Cryptocurrency good or bad for loan?

[doc]

If we are a loan shark and want to introduce the use of crypto as one of our payment medium, then it is very good to do that, but if we are on our own, trying to get crypto loan, then its not advisable except for any inevitable emergency conditions, it is what we can take some little time on our own to work and get paid back in crypto and we keep on like that till we stack some sats that can be used for anything we want instead of taking loan.

Even in an emergency, it is advisable to find another way, unless this is the only way that can be done. Before borrowing from other people or on the platform, I think it is better to first borrow from people close to you, such as family.

The reason is that loans on the platform will be accompanied by interest and usually what is burdensome is the interest itself. So think carefully, because I think before this becomes the last option, there are still other options before.

Good advice if you have to borrow to invest in bitcoin, we can borrow from our family. because if we borrow from the bank we have to pay interest and installments.
the question is, does our family understand crypto? because they also can't easily lend our money if it is used to invest in crypto.

[armanda90]

Good advice if you have to borrow to invest in bitcoin, we can borrow from our family. because if we borrow from the bank we have to pay interest and installments.
the question is, does our family understand crypto? because they also can't easily lend our money if it is used to invest in crypto.

Not easily get borrowing from our family for investing in bitcoin, its difficult position because investing in bitcoin from borrowing fund have deadline day for loan payment. I don't think worth it when investing bitcoin only one or two month how price possibility will drop or not.
Take loan from the bank and lookin for have lower payment interested, but firstly investing when bitcoin have lower price and you must have main job to recovery loan interested payment every month. Get difficult if loan payment depend on profitable earn from bitcoin because its take longer time for bitcoin price increasing.

[Crypto Library]

Even in an emergency, it is advisable to find another way, unless this is the only way that can be done. Before borrowing from other people or on the platform, I think it is better to first borrow from people close to you, such as family.

The reason is that loans on the platform will be accompanied by interest and usually what is burdensome is the interest itself. So think carefully, because I think before this becomes the last option, there are still other options before.

But in my opinion most of the people also don't have that opportunity to take loan from the relatives or the close friends who will give them loan in that kind of bad situation. In that case peoples goes to the banks or the lenders for borrowing.
There is another causes for not giving lend to some people ike if I say one of my neighbourhood he did something like he loss big on gambling and also he is on the greed of the future trade and sometime he is asking for loan and in case no one will take their fund at any risk. So we must also have good cause for that.

[milewilda]

Even in an emergency, it is advisable to find another way, unless this is the only way that can be done. Before borrowing from other people or on the platform, I think it is better to first borrow from people close to you, such as family.

The reason is that loans on the platform will be accompanied by interest and usually what is burdensome is the interest itself. So think carefully, because I think before this becomes the last option, there are still other options before.

But in my opinion most of the people also don't have that opportunity to take loan from the relatives or the close friends who will give them loan in that kind of bad situation. In that case peoples goes to the banks or the lenders for borrowing.
There is another causes for not giving lend to some people ike if I say one of my neighbourhood he did something like he loss big on gambling and also he is on the greed of the future trade and sometime he is asking for loan and in case no one will take their fund at any risk. So we must also have good cause for that.

Whether you do have a chance on getting a loan, its never been ideal on taking up some loan just to invest on crypto not unless if you do have that capability on repaying it out without depending into your crypto investment but if you are just basing into that then it will really be that too risky on this case. Never make yourself having this kind of mentality because it will really be that resulting into debts or having that issues when it comes to finances on this aspect. Never take a loan to invest in crypto because it will really be that not enough on repaying up the loan because we dont know on when crypto prices will be pumping out or simply you cant be able to rely.

[bayu7adi]

Whether you do have a chance on getting a loan, its never been ideal on taking up some loan just to invest on crypto not unless if you do have that capability on repaying it out without depending into your crypto investment but if you are just basing into that then it will really be that too risky on this case. Never make yourself having this kind of mentality because it will really be that resulting into debts or having that issues when it comes to finances on this aspect. Never take a loan to invest in crypto because it will really be that not enough on repaying up the loan because we dont know on when crypto prices will be pumping out or simply you cant be able to rely.

actually it's not only in the cryptocurrency investment sector that is not recommended to take out loans... but there are also many suggestions from bigwigs not to take out loans to start a new business... especially for those who have not achieved financial freedom... yes, loans will weaken our ability to save which when we have little profit from the existing business, then the main focus to increase our assets is lost, that's because there are responsibilities that must be fulfilled first...

borrowing is quite dangerous if you don't know the future calculations for sure, we can't use uncertain hopes as a basis for bearing the burden of the debt... from many financial observers, as much as possible avoid debt for investments that are still uncertain, and also never borrow for consumer goods.

[libert19]

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.

I am not fan of taking loans, especially for investment purposes, because investments are unpredictable, if market doesn't behave as you expected it to be you are screwed.

How much crypto is needed to manage social life and can it be the only dependent income source of your life?

I have been living off crypto for a while now, it's so because I unknowingly created various income sources, which allows me to live off it. Regarding, how much, I don't know number, I just think your income should be consistent.

Also, I am living in third world country, where it's relatively cheap to live, and I am single so less expenses.

[God Of Thunder]

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?

My suggestion would be never to take a loan to invest in crypto. Crypto is always considered as risky investment. You cannot predict the possible outcome. If you talk about a specific coin like Bitcoin, then you know that you will be making a profit in the long run, but your lender won't wait for you for years. They expect you to pay within the time while you don't know when you will get your investment returns. So, it is better not to take loan just to invest in crypto. If you have a job and you can save a few dollars per month, try invest only a few dollars. It's still better then taking a loan. You can have some peace!

