Cryptocurrency good or bad for loan?

[Geey]

Cryptocurrencies are now famous all over the world, in my opinion cryptocurrencies are now the same as state currencies but there are differences. This cryptocurrency is in digital form and this country's currency is in cash, but digital currency is easier for us to carry out transactions without having to meet in person... I think this digital currency is a source of livelihood for many people and many people become rich by investing in currency. crypto money.

[$crypto$]

Remember, even if there is a win, even if you profit, if you do not profit more than what you have to repay, then you are making a loss. So lets assume that you took 10k loan, and you need to pay 500 each month, if you make 400 profit, then you are still in 100. People keep forgetting that part and that makes me super angry. There is absolutely no reason to keep thinking that if you profit, you are going to be fine. In many cases, people could still make some profit, because there are times when you make a lot of money, but if you miss that chance then you are going to end up with a huge loss. Don't take loans, just to invest into bitcoin.

When we make a profit using the money we borrow, I think the profit we get is 2 times. The first is that we do not spend capital to get these profits, and the second is that we can feel real profits.

but on the contrary, if we lose then we will feel the loss twice as well. The first is that we don't enjoy the money I borrowed and the second is that we have to return the money we borrowed previously. So my advice is that we should consider it carefully when we think about taking out a loan.

[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?

I would strongly disagree with investing in debt. This is what I would call bullshit. Just because you're investing in cryptocurrency doesn't mean you'll become rich overnight. There is also the possibility of loss. How will you repay the loan if you face a loss after you invest with the loan? Your quality of life may decrease. Many people make their living from investing, in this case you need to be experienced and have a large investment portfolio. In this case you cannot avoid the possibility of loss.

You need to understand whether you have the ability to repay before taking a loan. You should only take a loan if you can repay the loan amount to the bank regularly from your current income. Otherwise you will get into financial crisis. If one thinks that he will invest and will repay the bank loan with the profit from that investment then it is absolutely a wrong idea. Taking loan is bad for those who fail to repay. But loans can create good opportunities for those who have the ability to repay.

     -     We know that it is not bad to borrow as long as we know how to return what we borrow. It just means that you are a responsible person to the person you trust to lend money to.

Because I'm honestly speaking, I tried to borrow money once, and the one who loaned me bought the top crypto in the market, and I held it long-term. After a few months passed, my capital for the crypto increased 7x, and I'm holding it now because, like others, I also have a price tag and I'm just waiting for it to sell.

[Gurujebs]

Cryptocurrencies are now famous all over the world, in my opinion cryptocurrencies are now the same as state currencies but there are differences. This cryptocurrency is in digital form and this country's currency is in cash, but digital currency is easier for us to carry out transactions without having to meet in person... I think this digital currency is a source of livelihood for many people and many people become rich by investing in currency. crypto money.

Been popular is different from been legally recognized as a settlement of debt, that's like been legal tender the way other local currencies are been used but cryptos don't have that recognition and it's not because of their volatility as we have usdt and other stablecoins that almost zero volatility and yet no country has announced it as a legal tender. The problem of money manage comes with alot of regulations and crypto doesn't want that and hence crypto for exchange will be hard a little.

[Roseline492]

Cryptocurrencies are now famous all over the world, in my opinion cryptocurrencies are now the same as state currencies but there are differences.

Of course unlike those days when crypto was not popular but now it has become an investment diversification for so many people whereas some person diversify there physical investment into Bitcoin because they believe it has so much to offer in the future, though in as much as is very popular but there are still people who doesn't believe on the potential of Bitcoin but hopefully they would realize themselves soon to see the opportunity they are missing.

This cryptocurrency is in digital form and this country's currency is in cash, but digital currency is easier for us to carry out transactions without having to meet in person...

Of course that's actually one of the unique thing about Cryptocurrency because it doesn't only provide an opportunity for investment it also make things more easier for people to transact without stress of having to meet the person you are transacting with physically.

[Pastaral]

Investing in cryptocurrencies can be extremely risky. Managing your social life or relying solely on crypto as your sole source of income requires careful planning and risk management.     Relying solely on crypto for your income can be risky because if you lose a lot of money once, you will be hurt so you have to remember that if you want to do well, you have to be patient and take risks. Because it is as risky on one side as it is highly profitable on the other.

