to be successful in that area. He could lose all the borrowed funds within a short period if he is not proficient in trading. I would have suggested that your friend consider buying and hodling Bitcoin for a long time. He might make some profit if the price appreciates. However, two years is not a long period to invest in Bitcoin. I am not a fan of taking loans to invest in any business because it is risky. The crypto space is one of the most volatile investment platforms, so it would be better to invest with your funds. It shouldn't be just your funds but the part of it you can afford to live without or even lose. Your friend should look for other sources of raising capital maybe by getting an extra job or selling a personal belonging.
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pinggoki
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February 01, 2024, 09:19:12 AM |
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Investing with borrowed money === Leverage trading. Do not do it because especially with that short of a time frame, you will be liquidated. Except the liquidation does not come from an exchange who takes it out of your balance, it comes from threats, lawsuits, court cases, and so on. Two years is way too short a time frame to make any sort of profit.
Depends, if you're really good at leverage trading then you can easily do this but if you're an amateur that's hit or miss in leverage trading then definitely don't do it because you're going to regret doing that and at the same time you're going to end up having to pay for that borrowed money for a really long time because let's face it, people have a hard time delivering the borrowed money at a promised time and day. Any possibility to go BTC $50k again within February 2024?
Sure you can believe that it will go there but the problem is that we've already at February 1st and bitcoin is still not going to where you want it to go, are you talking about the last day of the month? If so then there's a possibility that we're going to see it.
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Barikui1
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February 01, 2024, 09:32:38 AM |
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For the few years I have been into cryptocurrency, I have come to understand that investing in it with a borrowed fund is a really stupid move we should all avoid, because due to the volatility involve, their is a possibility that you can lose the money due to it, and another thing you have to consider is that investing in it comes with is own pressure, so borrowing money to invest into cryptocurrency comes with is own added pressure all together, which can make you sell at a loss if the loan time have elapse and the creditors are at your neck, so this is a situation we should all avoid by all means.
So my advice to that your friend is that he should desist from taking loan to fund his crypto ambition because so many things can go wrong in a short period of time in the crypto industry which can lead him to lose all the money. And talking about taking loan from him family members is really wrong, because their is a high possibilitythat you cannot pay back at the right time which could damage your family relationship with him or her please let him be guided.
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2Pizza410000BTC
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February 01, 2024, 09:45:48 AM |
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On a multiple note, it is been said not to trade in the Bitcoin and crytop industry with a borrowed fund because it is likewise as gambling which proffers the possibilities of lost. I have seen lot of traders and investors who made it prosperously and amiably in their ventures of chasing profits with borrowed funds. It is is a norm fact that "No Risk and No Rewards" Now, I have a friend who is educated about Bitcoin digital currency but doesn't have the capital to invest on it. Meanwhile... He is considering to take loan from his relative to pay back within the range of 2years. This is to say he would have such range of time without a panic to pay back.
Hmm.... Please does it sound good quite understanding the volatility nature in the Bitcoin industry?
One should never invest on loan. Those who invest by borrowing I think is completely stupid. Suppose you are very experienced in cryptocurrencies so you take a loan from your relative and invest in cryptocurrencies. After investing for some reason your investment is damaged if your relative asks you for money then how will you manage the money? At that moment you either have to sell your investment at a loss or have to re-loan from somewhere else with double interest. So I would say you should never invest with debt.
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michellee
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February 01, 2024, 11:09:32 AM |
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If your friend has a fixed income, he can borrow money to invest in Bitcoin. But if he doesn't have an income, it's best not to borrow money. This is about how he was able to pay back the loan money. Moreover, he wants to borrow the money for 2 years.
But if his relatives want to delay returning the money for two years, maybe he can borrow the money. But it's still risky because we don't know what will happen in the next 2 years. He can make a profit from Bitcoin, but he also may not yet make a profit from Bitcoin.
It all depends on his consideration for borrowing money from his relatives. If there is an agreement to pay the loan 2 years later, he may take out the loan. But if he has to pay it back every month, it is even risky for him because he has no income.
