Bitcoin as savings, emergency needs possible?

[Hillthy]

Bitcoin owns a number of good and safe standards and characteristics that enable you to deposit your savings. Keeping it in the long run is the usual style to generate profit from bitcoin. If short, bitcoin may not be good enough to generate profit. Sometimes, fluctuations have breakthroughs and tend to go up or down very quickly. Thus, bitcoin is optimized for profitability when it comes to long-term investment and is even more effective if we invest in it with savings.

[merchantofzeny]

No, that's the last thing you'd want to do. You should have an emergency fund separate from you monthly living budget and investments and currently bitcoin is not the best way to keep it. The most obvious reason would be that since you have no way to know when an emergency happens, it could strike at a time when the price is low and you be left with little money in your wallet. The value you get from the money you cashed out would also be obviously lower.

Of course, there could be ways to reduce this but it would really depend on your situation. If you can pay for the expense using credit for example (we did that before when my grampa needed an emergency operation), then you might be able to wait for the price to go higher up again before cashing out to pay the debt. But to be safe, just keep an emergency fund in the bank since you'd want the liquidity.

[sri11]

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

[vaughn125]

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, I think that what you are stating really does make sense and is sounding really good to everyone's ears. But the thing is, you forgot to mention the people that invest more than they can afford to lose just because they want to have savings plus profits. This is the real problem here because as we all know, the prices of bitcoins really does not stay constant. It can either go massively up or drastically go down. Now imagine a scenario when all of the cryptos are down due to the bearish season and suddenly an emergency comes. Obviously, you will be forced to cut losses and cash out. And the worse part? It would be what if even if you sell all your crypto currency on your portfolio you still won't have enough funds for the emergency? That would obviously be a very big problem. This can also be applied to people who only put money that they can afford to lose. Think about it, if you had a lot of extra and invested it on some crypto rather than putting it on the banks, the same thing can also happen. I think that these are the risks of investing into this industry. Which is why, everyone should really educate themselves to as much as they can about this industry to avoid shitty situations.

[LodisMcguire]

That's how i treat my bitcoin savings till now.When i need money,i will convert it to fiat and when i got spare money i will add it to my bitcoin.But it's better to make separate wallet to be your real investment that you can trade anytime in the market.

[GoldenLad]

That's how i treat my bitcoin savings till now.When i need money,i will convert it to fiat and when i got spare money i will add it to my bitcoin.But it's better to make separate wallet to be your real investment that you can trade anytime in the market.

I really like this your method, it makes it seems you are on a safer side. But the only problem is that when you need the money, may collide with when the price of bitcoin is low. Then, you might end up selling huge amounts of bitcoin for pennies. To OP, Bitcoin can be used for savings and also as an emergency needs, but it's best to store up your bitcoin when the price is low. Making use of it then, make it seem as wasting it.

[carlisle1]

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.

What a great move dude ! I agree with you, investing in crypto is way better than just saving money in a piggy bank because at least it gives you a chance to make your money grow. I know that it is riskier than the latter one but it's all worth it as long as you can earn profits through this.

Furthermore, there's nothing wrong if your savings right now is still small. Just continue investing and add some wise decisions, I'm pretty sure that it will accumulate in due time. Besides, btc's fluctuation can make your savings soar high so just be patiently waiting.

Anyway, I hope my classmates and friends who recently engage in crypto think the same way as your. Actually, I never fail in reminding them that they should only invest their extra money in crypto because there's no guarantee that it will return to them but i don't know why they're insisting to invest even their own allowance. But luckily, they not yet have a verified btc wallet so i feel relieved somehow because they not yet be able to continue their plan. I hope they realized what I really meant soon.

same as what i did when i was staring here,all the extra money from my salary goes to investment here,me and my wife both agreed on that,while i am working for signature campaign to gain another money to out as investment,and now this is what I've got,got open an offline business because of my earnings from here

[surfinonmyownwavebaby]

Some people already have put their live savings into Bitcoin, so in a sense it is savings for people already. I myself have put a lot of my net worth into Bitcoin and to me it is a way out of the current trap of a system. If it does not pan out that is okay, but if it does I have a savings for life and can help the good people of this world.

