Topic: Bitcoin as savings, emergency needs possible? - page 26. (Read 2065 times)

I have read the comments about other people's idea when it comes to your move making bitcoin as an emergency fund. When we talk about emergency it should be something that you can accessible anytime with no delay since its for emergency purposes. We all know that bitcoins value is very volatile and we can't really tell whether your savings will profit or not in the future.

If you can convert easily your bitcoin into FIAT and don't care any loses when market is red during an emergency fund is needed then its really up to you but there are some disadvantages along the way and majority of the people commented in here already foresee those events if an emergency would take place.

It would b much better if you'll just use bitcoin as a store of value for long term investments not for emergency funds for you to have ease of mind and avoid complications in the future.


I agree with you on this since bitcoin still needs to be converted to cash then the accessibility and the purpose of making it as an emergency fund is not really wise at all or doesn't even makes sense since a loss is really inevitable.

It would be okay if the value of bitcoin is increasing or shall we say stable without any ups and downs but its so volatile that you could even lose all your emergency funds.

Well i don't think that it is a good idea to use bitcoin for emergency since bitcoin isn't stable as other forms of financial instrument you could lose or profited your money if you put your emergency fund to bitcoin and also, selling bitcoin is also a process and it may take a while to receive your money since most of the cashout options are directed to the bank and most likely you will be questioned where the money came from etc or worse they freeze you bank account so, if i were you don't use bitcoin as your emergency fund.

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.

I don't think it is a good idea to make bitcoin as emergency fund because there is a tendency that when you need the money, you would need to sell it to whoever wanted to buy at market price. What if you bought bitcoin at $10k and the price now is just $6k then you would be hesitant to convert it because you will be at a loss. You will be getting smaller value than what you originally saved.

Emergency means you need it urgently so you should have available money in fiat because it would have the same value and would not fluctuate unlike bitcoin. Investing in cryptocurrencies should be for long term and you should separate your emergency fund, long term investment fund and trading fund.

Bitcoin as some EMERGENCY fund is not really the best idea. As you seem to know that bitcoin have its iwn ups and downs, and through which people either make good profit or buy coins at cheap prices, but all of this is very unpredictable and quite volatile. Bitcoin can have a major dip just today evening and can have a major hike tomorow  morning. Its this volatile. Therefore, considering bitcoin as a longterm investment may be a better idea, or trading woukd be prefered, compared to taking it as an emergency saviour. Its might disappoint you big time.

When such emergency arises, no one knows what will be the price of bitcoins at that moment. And certainly, emergencies don't come seeing btc values. Have some savings as emergency funds, trade in btc, make profit and save that profit for emergency and not the btc itself. Best of luck.

financial manageability is important so you can divide your assets into some parts, I store my bitcoins in desktop wallets, online wallets, and exchanges. for its function, I use desktop wallets for long-term investments, exchange for trade and online wallets for spending, saving, other necessities so that when there is an emergency need I can use it. Do that so you're not confused.

for me I am raising a bitcoin but not for the emergency I am accumulating for my future because I want to prepare my future with bitcoin.

If you consider investing in bitcoin as a retirement fund, then it is a good idea, i do not think that it can be used to store emergency funds because the risks are higher and you never know what the price would be when you need them urgently, looking at the graphs it is a good investment for the long term and even at this price it is a good time to invest for the future.

I keep collecting bitcoin so I will keep the bitcoin and I never take it because I have set aside fiat money for my life, so bitcoin will be safe until I sell it later

Certainly bitcoin can be used to do that. While on the other hand on most banks you are limited to a withdrawal per day which is a bit small so that you have to go over the counter. The problem is transactions take time. So in case of emergency I think bitcoin will do the service for you hassle free.

When we talk about emergency situations, it is in a state of life and death that we need to hurry in order to solve that problem immediately. Bitcoin still needs to be converted and it may take time and price may not suit your needs. It would be helpful if you have already savings in your wallet.

The best to describe bitcoin is an investment not savings. Savings is least probability to gain more profit compare to investment. Also savings can easiy convert into fiat while investment, you cannot withdraw it easily or convert into fiat.

Thats why the rules is dont invest money that you will be needing soon..the advice for this profiteering is just put the amount which only you extra,the amount thats its ok to be lost not the mony thats part of your daily living..the volatility of crypto coins is what make the investment risky but this is the same reason why we can earn huge here.

Suppose you consider the savings in bitcoin for emergency. Then you have sell the bitcoin at low price. At that time the price of bitcoin is  low you need to face loss .If you are lucky, the price of bitcoin will high.Then no problem to sell the bitcoin at such situations. For this reason, I suggest you to avoid Bitcoin for saving of Emergency

I agree to this. Bitcoins should not be kept for emergency situations, you should have cash for this. Suppose, you invest about $1000 in bitcoins as emergency fund and then prices drop to half. Your money will be stuck and if emergency comes, you will have to withdraw in loss.

No doubt about that, bitcoin does not have to be an investment made specifically for you to get profit and earn your living out of it, that is what your job is for, bitcoin similar to gold could be used to store what amount of money you have for a later time when you need it, as you said some people also like to invest in it and wait until they get a bit of profit and than cash it out and store it, i don't think that it is a good idea because you will have to store it in banks or keep it in your house which is difficult to do, so keeping it in bitcoin is much better.

Some people already have put their live savings into Bitcoin, so in a sense it is savings for people already. I myself have put a lot of my net worth into Bitcoin and to me it is a way out of the current trap of a system. If it does not pan out that is okay, but if it does I have a savings for life and can help the good people of this world.

same as what i did when i was staring here,all the extra money from my salary goes to investment here,me and my wife both agreed on that,while i am working for signature campaign to gain another money to out as investment,and now this is what I've got,got open an offline business because of my earnings from here

I really like this your method, it makes it seems you are on a safer side. But the only problem is that when you need the money, may collide with when the price of bitcoin is low. Then, you might end up selling huge amounts of bitcoin for pennies. To OP, Bitcoin can be used for savings and also as an emergency needs, but it's best to store up your bitcoin when the price is low. Making use of it then, make it seem as wasting it.

That's how i treat my bitcoin savings till now.When i need money,i will convert it to fiat and when i got spare money i will add it to my bitcoin.But it's better to make separate wallet to be your real investment that you can trade anytime in the market.