Bitcoin as savings, emergency needs possible?

[dynospytan]

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 I consider that thoughts because I have already used bitcoin many when I had an emergency. But that was when bitcoin price was skyrocketing. We all know what was the highest that bitcoin reached in terms of price. That time I just focused only in earning bitcoin and I set a side the altcoins. But now, as we can see that bitcoin is still not recovering so that's why as of now I can't use my bitcoin as my emergency because I want to hold it and wait for the price of it to rise up again.

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[Rizky Aditya]

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 think, if you want saving for emergency needs you prefer save yoir money in banks. Bitcoin is asset, it is for long therm.

Saving in banks is not a good idea at all because a person cannot get profits this way or if any, the amount would be a small one. Second reason is, banks deduct charges for the services they provide and these are also not small one. Saving money in the form of bitcoin will yield profit with time and if the person is smart enough, he will sell out it at high price and buy again during the dip.

[LuffyD.Monkey]

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.

It depends on where you live. If Bitcoin is readily accepted in the location you reside, it is a good substitute to use in time of emergency. Unfortunately there are still countries where the technology is banned and people cannot enjoy the bounties of the technology. Since the technology has not yet changed the system completely, keep some cash for precautionary purpose is also a good idea.

[Portia12]

Yes I like to save my extra money and I think converting it in Bitcoin would be a great idea for it.
I am saving my money at the same rime the money that I saved could gain profit if the Bitcoin price goes up.
And also I could hold it until I need some Fiat .

[PatronRH]

Well despite it's volatility the price of bitcoin keeps on rising every year so the amount you are saving is going to go up every year and you are gonna make money in order to cover the value lost due to inflation.

[KingdomHearts]

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.

For this reason only, there is a saying goes on this forum that don’t just put all your eggs in one basket. This really means something to me. You shouldn’t be putting all your savings in any sort of source even they are bitcoins. Reason is, you don’t know when you are going to need them. So you must have separate income or savings for all such emergency areas and scenarios.

[loyaeskiron]

Of course, it is possible, because some people now has a big savings of bitcoin, and mostly of my friend are holding of bitcoin as a purpose of good savings for the emergency used. So meaning bitcoin is also a good assets that makes life used for the emergency needs.

[gabmen]

Well despite it's volatility the price of bitcoin keeps on rising every year so the amount you are saving is going to go up every year and you are gonna make money in order to cover the value lost due to inflation.

Well that's if you xan afford to stay puy during dry season. It's importsnt that you undrrstand that your savings aren't supposed to be touched unless it's completely necessary. You do that to your btc savings and for sure in a few years you'll have growth in your savings

[fleecedamp]

Its a dump idea as when you need it, you might have to face in queue due to cash out for huge traffic at a time.

[valentine401]

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 can be used as an emergency fund, you can hold your coin and wait for its price to increase even more then when the time comes that there's an emergency for you to spend a cash then you can convert it immediately to fiat.

[samycoin]

It will hard to you if you want bitcoin use saving when there's a emergency I think the best you can do is save what you earn or your profit in bank so in case of emergency you will cash out it immediately but if use bitcoin it's hard to cash out if you need it when there's a emergency.

[laravuemaster]

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?

If you are planning to use bitcoins as an emergency income then it can be, just invest even a small amount if you have a few bucks to spare because you will still earn profit because of the markets volatility.

[Apes]

Bitcoin as a Savings, I think it's better and for Savings in the future .. but if necessary and it's sacred it never hurts to wear it and just to resolve the problem does not have to sell it all .. because bitcoin function is to help us rather than complicate or too stingy for his own good ..

[Garret44eza]

May be a rare case but it can be possible, if we unfortunately need cashing out during when Govt put a red ban over btcs?

[Hinugh]

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.

I think bitcoin is good to use for saving for the future not only for emergency. Once we have enough savings we dont need to worry if there is an  emergency . We can open an account in the bank for emergency porposes. For the bitcoin is better to use in investment, as business to earn profit or a source of income.

[maculeth]

if we already put us into bitcoin, then we must be ready for long-term investment and can't for emergency needs. because if there is a fall in the price, are we willing to lose our money? therefore, we must have 50% of our money in the bank as a savings, to anticipate emergency needs.

[TheClownSong]

Thats why banks affraid on bitcoin. Bitcoin can disrupting bank bussiness because if we have bitcoin wallet, its like we have bank account and investment at same time. Bitcoin have biggest liquidity in market and off course its can be our emergency need and we can withdraw anytime we need

[COCOMARTIN]

Yes it can help bitcoin with emergency needs, it's good that bitcoin helps us. Bitcoin is more trustworthy than other websites

[Cinemo]

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 very important to all the user. One thing give an advantage of this bitcoin is we can also save moneys through digital wallets. The money we earned from it can used for emergency purposes. Like whag happened to my mother she needs some medication and bitcoin is a big help to me.

[Jimbo Abu]

I do not agree with that, Bitcoin can not be used for emergency. One reason is that the price is not stable, if there is an Emergency and low price, you will only lose money and your investment will end up for nothing. It is still better to raise money for emergency cases.