Bitcoin as savings, emergency needs possible?

andrei56

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Quote from: danwanyd on May 25, 2018, 11:22:29 PM

We're in a volatile market, prices can change at any time, and we can't use bitcoin as a tool to help us do something unexpected.

I prefer to deposit money in the bank to meet urgent needs. Bitcoin is a long-term investment.

If you are using your fiat saved in a bank as an emergency fund that is fine, since in an emergency you need fast access to your money but never save money in fiat for the long term, you will lose money if you do that, so if you have some money to save for the long term find another way to do that, obviously we prefer bitcoin or other cryptocurrencies but if you like gold, silver, stocks or other forms of investment that is fine as well.

njmulhsn

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Bitcoin is good for investment and trade, so you can sell it and earn profit when the spike is going up but its not good if you rely on it as your only source of income because you may have to sell it if you need money in circumstances when the market is not good. Its better to save in fiat currency than to save in bitcoin as fiat is more stable while bitcoin is too volatile.

uozer

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Well, I can share from your feelings to a reasonable extent where you take the excess of your salary and invest it on Crypto, forget about it there as holding and future store of value. But where I disagree is you cashing out at anytime any contingency arises for you. In this regard, it takes two ways to a coin, you should either forget the money there, take off your face and hold till that bullish maturity period, or you cash out only if your contgencies fall on the Bullish period where the Bitcoin value skye rocketed and good to go. If not, you won't achieve the required result.

Ryker1

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Quote from: malbano2099 on May 28, 2018, 11:08:47 AM

For me, it is better to convert currency into cash when it is for emergency, we all know that btc is risky and unstable. It is better to secure your emergency needs 100%.

Agree, it's better to withdraw some money for emergency, since you can't withdraw it immediately, and also bitcoin is volatile, when emergency comes the price might be low, it's really risky to save on bitcoin if you're preparing for emergency situation, it's better if you try and withdraw money in your hands or save it on a bank.

Celebrity

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Quote from: budz0425 on May 28, 2018, 11:55:15 AM

Quote from: Lodipetmalu on May 28, 2018, 11:35:14 AM

Yes bitcoin is considered as savings, however in case of emergency you can not withdraw it immediately since you need to wait just to have a big return on your bitcoin.

That is right, if we will allot and will maximize our money and make a wise decision, we can have money that we can use in case of emergency, and I tried it last year, I am just thankful that I have enough savings when my partner in life admitted to hospital, good thing we are making wise decision all the time.

As far as I know, no exchange issue withdrawal requests in a fast way. You have to wait for several days to receive your money in your banks account. It's not something to be completed in minutes in case of urgent cash needing.

budz0425

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Quote from: Lodipetmalu on May 28, 2018, 11:35:14 AM

Yes bitcoin is considered as savings, however in case of emergency you can not withdraw it immediately since you need to wait just to have a big return on your bitcoin.

That is right, if we will allot and will maximize our money and make a wise decision, we can have money that we can use in case of emergency, and I tried it last year, I am just thankful that I have enough savings when my partner in life admitted to hospital, good thing we are making wise decision all the time.

ChConcept

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My take on this is that, when you are in a Bitcoin investment or any investment for that matter, I would really suggest for you to have a separate emergency funds, with this funds you will have a peace of mind that no matter what happens you have something that you can use, and it is also a smart move since you will not do anything that is not part of your course of actions for your investments, right? No need to sell even if the price is so down because you need money for school or for medical emergencies. When you have your separate emergency funds, you can avoid hassles like that.

Lodipetmalu

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Yes bitcoin is considered as savings, however in case of emergency you can not withdraw it immediately since you need to wait just to have a big return on your bitcoin.

marcous

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bitcoin investment is the most simple I guess. because it does not involve any party. only you who work, the decision to sell and take profit is your decision. because whenever you need it you can do a withdrawal.

zack29

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Well... It greatly depend on the amount of money you may need in the emergency, the amount of money you can take out in one go and how long you will get your fiat when you actually liquidate your coins. I know for a fact that you can't just unload coins and rifht on that instant you will get your money. Then again, I'm still new to this.

malbano2099

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For me, it is better to convert currency into cash when it is for emergency, we all know that btc is risky and unstable. It is better to secure your emergency needs 100%.

Bitcoinbitcoin0909

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Quote from: burakdat on April 16, 2018, 02:40:28 AM

So far there are many concerns regarding on bitcoin advantage. I have read a lot of it here in our forum. Thus really make sense why should we invest in bitcoin? Well i know that you can add up more when comes to the advantage of investing bitcoin from the other members as well. In fact i get a lot of idea from them from reading and reading from their post. Thus includes bitcoin as a form of savings highlights the best idea on investing bitcoin which could be later use as for emergency needs also. So how it will work? Well i have some extra money from my salary so instead of putting it to my piggy bank i will invest it here in cryptocurrency though it is not that big yet it could be consider as savings. From time to time as other members done like holding and selling it in the right time will do also. So it will be savings plus profit and that could also be use for emergency needs and easier to get or convert it to money for emergency uses unlike lending money from banks that will cater 2-3days process before you get your money. So this is the best idea i guess. How about you?Could you consider this thoughts?

