Bitcoin Noob

[BlackWasp]

Hey all,

I am entirely new to the world of Bitcoin. I have studied various Bitcoin topics the last 1.5 weeks including mining, exchanging, P2P lending etc.

I stumbled on this forum today and noticed the microloans are all very small like maybe $10 or so (although some are higher).

1. I dont understand why someone would borrow such a small amount? Do they exchange it back to real currency and buy something. or trade for other cryptocurrency or what?

2. I have opened a my own BTC account and would like to start funding it, Would someone be willing to loan BTC to a total newcomer like myself?

As I said, totally new to the bitcoin world, but want to learn.

Regards

[1714803059]

1714803059

[1714803059]

1714803059

[1714803059]

1714803059

[1714803059]

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[1714803059]

1714803059

[shorena]

Hey all,

I am entirely new to the world of Bitcoin. I have studied various Bitcoin topics the last 1.5 weeks including mining, exchanging, P2P lending etc.

I stumbled on this forum today and noticed the microloans are all very small like maybe $10 or so (although some are higher).

1. I dont understand why someone would borrow such a small amount? Do they exchange it back to real currency and buy something. or trade for other cryptocurrency or what?

My guess is for gambling.

2. I have opened a my own BTC account and would like to start funding it, Would someone be willing to loan BTC to a total newcomer like myself?

As I said, totally new to the bitcoin world, but want to learn.

Regards

Not without valid collateral.

[jorjito25]

Hey all,

I am entirely new to the world of Bitcoin. I have studied various Bitcoin topics the last 1.5 weeks including mining, exchanging, P2P lending etc.

I stumbled on this forum today and noticed the microloans are all very small like maybe $10 or so (although some are higher).

1. I dont understand why someone would borrow such a small amount? Do they exchange it back to real currency and buy something. or trade for other cryptocurrency or what?

My guess is for gambling.

2. I have opened a my own BTC account and would like to start funding it, Would someone be willing to loan BTC to a total newcomer like myself?

As I said, totally new to the bitcoin world, but want to learn.

Regards

Not without valid collateral.

If u wanna learn first u have to do is buy some coins like we all did before.
Nobody will loan u without collateral,  all that u can get is negative trust.

[pooya87]

Hey all,

I am entirely new to the world of Bitcoin. I have studied various Bitcoin topics the last 1.5 weeks including mining, exchanging, P2P lending etc.

I stumbled on this forum today and noticed the microloans are all very small like maybe $10 or so (although some are higher).

1. I dont understand why someone would borrow such a small amount? Do they exchange it back to real currency and buy something. or trade for other cryptocurrency or what?

2. I have opened a my own BTC account and would like to start funding it, Would someone be willing to loan BTC to a total newcomer like myself?

As I said, totally new to the bitcoin world, but want to learn.

Regards

why do you want a loan if you are new to bitcoin. what are you going to do with borrowed bitcoin?!
if you want to learn either buy BTC or work for it!

[RodeoX]

Let me answer your second question by answering your first. The reason many people request micro-loans is because they are criminals who want money. Surprisingly, some people do loan out their money and guess what happens? The loaner then discovers that there is absolutely nothing that can be done to recover the money. The police have never helped anyone with this, PayPal or other money service brokers are going to laugh at any claim.

So can you get a loan? NO. Why would you even want that? You are paying a super high premium for your BTC with a loan. There is no rule against loans, but you may receive negative feedback for even asking.
If you want a legitimate loan in BTC you will need to arrange escrow and provide collateral greater than the value of the loan. Just like at the bank except it will cost you more.

[bitcoin_bagholder]

Hey all,

I am entirely new to the world of Bitcoin. I have studied various Bitcoin topics the last 1.5 weeks including mining, exchanging, P2P lending etc.

I stumbled on this forum today and noticed the microloans are all very small like maybe $10 or so (although some are higher).

1. I dont understand why someone would borrow such a small amount? Do they exchange it back to real currency and buy something. or trade for other cryptocurrency or what?

2. I have opened a my own BTC account and would like to start funding it, Would someone be willing to loan BTC to a total newcomer like myself?

