Bitcoin as savings, emergency needs possible?

[boblets243]

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 prefer to set a side a money intended for savings and for emergency use. It is important that these amounts are anytime ready to be use. Treat Bitcoin as an investment and never consider an investment as savings. This because in investing there is a chance that you lose your money. So it safer and wiser to treat savings, emergency fund and investment separately.

[warrior333]

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.

What matters is not what you do now. It is important that you are doing at the moment when the markets turn red. Many users get scared of falling and start selling coins. These actions, they increase the panic and themselves stimulate the drop in the price of their savings. I hope that there will be more holdings and it will be more difficult for speculators to destabilize the market.

[filharvey]

Definitely savings in bitcoin helps to solve emergency needs.Actually,i was saving my bitcoins for the past two years.With those savings,i opened a supermarket.And today,my pregnant wife had to undergo an operation and I just spent my remaining bitcoin by selling it in local bitcoins for fiat and she is fine now.Actually if I had saved in fiat cash,it would have just remained idle and would have not grown this much.

[Jessy Mediola]

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, bitcoin has a big help for both savings and emergencies needs but you need to be careful so that you will get your savings. You need to be brave enough to take risk in holding/ saving btc that you can use for some emergencies. Not only for emergency needs, but also for the future of your family.

[wewe123]

Not only that bitcoin is an investment, it serve as our savings and we can use it as there is an emergency needs  , so bitcoin had many multiple functions and uses so that is why we can also rely on bitcoin.

[Hui8]

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?

The profit you gain from your investment can be considered as savings if you encash it and save keep somewhere else like banks. It is a big NO to consider my investments as my savings.

Off course investment is always outgoing money that is either at the risk of getting lost or it is locked down until you break even or reach the ROI. I agree that whatever it is that we get after crossing the break even point is value that we can withdraw and convert into fiat. This would be actual saving. If we do re invest it then it will become the compounding of the same. Better get your savings and be happy with it. That’s the best way to work in the crypto industry.

[destroyer01]

Never put your whole savings in crypto,the internet could explode tomorrow but yes,it’s well worth putting in what you can afford to lose and compared to the 0.1% you get from a bank savings account,i think it’s worth the risk.

[Best Dreams]

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.

Leave it because now saving in banks has become an old idea now people believe in bitcoin only for them it is something very profitable and something every exciting, as if you put your money in bank and hold for long time then you get some kind of emergency, so you will have to go bank and cash out your money, but if you will have bitcoin in your wallet you will not have to go anywhere you can use bitcoin as now bitcoin is famous enough to sue anytime anywhere.

[Dudeperfect]

I am not a great fan of holding money in Bitcoin as the emergency fund because things are not mature yet and you might not see the same price level at the time of cashing out so this would not be a wise decision. In fact, it is not recommended to invest anything in crypto if you can't handle the loss from it. If you are putting $5K in Bitcoin as the emergency fund and if the market falls, you might have to take $2K or $3K when you need $5K the most.

[Kizaki]

I cannot actually give a good feed back about that since most of my money in crypto are from my hard work from trading, joining campaigns, airdrops and etc. If you are going to put your money on bitcoin, you should really make a good entry, buy cheap, hold, or if not, let's hope that when you need money, you are in a good position to sell too.

[glowing10]

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.

It is the good idea to invest excess money in btc which can make you much richer than your present earning as when btc rises you get multiple time return in a quick time and can cover all your daily expenses . Also you can sell it immediately within no time.

[Wayan_Pedjeng]

Bitcoin savings are not suitable for withdrawal during emergency needs, due to its extreme volatility. For such purposes, you need your savings in much more liquid assets such as fiat cash or bullion.

[webdevmastery]

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 an emergency money is really a great idea depending on the season because bitcoins has ups and down and we are not assure if the price will still be high when the time comes that we need the money for something.

[airdagon]

do you equate investments with savings? I do not think that's a good idea, sir.
You need to know the difference of investing and saving.
on the basis of its value investment can change due to following the price trend, while the savings in the base with a very good value, the savings on the basis of how we are running it. the more we save more and more of our savings, and will not decrease as the value of investment. indeed, investation is very profitable, but the risk is also great, unlike the savings there is no risk.

[Edraket31]

do you equate investments with savings? I do not think that's a good idea, sir.
You need to know the difference of investing and saving.
on the basis of its value investment can change due to following the price trend, while the savings in the base with a very good value, the savings on the basis of how we are running it. the more we save more and more of our savings, and will not decrease as the value of investment. indeed, investation is very profitable, but the risk is also great, unlike the savings there is no risk.

You are right, we must at least separate our investment in our savings, so if we need to separate those 2 things in different wallet it is better as we need to allot bitcoin for saving and one for investment too, and we should at least have saving in fiat as well.

[vv181]

Putting an emergency money into a highly speculative asset does not seem a bright idea. Well, the good things are you can get the money instantly without waiting as you said, but the volatility of the price is worth to consider.

[rickadone]

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

Bitcoin is more of a future investment and that could serve as an emergency in the future as well anyway. However, I have been putting a bit of my savings into bitcoin and every savings most of the time can actually be useful for emergency.

The thing is since we have so far considered it more of an asset for investment than normal currency, it clouds ones judgment on considering it as savings for emergency. However, I can remember how I have withdrawn my bitcoin into fiat few times anyway as a result of emergency, so one way or the other, it still serves that purpose.

[cluit]

Man if you invested when the price was $6000, you would have earned a good amount of extra $2000 profit on top by now. But there is still no problem, the price as of now is about $8000 and I don’t know how much you planned to invest right now. Investing small amounts is not really good, unless you will do so with coins like Ripple and Ethereum.

If you insist on investing in Bitcoin, there is no problem. Bitcoin is the best and the number one cryptocurrency in the market. Just try to invest at the right time if you’re investing a small amount of money.

[Fear]

Sure, I don't think thats good idea use bitcoin for emergency, since it very unstable in the price, very long time awaiting for transactions and high feest for anything you do in it

[beej]

I think with bitcoin it can also function and can be applied to such events. I believe
bitcoin is a very good all around financial solution. It's accessible and can easily be
converted to cash. With emergency situations, actual money is very essential no matter
how much crypto you have invested or procured, it's of little help unless medical
facilities who give medical care and attention accepts cryptocurrency. To me bitcoins
are effective short term and long term investments, as long as you hold bitcoins and
prices are commendable. I have every reason to use and spend it in times of
emergency situations.