Bitcoin as savings, emergency needs possible?

[burakdat]

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?

[sparg]

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.

[0t3p0t]

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.

I totally agree with you mate. As for savings purposes it would be nice but if save it for emergency purposes it's not that good since Bitcoin is so volatile. To OP, are you willing to sell your Bitcoins when market is red? This actually happened to me because cryptocurrency related job is my only source of income and all the payments will be saved  and be converted if ever there is an emergency but sometimes I got a wrong timing I mean I sold my Bitcoins during dip. Selling coin during loss is not good and just makes me regret but I hqve no choice because I badly need the money. If you really want to save much better find a stable currency like USDT or much better if it is in fiat.

[fiulpro]

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.

[sparg]

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.

[Xavofat]

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.

[rosepetals]

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 prefer to encash my bitcoin when price rise,because i reserve it for future usage.Like what you said for emergency purposes,we can't predict what will happen in the future,when time comes that i badly need money then i already reserve something for it, atleast i have set aside my savings for emergency purposes.
I choose to convert it to fiat but i will leave something to hodl..because i know in the coming days,months or years it will soar higher and this is what cryptos concept is,to take advantage on the votality of price its either high or low.

[Tynovten_]

Is it only about investment that you know in bitcoin? Don't you know about bounty campaign or ico?

Interesting thing when you say this to fill your emergency needed, how if you need money and the bitcoin price going down where you're at loss???

This is a big question.

Solution that i take after i know bitcoin is trading and following some bounties.

[reda]

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.

Most of the people save the coin for the future invest. It help to emergency proposes. So people not use any time purposes. All country people use for the future business improvement. It good for the future currency. It digital currency. So any where to use. It any time to exchange any country currency. So people hold the coin long time. So time is important for this process.  

[Kittygalore]

I think this will be a bad idea, having bitcoin to save you in times of need. When the price increase occurs you have to sell your bitcoin because any time soon it will decrease or decay. If you sell bitcoin when the price increases you will have a certain amount of profit with you but if you wait and sell it when you needed the most you'll see its price already decayed and you are losing profit. Bitcoin is a very good investment but it's pretty risky when you don't sell it right away when you have the chance.

[warrior333]

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.

Most of the people save the coin for the future invest. It help to emergency proposes. So people not use any time purposes. All country people use for the future business improvement. It good for the future currency. It digital currency. So any where to use. It any time to exchange any country currency. So people hold the coin long time. So time is important for this process.  

It seems to me that the holding of coins harms the development of bitcoin. Even if all the stores accept bitcoins for payment tomorrow, who will make purchases for them. Each person is set up holding coins for as long as possible because they hope to rise in price. This creates a decline in supply in the coin market. We make up our own mind about the bubble and then we cry when it bursts.

[Lucius]

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?

There is nothing wrong in your thinking,BTC can be store of value or currency,but you need to know in what exactly you getting into and what risks you're taking.Price volatility and security are the biggest risks,and extra one you may include is trading because you mentioning selling high/buying low strategy.All this can bring you a profit,but there is a thin line between profits and losses in cryptocurrency,no doubt about it.

I'm not a fan of banks,but your money is pretty safe there and you can get some low interest rates probably.Never put all you have in the same basket,distribute your funds in different investments and thus reduce the risk.

[gharjas2517]

I suggest that you don't save all of your bitcoins. If the market is low, you have to use your bitcoin as an emergency demand, which is very painful. It's a safer way to divide assets into different investments.

[rizkyhiw]

Of course if you really need it do not want it if you sell it at any price, it opens up an inappropriate way but it does not matter if it's needed, I totally agree with the savings with the money invested in bitcoin is very good way, increase the money we invest, it is advisable for people to invest and add to their treasure coins without having to work hard, because in the future it will be very useful.
If for emergency needs I was not right is very risky with the price that occurred.

[metenjean]

You miss the point here, bitcoin also a high risk investment and although it can be considered as a savings and investment however bitcoin can't be consider for emergency savings unless the price already exceed the capital or the price where we buy it first. As you know the recent dropped in bitcoin already made people arguing and questioning the fundamental of bitcoin and if you really need emergency cash in these time of days then you will surely lose both your investment plan and also money.

[Razick]

Bitcoin is a high risk investment which means you should never used bitcoin as a savings medium. Bitcoin is an investment you invest money into in order to make money from it. You should never invest more than you can afford to lose into bitcoin and you should keep your savings and never put it into bitcoin. Please invest wisely so you don't find yourself in a bind.

[boyshx]

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 wouldn't consider that as savings but an ideal investment opportunity which we may not want to miss these days. The time has come when savings in the banks is just old thing and with crypto currencies emerging it would be really nasty to put that money in banks. I mean who wants to leave the opportunity of earning more bucks just for keeping your money in the crypto currency form. Unlike the banks who only provide around 2-4% annual interest it would be great option to choose. Also dont use it because you dont wanna use it but use it because you are lucky enough to have it.!!

[Kemarit]

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?

Just consider this, bitcoin investment has risk, are you willing to take that risk? If you have extra money then yeah, go ahead and go and invest on bitcoin and see how it goes for you. Based on my experience, holding has its advantage but sometimes you have to decide whether to take the profits specially when your investment have grow exponentially. Personally, if emergency arises on my end, I just simply sell some of my stash (not everything) and then try to re-invest specially in dips. But emergencies are unexpected, so maybe it will come when bitcoin is down, so you have to re-think if you are willing to sell or take another route to cover your emergencies expenses.

[Sitipxz]

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?

Just consider this, bitcoin investment has risk, are you willing to take that risk? If you have extra money then yeah, go ahead and go and invest on bitcoin and see how it goes for you. Based on my experience, holding has its advantage but sometimes you have to decide whether to take the profits specially when your investment have grow exponentially. Personally, if emergency arises on my end, I just simply sell some of my stash (not everything) and then try to re-invest specially in dips. But emergencies are unexpected, so maybe it will come when bitcoin is down, so you have to re-think if you are willing to sell or take another route to cover your emergencies 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?

[NavI_027]

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.

What a great move dude ! I agree with you, investing in crypto is way better than just saving money in a piggy bank because at least it gives you a chance to make your money grow. I know that it is riskier than the latter one but it's all worth it as long as you can earn profits through this.

Furthermore, there's nothing wrong if your savings right now is still small. Just continue investing and add some wise decisions, I'm pretty sure that it will accumulate in due time. Besides, btc's fluctuation can make your savings soar high so just be patiently waiting.

Anyway, I hope my classmates and friends who recently engage in crypto think the same way as your. Actually, I never fail in reminding them that they should only invest their extra money in crypto because there's no guarantee that it will return to them but i don't know why they're insisting to invest even their own allowance. But luckily, they not yet have a verified btc wallet so i feel relieved somehow because they not yet be able to continue their plan. I hope they realized what I really meant soon.