Cryptocurrency good or bad for loan?

[Dr.Bitcoin_Strange]

If you don't have any money to invest in bitcoin, it is better that you find a job and use part of your discretionary income to invest to enable you hodli your investment for long. Taking loan because you want to invest in bitcoin is a wrong approach and that alone can make your financial situation worst. This is because you will not have rest of mind and there will be emotional trauma most times. Whenever bitcoin price dips, you will almost have a heart attack. Lastly, bitcoin is not guaranteed to be profitable in future so we should not use past event to conclude what will happen in the future.

It is not even advisable for a manual labourer who is just a bricklayer to invest in bitcoin unless the person is working in warehouse, manufacturing companies or construction companies because those companies salary is high and he can do the mathematics to divide the salary into parts and invest in bitcoin with 1%. And using the DCA method to invest weekly or monthly all depends on the salary schedule.

I think you are wrong in this case, everyone can invest, even if they are construction workers, because I am a housewife, I can invest in Bitcoin and other crypto by just setting aside my spending money.
Everyone can invest if they have the intention and have a goal

That's one of the biggest misconceptions people have about Bitcoin investment, they believe that, to invest in Bitcoin or to begin your bitcoin accumulation journey, one needs to have a lot of money, which is very wrong, because all one needs is to have the right strategy and also a stream or source of income (no matter how small), but it needs to be able cover for your daily expenses, as well as some for your investment.
But it's also very important to first have an emergency fund and some reserve or float funds before starting your bitcoin accumulation just incase subsequent emergencies surfaces, to avoid one dipping into his investment to cover for those emergencies, which is very bad for investments and can disrupts the growth of the investment.

[yohananaomi]

If you don't have any money to invest in bitcoin, it is better that you find a job and use part of your discretionary income to invest to enable you hodli your investment for long. Taking loan because you want to invest in bitcoin is a wrong approach and that alone can make your financial situation worst. This is because you will not have rest of mind and there will be emotional trauma most times. Whenever bitcoin price dips, you will almost have a heart attack. Lastly, bitcoin is not guaranteed to be profitable in future so we should not use past event to conclude what will happen in the future.

It is not even advisable for a manual labourer who is just a bricklayer to invest in bitcoin unless the person is working in warehouse, manufacturing companies or construction companies because those companies salary is high and he can do the mathematics to divide the salary into parts and invest in bitcoin with 1%. And using the DCA method to invest weekly or monthly all depends on the salary schedule.

I think you are wrong in this case, everyone can invest, even if they are construction workers, because I am a housewife, I can invest in Bitcoin and other crypto by just setting aside my spending money.
Everyone can invest if they have the intention and have a goal

Yes, its for everyone and it would really bej ust that wrong that you would really be making out those kind of limiting conditions about on whose the one would really be tending to invest.
We do know that as long you would really be that having the money to invest on then you could freely make out some decisions whether you would really be investing or not.
It all matters on how you would really be able to take the risks since not all would really be that able to bare up with the risks and would really be that much preferring
that they would really be wanting or liking on playing safe.

There are no age and gender restrictions or rich or poor in making any investment, including crypto, as long as he has it and has the ability to invest. I totally agree, all decisions to make investments are the right of anyone who really wants to do it and there are no restrictions on that. The most important thing is that he will be able to bear all the risks that might occur due to what is done in making investments.

[Roseline492]

It is straightforward for a worker, regardless of salary, if he has the attitude to invest a little bit every month in bitcoins. We see that, at the end of the day, if a part of the setting remains, it helps us avoid danger. After all, it will be possible if you continue to invest in Bitcoin little by little.

Of course you are right no matter how small somebody's salary is it can never make them to change there mind towards investing on Bitcoin unless they don't really want to invest on Bitcoin, so the only thing is just to have a passion for Bitcoin because I have actually seen numerous of people who doesn't have anything but yet they are accumulating as little as they can afford.

Well one of the things I understand is that most people misunderstand ways to invest on Bitcoin because they believe that since Bitcoin price has gone this far the only way for them to have a huge amount of Bitcoin is by investing huge amount of money when there source of income is not steady, on the contrary the best way is to buy slow and steady and before the person will realize he will be surprised to see the amount he has gotten.

[AVE5]

While investing in crypto, many people take loans from banks, but later they have to face difficulties in repaying the loans if there is a loss. How much crypto is needed to manage social life and can it be the only dependent income source of your life?

Cryptocurrency isn't sufficient enough to be relied on for only source of income rather does taking loans from the bank just to invest seems a good approach.
Considering the volatile and unpredictable of crypto currencies, it's worth investing with amount to be affordable to loose and also holds as alternative source of income.

