According to a personal loan research firm known as LendEDU, more than 18% of the Bitcoin investors have used borrowed money to trade the cryptocurrency. The news comes after a global survey has been made, covering 672 active Bitcoin investors. In it, researchers asked traders about the methods they used to fund their cryptocurrency trading accounts.
The answers were quite shocking to the firm and equally shocking to the public. According to them, 22% of traders revealed that they have not paid off their credit and debit cards after buying Bitcoin. The report fully read:
“The wisest and most frugal way to fund a virtual currency exchange account would be through an ACH transfer, which is completely free of charge. Only 18.60 percent of our 672 Bitcoin-invested respondents were paying for the cryptocurrency in this fashion.
However, this was not even the most pressing concern coming from the LendEDU poll. That recognition belongs to this data-point: 22.13 percent of Bitcoin investors did not pay off their credit card balance after purchasing Bitcoin.”
This probably explains the growing number of signups on exchange sites like Bittrex, Binance and Bittfinex. Even though it is tough to create generalizations about the entire Bitcoin and crypto market, it is true that many people have mistakenly invested their money.
The best way to trade Bitcoin is to invest only an amount that you are willing to lose. This is what many experts advised people so far – and what everyone should make sure of in order to minimize the risk of loss and personal failure (bankruptcy).
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