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MRY
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April 30, 2018, 11:35:22 AM |
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yes I agree with you, bitcoin can be used as a savings rather than store it in the bank would be more profitable if we save it at once for investment in bitcoin and we also can easily use it if need money for emergency situation
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Hovhannes
Member
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Activity: 420
Merit: 14
MMOCoin-For-Gamers-&-Traders
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April 30, 2018, 12:03:22 PM |
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I think it's a good idea if you are a long-term investor. I am sure that in the long term the price of bitcoin will grow. Risks are everywhere, it is necessary to diversify these risks.
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bubble pop
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April 30, 2018, 12:41:45 PM |
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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 i agree in this thing because the bitcoins are not stable so the price you will hold can either go up and down so whenever you need money and the price of the bitcoins into the market are on their lowest then that is a bad time to sell it because you will lose a lot of money but you really need money so you will sell it anyways so that is a bad decision. We better have a lot of savings and better stick wil cash savings when it is in Emergency for us to have a stable amount. Bitcoins investment is not meant for Emergency thing but you can always |
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CodyAlfaridzi
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April 30, 2018, 01:44:36 PM |
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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 is a bad idea. Did you consider the fact that Bitcoin price could go down too? Did you experience the dump from $19K to $6K a few months ago? How would you feel if your supposedly emergency funds in dropping in value? Bitcoin is an investment. That's all it is right now. You can't (yet) use it for savings or emergency funds. |
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Bitcoinislife09
Full Member
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Activity: 1028
Merit: 144
Diamond Hands 💎HODL
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April 30, 2018, 02:02:15 PM |
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yes I agree with you, bitcoin can be used as a savings rather than store it in the bank would be more profitable if we save it at once for investment in bitcoin and we also can easily use it if need money for emergency situation
There are many benefits that can be considered when you started using bitcoin. the number one is the convenience you experience when using this crypto currency. I agree that the processing the transactions in cryptocurrencies is faster and easier, especially here in our country. It is easy to cash out your bitcoins here (of course there is a need to convert it to fiat) and we can get it right away once we requested it. |
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potatocorner
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April 30, 2018, 02:19:40 PM |
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For me what I will do is to make sure that I have enough fiat savings that I can use in a instance in case of emergency. It is better that I have enough fiat in hands to use. Better to separate my Bitcoins and good only for holding and not to be use if its not going generate good return. You will never know when the emergency comes its better to be ready.
It will be less hassle if you had your emergency money already in fiat, because as what it is said above, you never know when emergency incidents will happen, so it is better if your needed money is already on hand, so it will not be an additional worry for those who experience emergencies. As long that it is easier, that is more recommendable. |
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Starscream
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April 30, 2018, 03:32:42 PM |
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How do you imagine to yourself that bitcoin will become stable? Thats unreal, it wont happen ever, because btc is an investment asset that you can trade
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streazight
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May 02, 2018, 06:28:05 AM |
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bitcoin for me is good for savings but not for emergency because of there volatility in value..in saving, no matter how long we will wait for the value to increase our money won't be affected but when we use it in emergency no matter how low the price is,we are force to withdraw because we need it...so for me, separate your money for emergency and for savings
Savings are supposed to save us from financial crisis and if you are saving bitcoin while it ain’t to be any help if you ever come across any shortage of money or emergency, what is the use of doing this? Besides, you have the option to sell out your coin whenever it has grown in value. This way, all the saving would be in either dollars or national currency of your country. Simple as that. |
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wraithdot
Jr. Member
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Activity: 170
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May 02, 2018, 07:14:10 AM |
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Well, it's all come from your mind tho, even the emergency needs you know what you gonna do. You're not gonna make yourself on trouble either, so panic sell it's really happens when the emergency needs.
