Bitcoin as savings, emergency needs possible? - page 23.

rejekiku

newbie

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Quote from: burakdat on April 16, 2018, 01:40:28 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?

Oh no, today you prefer save your money in banks for emergency needs. bitcoin is long therm investment. belive it.

andrei56

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Quote from: burakdat on April 16, 2018, 01:40:28 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 do not really think it is the best idea to use bitcoin as emergency savings but it is your decision, the reason for that is when you are in an emergency you cannot waste any time and in my country I cannot convert my Bitcoin to fiat very easily it takes time and in an emergency time is precisely the thing that you do not have but if in your country it's different then saving in bitcoin could be a good option.

Indai24

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Quote from: Cherrybomb on April 19, 2018, 08:18:40 PM

savings. From time to time as other members done like holding and selling it in the right time will do short term or long term investment.

Still if your purpose is for emergency needs I suggest not to store it in your bitcoin wallet, better avail a life or health insurance for you to make it sure, because bitcoin in our country is not acknowledge yet by the government and banks so I'm afraid if they are going to hold your money.

Cherrybomb

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savings. From time to time as other members done like holding and selling it in the right time will do short term or long term investment.

DrGuns4Hands

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Quote from: burakdat on April 16, 2018, 01:40:28 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?

In our country we have a wallet for bitcoin and we can easily withdraw it if we need the money, and we can easily withdraw through the atm machine or they will give us code to withdraw so even if we invest all our money in bitcoin we can easily to get our funds if it is emergency, I know that many country has their own machine that can withdraw btc.

COCOMARTIN

jr. member

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Yes bitcoin like savings for something that happened suddenly you can find it, then for emergency situations you will not have to find out where to buy or pay for emergency needs.

brontosafar

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Quote from: dewi91 on April 19, 2018, 02:58:13 PM

Quote from: wewe123 on April 17, 2018, 07:24:16 AM

Not only that bitcoin is an investment, it serve as our savings and we can use it as there is an emergency needs , so bitcoin had many multiple functions and uses so that is why we can also rely on bitcoin.

I don't think so, bitcoin is very good as an investment but for savings emergency needs is very risk because the price of bitcoin is really unstable, when we need money but the market is down, we will lose our capital if we sell bitcoin when the price decrease, no one can guarantee bitcoin will always in the high value, its better to saving in fiat at bank for emergency money.

i have same mind. saving is more like keeping the value of something we save. in case the value of bitcoin is always fluctuating, this is not save for me. it is an investment, sometimes when we save money in form of bitcoin. the value will increase, but sometimes will decrease too. and no one can guarantee that the price will increase or maybe stable

nethan1btc

sr. member

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Quote from: warrior333 on April 17, 2018, 05:26:36 AM

Quote from: Lecam on April 17, 2018, 04:56:12 AM

Yes that is exactly what I am doing,
I am putting my excess money in it so I could get some profit from it while I don't need it.

What matters is not what you do now. It is important that you are doing at the moment when the markets turn red. Many users get scared of falling and start selling coins. These actions, they increase the panic and themselves stimulate the drop in the price of their savings. I hope that there will be more holdings and it will be more difficult for speculators to destabilize the market.

I agree to your point mate but somehow we can't balme they since they don't want to loss more money as they decide to cash out their shares. Also, the decrease of the value of bitcoin gives a great opportunity to those who want to invest which will give a good return in the future as it depends for the short term or long term investment. Obviously, we want a great amount of profit but in times if profit most of us hold it aiming to have a huge amount of profit but somehow due to our greediness it suddenly drop and we have no choice but to cash out since we really need it for emergency purposes.

Finestream

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Quote from: Harrisonimo on April 19, 2018, 04:31:07 PM

I will advice that you did be careful about bitcoin investment that promises you some yields within some few days. It is better to just buy and hodl the Bitcoin in your wallet or in an exchange.

Making investments in bitcoin maybe a risky thing so make sure you know what you're doing to avoid losses in the end.I agree when bitcoins are considered savings,but not totally all your money should be invested in it,a fraction of your salary can do.It's really a great help especially in emergency cases because it will be easy for you to convert your bitcoins into cash and then ready to use already than making some loans and wait for few days to be released.

Harrisonimo

full member

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I will advice that you did be careful about bitcoin investment that promises you some yields within some few days. It is better to just buy and hodl the Bitcoin in your wallet or in an exchange.

Heroonnone

newbie

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I think these all things characterize this currency. We can use both savings and the need to save our money from inflation. How do you use this currency? At the moment, this is a savings for me.

dewi91

full member

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Quote from: wewe123 on April 17, 2018, 07:24:16 AM

Not only that bitcoin is an investment, it serve as our savings and we can use it as there is an emergency needs , so bitcoin had many multiple functions and uses so that is why we can also rely on bitcoin.

I don't think so, bitcoin is very good as an investment but for savings emergency needs is very risk because the price of bitcoin is really unstable, when we need money but the market is down, we will lose our capital if we sell bitcoin when the price decrease, no one can guarantee bitcoin will always in the high value, its better to saving in fiat at bank for emergency money.

