Taking Out Loans to Buy Cryptocurrencies
So called easy money is attractive to many people, and you only have to look at the price gains of a range of different cryptocurrencies over a week or so, to realize there are some huge gains to be made by buying into any number of them.
I have been speaking to lots of my friends who are actually buying all manner of different digital currencies as they want to join the millions of people who are doing so, with the aim of making some huge profits with no real effort.
What I have also seen is a small number of my friends opting to use a credit card or in a couple of cases taking out relatively small loan to allow them to buy cryptocurrencies, and they are convinced that the profits they will make, over a very short period of time, will be enough to pay back those loans and still have plenty of cash left over.
That is possibly something that you are thinking of doing, but there are risks of doing so, those risks may seem negligible now, but if you do not make the right decision in regards to which cryptocurrencies to buy and then sell at just the right moment you could end up making a loss and then being stuck with paying back that loan.
Whilst it is up to you whether you do borrow to buy any digital currencies, I urge you to weigh up the risks and ensure you have a way in place to pay back such a loan if you do end up making a loss when trading digital currencies, which is a possibility!
Most Profitable Digital Currencies over the Last 7 Days
I have yet to see a week go by whereby some digital currencies do not show some amazing increases in value, and with that in mind I will now present to you an overview of some of the most profitable digital currencies over the last 7 days, those being the ones that have shown the largest increase in value.
Cyder is one of the relatively newer digital currencies and over the last 7 days that currency has shown an increase in its value of an enormous 8,874.49%, and is still extremely low in value and may be worth looking into if you are unsure of which digital currency to invest in.
FAPcoin was the second most profitable digital currency over the last 7 days showing a huge increase of some 2,608.61%, whether it will continue to do so is of course anyone’s guess.
If you had bought into IncaKoin a week ago you would be showing a profit of a not so insignificant 1,432.76% today, and there are not many investments that show such a large profit over such a short space of time.
Dollarcoin has also caught the imagination of a lot of people who have been buying it up and those that did last week will be feeling quite good this morning as they will be showing a profit of a huge, 006.14%
One additional digital currency that has shown a huge increase in its value over the last 7 days is BitQuark, which closed the week with an increase in its value of 672.43%!
Consider Forming a Syndicate of Investors
One thing you could be interested in doing if you know of several people who are thinking about buying into one or more digital currencies is starting a small syndicate of investors with your friends and/or family members.
That will allow you to spread the risk but also to have the help and support of different people who will of course all have their own views and opinions on just which digital currencies to invest in.
You may find that one or more of your syndicate are more well versed with different aspects of digital currencies such as buying and selling and using digital currency exchanges, one member could be more observant a picking out some new and soon to launch digital currencies and some others may also boast all manner of other personal qualities that will enhance your group.
Just ensure that you have some form of legal contract put into place in regards to how your syndicate will operate and how it will be decided just which digital currencies you buy, how many units of any digital currencies you buy and how you go about selling them and sharing any profits made over any given period of time!