[Stuart]

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?

Borrowing or taking loans from bank to invest in crypto currency is not really a wise choice. At the early stage of crypto currencies or Bitcoin, it is strictly not accepted, due to the volatile or manipulative nature of the market. Now, the market is becoming more of profit than ever, yet it's not still advisable to take loan for investment in the crypto industry, except you have a back up plan, Incase things goes side ways. But if there is no plan for back up, don't even tale the step.

On the other hand, having seen what the market currently looks like, and where it is going, the risk of making such investment could be worth it. Looking at the nature of Bitcoin price movement since Donald Trump won the election, the Bitcoin has continuously be on a bul run. Then, the next which is the inauguration, the price could go even higher.

In terms of Dependent income source of money, Bitcoin has the quality of being a sole source of income to a person. This will be from different forms of crypto activities that person carries out. Trading Bitcoin is profitable, as a professional trader, long term holding of Bitcoin is another way of generating income. Learning skills that are required by people who pays in Bitcoin is also a source of income. It might not strictly be all payments in Bitcoin, there are altcoins that one can be paid in. This forum or Btt forum are forums one can get income through Bitcoin or crypto currency.

[Aanuoluwatofunmi]

Cryptocurrency is not good for loan because its a volatile currency, if we are considering taking loan, then we should probably consider using fiat, but being someone that don't really buy the idea for loan except for a business expansion, i can only advise that someone should go for learning how to develop a required skill in the digital market and get hired by those that may require such service and earn than taking loan.

[JISAN]

Cryptocurrency is not good for loan because its a volatile currency, if we are considering taking loan, then we should probably consider using fiat, but being someone that don't really buy the idea for loan except for a business expansion, i can only advise that someone should go for learning how to develop a required skill in the digital market and get hired by those that may require such service and earn than taking loan.

There are many risks involved in doing business.  However, everyone prefers to invest there.  But one reason I see for not investing in crypto is because crypto is completely under our control so we are selling them at any instant and because of this when the price of crypto starts to fall we panic and sell them.  Because we have that power.  And in this way, we can earn a lot of money or profit very quickly from crypto business or job, but we continue to lose there.  This is why I forbid investing in crypto with loans.  Because we can never control our emotions

[UNIVERSE]

There is always a risk in everything we do, it's just a matter of how well we anticipate the risk. Some are afraid to borrow to invest in crypto, but some dare to do it because it is certain that the borrower can anticipate the risks that will occur with thorough preparation. But I agree with you not to take any loans to invest in crypto but to do it with DCA so that what you want can be fulfilled. It is true that every time we do DCA, it means that we only use the existing amount for investment and there is no need for a target amount.

Of course, there is no way to have no risk in investment. It is individual's choice to get a loan or not, but I personally don't recommend any one to get a loan for having crypto investment. Yes, it is better to do DCA if we have no much money. We don't need to force ourselves to buy large coins for investment. Collecting crypto coins gradually is much better, it may take a longer time but it will be safe because using our own money.

[yohananaomi]

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.

I am not fan of taking loans, especially for investment purposes, because investments are unpredictable, if market doesn't behave as you expected it to be you are screwed.

I am not against people who take loans from banks for any investment, including crypto. The most important thing is that we are able to pay the installments that may occur if we borrow, if there is no possibility, of course, to not take a loan. It would be better if you could not borrow if there are unused funds available and that would be better. What if there are no funds? Then we will miss the opportunity to be able to make a profit at the right time.

[$crypto$]

Even in an emergency, it is advisable to find another way, unless this is the only way that can be done. Before borrowing from other people or on the platform, I think it is better to first borrow from people close to you, such as family.

The reason is that loans on the platform will be accompanied by interest and usually what is burdensome is the interest itself. So think carefully, because I think before this becomes the last option, there are still other options before.

Good advice if you have to borrow to invest in bitcoin, we can borrow from our family. because if we borrow from the bank we have to pay interest and installments.
the question is, does our family understand crypto? because they also can't easily lend our money if it is used to invest in crypto.

I think to invest in bitcoin we should avoid borrowing money, because the market is not always friendly and there are times when we are in a bear market. Even though the family will definitely set a time to pay, or at least we must know ourselves not to be in debt for too long.

Investing is not just about putting money, but it must also be well managed. So I myself prefer to first make sure my finances are in good condition, or not force myself.

[Dr.Bitcoin_Strange]

Cryptocurrency is not good for loan because its a volatile currency, if we are considering taking loan, then we should probably consider using fiat, but being someone that don't really buy the idea for loan except for a business expansion, i can only advise that someone should go for learning how to develop a required skill in the digital market and get hired by those that may require such service and earn than taking loan.

You are right. from my experience taking loan in crypto is risky, although it has both advantage and disadvantage  too.  For example, if someone took a 0.1 BTC loan when Bitcoin price was yet $45k some months ago, the person will need $10, 490 to re-buy the Bitcoin now and repay his loan, meanwhile when he took the loan, the 0.1 BTC was just worth $4, 500 because the price was $45k as of then, that's the disadvantage but if price of Bitcoin had drop to $45k to $20k, it will be and advantage for the person. Despite that, I will advise against taking loan in crypto. Better to take fiate loan.

[segmadis]

Always, always is much better to get a loan in FIAT.
See if you take a loan, and then you have an inflation, this is good for you, of course considering the the central bank will not raise the interest rates and your employer will raise gradually your salary.
Taking it in Crypto is very temptive, but also very dangerous due to the volatility of the assets that you may use.