Bitcoin as savings, emergency needs possible? - page 27.

vaughn125

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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?

Well, I think that what you are stating really does make sense and is sounding really good to everyone's ears. But the thing is, you forgot to mention the people that invest more than they can afford to lose just because they want to have savings plus profits. This is the real problem here because as we all know, the prices of bitcoins really does not stay constant. It can either go massively up or drastically go down. Now imagine a scenario when all of the cryptos are down due to the bearish season and suddenly an emergency comes. Obviously, you will be forced to cut losses and cash out. And the worse part? It would be what if even if you sell all your crypto currency on your portfolio you still won't have enough funds for the emergency? That would obviously be a very big problem. This can also be applied to people who only put money that they can afford to lose. Think about it, if you had a lot of extra and invested it on some crypto rather than putting it on the banks, the same thing can also happen. I think that these are the risks of investing into this industry. Which is why, everyone should really educate themselves to as much as they can about this industry to avoid shitty situations.

sri11

member

Activity: 238

Merit: 10

I disagree if bitcoin is used as a sudden savings, if it requires fiat, should not be bitcoin targeted as a sudden solution for fiat exchange, bitcoin is a future savings and not a sudden savings

merchantofzeny

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No, that's the last thing you'd want to do. You should have an emergency fund separate from you monthly living budget and investments and currently bitcoin is not the best way to keep it. The most obvious reason would be that since you have no way to know when an emergency happens, it could strike at a time when the price is low and you be left with little money in your wallet. The value you get from the money you cashed out would also be obviously lower.

Of course, there could be ways to reduce this but it would really depend on your situation. If you can pay for the expense using credit for example (we did that before when my grampa needed an emergency operation), then you might be able to wait for the price to go higher up again before cashing out to pay the debt. But to be safe, just keep an emergency fund in the bank since you'd want the liquidity.

Hillthy

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Bitcoin owns a number of good and safe standards and characteristics that enable you to deposit your savings. Keeping it in the long run is the usual style to generate profit from bitcoin. If short, bitcoin may not be good enough to generate profit. Sometimes, fluctuations have breakthroughs and tend to go up or down very quickly. Thus, bitcoin is optimized for profitability when it comes to long-term investment and is even more effective if we invest in it with savings.

Ewox

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What I usually do since we really can't control or predict emergency cases, the money I have for investment with bitcoin is really intended for savings instead of putting them in my banks savings account. Everytime I have an extra money, I always buy bitcoin no matter what the price is at that time and keep notes of how much I bought bitcoin at that time, then I buy another alternate coin that I have researched that has a lower value and keep track of it also. Then set a sell order with that alternate coin and once I have sold that coin I usually withdraw the capital or traders call it "TC" or take capital then withdraw them and place it in my savings account for emergency purposes.

omonuyak

sr. member

Activity: 882

Merit: 269

It is very possible to save bitcoin aND used it during hard time or emergency. For example I have taken out of my saving of recent and sold for some personal problems that could have been disgrace if I did not have that. However, you can easily convert your bitcoin to your local bank using localbitcoin.

zhea

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As a savings i dont think it is a good idea because we all know that bitcoin price fluctuates so as for me i'd rather convert it into our currency and save it or part of my btc will be at my wallet as my savings. Same with for emergency purposes because of its unstable price it is not good to save it as a long term because we do not know what will be its value in the future. Good if its high during the time we badly nees it but as i've said we canot predict the future ao better be smart on every decision to take.

billbear

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I personaly thought about this, but as a long term saving, bitcoin as for me isnt a best idea becouse of its unstability, and you cant certainly know, will it be still valuable after years.

vergel24official

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Very helpful in times of emergency like me I used it for my payment for my studies. And it is also nice if you can able to determine what is real emergency or not just to not expending your bitcoin with not important things.

samputin

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Activity: 1036

Merit: 294

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.

