Now you know why someone would not recommend you keep all your budget in bitcoin even if you are sure about its good potential in the future. Without an emergency budget, you will definitely get in trouble because it will only ruin your investment plans.
You could sell your 20% bitcoin holdings to cover that urgent need, or maybe 50% of it. You have to accept the consequences of losses caused by price volatility because you have no other option but to sell. If it were me, of course I would try to find other solutions such as selling my other investment assets like gold or whatever else is not being used instead of selling bitcoin (especially if your loss is significant).
Topic: How do you feel selling your BTC against your plans? - page 10. (Read 1300 times)
It's normal because one thing about life is that any funds or money you are saving via investment or not investment they are always for emergency and whenever it's time for emergency do not forget to use it immediately to sort out those problems because that was the reason it was saved to lift life from danger, all less it doesn't needs an urgent attention to be taken care of.
Boiling down on how your alert couldn't get to your account at the right, I believe there are p2p service provider if banks aren't releasing your payment you download online bank which I know too well that they swiftly operates without any delay.
As matter of fact, whenever you hold bitcoin at higher price and its happens that the price drop from the previous to the lower price and where you never thought of selling and emergency came up to me it looks like someone they have given a poisonous chemical to inhale, and at that point you couldn't but had no options than to just did because of circumstances at hand. Please just take heart because it something you can't deal away from or possibly when next if an urgency came up why not look for someone around to borrow maybe after sometime and you gets stabilized a bit then you send back to such person.
Boiling down on how your alert couldn't get to your account at the right, I believe there are p2p service provider if banks aren't releasing your payment you download online bank which I know too well that they swiftly operates without any delay.
As matter of fact, whenever you hold bitcoin at higher price and its happens that the price drop from the previous to the lower price and where you never thought of selling and emergency came up to me it looks like someone they have given a poisonous chemical to inhale, and at that point you couldn't but had no options than to just did because of circumstances at hand. Please just take heart because it something you can't deal away from or possibly when next if an urgency came up why not look for someone around to borrow maybe after sometime and you gets stabilized a bit then you send back to such person.
This kind of experience has happened to me too and I think the majority of us have had that too.
Emergencies sometimes come to us unexpectedly. but what makes it difficult for us is because we don't have an emergency fund preparation. so that we are automatically forced to sell assets that we have planned as long-term investments (bitcoins).
This situation must be very heartbreaking for you OP. because I've been in the same position. but I learned from the experience. i.e. since then I have always tried to save a little of my money to be kept in a special savings emergency fund. no need to save a lot of money. little by little. and it worked. a few months ago i had some sort of similar situation that needed funds urgently. and lucky I have an emergency savings fund. so that I no longer need to interfere with my long-term investment.
stay strong and believe me we can always start again.
feels hard. well at first everything was difficult.
but believe me things will get better if you can think more openly and accept what is there.
Emergencies sometimes come to us unexpectedly. but what makes it difficult for us is because we don't have an emergency fund preparation. so that we are automatically forced to sell assets that we have planned as long-term investments (bitcoins).
This situation must be very heartbreaking for you OP. because I've been in the same position. but I learned from the experience. i.e. since then I have always tried to save a little of my money to be kept in a special savings emergency fund. no need to save a lot of money. little by little. and it worked. a few months ago i had some sort of similar situation that needed funds urgently. and lucky I have an emergency savings fund. so that I no longer need to interfere with my long-term investment.
stay strong and believe me we can always start again.
feels hard. well at first everything was difficult.
but believe me things will get better if you can think more openly and accept what is there.
I think it's good to have Bitcoin for emergency situations, and it shouldn't matter during an emergency whether the price is good or not. I generally don't like when something doesn't go according to my plan, so I would be upset about selling BTC when I wasn't planning to do that, but not because it's BTC; rather the bigger issue to me would be that an emergency occurred. Bitcoin is volatile, you win some and lose some, and I don't have a problem with that. Also, Bitcoin is money, so it should be used when it's needed, even if its value isn't the best at the moment. I think it's better than taking a loan, which some are asking about.