[Bobcrypto]

I must say that ever business generally has some risk involved and as you know, business is a pool of risk. As there are fiat loans for businesses, I don't see it a bad idea getting a crypto, it depends on your loan purposes.
Getting a crypto loan for a crypto investment purposes may not be a good idea because the crypto market is very volatile except you can repay your loan the through other sources when the market goes bearish.
Getting a crypto loan for trading is good but, at least, you must be experienced in crypto trading to succeed.

[Dr.Bitcoin_Strange]

Cryptocurrency investment is a very good investment however taking a loan just to invest in cryptocurrency is not a good idea reason being that crypto investment is a very risky one especially investing on all this new coins, and since crypto is very volatile, it can rise and fall at anytime so is not a good idea to take loan from bank to invest in crypto.
I know of someone that took a loan from a bank just to invest in cryptocurrency, when he took the loan he invested but that particular coin he bought rise and he got double of what he invested but he decided to continue holding and some months later the coin lost value and he lost everything and he couldn't pay back the loan he collected and the his house which he used as collateral was taken away from him.

I will not advise anyone to take loan just to invest in cryptocurrency is very risky one can accumulate little by little, if you must take loan you must have a source of income which you can use to pay back the loan but if you don't have any source of income then there's no need to take a loan.

Before getting involve in cryptocurrency investment you need to have a source of income and you need to also create an emergency funds for yourself so you won't have to dip hands into the coin you are holding.
Having an emergency funds will help you solve issues that came unexpected and that will help secure your coin.

[kulkhan]

We all know cryptocurrency investment is better then another investment. Many people has been economically established from this cryptocurrency market.

But it also true that it has some risk in cryptocurrency investment like others investment. So we have to more careful about coin choice and overall market information.

And my strong advice never invest on cryptocurrency from loan. It will impact on your mindset. And losing possibility will increase. I believe invest on cryptocurrency from loan is very bad.

[LogitechMouse]

We all know cryptocurrency investment is better then another investment. Many people has been economically established from this cryptocurrency market.

While this is true, you can also say that cryptocurrency is a bad investment especially for those who lost their money investing into it.
It's better in terms of profits since it's more volatile compared to other investments, but the same reason why many are making money off of it is also the reason why they lost.

And my strong advice never invest on cryptocurrency from loan. It will impact on your mindset. And losing possibility will increase. I believe invest on cryptocurrency from loan is very bad.

It's all about the timing.

There's nothing about investing your money that came on a loan. TBH, I'm waiting for the bull run to happen so I can sell, and after that, I will wait for the bear market again then I will ask for a loan and will pay it on a monthly basis. There's a risk yes, but to mitigate it, I'll focus on Bitcoin and Ethereum I guess. Nevertheless, investing into cryptocurrency using the loaned money isn't a bad idea. I will not recommend it though because of the risk.

[Roseline492]

When we make a profit using the money we borrow, I think the profit we get is 2 times. The first is that we do not spend capital to get these profits, and the second is that we can feel real profits.

but on the contrary, if we lose then we will feel the loss twice as well. The first is that we don't enjoy the money I borrowed and the second is that we have to return the money we borrowed previously. So my advice is that we should consider it carefully when we think about taking out a loan.

That's actually a good way to illustrate the advantages and disadvantages of borrowing money for trading because when you borrow money for trading and on the process the person was able to make a good profits out of it, it becomes more interesting because they would pay off there debts and still have more money to continue there trading and at that time the money will actually be a free money to them because they never work for it.

In other words the moment someone barrow money and could not utilize it very well and at the end they lose the money that is were the challenges will come because paying back will be the problem which is very wrong because in as much as there could be some chances of multiplying a borrowed money but I can never advise someone to go into that because is very risky and besides trading is like a gambling were we can hardly predict what will be the next move of the market.

[$crypto$]

When we make a profit using the money we borrow, I think the profit we get is 2 times. The first is that we do not spend capital to get these profits, and the second is that we can feel real profits.

but on the contrary, if we lose then we will feel the loss twice as well. The first is that we don't enjoy the money I borrowed and the second is that we have to return the money we borrowed previously. So my advice is that we should consider it carefully when we think about taking out a loan.

That's actually a good way to illustrate the advantages and disadvantages of borrowing money for trading because when you borrow money for trading and on the process the person was able to make a good profits out of it, it becomes more interesting because they would pay off there debts and still have more money to continue there trading and at that time the money will actually be a free money to them because they never work for it.