MIZANUR5033

member

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Bitcionis volatile currency and no one know when price is increase or decrease. So it will be too risky to save the money as the purpose of emergency selling. You can invest on it and wait until your invest turn back double.
We know mots to the user invest on it to get return more. So it’s safe for you.
Suppose you need urgent money and the price of coin is down what do you do then? There will have not any way without lose your currency. If it is not volatile than it will be the best place for emergency investment. If you need emergency to invest as emergency money than to save your money in traditional bank will be the best.

coinplus

legendary

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Quote from: Markyway88 on April 16, 2018, 10:57:27 PM

I think not, why? Because bitcoin is volatile that you cannot predict what will be the price when you needed it a lot. Maybe, we call bitcoin as an investment but not as a savings. Banks are good when you want to save your money because banks can compensate you if there is a theft that happened or they will lose you savings. You can also easily to cash out your money if there something disaster that comes to your life. So, I think banks are better than bitcoin in terms of savings.

There can always be a way around that. If you buy at dips for emergency, there is no way in the long run, it is not going to end up paying you anyway. Emergencies are meant to be for the future anyway, just in case you may need to pull out some funds to do some few things and looking at how bitcoin has really fared in the past years compared to putting money in banks, I would rather go for bitcoin as saving but based on the fact that there are still some uncertainties, trying to blend in between the two is not a bad idea.

syamster

hero member

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Quote from: Fear on April 18, 2018, 08:08:22 AM

Sure, I don't think thats good idea use bitcoin for emergency, since it very unstable in the price, very long time awaiting for transactions and high feest for anything you do in it

Mate what are your sayings? It is not an old bitcoin now, bitcoin has become groomed up and now it is a modernized currency for user, so if you have a lot of bitcoin you will not be worry about any kind of circumstances infect you will feel really secure that you have something against the rainy day. Of you have any kind of emergency then you can use bitcoin as it has fast transacting and very fair fees so you will it as currency and as an asset at the same time.

brontosafar

newbie

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to me it's more like an investment. it's not saving because the price is fluctuative. because saving in my opinion is to save money with a fixed value. for example if you're saving $ 100 today, the value is same on the day after tomorrow or even next month. but for bitcoin if you save 0.01 for example, the value will change maybe tomorrow, because the rate is change over time and always fluctuative Grin

19spawnfeed

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Quote from: Paka1 on April 18, 2018, 11:48:58 PM

Quote from: burakdat on April 16, 2018, 01:40:28 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, in some perspective bitcoin could be used in times of emergency and a form of savings as well. It's a good strategy indeed, because in bitcoin there is a greater possibility that what you have invested would be doubled up. Which means you could save up more than enough for your future. And I do agree that it would be easier for you to convert it in cash unlike in banks wherein there is a long query plus it would take days to be process. That is why, we should invest more with bitcoin.

Holding bitcoin is a risk but we need to grab this risk because in the long run risk can gives you a good profit when times the bitcoin price will goes high. You can use your bitcoin if you need an emergency converted to your fiat money to pay you're emergency expenses. Holding bitcoin for me is good strategy as a kind of investments.

Paka1

newbie

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Quote from: burakdat on April 16, 2018, 01:40:28 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, in some perspective bitcoin could be used in times of emergency and a form of savings as well. It's a good strategy indeed, because in bitcoin there is a greater possibility that what you have invested would be doubled up. Which means you could save up more than enough for your future. And I do agree that it would be easier for you to convert it in cash unlike in banks wherein there is a long query plus it would take days to be process. That is why, we should invest more with bitcoin.

lzby2000

full member

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I think bitcoin as a savings, emergency demand is unlikely. In the encryption market, bitcoin prices always rise sharply, and they are very unstable. If it is possible to be a long-term investment, it can always bring high profits, but as a contingency fund it is very bad for your investment. It is irrational to extract bitcoins at any time.

el kaka22

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www.Crypto.Games: Multiple coins, multiple games

Quote from: bitcoin31 on April 16, 2018, 11:45:09 PM

Maybe it will helpful or not. Because incase of the emergency and if you have bitcoin in your waller you can sell it so your problem will resolve but you need to keep your bitcoin for longtime for sure and the exchanges rate is very high. But what if you hold your bitcoin and the exvhanges rate is very low and you need high amount of money for sure your problem or the emergency that you need to solve. And sometimes they have processing that you need to wait before you get your money what if you need money on this time for sure it's big problem also . Unless you cashout your bitcoin and save it the bank or to the ATM And you can withdraw your money anytime you want to cashout your money. They have advantage and disadvatange of holding bitcoin.

I want to believe it has been helpful for me in terms of emergency so many times. I know a lot of people are a bit skeptical on that as a result of the high level of volatility but in the actual sense, as long as you can withdraw it anytime for emergency purpose, and what you are holding can still increase a lot over time that what you put in as savings, then I would say it serves a good purpose.

Still, for the sake of the way things are, unless I have no choice, I would rather just touch my savings in fiat most of the time. In one word, you cannot actually put all your emergency savings in one basket when you have different options.

Topic: Bitcoin as savings, emergency needs possible? - page 23. (Read 2091 times)