Ninjastic
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Board Bitcoin Discussion
Re: What are the dangers inside cryptocurrency investing
by
mitchr4
on 26/09/2019, 13:24:15 UTC
Quote from: kingcolex on September 26, 2019, 01:12:40 PM
Quote from: Mulann2 on September 26, 2019, 01:00:23 PM
It will be highly risky to use your life savings or take loan from the bank to invest on crypto especially alts coins, but if you all in btc, it is risky as well but if you are patient enough it is worth it, if i had invested my life savings in btc alone in 4-5 years back, i would be singing a different song by now Grin
Compounding interest is a sure thing though and it's going to hurt, I would never take a loan to invest in crypto, I can already barely stand the huge swings, imagine if you're borrowing the money, heart attack city.
The longer the time period to repay the loan, the higher interest to be paid in accordance with the initial agreement. Of course, taking a loan is a very risky thing, especially using that money to invest in crypto, which is not certain that we will get profit quickly. This will make it hard for us to repay loans because of this pressure.