[Sim_card]

While investing in crypto, many people take loans from banks, but later they have to face difficulties in repaying the loans if there is a loss. How much crypto is needed to manage social life and can it be the only dependent income source of your life?

Cryptocurrency isn't sufficient enough to be relied on for only source of income rather does taking loans from the bank just to invest seems a good approach.
Considering the volatile and unpredictable of crypto currencies, it's worth investing with amount to be affordable to loose and also holds as alternative source of income.

You must have a source of income for you to invest in crypto if not it is useless because when you are faced with emergencies you will sell your crypto. Bitcoin especially is a long term investment and if you don't have a job or a means of income how will be be able to invest. Investing is done with money and it is very risky to take a loan to invest instead don't invest because it is not a do or die thing. If you must invest in crypto have a means of income first.

[Agbe]

While investing in crypto, many people take loans from banks, but later they have to face difficulties in repaying the loans if there is a loss. How much crypto is needed to manage social life and can it be the only dependent income source of your life?

Cryptocurrency isn't sufficient enough to be relied on for only source of income rather does taking loans from the bank just to invest seems a good approach.
Considering the volatile and unpredictable of crypto currencies, it's worth investing with amount to be affordable to loose and also holds as alternative source of income.

I gave you 1+ Karma for this input. Many people are here arguing that bitcoin is for everyone therefore everyone can invest. We are not disputing the fact that bitcoin is not for everyone, bitcoin is for everyone but the investors need constant income to invest in bitcoin to sustain the investment because they don't have extra income and invest in bitcoin then there is high level of probability that they will visit the bitcoin investment and use the funds to survive because nobody will like to die when he has money to sustain himself for a while. And because of the logic, I brought about the bricklayer construction worker story but many people seeming to misunderstanding the logic here and all they understood is bitcoin is for everyone and everyone can invest in it.

[0t3p0t]

If you don't have any money to invest in bitcoin, it is better that you find a job and use part of your discretionary income to invest to enable you hodli your investment for long. Taking loan because you want to invest in bitcoin is a wrong approach and that alone can make your financial situation worst. This is because you will not have rest of mind and there will be emotional trauma most times. Whenever bitcoin price dips, you will almost have a heart attack. Lastly, bitcoin is not guaranteed to be profitable in future so we should not use past event to conclude what will happen in the future.

It is not even advisable for a manual labourer who is just a bricklayer to invest in bitcoin unless the person is working in warehouse, manufacturing companies or construction companies because those companies salary is high and he can do the mathematics to divide the salary into parts and invest in bitcoin with 1%. And using the DCA method to invest weekly or monthly all depends on the salary schedule.

I think you are wrong in this case, everyone can invest, even if they are construction workers, because I am a housewife, I can invest in Bitcoin and other crypto by just setting aside my spending money.
Everyone can invest if they have the intention and have a goal

Yes, its for everyone and it would really bej ust that wrong that you would really be making out those kind of limiting conditions about on whose the one would really be tending to invest.
We do know that as long you would really be that having the money to invest on then you could freely make out some decisions whether you would really be investing or not.
It all matters on how you would really be able to take the risks since not all would really be that able to bare up with the risks and would really be that much preferring
that they would really be wanting or liking on playing safe.

There are no age and gender restrictions or rich or poor in making any investment, including crypto, as long as he has it and has the ability to invest. I totally agree, all decisions to make investments are the right of anyone who really wants to do it and there are no restrictions on that. The most important thing is that he will be able to bear all the risks that might occur due to what is done in making investments.

This is actually the reason why I personally choose cryptocurrency investments compared to prioritizing centralized assets like precious metals, stocks, real estate and many others. We ordinary or average people can invest in crypto straight to the point we just need enough knowledge about it and then we're good to go but with centralized assets it's quite complicated and a bit stable. In crypto I can invest as much as I can without any hassle and BS and also it is inflation proof. I don't think we can invest in real estate and precious metals if we are poor though the word poor varies from one place to another since poor people in America has cars with them but here in my place they are just dependent to the government aid and to people who are working with a rate of $6 a day to feed the family I don't think they have time or extra money to spend to real estate or gold but with crypto they can buy shitcoins with that $6 and wait for it to gain value.

[bayu7adi]

I gave you 1+ Karma for this input. Many people are here arguing that bitcoin is for everyone therefore everyone can invest. We are not disputing the fact that bitcoin is not for everyone, bitcoin is for everyone but the investors need constant income to invest in bitcoin to sustain the investment because they don't have extra income and invest in bitcoin then there is high level of probability that they will visit the bitcoin investment and use the funds to survive because nobody will like to die when he has money to sustain himself for a while. And because of the logic, I brought about the bricklayer construction worker story but many people seeming to misunderstanding the logic here and all they understood is bitcoin is for everyone and everyone can invest in it.