In other words the moment someone barrow money and could not utilize it very well and at the end they lose the money that is were the challenges will come because paying back will be the problem which is very wrong because in as much as there could be some chances of multiplying a borrowed money but I can never advise someone to go into that because is very risky and besides trading is like a gambling were we can hardly predict what will be the next move of the market.

This is a double-edged sword for me because it has 2 sides which if we manage it wrongly it will cause quite big problems. It must be acknowledged that the risks are greater and we must be aware of that from the start before deciding to take out a loan.

If we only talk about profits, everyone will want to borrow because the profits are very tempting. Apart from not having to spend capital, we can also enjoy profits. but this is not easy to do, once again the risks are very big.

[Roseline492]

When we make a profit using the money we borrow, I think the profit we get is 2 times. The first is that we do not spend capital to get these profits, and the second is that we can feel real profits.

but on the contrary, if we lose then we will feel the loss twice as well. The first is that we don't enjoy the money I borrowed and the second is that we have to return the money we borrowed previously. So my advice is that we should consider it carefully when we think about taking out a loan.

That's actually a good way to illustrate the advantages and disadvantages of borrowing money for trading because when you borrow money for trading and on the process the person was able to make a good profits out of it, it becomes more interesting because they would pay off there debts and still have more money to continue there trading and at that time the money will actually be a free money to them because they never work for it.

In other words the moment someone barrow money and could not utilize it very well and at the end they lose the money that is were the challenges will come because paying back will be the problem which is very wrong because in as much as there could be some chances of multiplying a borrowed money but I can never advise someone to go into that because is very risky and besides trading is like a gambling were we can hardly predict what will be the next move of the market.

This is a double-edged sword for me because it has 2 sides which if we manage it wrongly it will cause quite big problems. It must be acknowledged that the risks are greater and we must be aware of that from the start before deciding to take out a loan.

If we only talk about profits, everyone will want to borrow because the profits are very tempting. Apart from not having to spend capital, we can also enjoy profits. but this is not easy to do, once again the risks are very big.

Yeah that's true if profits was to only be the case everybody would have actually gone into borrowing because of the possible profits they would realized, however just like you said the risk is too much because if somebody go into trading with borrowed money the chances of getting anything from there remains 40% chances, though we no that there are some people who borrowed money and made a lot of profits out of it but however what work for someone may not actually work the same for another person but is surprising to see that most people go into borrowing because they saw people who borrowed money and made a lot of profit.

[Fivestar4everMVP]

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?

Even though Ive had to depend solely on crypto for income for my day to day livelihood (that of me and my family actually), I did not hesitate to start a business when the opportunity came.
In as much as I do not think it bad to depend on crypto for livelihood as long as enough is being earned, I still advice people to have a backup business, something they can always fall back to just incase a day comes when crypto is yet to pay for one reason or the other.

And as it concerns borrowing to invest in crypto.this is one of the biggest mistakes I've made actually, and I won't advice anyone to make same mistake, crypto prices can not be predicted, and you did be amazed that just when you thought that things are about to start hitting up, and you putting in your money, just then, everything will come crashing down again.
So, never borrow to invest in crypto, I borrowed $1,500 and invested it in an Altcoin that is very promising, hoping that by now, the price would have skyrocketed and selling some and paying off the loan won't be a problem, but as I speak, $1,500 has turned to $420 due to the current situation of the market, this is a great mistake I've made and never will I make same again..

[milewilda]

We all know cryptocurrency investment is better then another investment. Many people has been economically established from this cryptocurrency market.

But it also true that it has some risk in cryptocurrency investment like others investment. So we have to more careful about coin choice and overall market information.

And my strong advice never invest on cryptocurrency from loan. It will impact on your mindset. And losing possibility will increase. I believe invest on cryptocurrency from loan is very bad.

Talking about being better then there's no doubt about that but when it comes to assurance and guarantees then this is something that cant really be that you do just make up simply
drawn some conclusions on which we know that when it  comes to this aspect then you should really know on what you are really that dealing into. Taking up some loan?
 This isnt really that recommended on which it wouldnt really be that ideal on having this kind of approach because when it comes to investment on crypto then there's no way that
you could make out some fixed profiting situation because market is really that unpredictable.