Quote from: Raflesia on April 06, 2023, 07:39:38 PM

But in this case, I also don't feel that it's wrong to borrow to buy bitcoin because it really comes back to strategy and as long as we can afford it, we can do it too. But the average would definitely avoid this and I will also do that because indeed my choice not to be in a loan to a bank or to anyone to buy bitcoins is still the best decision I have at this time.

That's the truth; there's a saying that "if someone places their treasure on something, that's where their mind will always be." The OP understands that he needs to buy a whole lot of bitcoin, so he looked for available means to get loans and acquire the one bitcoin he chose to have. I am not sure, but even before Op decides to go ahead with his plans, he has already understood about the volatility of Bitcoin and made plans on how he can repay the loan. With the current price of Bitcoin, if the OP wants to repay the loan, whose total interest is 18% ($15,320), he will still be left with $12980 (he has still made a profit of $6980). That's a good strategy for OP and good timing.

Quote from: tjtonmoy on April 06, 2023, 08:29:35 PM

It was a very bad idea and approach in Bitcoin investment. I know you have bought at a good price point, and now you are in green. But still. With borrowed money? People always say, "Don't invest what you can't afford to lose." and yet you chose to borrow money from others. It would be wise if your own money percentage was higher, and you borrowed less from others. Like 75% to 25% ratio. That way, you could have repaid them by now. And also one beginner mistake you made was, you put all your money at one buy. Learn to DCA. Market is uncertain. You could have made more profits that way.
But what done is done. Hope you learn from your mistakes. Good luck with your HODLing. Hopefully you'll be able to pay them back at your promised interest.

If we go by what the OP has said, he made mention that if he's able to make about 100-500% in 2 years, then he can repay those debts, which means the loan he took is to be repaid in two years with just 10% interest to the bank and 8% to his uncle. It's really good timing for OP, and he still has enough time to repay the loan. From when he created this thread, June this year will make it one year, so the OP still has a year plus some months to repay the loan, plus the fact that next year is Bitcoin's halving. The Bitcoin price always increase during it's halving period, so if the OP hold till next year halving season, he will have made a good profit to have repaid the loan. Read OP's statement in the code below.

Code:

[quote author=smartaction link=topic=5404490.msg60469129#msg60469129 date=1656500861] I think if I hold this bitcoin for 2 years I can get 100% -500% profit. Then I will be able to easily repay my debtors with an average interest of 18-19% in 2 years as an average of 9.something% APR and I will be able to keep a huge profit.
[/quote]

Also @tjtonmoy, I really agree with you that DCA is a good strategy when investing in bitcoin, and if the OP had used DCA, he would have made more profit because the Bitcoin price dropped below $20,000 after he bought his 1 bitcoin. But the good news is that the OP has aquire the one bitcoin he desired and is overjoyed.