Topic: Bitcoin as savings, emergency needs possible? - page 18. (Read 2065 times)
This ones good idea. yea you can keep some fluid crypto, not btcs, in your hardware wallet for hard times!
For such security and emergency matters, insurance is the unbeatable choice. There is no good option than buying insurance
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, you are absolutely correct! When we say emergency money, it means when you need the money you can have it right away. But what happen when the time you needed that money and the price is so low? Probably you will not gain a profit. So, I think it is not a good idea to have bitcoin as emergency money, rather it is so good for investment. 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.
bitcoin is the digital assets price can up and down uncertain, and how do when you are need money and want to sell bitcoin. and when the price bitcoin being down?! you won't get back your money, even you will lose your money. so I think we better save money on Bank only, we can any time pick it up. and make bitcoin as a means to look for the money.
What you do is very appropriate. If you set aside your money and you tube yourself at home. Maybe you do not get the profit. If you are heading to a bank, it may need the requirements of the bank. Buying bitcoin is the right move for you. With bitcoin you can make a profit. You can also trade bitcoins. If you interest. You can also search for jobs that can supplement your income from some ICOs in bitcointalk or bountyhive forums. So your decision is right for me. when your economy is very emergency, you can easily exchange your bitcoin into fiat money.
Actually why not... There is still many against it, but if you want it to be this way, go ahead. This is more profitable then a piggy 
yes very possible, do not waste your bitcoin. Please keep tabs with your savings to get you in the emergency. That's what I'm doing so I can not waste it. thanks ..
Better save for the future. We don't know what will happen to us in the future. Savings can help a lot when in financial crisis. Those who saves benefits in the future. I always save so that if I have financial emergency encountered I have something to use.
yes very possible, do not waste your bitcoin. Please keep tabs with your savings to get you in the emergency. That's what I'm doing so I can not waste it. thanks ..
Not bad because me also in my family i am using this bitcoin just to make sure that i have a savings in my future and in case of emergency you will be having a money to claim and that is your savings in your bitcoin wallet. It will be a big benefit if everyone do it.
I've been into the situation so many times where bitcoin and crypto is the only way that can assists me in times of my emergency needs. It's really good to have cryptocurrencies in your portfolio and it's a worthy savings that can help you through hard times.
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 am using cryptocurrency for an emergence purpose only and to buy things i really need for the future, it was really good to invest on bitcoins even just a few coins because the price is keep on increasing as the time goes by and that is the reason why there are wealthy gentleman today.
I think it's very likely to be utilized that way, a lot of us invested with bitcoins and
earning crypto are keen on keeping them with hopes of procuring profits. But in emergency
situations, I think I'll use crypto to help with the emergency situation. I know people
who have done so even if it was a red day, but they didn't have any choice at those moments.
earning crypto are keen on keeping them with hopes of procuring profits. But in emergency
situations, I think I'll use crypto to help with the emergency situation. I know people
who have done so even if it was a red day, but they didn't have any choice at those moments.
This is basically the same question as "should people put all of their savings into Bitcoin", but it happens over a longer timeframe. Obviously the answer is no. You should never put all of your money into just one thing, especially not something as notoriously unstable as Bitcoin.
The only emergency that it would potentially be good for is a collapse of your entire country's monetary system - but the best thing to have in those circumstances is an asset like gold, which more people would be likely to accept.
In most emergencies, you'd be better off having fiat, since you can spend it easily and it tends to retain most of its value.
Yes, I agree with your opinion, but the method I have done has not run like you do .. the use of bitcoin for now just to meet my needs and I only some that I take to exchange for money if indeed I really need it and if not, i will keep holding it .. in future i will try to invest and do your method .. The only emergency that it would potentially be good for is a collapse of your entire country's monetary system - but the best thing to have in those circumstances is an asset like gold, which more people would be likely to accept.
In most emergencies, you'd be better off having fiat, since you can spend it easily and it tends to retain most of its value.
Bitcoin's retirement benefit is quite interesting, but it's a pretty volatile asset, so the size of your pension can be very different.
Being high volatile of the bitcoin price is not the ideal to be used as a savings for emergency needs. Your losing your profit if you sell your bitcoin in a low price because you need money for your emergency needs. It's better to save fiat money than bitcoin if you use it in a emergency expenses.
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?
It depends on how quickly you may need money. Also it is necessary to take into account the volatility and cyclicity of the market. 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.
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.
Yes this is true, if you want to save money for your emergency purposes just put it in a bank or safety place because if you use your investment in bitcoin and the money you invest is lower than your entry then its not good for you, because you will just lose your money.
Bitcoin's retirement benefit is quite interesting, but it's a pretty volatile asset, so the size of your pension can be very different.
Being high volatile of the bitcoin price is not the ideal to be used as a savings for emergency needs. Your losing your profit if you sell your bitcoin in a low price because you need money for your emergency needs. It's better to save fiat money than bitcoin if you use it in a emergency expenses.
Bitcoin's retirement benefit is quite interesting, but it's a pretty volatile asset, so the size of your pension can be very different.
Being high volatile of the bitcoin price is not the ideal to be used as a savings for emergency needs. Your losing your profit if you sell your bitcoin in a low price because you need money for your emergency needs. It's better to save fiat money than bitcoin if you use it in a emergency expenses.
I say that making bitcoin to deal with emergency needs is certainly wrong, if we do then we never get a good price and look like panic. Good financial management is important before investing bitcoin.
Bitcoin's retirement benefit is quite interesting, but it's a pretty volatile asset, so the size of your pension can be very different.
Jump to: