Bitcoin as savings, emergency needs possible?

[jamids]

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 don't think it is a good idea to make bitcoin as emergency fund because there is a tendency that when you need the money, you would need to sell it to whoever wanted to buy at market price. What if you bought bitcoin at $10k and the price now is just $6k then you would be hesitant to convert it because you will be at a loss. You will be getting smaller value than what you originally saved.

Emergency means you need it urgently so you should have available money in fiat because it would have the same value and would not fluctuate unlike bitcoin. Investing in cryptocurrencies should be for long term and you should separate your emergency fund, long term investment fund and trading fund.

[Markyway88]

I think not, why? Because bitcoin is volatile that you cannot predict what will be the price when you needed it a lot. Maybe, we call bitcoin as an investment but not as a savings. Banks are good when you want to save your money because banks can compensate you if there is a theft that happened or they will lose you savings. You can also easily to cash out your money if there something disaster that comes to your life. So, I think banks are better than bitcoin in terms of savings.

[justine11]

Well i don't think that it is a good idea to use bitcoin for emergency since bitcoin isn't stable as other forms of financial instrument you could lose or profited your money if you put your emergency fund to bitcoin and also, selling bitcoin is also a process and it may take a while to receive your money since most of the cashout options are directed to the bank and most likely you will be questioned where the money came from etc or worse they freeze you bank account so, if i were you don't use bitcoin as your emergency fund.

[PsylockReborn]

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 have read the comments about other people's idea when it comes to your move making bitcoin as an emergency fund. When we talk about emergency it should be something that you can accessible anytime with no delay since its for emergency purposes. We all know that bitcoins value is very volatile and we can't really tell whether your savings will profit or not in the future.

If you can convert easily your bitcoin into FIAT and don't care any loses when market is red during an emergency fund is needed then its really up to you but there are some disadvantages along the way and majority of the people commented in here already foresee those events if an emergency would take place.

It would b much better if you'll just use bitcoin as a store of value for long term investments not for emergency funds for you to have ease of mind and avoid complications in the future.

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 don't think it is a good idea to make bitcoin as emergency fund because there is a tendency that when you need the money, you would need to sell it to whoever wanted to buy at market price. What if you bought bitcoin at $10k and the price now is just $6k then you would be hesitant to convert it because you will be at a loss. You will be getting smaller value than what you originally saved.

Emergency means you need it urgently so you should have available money in fiat because it would have the same value and would not fluctuate unlike bitcoin. Investing in cryptocurrencies should be for long term and you should separate your emergency fund, long term investment fund and trading fund.

I agree with you on this since bitcoin still needs to be converted to cash then the accessibility and the purpose of making it as an emergency fund is not really wise at all or doesn't even makes sense since a loss is really inevitable.

It would be okay if the value of bitcoin is increasing or shall we say stable without any ups and downs but its so volatile that you could even lose all your emergency funds.

[Ridwan Fauzi]

I've had a bad experience when I wanted to invest in bitcoin.

I don't have the money to buy bitcoin, and I think the best solution for investing in bitcoin is borrowing money, like to the bank or to another lending institution. Because at that time I predicted bitcoin prices will continue to rise precisely in December, but that happened is the prices continue to weaken in January until now and my debt continues to grow until now.

It would be better to use the money for investing in bitcoin is the money we have, without borrowing and even in urgent circumstances, we don't need to take it.

[xuan87]

I think Bitcoin could be used as saving and as investment, but I prefer saving and investment are  being split, because an investment can cause losing money, and if your investment failed at least you still got your saving, and I don't think BTC is suitable for emergency usage,because not all places are accepting btc so it still need to be converted, and some emergency case can't wait

[bitcoin31]

Maybe it will helpful or not. Because incase of the emergency and if you have bitcoin in your waller you can sell it so your problem will resolve but you need to keep your bitcoin for longtime for sure and the exchanges rate is very high. But what if you hold your bitcoin and the exvhanges rate is very low and you need high amount of money for sure your problem or the emergency that you need to solve. And sometimes they have processing that you need to wait before you get your money what if you need money on this time for sure it's big problem also . Unless you cashout your bitcoin and save it the bank or to the ATM And you can withdraw your money anytime you want to cashout your money. They have advantage and disadvatange of holding bitcoin.

[usekevin]

You can keep the money as for emergency as compared to bitcoin. Because now a days the price of bitcoin is reduced and raised in a same day.If you had consider this as emergency, then you will sell the bitcoin at low price to get the money for emergency. Rather than that you can keep the money for emergency.

