Buying Bitcoin Cash with a credit card was the original idea.

It may sound like a bad idea to buy Bitcoin cash or any other crypto with credit or borrow money from a credit card or any other type of credit line. Still, the truth is that credit is just another tool you can use to acquire something you wish. It also means you must be an exceptional person so that you always keep your finances in check to do something like buying cryptos with a line of credit.

Credit cards can become a sure way to part with your wealth and get into serious financial problems if you don't study first before making any decisions. When it comes to credit, you need to have a history or credit file so that lenders loan you some money. You must work on your credit score if you don't have one already and if you want to use your credit to buy cryptos, it will be a good idea to have a good credit score so that your loans have the least amount of interest or at least something that you can work.

Credit cards offer between 9.99% and 59.99% interest, depending on your credit file and scores, if you have had a credit history before starting any line of credit in your name. The other way will be personal loans from lenders specializing in that kind of loan and maybe from a central bank once your credit file is thick enough for a bank to accept you.

Some people have open lines of credit by using their homes as collateral for their loans, and that will mean if they default on their loan, the lender will have the right to place a lean on the house or even sell your home to pay off your debt.

In my case, I don't have a good score just yet. Still, I am planning on improving my score to get better credit cards and loans so that in the future, if prices on all cryptos come down. I don't have cash on hand, but I can take advantage of a significant downturn in the whole crypto market because I know that credit is serious. I don't recommend anyone doing what I will be doing in the future: getting into debt to get more Bitcoin Cash or any other altcoin once the time to perform comes.

My approach to buying Bitcoin Cash with credit is to improve my credit score in the process, too. I am also looking to accept only specific opportunities if they present themselves because everyone else can read my plan. I will say that this will happen in a particular circumstance that may not apply to you, so you shouldn't try this at home.

A bearish trend will happen sooner or later, and it may not become just yet, but eventually, it will happen, and so to take advantage of the absolute floor, you must either have cash at hand to buy or have some credit to buy with that. It is a dangerous thing to do because when the market is dropping, you are buying a falling knife. If it is not your money but debt, you will be paying interest and a more significant sum of money to something that has lost value since you bought it.

And I will also try to save up some money to take advantage of any future downturn, you must prepare if you want to take advantage of the market, and you must have a plan prepared beforehand and execute that plan so the letter. At the end of this article, I am trying to say that if you want more Bitcoin Cash, you should start preparing your money to buy today and if you think that current prices are the best opportunity, you should be buying right now. In my case, I believe that crypto, in general, will drop some more, but I am not selling what I already have; I am only preparing myself and my money to get more when the opportunity presents itself.

Disclosure.

I bought $480.00 worth in Sovryn SOV instead of Bitcoin Cash; with fees and everything else, the total will be $520.00 plus interest, depending on how long I keep the debt on my account. I am working on my credit score and file, and my total debts are less than $1600 as I write this article; I will only utilize another $800 if Sovryn or Bitcoin Cash drops at least another 90% from today's prices.

The basic idea is to buy on 90% plus price drops when it comes to credit and keeps paying my debt so that I have a better score and more credit lines with less interest in the future. On this downtrend, I won't be able to utilize more than $2500.00 in total plus interest. So my limit is that, and in the meantime, my credit file will grow, and hopefully, next time, I will have better opportunities on the following bear market after the one we are having is long gone.