Yep... agreed... the existence of Bitcoin cannot be used as a definite source of income, because the nature of Bitcoin and other cryptocurrencies is very volatile, so making Bitcoin or cryptocurrencies the only way to earn daily money is not wise. ..unless that person is Vitalik Buterin, the answer might be a little different.

I myself prefer to think of Bitcoin and cryptocurrency as additional income to help the main economy, so I never think about borrowing money for something that is uncertain and beyond my control... I can't manipulate the market, that's why, sometimes the direction of price movements not according to what I want... so the safest way is to use the money we have and that's free money.

[Rubel007]

While investing in crypto, many people take loans from banks, but later they have to face difficulties in repaying the loans if there is a loss. How much crypto is needed to manage social life and can it be the only dependent income source of your life?

Cryptocurrency isn't sufficient enough to be relied on for only source of income rather does taking loans from the bank just to invest seems a good approach.
Considering the volatile and unpredictable of crypto currencies, it's worth investing with amount to be affordable to loose and also holds as alternative source of income.

While many people look at taking a loan negatively, it is a positive thing to do. But of course, the things that we can give priority in taking a loan is that the loan can be taken for the purpose of buying a permanent property. If one wants to start a business for employment, it is not bad to take a loan. However, if a person wants to take a loan for cryptocurrency investment, it must be observed. Because cryptocurrencies are highly volatile, an investor can quickly lose his wealth and gain multiples of his wealth. The loan taker has to take decision by observing the interest rate and ROI ratio of the loan.

[AVE5]

While investing in crypto, many people take loans from banks, but later they have to face difficulties in repaying the loans if there is a loss. How much crypto is needed to manage social life and can it be the only dependent income source of your life?

Cryptocurrency isn't sufficient enough to be relied on for only source of income rather does taking loans from the bank just to invest seems a good approach.
Considering the volatile and unpredictable of crypto currencies, it's worth investing with amount to be affordable to loose and also holds as alternative source of income.

I gave you 1+ Karma for this input. Many people are here arguing that bitcoin is for everyone therefore everyone can invest. We are not disputing the fact that bitcoin is not for everyone, bitcoin is for everyone but the investors need constant income to invest in bitcoin to sustain the investment because they don't have extra income and invest in bitcoin then there is high level of probability that they will visit the bitcoin investment and use the funds to survive because nobody will like to die when he has money to sustain himself for a while. And because of the logic, I brought about the bricklayer construction worker story but many people seeming to misunderstanding the logic here and all they understood is bitcoin is for everyone and everyone can invest in it.

You're right and so they're too. Thanks for appreciating my efforts with the karma.
Actually bitcoin said to be for everyone is literally that accessibility of anyone at wherever you maybe and the fact that it's a unifying currency that can be used to make payments and also, individuals can hold for assets. Also the fact that we can always invest with any affordable amount still, it's believed that most persons or Investors misconcepts with this fact that if a bitcoin enthusiast does not have a source of income rather than depending on bitcoin, there'd be panic and every reasons to sell their coins whether at profit made of lost count because humans can't resist essential consumptions such as consumable commodities, medics and even educational sectors which demands the need of money to get them.
So someone on the category of no other source of income investing on bitcoin will always end In regrets because they'd end sell their assets due to fomo that they can't afford the lost, or they're critically in need of funds to settle their most needs and by then, they'll be deemed to face looses instead of profiting.
So, bitcoin investment isn't for such persons.

[Agbe]

Actually bitcoin said to be for everyone is literally that accessibility of anyone at wherever you maybe...

We all know that bitcoin is for everyone but the question here again is that in the third world Nations how many people have the access to Internet when the average Nigeria is not living with a dollar a day. I don't analyse bitcoin investment with an imagination but with real events. The presidential aide in Nigeria currently serving said yesterday and today says. 63% of Nigerians are still moving with poverty. And you can see it from the newspaper.

Now can you tell me if that 63% can invest in bitcoin because they are not living with a dollar which is #1500 a day. Jesus, can you just imagine what those people are passing through and because people were saying that bitcoin is everyone there everyone can invest. Nobody has disputed the fact that bitcoin is not for everyone but not everyone can invest because of cost of living. And that was why I also brought that bricklayer story thinking that you would understand but it seems tht you analyze bitcoin investment base idealistic and not in realistic.

[Makus]

Everyone is expected to never take out loans to invest in Bitcoin. Bitcoin investment fundamentally is high risk because the price is unpredictable and no guarantee for profits. Bitcoin price is also easily changed, the raise and drop can be very extremely. If we don't use safe money, we may panic because of the changes. Moreover if we want to take profits soon, sometimes we need to wait for a long time because the price movement in Bitcoin takes time. I can't imagine if someone takes a loan and he must repay it soon. it must burden his mind because he probably wait for a long time and he can't repay it on time.