[Shenzou]

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?

No doubt about that, bitcoin does not have to be an investment made specifically for you to get profit and earn your living out of it, that is what your job is for, bitcoin similar to gold could be used to store what amount of money you have for a later time when you need it, as you said some people also like to invest in it and wait until they get a bit of profit and than cash it out and store it, i don't think that it is a good idea because you will have to store it in banks or keep it in your house which is difficult to do, so keeping it in bitcoin is much better.

[krishnaverma]

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

I agree to this. Bitcoins should not be kept for emergency situations, you should have cash for this. Suppose, you invest about $1000 in bitcoins as emergency fund and then prices drop to half. Your money will be stuck and if emergency comes, you will have to withdraw in loss.

[ajochems]

Suppose you consider the savings in bitcoin for emergency. Then you have sell the bitcoin at low price. At that time the price of bitcoin is  low you need to face loss .If you are lucky, the price of bitcoin will high.Then no problem to sell the bitcoin at such situations. For this reason, I suggest you to avoid Bitcoin for saving of Emergency

[Getcoinsite]

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.

Thats why the rules is dont invest money that you will be needing soon..the advice for this profiteering is just put the amount which only you extra,the amount thats its ok to be lost not the mony thats part of your daily living..the volatility of crypto coins is what make the investment risky but this is the same reason why we can earn huge here.

[jojowar]

The best to describe bitcoin is an investment not savings. Savings is least probability to gain more profit compare to investment. Also savings can easiy convert into fiat while investment, you cannot withdraw it easily or convert into fiat.

[fishball]

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?

When we talk about emergency situations, it is in a state of life and death that we need to hurry in order to solve that problem immediately. Bitcoin still needs to be converted and it may take time and price may not suit your needs. It would be helpful if you have already savings in your wallet.

[Noelbetty12]

Certainly bitcoin can be used to do that. While on the other hand on most banks you are limited to a withdrawal per day which is a bit small so that you have to go over the counter. The problem is transactions take time. So in case of emergency I think bitcoin will do the service for you hassle free.

[MUG1WARA]

I keep collecting bitcoin so I will keep the bitcoin and I never take it because I have set aside fiat money for my life, so bitcoin will be safe until I sell it later

[SaShiRaJaVu]

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.

If you consider investing in bitcoin as a retirement fund, then it is a good idea, i do not think that it can be used to store emergency funds because the risks are higher and you never know what the price would be when you need them urgently, looking at the graphs it is a good investment for the long term and even at this price it is a good time to invest for the future.

[josh07]

for me I am raising a bitcoin but not for the emergency I am accumulating for my future because I want to prepare my future with bitcoin.

[BeGoods]

That's how i treat my bitcoin savings till now.When i need money,i will convert it to fiat and when i got spare money i will add it to my bitcoin.But it's better to make separate wallet to be your real investment that you can trade anytime in the market.

financial manageability is important so you can divide your assets into some parts, I store my bitcoins in desktop wallets, online wallets, and exchanges. for its function, I use desktop wallets for long-term investments, exchange for trade and online wallets for spending, saving, other necessities so that when there is an emergency need I can use it. Do that so you're not confused.

[Pixyoxx]

Bitcoin as some EMERGENCY fund is not really the best idea. As you seem to know that bitcoin have its iwn ups and downs, and through which people either make good profit or buy coins at cheap prices, but all of this is very unpredictable and quite volatile. Bitcoin can have a major dip just today evening and can have a major hike tomorow  morning. Its this volatile. Therefore, considering bitcoin as a longterm investment may be a better idea, or trading woukd be prefered, compared to taking it as an emergency saviour. Its might disappoint you big time.

When such emergency arises, no one knows what will be the price of bitcoins at that moment. And certainly, emergencies don't come seeing btc values. Have some savings as emergency funds, trade in btc, make profit and save that profit for emergency and not the btc itself. Best of luck.