Most times it is not necessary you must wait for your financial flows though. If you checked I stated it clear that I was expecting a payment which was supposed to have been credited but was still pending I could not wait for it to be credited as the pressure was high to making sure that issues was sorted out immediately.
Have you considered taking out a loan or something like that?I think lenders will be willing to give you a loan of a certain amount, but you just have to convince them that the conditions are met.
Besides, I don't know how much funding you need and what the goal is. Urgency should be clearly classified, but if it involves the safety of your family or anything that puts their health at risk, then sell your bitcoin to save them. It is the most good option instead of spending time looking for a solution.
It's something that I don't want to do, knowing that the price could be higher in the future. Imagine yourself buying a bag at $100 and worth 0.04 before. Imagine the price difference now. It's just a lot; you would never know what will happen next. So it's still best to stick to what you plan to do to do what you want.
Better to know and decide what you will do so that you wouldn't feel bad when selling or something. Because you can see the positives in that when you see that you have sold at a higher price if we didn't go to what price we wanted.
Better to know and decide what you will do so that you wouldn't feel bad when selling or something. Because you can see the positives in that when you see that you have sold at a higher price if we didn't go to what price we wanted.
As you said, it has to do with emergencies. If I'm not sure, I'm sure you won't try to tamper with your funds at this point in time when the price is down selling on loss. Once the funds you're expecting arrive, you should just credit your account back. Spending bitcoin does not come with a pleasant feeling at all knowing its worth, especially when the price starts going up.
you sell bitcoin in your hard time therefore it is essential to get benefits in crypto trading that we should not put that amount which we think that it is necessary for other purposes. Not all sum should use for investment just put little amount and think about it that I will be untouchable for certain time until it enhances in worth.
Everyone is familiar with the thing that hard situations do not tell before origination but it comes suddenly so a person should always be prepare for such situations. Everyone should have certain amount of money save for such situations because if bitcoin holder sell his bitcoin when it was not accurate time for selling then he will face losses not actual return.
Everyone is familiar with the thing that hard situations do not tell before origination but it comes suddenly so a person should always be prepare for such situations. Everyone should have certain amount of money save for such situations because if bitcoin holder sell his bitcoin when it was not accurate time for selling then he will face losses not actual return.
A thought came over me while spending my BTC. Although I was wondering if members have had that experience and too how others would feel about it hence this topic. Now here was what happened. I had an emergency which requires an urgent attention and it involves funds. I had no option than to get the funds immediately as the payment I was expecting has no yet been credited to my account I had no option at that moment than to fall back to my bitcoin and what touched me most was that the market was red and It was obvious I had to sell to sort out the urgency at hand. While doing that, there was this feelings I had then as a result of the red market as at the time I was doing the transaction . I was just having that thought over me then and wishing the market could just boom immediately so I could only release just a small fraction of my BTC to sort out things then and another was that I could just receive my much awaited alert so I could stop the BTC transaction immediately. You know that feelings that comes when you want to do something you really do not have plans doing immediately maybe you have plans for it in the future and all of a suden an emergency comes up which would force you to do the needful. I had that feelings and it was real and really devastating at that very moment.
If you have had such experience, how was it like?
I have not personally experienced a situation where I had to sell my cryptocurrency during a market downturn to address an urgent need, but I have thought about what I would do in such a scenario. If faced with a similar situation in the future, I would consider looking for other options to obtain the necessary funds, such as borrowing from someone I trust or seeking out short-term loans from reputable lenders. It is important to stay calm and carefully evaluate all available options before making any financial decisions, particularly when under pressure or in a time-sensitive situation. If you have had such experience, how was it like?
If you have had such experience, how was it like?
It can't be helped because necessity drives us to take anything that can have a sale value. It's not just Bitcoin that is a valuable item and when it's urgent to have money right away it will definitely be done. What you experienced, must have happened to anyone who has no other financial flow besides holding Bitcoin. I did the same because there really was no other way but to sell some of my Bitcoin holdings. But with the condition that if in the future I have more money then whatever Bitcoin has been taken will be patched back.Most times it is not necessary you must wait for your financial flows though. If you checked I stated it clear that I was expecting a payment which was supposed to have been credited but was still pending I could not wait for it to be credited as the pressure was high to making sure that issues was sorted out immediately. So I did the needful by selling my bitcoin and I did replaced it when I was credited with my other payment I was expecting. Sometimes there are lots of inflow from different sources but you just can not tell the situation you might be in some cases that requires you to respond speedily when your other investment are not in for the response. Not only that, how about the processes or procedures involved to getting funds from other sources of your income, can they be able to respond in time like that of you selling your digital assets with ease, without any procedures involved to getting the money you needed urgently to sort things out.
