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Author Topic: Bitcoin as savings, emergency needs possible?  (Read 1701 times)
abas_ir
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April 16, 2018, 12:17:00 PM
 #21

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.
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April 16, 2018, 12:24:18 PM
Last edit: April 16, 2018, 12:43:34 PM by marcbitcoins
 #22

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 as investments is wise idea because even due it was risky we already know that there is no investments of today that are risk friendly but using Bitcoin as savings for your future and emergency use is not a good plan because the risk is much greater than investing it due to the price is unpredictable. Better if you purchase some assets like house, land and some real state properties in which when the time goes by the price of these will become more expensive to sell then for sure you will have the money that you will going to need in the future.

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April 16, 2018, 12:37:27 PM
 #23

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?

what if you get this condition: you buy bitcoin with your excess salary when the bitcoin price is still $ 15k. when you need sudden funds, bitcoin prices are down at $ 6k. Your sizable amount of savings drops by more than half and you need it. If you can accept something like this, please do so. Or you buy it gradually every week or every month at a different price and have a note, so when you need it you will just dilute the bitcoin you buy at a price lower than the current price.
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April 16, 2018, 12:40:45 PM
 #24

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.

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April 16, 2018, 12:59:31 PM
 #25

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.

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April 16, 2018, 01:06:05 PM
 #26

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.
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April 16, 2018, 01:11:02 PM
 #27

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.

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April 16, 2018, 01:18:14 PM
 #28

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.

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April 16, 2018, 01:29:56 PM
 #29

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.

ylnar123
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April 16, 2018, 01:34:19 PM
 #30

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.

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April 16, 2018, 01:36:49 PM
 #31

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.
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April 16, 2018, 01:42:36 PM
 #32

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.


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April 16, 2018, 01:48:37 PM
 #33

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.

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April 16, 2018, 01:53:09 PM
 #34

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.

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April 16, 2018, 02:21:39 PM
 #35

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.

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April 16, 2018, 02:27:12 PM
 #36

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.
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April 16, 2018, 02:30:17 PM
 #37

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.

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April 16, 2018, 02:35:27 PM
 #38

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.

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April 16, 2018, 02:42:43 PM
 #39

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.



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Rainbot
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April 16, 2018, 02:49:25 PM
 #40

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.
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