Bitcoin as savings, emergency needs possible?

[thecoder2017]

I don't totally consider bitcoin savings to be use in times of emergency need because if when you need it and the price is very low you have no option but to sell it i think it's better that when the price of bitcoin is high then sell it to have a big profit and then save it in the bank for emergency purposes.

[1715408906]

1715408906

[1715408906]

1715408906

[bitminerox0621]

I don't think this is a good idea. Better have your own savings account for emergency purposes. Because if you will invest it then you will withdraw it once emergency arises, then you will be forced to sell it at the current selling price. Think about it, what if the current selling price when emergency arises was lower than when you have bought it. You will just unrecoverable losses by doing so. So what you invest in bitcoin must be the "excess" of your money, or really dedicated to investment.

[lokanot0]

I like your idea. Investing in bitcoin little by little will have lower risk. I also plan to make investing in bitcoin as a saving instead of depositing it on banks. Thanks for your great idea.

[beami]

Bitcoin is a savings account. Yes, precisely savings for the future. If you can save as much Bitcoin as you can and then hold on for many years you will surely benefit a lot from your patience over the years. But Bitcoin can also be an emergency need because in any case and whenever we can sell Bitcoin if we need it.

[Telybin]

I do not think that . Investing in bitcoin and keeping it for long periods of time is good for using it for emergencies is not right. I for example when you invest in bitcoin then bitcoin is priced 9k. And when there is an emergency then the bitcoin goes down to 8k so you have to sell it for emergency use. Is this good?

[stammeramusing8]

Nice and creative application but its risky too because, you may get queued due to sudden traffic on  blockchain.

[7Dyoknga5]

The speed of transactions depends on the number of transactions currently processing in the blockchain. If it's an emergency, you will still need the transaction to process and it takes sometimes hours to days. Before encashin it.

[rejekinomplok99]

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 bitcoin as saving, emergency needs is impossible. bitcoin is long term investment, you prefer save your money in banks for emergency needs. A half you invest in bitcoin.

[stephanirain]

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 it is possible that you can use your bitcoin holdings as your savings for your emergency purposes or financial purposes. The only problem is if the value of bitcoin starts to decrease your savings will go down as well, but if it increase it will increase as well. I think if you want your savings to be stable just convert it into cash.

[Andalusy]

Definitely savings in bitcoin helps to solve emergency needs. Actually if I had saved in fiat cash,it would have just remained idle and would have not grown this much

[Scavagers]

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?

Well actually you have a good point, I have not thought of that. Investing your extra money in bitcoin is a good idea but there are more risks in it than saving in a piggy bank. Saving in a piggy bank is more reliable but it keeps the money worthless for a while, why?  Money is not regulating when you keep your money in piggy banks instead of actual banks,money should have been used in a more useful way if it is stored in banks like loans for farmers and businessmen.So if many people save from their piggy banks at the same time, it could have a huge negative effect on the economy so it is not advisable at all. On the other hand,investing it in crypto makes it more useful and you can somehow earn even just a small increase. To sum up, I agree on your idea,just a little bit risky and has its own downside

[BitProCoin]

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.

[Nissan-GTR]

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.

I guess you are right, we should not risk everything that we have everytime that we can, knowing that at some point there will be a time that you will need that. If I will be given a chance to have some Bitcoin I will rarger invest it to property in which you will invest a lot indeed, but the income will constantly occur as long as you have clients, Bitcoin price is very volatile and the starting months of the year will make you really dormant.

[ngusmin]

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?

For emergency needs you better keep your money in the bank because it is much safer. And if you want more profit, bitcoin is the right choice because the bitcoin value has the potential to rise higher, but you also have to take into account the risks involved.

[kuckong]

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 really agree with your writing. bitcoin is very beneficial for people who have it. the benefits of bitcoin in my opinion very much. when compared with banks, bitcoin will be more purple than the bank. By saving or investing in bitcoin, you will receive more profit. and in an emergency, bitcoin is indeed much more efficient and easier in all transactions. and in a very urgent case, you can take it by converting into your daily currency.

[thundercrystal]

Definitely savings in bitcoin helps to solve emergency needs. Actually if I had saved in fiat cash,it would have just remained idle and would have not grown this much

Well for me bitcoin as savings, is really a good thing to do, if we will buy and keep our bitcoin for long time i am confident the the money we invest will have a chance to pump and in that way we can really save our money very well.

[Lomberjack]

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?

That was totally acceptable that you keep into saving your Bitcoin so that you can intently use it for a good purpose which can be into an emergency purpose. It is just fine putting some of your extra money into Bitcoin which is just like saving it into a piggy bank but the difference was that the money you have put up can have a greater possibility to grow even more in terms of Bitcoin because on a timely basis, the price of Bitcoin changes in which as time passes by, it can do pump or dump. At the time of dump, which you must not worry because it is just fine putting up your money into Bitcoin because greater opportunities awaits you as it pumps up when the price of Bitcoin rises giving you more opportunity to earn profit from the initial money you have that is more beneficial for your part.

[Biggapp]

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?

For emergency needs you better keep your money in the bank because it is much safer. And if you want more profit, bitcoin is the right choice because the bitcoin value has the potential to rise higher, but you also have to take into account the risks involved.

All those investors who have managed to invest and purchase some bitcoins need to make some plan in their minds using which they can plan. for me, there can be no other plan better than that of the holding of the bitcoin and that too for as long period of time as you could. You can cash out your bitcoins at time when there is some sort of emergency. Otherwise, keep those bitcoins in your wallet.

[redsun114]

I think that would not be a wise choice because, we dont know when the btcs will stand out in the next hours only, so dont spend on it for emergencies

According to Keynes, money is used for transaction purpose, speculation purpose and precautionary purpose. These functions of the money are also found in Bitcoin which can be used for instant transaction, speculation and precautionary purposes. If readily available via a BTM, the Bitcoin can easily be cashed and used in times of emergency. If the hospital is accepting Bitcoins as payment, more easy.

[dario.93]

I am not going to lie I would not follow the logic like I sell my bitcoin whenever I really need it. The market is a waiting game where you buy and sell in special circumstances for that.