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bobbybkk
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February 01, 2024, 12:15:10 PM |
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Just a quick general comment: If you consider investing but don't have the funds: Buy the cheapest lottery ticket where the top prize is covering your investmnet needs: The chances to win are quite low, but not 0, and if you are lucky you have easy money that you can invest.... ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Ever-young
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February 01, 2024, 12:27:23 PM |
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When it comes to investment it’s not always good to start up with a borrowed money you need to have your own money first before you can think of going into investment, the risk alone for investment is something else and if we check the interest that always comes with loan money you will know you are taking a very risk.
If I must advise, your friend should not even think of the loan not just because it’s not his money but also if you check very well bitcoin profit is not certain you never can tell when that money will be able to give him back enough profit to pay back what he have borrowed and also have some left for his investment decision.
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Patrol69
Sr. Member
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February 01, 2024, 12:34:51 PM |
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Loans can be taken if there is an extra need and there is no other option but I don't like investing or borrowing for any other purpose. I think people who invest with loans think that they will invest with loans and earn a lot of money in a short period of time and after that they will repay the loan and invest again with the amount of profit. If they had thought that as I dream of profit, I might suffer a loss and how would I repay the loan in case of loss, but they would not have dared to invest with the loan. If you have a small amount of money, it is a lot and you should start investing with that small amount. It is not wise to take money from others and use that money for your own investment. At the time of taking the loan, the borrower may have a good relationship with the person providing the loan, but when the person is unable to repay the money on time, the relationship between them will deteriorate and there may be many more complications. So it is better to avoid loans as much as possible.
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sokani
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February 01, 2024, 12:50:23 PM |
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Cryptocurrency investment is very risky, your friend may borrow the money, lose it and get himself into bigger problems. So tell him not to borrow loan in order to invest in Bitcoin. A castle is never built in a day, it's a gradually process and it'd could time. If he's working and cannot afford to buy a lump sum, he can be doing DCA and be stacking Bitcoin gradually from what he's able to earn from his job or business.
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DapanasFruit
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Binance #Smart World Global Token
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February 01, 2024, 01:07:30 PM |
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Now, I have a friend who is educated about Bitcoin digital currency but doesn't have the capital to invest on it. Meanwhile... He is considering to take loan from his relative to pay back within the range of 2years. This is to say he would have such range of time without a panic to pay back. Hmm.... Please does it sound good quite understanding the volatility nature in the Bitcoin industry?
Well, as what you said there will be no rewards without any risk involved so if your friend is ready with the possibilities of his venture then it is time to give it a go. Now, in life as well in trading there is no guarantee so it can either be prosperity or bust. Borrowing from relatives and friends who also are oriented with the situation can be a good idea rather than borrowing from banks or leading institutions or hell shark lenders. I am then expressing my good luck to your friend and maybe you can also help him from time to time most especially moral support and make things clearer for him so he won't be another victim of bad decisions while trading Bitcoin.
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Lanatsa
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February 01, 2024, 01:18:41 PM |
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On a multiple note, it is been said not to trade in the Bitcoin and crytop industry with a borrowed fund because it is likewise as gambling which proffers the possibilities of lost. I have seen lot of traders and investors who made it prosperously and amiably in their ventures of chasing profits with borrowed funds. It is is a norm fact that "No Risk and No Rewards" Now, I have a friend who is educated about Bitcoin digital currency but doesn't have the capital to invest on it. Meanwhile... He is considering to take loan from his relative to pay back within the range of 2years. This is to say he would have such range of time without a panic to pay back.
Hmm.... Please does it sound good quite understanding the volatility nature in the Bitcoin industry?
2 years would be short unless if he would really be that investing on 2-year period but i would definitely say that it would be ideal if you do invest on bear market period which it do usually happens on post bull run of course on which this is the best time that you should really be getting in, but since you do only have that 2 year agreement on repaying a loan then it would fall short. Its true that it wont really be that recommended on taking up a loan for you to have those crypto investment on which we know that it isnt really something that would really be that recommendable because we cant really be able to make sure that the market would really be having those pumps on the time that you would be making out some repayment. What if you wont really be able to repay those in time just because the price hadnt been able to pump or not really that in the right timing? Then you would be fucked up into that situation, unless if you do have that money allocation for repaying those loans then it would really be just that fine.
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