As for me, when it comes to emergency maybe I will sell the bitcoin that I have than to put the life of my love once into risk.What's the use of having big saving if you don't save lives and in the end your the one who suffer because of the wrong decisions that you made. |
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merkuriya
Jr. Member
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Activity: 87
Merit: 3
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May 02, 2018, 07:35:24 AM |
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Do not keep your emergency savings in the form of bitcoins. This can be very much risky as prices are very volatile, you may not have the same amount when withdrawing.
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gorodi
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May 02, 2018, 01:41:42 PM |
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Of course yeah, this is the one of a way that's a good way to do that. I think this is indeed a technologies advancement that really should be utilized as well as possible, loss if not close to bitcoin.
Why not, really? For me, Bitcoin is the perfect currency. You can travel anywhere if you have BTC in your wallet. Surely, you will need the Internet connection to get your coins and to make an exchange. |
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bitcoinsocial09
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May 02, 2018, 02:14:34 PM |
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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?
In my own perspective you're right that bitcoin can use for emergencies. It is proven and tested on many aspects of my life. Loke for example you do not have enough mone to pay your bills, you can use your bitcoin to pay it by converting t in your own currency. Bitcoin can help on emergency, especially if it is life and death situation. |
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xSkylarx
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May 02, 2018, 02:58:49 PM |
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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?
As for me , it is really important for us to have an income to sustain our needs and for emergency purposes as well. However , I think it is still more advisable that we'l have another savings aside from bitcoin because bitcoin is a great way of a long term and profitable investment. |
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MrRiuss
Member
Offline
Activity: 317
Merit: 11
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May 02, 2018, 03:33:23 PM |
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i think you cannot treat bitcoin that way, for savings, its okay, but for emergency needs, the price is so volatile, that means, someday, when you need it immediately, there are possibility that the price would go down, so you lost
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richmcrich
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May 03, 2018, 11:31:03 AM |
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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 the bitcoin is the long term invesment, you cannot use it for emergency needs. you should save your money in bank for emergency needs. For catering such emergency situations, it is often advice not to put everything in the trade. Rather your income must be divided in different compartments according to your needs and desires. And put one compartment of money into this trading or investing thing so that your other daily routine needs can’t be compromised and to fulfil them you must have another money. |
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xanxus.kun
Full Member
Offline
Activity: 495
Merit: 100
You have to get what you want your own way.
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May 03, 2018, 11:51:29 AM |
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If you wan't to save money and use it for emergency purposes then i suggest you get a bank and keep it there, Bitcoin is very volatile, you can't guarantee how much the value will be, what if the prices dumps to its lowest when you need it the most. I'm not saying that Bitcoin ain't good for saving and investment, but putting emergency use in check, i don't think so.
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Dorion2124
Newbie
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Activity: 127
Merit: 0
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May 03, 2018, 11:52:30 AM |
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I think these all things characterize this currency. We can use both savings and the need to save our money from inflation. How do you use this currency? At the moment, this is a savings for me.
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Yes you can use it for saving but you cannot use it for emergency purposes because the price is not stable, what if you need money but the value is lower than your investment? you gonna lose some of you money, right? Me i dont have yet money in bitcoin because i dont afford to invest on it. But if i have extra money that will invest i will surely invest it in bitcoin. |
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solidrock
Newbie
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Activity: 42
Merit: 0
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May 03, 2018, 12:10:18 PM |
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Taking the negative interest rates here in Sweden an around the world I have some longterm savings in crypto  But it is not for anyone that easily gets scared hehe |
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demonz666
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May 03, 2018, 02:07:42 PM |
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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 disagree and I will not use bitcoin for emergency funds. because the emergency fund is needed quickly and must be provided quickly if we use bitcoin we have to convert it into fiat money. because I believe most countries in the world have not received bitcoin as a means of payment. |
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spongegar
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May 03, 2018, 02:13:08 PM |
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I do actually. I like the idea of placing money you can afford to lose and invest it on crypto currency. Then sell it at the right time and buy more in the right time. But of course it depends on how big you can take out of it in a short time since you're thinking of "emergencies". If say you grew your investments to 100000 USD, can you actually withdraw everything once you need it all?
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