Bitcoin as savings, emergency needs possible?

[senne]

You can keep bitcoins as savings because it can be easily converted in cash and withdrawn. But what about the price volatility, that can be  a huge problem.

I think no matter how high volatility is seen in Bitcoin if you buy at right time and with proper patience and knowledge you will always find yourself in profit, no matter how bad is the crash in the market. For instance, people who bought in November to December last year might not be happy as Bitcoin is even below $10,000 because the bought in FOMO and without proper knowledge. On the other hand people who bought in the recent months will be happy as they bought in dip and at the lowest point of market, securing their future. 

[Mr_Devin]

Indeed there are still many people doubt about the existence of bitcoin currency and they feel afraid to invest in it. According to them bitcoin will not last long as many countries still have not legalized about bitcoin currency and its price up and down. While I personally bitcoin is the best way to invest and saving the future.

[NinjaCryp]

Yes, bitcoin may be part of the concept of saving or investing business. Depending on the perception of each person. With the convenience of transferring and paying quickly without having to spend time like a bank. You can take advantage of this saving source anytime you want.

[redcucumber]

Bitcoin as savings right now is a fearful choice but its still possible if you are confident on whats gonna happen to the market months from now because you really could not determined it within a year when will bears kick in and how much will it get low its a good opportunity to buy but what if you bough higher your saving would be reduce making such emergency fund be a tough decision to have a loss in this matter such emergency fund must be at most liquid channels like a ready cash so you can spend it fast.

[carodupuis]

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.

Bitcoin is here to save people from financial crisis and it already has helped many in improving their capital. It is a long term investment which means it is more like a saving. With time, the amount of saved money in the form of bitcoin actually increases. This enables the holders to survive through tough times.It is the easiest and simplest way of making money and the biggest savior so far.

[Blue Bell]

More precisely as long-term savings.for the daily needs we can take from formal income.
Bitcoin as an additional investment can still be used as future savings.

Agree with you we should not sell our bitcoin for the sake of small needs of our life it is good to hold without spending our bitcoin for it, same as you suggested us we should use the bitcoin signature campaign for making income in bitcoin free, so we can use this money to get everything in life, our monthly salary will enhance our income as it will be double earning ad saving will be additional so  use bounty and signature campaigns to get our daily needs instead of selling our bitcoin for it infect bitcoin is for saving so save it as much as you can save.

[Zadicar]

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?

Savings are classified into different allocation.This is on how i do treat my savings funds on which one side is allocated for emergency purposes and other side is really for long term purpose which those funds shouldnt really be moved no matter what since you do have already emergency allocated funds then you will not able to pull out the other half.Since we do talk about bitcoin then it would be an another story.Making up as a savings isnt bad but it isnt really right to treat it as an emergency allocation.Why? what if you invested becomes negative since the market is down? you would mind up to get funds? for sure you would hesitate.

[jimbo77]

This is very 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. Just swipe your private key online and exchange coin for fiat.

[naidray]

This is very 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. Just swipe your private key online and exchange coin for fiat.

It may really not be a good idea in the real sense when considering the volatility, but when considering long term and in the case where it may actually be an emergency being focused not on the present moment, probably for the case of the future, it is not a bad idea. One thing is that bitcoin can serve both as savings and as an investment which is one thing fiat can never give you.

Still, it would be stupid of someone to put all emergency savings into bitcoin anyway unless he has access to bitcoin ATM or bitcoin debit card kind of 247 supporting services. In some sense I do treat bitcoin as a retirement account. Yes, my plans are long term based.

[crwth]

Bitcoin is definitely an advantage. It could be used as emergency savings. It's actually better (for me) to invest it in bitcoin instead of just placing it in my piggy bank or in my savings account. Because it'll increase or there may come a time that its value has tripled the amount when you first invested it there. Plus if you do this, and you tell your friends, it would attract more users and more friends, plus exchange of knowledge and awareness for investing.

[Carreuh]

Yes I also agree with you because if we invest in this bitcoin then we will get big enough profit than save it in bank or in our berangkas, and I agree about better investment in bitcoin and we can take when we need if we desperately need money.

[rainmaximo]

Based on my experience, a month ago because of emergency situation. I enter into the situation of selling all tokens that I have to have a cash right away. I don't want to sell my tokens but I need to, if I have a chance or other resources that time still i will hold my tokens. But after that scenario and still I have money I invest my money and buy some tokens again and right now Im still holding to my tokens and hoping for the best in the futre.

[buternasek]

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

yes, you are right about this.
I also disagree with the opinion that bitcoin is a sudden saving. I prefer to call bitcoin as a long-term investment.

[Janation]

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

yes, you are right about this.
I also disagree with the opinion that bitcoin is a sudden saving. I prefer to call bitcoin as a long-term investment.

A lot of people are using Bitcoin as an investment, well, that is right but as an investor I've experienced a lot of things that is happening in my life as time progresses and there are times that we need to deduct some money out of our investments to use it in a certain way. It is not a sudden savings, we are planning to hold it until it pumps, yes but while time progresses can't predict when will will we be needing a money when our fiats short out.

[yametekudasai]

Using Bitcoin as your emergency funds is really risky. If you need a large amount of money and as soon as possible, there is a possibility that if you sell or trade your BTC, you won't get your desired amount because of the low trading equivalent. But using BTC as savings is not necessarily wrong, you only have to be careful.

[EnricoGomez]

No, I think that putting your savings in investment in bitcoin and simply cashing out when needed has a high risk; you may be situated to a low value and lose money.
I would say just mark a percentage on your income or allowance to put off as an investment but do buy only buy it when it dips.

[Rufsilf]

It's a good thing that you want to use bitcoin in a good purpose, however, some banks might not agree to deposit your money to them if it came from bitcoin. Much better if you'll withdraw a certain amount and keep it somewhere safe so you'll have something to get in times of need. Just make sure that every time you sell bitcoins and you withdraw it, you'll be able to keep some for emergency purposes.

[arifteguhr]

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

yes, you are right about this.
I also disagree with the opinion that bitcoin is a sudden saving. I prefer to call bitcoin as a long-term investment.

less suitable for savings because every time the price is not necessarily the same as the price when we make a purchase. because it could be that value is decreasing me I need money and withdraw our funds

[bossloccox]

Yes it's better to invest in Bitcoin, there is a possibility that you earn a lot of money here. But consider your Bitcoin as your fund for emergency purposes I think it is not a good idea. Because you can not change or convert your bitcoin or any kind of coins into real money instantly. In case of emergency you can not encash your money so easily. There is still a process to follow . And what if the time that you need money is the time that the cost of different digital currencies is at the lowest price. You probably have a regret to sell or trade it on the market.... Due to possible losses.

[LETme]

Saving your money is much safer but no chance having a profit so putting your extra money by investing on bitcoin is a good idea because you have chance to earn a lot that can be useful for the future mostly in emergency matters but there's a risk also when bitcoin price drops because we all know that bitcoin is very volatile.