You can consider investing on bitcoin as a part of your saving but you shouldn't always rely on it. The price of bitcoin is very volatile so if there's an emergency and the price get dumped, you will be put in a big trouble. Try saving some of your fiat from your formal work so that you don't have to worry about bitcoin's volatility anymore and your credibility on responding on a certain emergency.

btcmura

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Do not use bitcoins as emergency funds as the prices are volatile. Invest only the amount that you can afford to loose.

jovs

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Quote from: burakdat on April 16, 2018, 02:40:28 AM

So far there are many concerns regarding on bitcoin advantage. I have read a lot of it here in our forum. Thus really make sense why should we invest in bitcoin? Well i know that you can add up more when comes to the advantage of investing bitcoin from the other members as well. In fact i get a lot of idea from them from reading and reading from their post. Thus includes bitcoin as a form of savings highlights the best idea on investing bitcoin which could be later use as for emergency needs also. So how it will work? Well i have some extra money from my salary so instead of putting it to my piggy bank i will invest it here in cryptocurrency though it is not that big yet it could be consider as savings. From time to time as other members done like holding and selling it in the right time will do also. So it will be savings plus profit and that could also be use for emergency needs and easier to get or convert it to money for emergency uses unlike lending money from banks that will cater 2-3days process before you get your money. So this is the best idea i guess. How about you?Could you consider this thoughts?

Saving money for emergency use is not a positive idea, although it is done by a lot of people. We save for the future, for financial stability and security. Once we are financially secured, we can handle any untoward incident involving financial obligations. So, just think about a wise and considerable amount of bitcoin saving and hold it until it could give you a nice and decent profit.

tinystone26

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Sure why not! And I think I agree to your idea, bitcoin as savings for emergency needs is really possible. I also do that as a extra income and emergency money in any situations. Example just like an accident that we can encounter in our family, then we can provide our payment using this currency to pay things and it is easy to convert just like you said like here in my country.

Coleth

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Quote from: sparg on April 16, 2018, 04:27:48 AM

Considering bitcoin investment as emergency money doesn't seem a bright idea because this will mean that once you need the money you should sell it a market value and sometimes it could be below your entry point.
The exit strategy is a long time movement because you must wait for the right price to convert your money into fiat so you won't be able to have access to your funds right away.
Emergency money should be in fiat.

I totally agree with this, it is true that emergency can happen anytime so if in case emergency occurs while price is low then it is not worth the invetsment, so make emergency savings in fiat so that it is ready to use anytime and anywhere.

budiarmed

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Quote from: Elrozaq on May 04, 2018, 09:31:07 AM

Quote from: burakdat on April 16, 2018, 02:40:28 AM

So far there are many concerns regarding on bitcoin advantage. I have read a lot of it here in our forum. Thus really make sense why should we invest in bitcoin? Well i know that you can add up more when comes to the advantage of investing bitcoin from the other members as well. In fact i get a lot of idea from them from reading and reading from their post. Thus includes bitcoin as a form of savings highlights the best idea on investing bitcoin which could be later use as for emergency needs also. So how it will work? Well i have some extra money from my salary so instead of putting it to my piggy bank i will invest it here in cryptocurrency though it is not that big yet it could be consider as savings. From time to time as other members done like holding and selling it in the right time will do also. So it will be savings plus profit and that could also be use for emergency needs and easier to get or convert it to money for emergency uses unlike lending money from banks that will cater 2-3days process before you get your money. So this is the best idea i guess. How about you?Could you consider this thoughts?

I think it is impossible, you save your money to invest bitcoin, for emergency needs. you prefer save it in banks. because the bitcoin is long term investment.

You are right, for emergency needs should save money in the bank because fiat money more stable value, and for crypto is not good if it is used for emergency needs because the value is not stable.

jaicos88

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for us to invest in bitcoin our final destination for our future needs, because the bitcoin future is also very good that we get. because bitcoin prices also go up every day.

malah

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investing in bitcoin can be our savings for the future because by holding bitcoin for the long term it will not cost you even you can earn profit, we can also use bitcoin for emergencies and future needs

Burogh

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Quote from: danwanyd on May 25, 2018, 11:22:29 PM

We're in a volatile market, prices can change at any time, and we can't use bitcoin as a tool to help us do something unexpected.

I prefer to deposit money in the bank to meet urgent needs. Bitcoin is a long-term investment.

Better divide our money to invest and for emergency matter. For emergency, better we keep it on bank account because its more easy to withdraw and for invest we can put our money on bitcoin. Even bitcoin have a large liquidity, bitcoin price always fluctuated and its very risky investment if we put our emergency fund on bitcoin

Topic: Bitcoin as savings, emergency needs possible? (Read 2065 times)