Bitcoin as savings, emergency needs possible? - page 15.

CodyAlfaridzi

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

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?

That is a bad idea. Did you consider the fact that Bitcoin price could go down too? Did you experience the dump from $19K to $6K a few months ago? How would you feel if your supposedly emergency funds in dropping in value?

Bitcoin is an investment. That's all it is right now. You can't (yet) use it for savings or emergency funds.

bubble pop

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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.

Yes i agree in this thing because the bitcoins are not stable so the price you will hold can either go up and down so whenever you need money and the price of the bitcoins into the market are on their lowest then that is a bad time to sell it because you will lose a lot of money but you really need money so you will sell it anyways so that is a bad decision. We better have a lot of savings and better stick wil cash savings when it is in Emergency for us to have a stable amount. Bitcoins investment is not meant for Emergency thing but you can always

Hovhannes

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MMOCoin-For-Gamers-&-Traders

I think it's a good idea if you are a long-term investor. I am sure that in the long term the price of bitcoin will grow. Risks are everywhere, it is necessary to diversify these risks.

MRY

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yes I agree with you, bitcoin can be used as a savings rather than store it in the bank would be more profitable if we save it at once for investment in bitcoin and we also can easily use it if need money for emergency situation

cmacwiz

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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?

Yes I think that bitcoin can be saved for emergency purposes and in my country it takes only 2 days to get your money into bank after selling your coins on an exchange. So I can easily save my bitcoins for any emergency and then sell those coins if I would be in an emergency and I like this very much as my saved bitcoins also increase in value over time too.

torch2121

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The revolutionary trading ecosystem

For me what I will do is to make sure that I have enough fiat savings that I can use in a instance in case of emergency. It is better that I have enough fiat in hands to use. Better to separate my Bitcoins and good only for holding and not to be use if its not going generate good return. You will never know when the emergency comes its better to be ready.

jeraldskie11

sr. member

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Yes it is so helpful in case of emergency, we can use it easily so we need to save it. But in my country, they have not bitcoins here so i don't need it because i can't use even though i save it. But in the other country which you can do it much better if you do this way because its very helpful.

elkafee79

newbie

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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?

I f you want to use your saving money for emergency needs , You should save it in banks, dont save it in bitcoin. The bitcoin is long term invesment.

frankybutterin

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“Blockchain Just Entered The Real World”

I think it will make us bother. because the emergency fund must always be ready for use whenever and wherever. if we use bitcoin for emergency funds then we have to exchange it into fiat money because bitcoin in my country and most other countries have not received bitcoin as a legal means of payment. we should save the emergency fund in fiat money.

Snaic

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In this issue, there can not be universal advice. The market of crypto currency is unstable and risky. In December, when the bitcoin price was rising rapidly, I did not see any warnings that people would not buy bitcoin at such a high price, because it would soon start to drop sharply. Everyone was directly affected by the "gold rush". Therefore, many of them suffered heavy losses. Invest in bitcoin should be very carefully. I do not think that you just need to hold it for a long time, hoping that someday, in the very distant future it will cost millions. This may not happen at all, and at a certain stage you can lose all your savings in bitcoin. It is better if you try to sell your bitcoin when it temporarily rises in price, and buy it when it is lying on the price day. And you will have a constant profit, and by your actions you will help stabilize its course, keeping it from manifesting a bubble.

thetruth123123

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Hahha, if the sittuation will be the same as it is now, you can save $1000 and get 10 times more oneday

That would be great!

gambitcoin53

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Quote from: fiulpro on April 16, 2018, 04:57:11 AM

Hey
Lemme tell you my experience.
I was investing all my savings in Bitcoins so that I could pay up the college fee and guess what ?
I failed to encash at the right moment .. I wanted to hold longer and we all know what happened.
If that wasn't worse..our country decided to put ban on btc to money transactions.
So here I am waiting for the law to change and the time to be right.
Dude.. don't do it it's.. not safe.
Go for.. the quick hold and sell high if you need money fast and just let them stay in the banks.

this clearly shows how volatile bitcoin is, investing in it means you are about to suffer loss, not that bitcoin is a bad thing, it really depends on what purpose why we invest in bitcoin, if you are saving for emergency, that is a bad idea, instead, you can only invest money in bitcoin the amount you can afford to loose, emergency funds should be on a stable platform, unfortunately, bitcoin is highly volatile, i dont know where and what platforms are a good idea to invest on, but definitely not bitcoin because it is intended for a long term investment and emergency funds should not be included.

MaestroProject

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It's all about the portfolio distribution. Yes, about 20% in Bitcoin seems fair to me.

Kolly

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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?

We can convert bitcoin to fiat money if the need arises but there can be a set back with this, what if the price when the need arises is smaller than that of you buying price. It is better to not put all your savings in bitcoin and separate a designated amount for emergency needs.

RoolBi

newbie

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It is only a saving if you invest in 20% of the money you have. If you invest more then I think it is no longer a savings. But before you invest, you should also find out if your bitcoin wallet is safe.

Athenakim.22

jr. member

Activity: 110

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Since bitcoin price is volatile, I think this is not a good idea to be an emergency money because the best way to earn big profit in bitcoin is to hold it until right time comes when it's value is really high that's the proper way to exit from holding your bitcoin so that your investment will profit 2x more than you invest.

Fatimah Azzahra

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I do not think all your money to be invested in bitcoin because bitcoin can not be used as an emergency savings, especially if the value of bitcoin in the market is declining.

Lhanofclover

newbie

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Since i have work, my salary is my main source of income and i have my own style on how i manage or divided my salary from savings to expenses.
For me if you will set as an emergency money your bitcoin it has disadvantage because just in case you need money you need to sell your coins and sometimes the price is below your target.
Bitcoin is okay when you invest it with no regret or doubt when you sell it.

mickeybuddy27

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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.

That is the problem when you put all your money into investment and never save for emergency because of wanting huge profit which will lose more profit when it downs but you need to sell immediately. Price is unstable which you cannot depend on in every uncertain situation. Better to save fiat for that and diversify it from your investment.

cheeseandcrackers

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You can always sell bitcoin, but it may be lower than you bought it which doesn't really work for you as a long term investment. If you have an emergency you may be forced to take a loss when you remove money from bitcoin. If you can tolerate that risk, I'd say it's fine. But just be aware it can really bite you in the ass

Topic: Bitcoin as savings, emergency needs possible? - page 15. (Read 2065 times)