[daarul50]

The first time I was interested in investing bitcoin at that time had no money at all to buy bitcoin. But, I then joined this forum and read various information and found some topics that discussed "how to get bitcoin without having to buy it?". I began to follow the various ways in the topic to be able to invest without having to buy bitcoin in advance using money. This forum has become a forum for discussion of finding the right solution to all the problems about bitcoin. Bitcoin investment does need money but when we diligently read there are many ways to be able to invest bitcoin without having to use money to get it.

[dekafee79]

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 investing for long therm, you can save your money in bank for emergency needs.

[BigBos]

While Bitcoin is still seen as a profit as its price changes in conversion to a local currency, it can also be seen as a savings or an emergency fund as when your full-time job becomes sort of unstable then you can use this as your Plan B in some way to incur or pay your bills while your earnings from your work becomes a net profit with the income tax shredded over already. Bitcoin becomes more like an aid in our budgets not the whole part of finances in our daily lives.

Well, for an emergency, you'd better hold cash on the bitcoin. we know that bitcoin is a long-term investment, otherwise the exchange into fiat is not so instant. for an emergency, better keep your money, so you can use it anytime.

[kicauklaten]

one side of it is certainly a good thing if the investment in the long run smoothly. But if for immediate needs and everything are in the crypto it seems to be a bit of trouble. just imagine when the market is the red and very urgent necessity, will inevitably lose out will be obtained.

[goaldigger]

So this is how it works for me. Bitcoin is basically an investment for now considering it is not allowed globally because some countries banned it. I consider it investment for a long period of time, it is also considered as savings, or even retirement fund or emergency fund in the future. In lieu with this, I also have my separate fiat saving because you will not determine when woould its price drops. All this can be possible if the value of the bitcoin is rising obviously.

[awik p]

one side of it is certainly a good thing if the investment in the long run smoothly. But if for immediate needs and everything are in the crypto it seems to be a bit of trouble. just imagine when the market is the red and very urgent necessity, will inevitably lose out will be obtained.

right. investment is medium or long term, so funds to invest are free money, so we are calm and not pursued the necessities of life. let alone time for we get profit is not yet known, can be faster or slower

[doraegun]

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?

Any kind of problem, any option you want to get any solution you want reach are catered by Bitcoin. SAVINGS, TRADING, INVESTMENT are also available in behalf of bitcoin so what are you waiting for, join now! Bitcoin is great all possible you want to achieved is granted if you trust bitcoin do not regret or discourage like other people experienced to reduced profit because of Bitcoin Price decrease then it will suddenly decide to withdraw their investment which is not good.

[dx_twisted]

To put it simply, never ever mix your investment to your personal expenses and emergency funds. As an investor, you should know how to manage and allocate your money. Prioritize your personal needs, never max out your money and set up an allocation for emergency purposes. Leave those things which are lucrative that you can live without.

Don't expect that you can just simply pull out the money you have put into an investment. If this is your kind of thinking, then you shouldn't invest in the first place.

[willnotwas]

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.

You're absolutely right. Bitcoin's volatility prevents an opportunity to keep money for emergency needs. As Sparq rightly put it, the best way to keep emergency money in sight is the good old piggy bank.  This is the only one way to make sure that you can use this money at the right time.

[Coffee135]

one side of it is certainly a good thing if the investment in the long run smoothly. But if for immediate needs and everything are in the crypto it seems to be a bit of trouble. just imagine when the market is the red and very urgent necessity, will inevitably lose out will be obtained.

Even in this case, investing in bitcoin is profitable. The price of bitcoin increases every year. The red market is not an indicator that you lose money. This is an indicator that you will get a profit less than you could get before the price drop. Investing in bitcoin for a period of more than a year is always profitable.

[Jonsnowstark]

Savings, yes it could be beneficial. Because as we can see the bitcoin trend is nowhere but up. If you bought like $100 like a year ago and used your extra money instead of saving it in a bank for example. Your $100 is already worth maybe $1000 and in the middle of the year you put in another hundred. How much would your $200 worth in the years to come? So making it a savings and holding it for long for me is quite a good idea. But if you want to use it for emergency purposes, i wouldn't promote that. We'll never really know if tomorrow bitcoin will increase so in a matter of time when emergency comes and its not in the green then i think exchanging your bitcoins to fiat would be just sad.

[Lecam]

Yes that is exactly what I am doing,
I am putting my excess money in it so I could get some profit from it while I don't need it.