Bitcoin as savings, emergency needs possible?

[Malya_alkendy]

bitcoin is the digital assets price can up and down uncertain, and how do when you are need money and want to sell bitcoin. and when the price bitcoin being down?! you won't get back your money, even you will lose your money. so I think we better save money on Bank only, we can any time pick it up. and make bitcoin as a means to look for the money.

[Falmera]

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.

Yes, you are absolutely correct! When we say emergency money, it means when you need the money you can have it right away. But what happen when the time you needed that money and the price is so low? Probably you will not gain a profit. So, I think it is not a good idea to have bitcoin as emergency money, rather it is so good for investment.

[MondayTraddd]

For such security and emergency matters, insurance is the unbeatable choice. There is no good option than buying insurance

[stammeramusing8]

This ones good idea. yea you can keep some fluid crypto, not btcs, in your hardware wallet for hard times!

[terbetet]

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, that was considerably one of the best ideas on how you can effectively use your Bitcoin because sourcing out from your income or salary you have and putting it into cryptocurrency like Bitcoin is grabbing the chance and opportunity to make rise of your earning capability and capacity since Bitcoin will be now doing such movement to make your invested money to gain profit by investing at the perfect time. Intentionally, it is reasonable that you are making it right to do such thing which you preferably be using it in case of emergency that is why you do saving and investment but, you must not just focus into that thing because there are lots of more uses you can unlock in continuous using and investing into Bitcoin in which you cannot just use it for emergency purpose but also for financial stability so better not to easily decide to sell whatever you have because you might be missing out the best part of obtaining higher chance of having large profit.

[Bitcoincole]

I can not say that bitcoin is a savings because its too risky, you never know when price is coming up and down. It could bitcoin is an investment to invest money  in order to make money from it. You should never invest more than you can afford to lose into bitcoin.

[Hazaki]

If you are planning to invest into bitcoins in order to hold it for a while (at least 4 months from now ) , then it'll be one of the decisions that you'll be glad you made , but if you are planning to make your bitcoin investment as an emergency plan then it's a very bad idea to make since the initial amount of money that you invested can be cut in half if the market goes down (and it can go down at any time without announcement ) , then you'll find yourself in a risky situation .. Emergency money and money that you can't loose aren't made for investments so you'd better keep that money in your piggy bank .

[diickydbo]

I do make bitcoin a savings when it really needs money. Because my bitcoin is in hold for investment and savings.

[Gelap]

I think it would be very risky to make bitcoin into an emergency savings. because if you are in dire need of money and the price of coins falling so low at this low point will be very detrimental to you. my advice if you want money in an emergency will be better in fiat or you invest in gold. this is much safer than bitcoin

[CuriousGeorge]

I think it would be very risky to make bitcoin into an emergency savings. because if you are in dire need of money and the price of coins falling so low at this low point will be very detrimental to you. my advice if you want money in an emergency will be better in fiat or you invest in gold. this is much safer than bitcoin

The volatilty is surely a real problem for making bitcoin as saving but however the bitcoin's advantages which can be easily moved from an address to another address without any restriction or limitation actually could make bitcoin a great thing for saving only if it doesn't fluctuate that much.
Maybe we need to look into another altcoin coin that is backed by local currency in ration 1:1 for better saving purpose but other than that, bitcoin is perfect.

[brengoskandel]

You shouldn't just depend on bitcoin that it will match with the date that you need it. Bitcoin's value is decaying and you can't control that, don't let the chance of getting profit be gone in just a short time because bitcoin's price is so unstable. Like what happened this year, look at the drastic price drops. It's horrible and you might lose profit if you keep on hoarding and not selling on the right time because you'll lose a lot if you do it this way.

[nightfury]

Yes, because cryptos is a good saving that can save you anytime of the day. I've been into situation where i got nothing to turn to and only cryptos are the one that i can lean on to. So while i am hodling my crypto assets, it is also like i am saving something that can help me when im in need.

[cloudproject]

that was really hard to do that, because bitcoin price are very slow to gaining high i think that will very risky for you my firend, not considering a bitcoin as an emergncy investment asset that was very risky, so many people are advice if using it with a clean money

[mylyn2327]

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 I also consider that, actually I did it many times whenever I need money for emergency I converted my bitcoin into our fiat. I am very thankful because I don't need to be indebted in bank or in an individual during emergency needs.

[marukochanx3]

Yeah I almost think the same as you who make bitcoin as an emergency plan. But if we think back again is very stupid if we sell bitcoin in the stock market is going down drastically especially if you buy 1 bitcoin with a high price you can only get half price from the sales you spend to buy it. It would be better if you save in a bank or piggy bank it will be lighter for you. Can also if you want to try to start investing in altcoin that has the potential for profit.

[burnchan]

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?

If I were you, I will treat separately savings or emergency fund and investment. Basically savings or emergency fund is intended for emergency use. Like hospitalization , lose your job or other uncontrollable circumstances. After you have your target emergency fun which is 3 times your monthly expenses, you can now allocate your extra money for your investment. It is not a good idea to put all your emergency fund in an investment. This is because you should invest what you can afford to lose.

[almersyn]

yes in my opinion, one of the goals created bitcoin is to invest and make a profit. Bitcoin payment system is also very simple not wait a long time as in the bank. Bitcoin is suitable for long-term investments

[lienfaye]

Well I think its not a good idea if your purpose is to use the money for emergency situation because we know the price of btc is quite volatile thus you cant be so sure whats ahead. What if the time comes that you are in urgent need of funds but unfortunately the price is currently in dip then you'll be in trouble. Its not advisable to invest the money you cant afford to lose or the money you need for daily expenses. Bitcoin is a good investment indeed but its ideally for long term process.

[andrei56]

I say that making bitcoin to deal with emergency needs is certainly wrong, if we do then we never get a good price and look like panic. Good financial management is important before investing bitcoin.

This is another interesting point, if you use bitcoin as a an emergency fund and unfortunately you need to use it, what it is going to happen if in that point in time the price of bitcoin is going down? You are going to lose money, so it is better to maintain an emergency fund in fiat and only depend on bitcoin if the emergency is so big that you have no other option but to use it.

[chel0]

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 personally agree with your thoughts mate.You can put some of your money in your wallet for investments and savings at the same time.That's what also I've been doing right now.As the BTC price increases, you can earn profit from it but on the contrary you will also experiences losses when the price is down.But we know that's the risk to take inorder to become successful.