As I said, totally new to the bitcoin world, but want to learn.

Regards

1) Gambling and exchanging btc for altcoins.

2) No. I don't lend money/btc to strangers on the internet.

[BlackWasp]

Thanks for all the replies.

What I gather from some of you is that
1. Take the plunge and buy a bitcoin or part of it.
2. Dont get a loan. At least not at first.

You see, I am in South Africa where bitcoin (or any cryptocurrency) is a relative new concept. So I am way behind.

Comment from Pooya87:
why do you want a loan if you are new to bitcoin. what are you going to do with borrowed bitcoin?!
if you want to learn either buy BTC or work for it!

My answer (or question) is ..what do other people do with borrowed bitcoins? To buy groceries? To get through the month? why do you take a loan at the bank? I guess its the same concept.
And yes, I want to work for it, but how?

I have joined a mining pool (slusk I think) just to test, but soon realised, this is not really gonna make me any real money. Unless Im doing it wrong.

[ndnh]

Thanks for all the replies.

What I gather from some of you is that
1. Take the plunge and buy a bitcoin or part of it.
2. Dont get a loan. At least not at first.

You see, I am in South Africa where bitcoin (or any cryptocurrency) is a relative new concept. So I am way behind.

Comment from Pooya87:
why do you want a loan if you are new to bitcoin. what are you going to do with borrowed bitcoin?!
if you want to learn either buy BTC or work for it!

My answer (or question) is ..what do other people do with borrowed bitcoins? To buy groceries? To get through the month? why do you take a loan at the bank? I guess its the same concept.
And yes, I want to work for it, but how?

I have joined a mining pool (slusk I think) just to test, but soon realised, this is not really gonna make me any real money. Unless Im doing it wrong.

Well, there are a few simple ways you could earn:
Wait a year and keep posting and you will get 365 activity, you will make around 0.1BTC a month if you are a Sr. member like me.
or you can buy an account directly. Only one request, do not scam, follow the rules, and do not indulge in any unethical practices.

You could work. Check the services section. There are contests, competitions, campaigns, sites hiring programmers, developers and many more..

[Brimskie]

no one will give a non collateral loan to a newbie member on this forum, however, you sign up yourself to a signature campaign found in the services section for you to earn some satoshi per post you made

[BlackWasp]

no one will give a non collateral loan to a newbie member on this forum, however, you sign up yourself to a signature campaign found in the services section for you to earn some satoshi per post you made

Can you recommend one please?

[shorena]

no one will give a non collateral loan to a newbie member on this forum, however, you sign up yourself to a signature campaign found in the services section for you to earn some satoshi per post you made

Can you recommend one please?

If you are looking for a signature campaign, check this[1] overview thread. Keep in mind though, that some[2] might look down on you just because you are "whoring out" your signature. It is also important to understand that you might be banned faster for spam if you are wearing a paid signature. The usual advise would be to just post like you would without the signature, but for some this does not cut it. Keep your posts helpfull and informative. You have nothing to contribute to a discussion, dont post it. In any case, enjoy your stay, leaning all the do's and don't might take time, but IMHO its worth it.


[1] https://bitcointalk.org/index.php?topic=615953.0
[2] https://bitcointalk.org/index.php?topic=957789.0

[BlackWasp]

no one will give a non collateral loan to a newbie member on this forum, however, you sign up yourself to a signature campaign found in the services section for you to earn some satoshi per post you made

Can you recommend one please?

If you are looking for a signature campaign, check this[1] overview thread. Keep in mind though, that some[2] might look down on you just because you are "whoring out" your signature. It is also important to understand that you might be banned faster for spam if you are wearing a paid signature. The usual advise would be to just post like you would without the signature, but for some this does not cut it. Keep your posts helpfull and informative. You have nothing to contribute to a discussion, dont post it. In any case, enjoy your stay, leaning all the do's and don't might take time, but IMHO its worth it.


[1] https://bitcointalk.org/index.php?topic=615953.0
[2] https://bitcointalk.org/index.php?topic=957789.0

Thanks for the info. I will stay away from these for now.