I am buying cryptocurrencies with credit cards. Chivo Wallet.

Using credit cards to buy cryptocurrencies could be a great mistake because you could lose 99.99% of your investment and end up with a short stick called debt. But I am doing just that, and worst of it, I am doing it in a bear market where we don't know where the bottom could be. The current downtrend could end months from now and even years from now, but credit card debt accumulates interest every single day. So don't see my article as financial advice but just educational material.

If you have followed me for a while, you may know that I am working to improve my credit score to get better fiat credit lines so that if an opportunity presents itself, I can take some credit and buy my preferred crypto with it. Well, just a few days ago, I went from planning to implementing.

Let me start by saying that I don't have the best credit score yet, not even close, but so far, I have managed to get around $7,000.00 in total credit from at least seven different accounts. The interest rate that I will be paying for using my cards to buy crypto will be 29.99% a year, so that is high already and adds up to the risk not just of purchasing with credit cards but also because in a prolonged downturn, it will be a pain to pay back the debt plus the interest.

I managed to get $520.00 minus $40 on fees on my first try, and I am going to invest that into Sovryn SOV; I bought it at $0.80, so as you can see, I am already losing because of SOV's current price, as I write this article is $0.64. Sovryn ATH was $81, but charts and applications trackers show it as around $45.00. So from $45.00, it has gone down to $0.64, and I expect it to test the OG opening price of 2500 satoshis and fail at that and open the hell gates to one penny. I plan to buy the same amount, $480.00 if the price goes down to one penny.

Once I buy that, I will have accumulated around $1040 in debt, and its value will be much less than that. On top, I will have interest and other fees on top of that amount of debt, but that was what I was expecting to do months ago. I think it will be much better to buy when the whole thing is in red than when the bull market returns if I haven't declared bankruptcy by that time and have non of the investment and all of the pain.

You don't have to follow what I am doing; if nothing more, you should read what I experiment will give as results and learn from there because you don't want to be the person with debt and zero assets or assets that are not worth its initial value.

And best all, we are in a bear market the whole market, even stocks are in downtrend territories if nothing more in the current market conditions capital preservation should be the best advice and not buying at a higher than ever investment method.

I would also add that I am using the custodian Chivo wallet to buy with my credit card because, for some reason, I don't yet understand my debit card didn't work. Still, my credit card worked just fine, that will be a matter for another article once I figure that out, but I could say that I finally found a solution for me on a custodian. If it wanted' for the El Salvador government, I don't think I would have been able to buy with a credit card because most credit cards are blocked when it comes to buying cryptos. That will be an upside and one point for that custodian service.