Yeah. I agree. Emergency money should be something readily available in situations where necessary, hence the term. Investing in cryptocurrency which your intention is for immediate purposes doesn't sound practical. It will take you sometime and might give you a lower value in return. It's just that, the term "emergency" requires immediate action so I gues it would be better if the money you would use in such purpose can be easily taken hold of. But still, investing in cryptocurrency for other purposes that doesn't require immediate action is a good idea.

munareal

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I do not think that bitcoin should be used as an emergency savings because bitcoin value is not stable At the time you might have an urgent need for cash the value might not be favorable and that means selling at a loss.

AIRDROPSQUAD

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Merit: 11

PLAYHALL - SKILL GAMING PLATFORM

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.

Yes, this very true. I can say Bitcoin is no longer acceptable as an investment.
Because the price is very volatile. Unless you buy it at the very lower price.

13abyknight

sr. member

Activity: 602

Merit: 252

Entirely possible as one can keep monies on a Bitcoin address and use it only when required, that is in case of emergency situations. Importance here should be given to keeping the address safe by storing the private keys in a secure location while having a steady head not to use it anywhere else but only when required the most.

Quraline

newbie

Activity: 84

Merit: 0

If you think that storing your savings in bitcoins is safe and you can withdraw them instantly, as well as from a bank card, then do it.

ylnar123

member

Activity: 350

Merit: 10

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?

Bitcoin is a good savings or an investment which give us a really higher hope to have a better life. Hopefully time comes that people will get higher paying revenue.

Jose Rizal

full member

Activity: 273

Merit: 100

Quote from: sparg on April 16, 2018, 05:06:51 AM

In a similar case, I was a month ago. I neede the money for some urgent spending and we all now where the market was back then.
Believe me, that is very frustrating to have to sell your coins just because you really need fiat. Happily for me that I found someone to borrow me the money instead of selling under the market value.

You are lucky enough cause you have the chance to borrow from any person who can let you, in my case I have to convert my earnings from Bitcoin to my country's local currency during the dump of the Bitcoin since I have no additional earning way back then, and I have to let go some of the chances I might have if I wait for it to increase.

Tapyaks72

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Activity: 490

Merit: 28

Quote from: arin_muah on April 16, 2018, 09:06:05 AM

Quote from: Dheo on April 16, 2018, 08:40:45 AM

Quote from: abas_ir on April 16, 2018, 08:17:00 AM

just use our free money to invest in cryptomarket.although in this market very liquid ,but better to avoid this if we use our saving.sometime emergency case need much money.and if we sell our asset in this condition we could suffering loss while market going down.

Yes I agree, you shouldn't save your money in crypto especially your money that you can use in case of emergency because it can be the reason of losing your money.

that is good point for newbie.do not be tempted by big profits when investing in bitcoin. this is very risky so better use the funds that are completely unused.

Yeah that’s a good idea to keep your saving into investment because if you just put it in a bank nothing will happen to that because bank interest rates is very small. You just let the bank to used it in their own benefits.

bakkang

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Activity: 364

Merit: 100

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.

It must be an emergency money. All of us here sometimes investing in bitcoin just to secure their future and for emergency as well. I entered bitcoin because I want to provide the financial needs of my family that's why I still continue earning so that if there will be an emergency I can easily convert my bitcoin into fiat.

arin_muah

sr. member

Activity: 504

Merit: 250

Quote from: Dheo on April 16, 2018, 08:40:45 AM

Quote from: abas_ir on April 16, 2018, 08:17:00 AM

just use our free money to invest in cryptomarket.although in this market very liquid ,but better to avoid this if we use our saving.sometime emergency case need much money.and if we sell our asset in this condition we could suffering loss while market going down.

Yes I agree, you shouldn't save your money in crypto especially your money that you can use in case of emergency because it can be the reason of losing your money.

that is good point for newbie.do not be tempted by big profits when investing in bitcoin. this is very risky so better use the funds that are completely unused.

Rossy Akbar

full member

Activity: 532

Merit: 100

Well, it's all come from your mind tho, even the emergency needs you know what you gonna do. You're not gonna make yourself on trouble either, so panic sell it's really happens when the emergency needs.

Topic: Bitcoin as savings, emergency needs possible? - page 27. (Read 2065 times)