Quote from: KiaKia on July 10, 2023, 06:28:38 PM

Quote from: smartaction on June 29, 2022, 11:07:41 AM

I decided yesterday morning that I would buy 1 bitcoin from this dip market. But I did not have enough money. With which I can buy 1 bitcoin. I had an Fixt Deposit of $ 6,000 in the central bank. And the bank would paying interest at the rate of 5.5% APR. I broke it down yesterday and decided to buy Bitcoin with that money. But with this money I will not be able to buy 1 bitcoin. On the other hand, my dream and desire is to buy 1 bitcoin. I then decided to take a loan and applied to the bank for a loan. But I told the bank that I would use this money for business. The bank agreed to give me a loan of $10,000 at 10% APR interest. I take advantage of that opportunity and take out a loan. And the remaining $ 4,000 I borrowed from my uncle and promised to pay him 8% APR interest, which is more then bank interest. Finally i bought just now 1 BTC price at $20,000. It gives me a different feeling That feeling I have never had before. 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.

The interest rate is what I don't like, even if Bitcoin can surprise you easily with the perfect timing I don't want to put myself in an angle of unrest, maybe its just me but taking loan for some thing as risky as Bitcoin could give me high blood pressure and to avoid such I always stay away from every loans, from Banks or not.

Some people are very good at using loan and it always work out well as they plan but I am not one of them, I did tried in the past and things start falling apart after a while, gave a try later, and its same result, I wonder if loan favors some people more than others or maybe it has something to do with me.

Its not only about the Bitcoin rate going dip. But actually we should also consider some other factors that affects debt repayment such as, Economy status, family issues, trade market crisis, Money Ego,Pleasures, Hacks/Attacks and more. So its better to stay at the brighter side on investing with the little you have to avoid risky investment.