One of the reasons why loan isn't a great choice for Bitcoin investment is the fact that, majority of loans comes with interest on a daily, weekly or monthly bases. However as the probable profit accumulates in Bitcoin your loan m interest also adds up which can in turn increase more than the profit you get from Bitcoin investment. Bitcoin is unlike some altcoins that has a more volatile nature, the price movement of Bitcoin is a bit slow and that is why it's also  less riskier than other projects. Irrespective of its reputation, loans shouldn't be seen as an option for Bitcoin investment except you have a source of income for repayment other than your Bitcoin investment.

[Mr. Magkaisa]

I gave you 1+ Karma for this input. Many people are here arguing that bitcoin is for everyone therefore everyone can invest. We are not disputing the fact that bitcoin is not for everyone, bitcoin is for everyone but the investors need constant income to invest in bitcoin to sustain the investment because they don't have extra income and invest in bitcoin then there is high level of probability that they will visit the bitcoin investment and use the funds to survive because nobody will like to die when he has money to sustain himself for a while. And because of the logic, I brought about the bricklayer construction worker story but many people seeming to misunderstanding the logic here and all they understood is bitcoin is for everyone and everyone can invest in it.

Yep... agreed... the existence of Bitcoin cannot be used as a definite source of income, because the nature of Bitcoin and other cryptocurrencies is very volatile, so making Bitcoin or cryptocurrencies the only way to earn daily money is not wise. ..unless that person is Vitalik Buterin, the answer might be a little different.

I myself prefer to think of Bitcoin and cryptocurrency as additional income to help the main economy, so I never think about borrowing money for something that is uncertain and beyond my control... I can't manipulate the market, that's why, sometimes the direction of price movements not according to what I want... so the safest way is to use the money we have and that's free money.

         -     I understand the sentiments you're talking about here, and it's true that, like this, I also agree that it's not enough to be a Bitcoin investor; instead, you should also have your own stable income in your life, even more so. if you hold it long-term in our wallet account.

Because while we are waiting for the right time and period when it will be sold, we know that the return on the capital we made is good. There are days, weeks, or months that will pass for the right time in the bitcoin that we are holding. So, while we wait, we have to take care of our health and still support the people who are important to us, especially if we are family members. So, as much as possible we shouldn't take loan if we are not sure where we going to use the fund properly.

[Jamal Aezaz]

You must have a source of income for you to invest in crypto if not it is useless because when you are faced with emergencies you will sell your crypto. Bitcoin especially is a long term investment and if you don't have a job or a means of income how will be be able to invest. Investing is done with money and it is very risky to take a loan to invest instead don't invest because it is not a do or die thing. If you must invest in crypto have a means of income first.

Those cannot make money from crypto who do not have any source of income because in crypto there is no guarantee that you will win or lose at first try so you have to put money again and again for which continuous earning from another job is necessary.

Another thing is that you must save some amount for yourself, your needs and other purposes because taking out money anytime from crypto is not possible so you will have to wait for market conditions to make profit.

Bitcoin needs longer timing to multiply and increases in value therefore don't expect that if you use your emergency fund then you will be successful without having any job because a job is necessary for investment.

[Mr. Magkaisa]

While investing in crypto, many people take loans from banks, but later they have to face difficulties in repaying the loans if there is a loss. How much crypto is needed to manage social life and can it be the only dependent income source of your life?

Cryptocurrency isn't sufficient enough to be relied on for only source of income rather does taking loans from the bank just to invest seems a good approach.
Considering the volatile and unpredictable of crypto currencies, it's worth investing with amount to be affordable to loose and also holds as alternative source of income.

While many people look at taking a loan negatively, it is a positive thing to do. But of course, the things that we can give priority in taking a loan is that the loan can be taken for the purpose of buying a permanent property. If one wants to start a business for employment, it is not bad to take a loan. However, if a person wants to take a loan for cryptocurrency investment, it must be observed. Because cryptocurrencies are highly volatile, an investor can quickly lose his wealth and gain multiples of his wealth. The loan taker has to take decision by observing the interest rate and ROI ratio of the loan.

          -   Applying for a loan is only helpful if, for example, you are going through something where you need to borrow money due to an unexpected and dire need, or if you will use it in a business that you love and can afford, but you just don't have the capital to get started.

But if you only borrow and only have luxury for yourself, that's not good, even if you say you have a stable source of income. Maybe you can buy bitcoin or other altcoins that are listed on the top market. Since you have a stable job, this strategy is getting better and better.