I hate selling any crypto against my plans. That's why people say that you shouldn't invest more money than you can afford. Because there is always a chance that you will wait for a long time to generate profit.
No one wants their investment plan interrupted, but there will be many cases where we are left with no choice. The problem is not that many people are investing more than they can afford, but that in many emergencies, you don't have enough fiat and you have no other solution, selling BTC is the last option.
I used to be in the same situation, I also have a lot of savings for emergencies, but not enough when I need a larger amount, so I am willing to sell my BTC. Life is like that, there will always be unexpected things that come and destroy all of our plans and dreams, but as long as we are alive, we always have the opportunity to start over.
If you have had such experience, how was it like?
It can't be helped because necessity drives us to take anything that can have a sale value. It's not just Bitcoin that is a valuable item and when it's urgent to have money right away it will definitely be done. What you experienced, must have happened to anyone who has no other financial flow besides holding Bitcoin. I did the same because there really was no other way but to sell some of my Bitcoin holdings. But with the condition that if in the future I have more money then whatever Bitcoin has been taken will be patched back.
This story reminds me of that thing I heard someone say one time and it went like this:
People who are poor usually remain poor because they have debt, obligations, they can't afford to save up.
People who are rich will only get richer because money makes money and they have many different sources of income and a big margin of error.
When bitcoin is your only wealth and when a sudden payment is due you have to sell, you're not going to do well in this market.
People who are poor usually remain poor because they have debt, obligations, they can't afford to save up.
People who are rich will only get richer because money makes money and they have many different sources of income and a big margin of error.
When bitcoin is your only wealth and when a sudden payment is due you have to sell, you're not going to do well in this market.
Most of us will say we are disappointed or hurt because we sell it, but it depends on the perspective of the person. For me, I invest in bitcoin so that, in rainy days or emergencies, I can use it. That is really the main purpose of holding bitcoin. Though if I were in your situation, it would be best if you borrowed money from relatives or someone else and returned it, as you were still expecting the money, rather than selling bitcoin. It happened to me a lot of times. I would just borrow, but when it came to needing huge amounts, that was the time I sold, no matter what the price was.
For sure your points are correct. Investment sometimes serves that purpose for which you have mentioned here. Most times you know people do not want to touch their investment for certain reasons best to them and also some people do not like going for loan or borrowing option do they do all they can by going for their investment that is why most people invest big time so they could fall back to it when ever the need arises. Most of the replies I went through really gets me wondering if really people do under the situation of things as to the Topic I made here. It is not all about having a physical investment or a digital investment. I think they really do not get the point clear somehow but everyone is entitled to his or her own opinion.
Most of us will say we are disappointed or hurt because we sell it, but it depends on the perspective of the person. For me, I invest in bitcoin so that, in rainy days or emergencies, I can use it. That is really the main purpose of holding bitcoin. Though if I were in your situation, it would be best if you borrowed money from relatives or someone else and returned it, as you were still expecting the money, rather than selling bitcoin. It happened to me a lot of times. I would just borrow, but when it came to needing huge amounts, that was the time I sold, no matter what the price was.
Life does not always go the way you want. This goes especially for your finances and your investments. Sometimes you need a little bit of extra money and when it comes to paying things like rent, insurance, etc. Bitcoin is not currently an option. So obviously life would force you to sell some Bitcoin to keep yourself above water. There is no shame in that. Perhaps a bit of disappointment, especially if the Bitcoin price was lower than when you bought it or Bitcoin was undergoing a pump and you were forced to miss out on the profits.
