Should I take out a loan to buy cryptocurrency?
I've been trading altcoins for about a month now but am beginning to run dry on funds to purchase coins at these great prices. Should I take out a small long-term loan to help build my positions? Go big or go home, right!?!?
Currently, there are so many great projects at rock bottom prices; it's driving me nuts not being able to better my positions in them. I'd say that I have a very diverse portfolio yet lack positions in the some of the more expensive coins such as Bitcoin, Maker and Ethereum. Those positions are nonexistent or anemic at best. :( So, I tend to lean towards newer projects as they have more affordable prices. A few of my favorites are DeepBrainChain, Bitclave and Quantstamp, Utrust and Dragonchain. Go Disney!
I'm well aware that everything could go bust at a moment’s notice and that I should not spend more than I can afford to lose, BUT the benefits of obtaining significant positions seems to outweigh the risks. I would hate to miss the boat to the end of the rainbow.
Well it's a risk that you will have to make a judgement. Taking out loan to buy cryptos at February 2018's price is much better than people who were taking loans out back in end of Dec/early January.
This dip will definitely be followed by a slow upward climb in prices.
Patience and hold what you have. None of us can predict the market and if you borrow what you cannot repay, you will go bust at some time. Let the lesson be to hold some reserves, save a little every week or month, to take advantage of low price opportunities when they come. My advice is to not borrow because you don't know if the value of cryptos will go up any time soon. Don't speculate or gamble with money you don't have or you may come to regret it.
Taking a loan out to buy crypto is a little nuts
I also like Quantstamp and big in that.
I just heard about Dragonchain, but don't know much about it.
Coins mentioned in post:
If you think all 1000+ altcoins are going to keep going up I think maybe you should hold off on the loan. lol
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