If I had to sell bitcoin, it would be disappointing and probably demotivating to some extent, but if there is a choice to sell bitcoin or take a loan, then of course I will choose to sell bitcoin, like probably many here.In any case, the most important thing is the absence of financial problems, and when everything gets better, there will be new opportunities to create capital for investment. After all, we create investments in order to eventually become financially independent people, and one of the functions of our investments is to solve our financial problems, even before we planned it.
Therefore, we advise against investing all of your savings in cryptocurrencies and instead to keep a sizable amount money in your bank account for emergencies.
There should always be provision on your budget for emergency situations, which are situations to always expect yourself to be. But since this has happened already and it was not in your plan to sell at such a time, do not torture yourself with the thought of it, plans usually fail, it is why people who are smart always have a Plan B and C to the original plan, they have backup plans. Make new plans on how to replace what you have taken and also plan so not to find yourself in such a situation again by taking the advice of including money for emergency in your budget. 
I've gone through this a few times, and I don't feel much pains when I sell my Bitcoin to cover an emergency needs because the reason I sell Bitcoin is always something that is crucial to my life. To be completely honest, though, my situation is not always the same as yours because, whenever for sell my Bitcoin for an emergency I'm not always at lost but always have luck selling my Bitcoin at reasonable prices
When you sell your Bitcoin at a loss, I'm sure it will be a painful memory.
Therefore, we advise against investing all of your savings in cryptocurrencies and instead to keep a sizable amount money in your bank account for emergencies.
When you sell your Bitcoin at a loss, I'm sure it will be a painful memory.
Therefore, we advise against investing all of your savings in cryptocurrencies and instead to keep a sizable amount money in your bank account for emergencies.
You know that feelings that comes when you want to do something you really do not have plans doing immediately maybe you have plans for it in the future and all of a suden an emergency comes up which would force you to do the needful. I had that feelings and it was real and really devastating at that very moment.
If you have had such experience, how was it like?
If you have had such experience, how was it like?
Believe me, selling at a loss when you intend to hold until the market recovers is the most uncomfortable feeling you'll ever have. This has happened to me several times, but when you don't have a choice, there's nothing stopping you from touching your investments; after all, they were invested to be used for a purpose and to solve problems when they arise, even if it wasn't at a time when it was expected.
One thing that keeps me motivated even when I sell at a loss is the fact that I didn't have to borrow from someone else to solve my problems, which is one of the best feelings and peace of mind you'll ever have.
I didn't have that experience, but I'm sure it may happen at some point, I'm just doing my best not to do that. But I think it's not as bad and devastating as some might say, it's just money. No one will die if I do that.
Oh yeah, but the thought of it, if not controlled, can make you feel lifeless, as if you've vanished...lol.
I don't want that to happen to anyone, but if it does, which is likely, you'll have to prioritize the problem because you have a way to solve it without looking elsewhere. So I'll just say you should mentally prepare for it.
A thought came over me while spending my BTC. Although I was wondering if members have had that experience and too how others would feel about it hence this topic. Now here was what happened. I had an emergency which requires an urgent attention and it involves funds. I had no option than to get the funds immediately as the payment I was expecting has no yet been credited to my account I had no option at that moment than to fall back to my bitcoin and what touched me most was that the market was red and It was obvious I had to sell to sort out the urgency at hand. While doing that, there was this feelings I had then as a result of the red market as at the time I was doing the transaction . I was just having that thought over me then and wishing the market could just boom immediately so I could only release just a small fraction of my BTC to sort out things then and another was that I could just receive my much awaited alert so I could stop the BTC transaction immediately. You know that feelings that comes when you want to do something you really do not have plans doing immediately maybe you have plans for it in the future and all of a suden an emergency comes up which would force you to do the needful. I had that feelings and it was real and really devastating at that very moment.
If you have had such experience, how was it like?
If you have had such experience, how was it like?
Life does not always go the way you want. This goes especially for your finances and your investments. Sometimes you need a little bit of extra money and when it comes to paying things like rent, insurance, etc. Bitcoin is not currently an option. So obviously life would force you to sell some Bitcoin to keep yourself above water. There is no shame in that. Perhaps a bit of disappointment, especially if the Bitcoin price was lower than when you bought it or Bitcoin was undergoing a pump and you were forced to miss out on the profits.
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