Bitcoin as savings, emergency needs possible?

[queenlaurel]

Bitcoin as savings, not advisable because the price fluctuates. If you say you want to save for the time you need it and the price suddenly drops, then you have not gained anything except loss. Its better when you have enough bitcoin, you sell and maybe keep a little.

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[VapeCoinKeks]

Keep in mind that your investment in bitcoin may eventually fall in price in dollar terms.

[nano77]

I think bitcoin can be our savings for our needs because we can sell bitcoin whenever we want and can sell at an emergency, but of course by looking at the price at that time, we should not lose by selling at a low price

[BeGoods]

We definetly should not interprete a long term investment i.e the bitcoin as the money that we could use in case of emergency since it is not easily convertable into regular money and much more simple to access your savings in bank instead.

I think pointing to bitcoin as an emergency need is the right thing, you're right that to convert bitcoin to fiat will be a bit difficult, so it can prevent you from using bitcoin money to spending for something unnecessary and instead use bitcoin for emergency need. other than that you may also get a profit from saving money in bitcoin..

[Jessica1234]

Yes, it helps in emergency needs and savings. Bitcoin is not just investment it can be savings, because it helps you to conserve your money and at the same time it will gain more. And incase of emergencies, bitcoin has the capability to help you in financial support.

[frankybutterin]

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 it is true once I agree with you. cryptocurrency is not suitable for emergency funds. because emergency funding is needed suddenly while cryptocurrency is very volatile. and I think institutions like hospitals do not accept bitcoin as a means of payment. it may be the only hospital in the country that legalizes bitcoin that can accept bitcoin for payment

[zhelis74]

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 it is true once I agree with you. cryptocurrency is not suitable for emergency funds. because emergency funding is needed suddenly while cryptocurrency is very volatile. and I think institutions like hospitals do not accept bitcoin as a means of payment. it may be the only hospital in the country that legalizes bitcoin that can accept bitcoin for payment

No, I will disagree with you because I have already experience that I have being save by bitcoin those times that my wife is in the hospital and my insurance is not enough to pay my bill then I remembered that I have a portion of bitcoin stored on my exchanger account from my bounty campaign then I was made it into cash with our local wallet the coins.ph then it really saves my day, so bitcoin can save sometime on emergency purposes.

[futuret]

I do not think investing in bitcoins to use for emergencies. This is the market for investment. And this field is constantly going up and down. So if you buy it at a high price when you need it for emergency and if the bitcoin price is low then you have to sell it. This gives you damage.

Some people have been found using bitcoin as a mode of saving their money or wealth so that they can use it in emergency or in some financial crisis. But I have always mentioned that if this is the case, always back up your bitcoin investment with some physical one like gold or cash because sometime the crypto market is soaring and at that time, you cannot take any advantage from the market at all.

[Bestpromoter]

That is what i am going to do in the future , Instead of going to bank and put my money there I will just put it on my bitcoin wallet and wait for the rising of value of it. So I will not worry about the emergency and there is probability that it will increase in my wallet. I am totally agreed in that.

[headache1327]

off course, the bitcoin is the long term investment, you can use it for your needs. today , the price is low. you prefer to hold. you should save a half of your money in bank or gold for emergency needs.

[jostorres]

Bitcoin have a biggest liquidity in market. I think we can make investment and as emergency funds at the same time. But we should remember that bitcoin price always fluctuate and its very risk. Better keep emergency fund on our bank account because there is not much risk

But as far as I am concerned, if you want to stock up on a safe and liquid stock, then we should choose gold. Gold is stable and less risky than BTC. BTC holders have to worry about price fluctuations, security risks. It is inconvenient to hold the BTC.

Exactly. we know what makes people interested about bitcoin is because of the price. well, making it a savings for emergency needs is very risky. I would recommend using cash.

No doubt in this actually. There must be some specific amount that is titled for such emergency cases. Fiat money is made for catering such situations but crypto aren’t. They are just to make your money grow and if you are using them on energy basis, you would be losing your fiat money as well as your crypto at some time. So save these both and try to get things done separately.

[UchihaRukawa]

I considered your thoughts and you have point! But other than investing in bitcoin i will still consider putting money in the bank. and set aside cash inside ths house for emergency.than sacrifice selling my bitcoint investment for emergency need at low cost!

[Betheng10]

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.

We have an app here in the Philippines that can immediately convert your btc's into withrawable currency. All though the price would be much lower.

And I agree with you, taking btc's as emergency money is not a good idea unless you there's a nearest public services/business establishment that accepts bitcoin as payment.

[BlackPanda]

I do not think investing in bitcoins to use for emergencies. This is the market for investment. And this field is constantly going up and down. So if you buy it at a high price when you need it for emergency and if the bitcoin price is low then you have to sell it. This gives you damage.

Some people have been found using bitcoin as a mode of saving their money or wealth so that they can use it in emergency or in some financial crisis. But I have always mentioned that if this is the case, always back up your bitcoin investment with some physical one like gold or cash because sometime the crypto market is soaring and at that time, you cannot take any advantage from the market at all.

I agree with you that sharing the portion of the investment we have is the best option. That way we will get comfort in investing, some investments such as gold and real estate can be an option other than to invest Bitcoin. But Bitcoin does have an interesting thing, a huge profit that we can achieve is the thing that makes us most interested to invest. That's why today's majority of users on the Internet consider that Investing in Bitcoin is a top choice compared to other investments.

[jambul_kribo]

I do not think investing in bitcoins to use for emergencies. This is the market for investment. And this field is constantly going up and down. So if you buy it at a high price when you need it for emergency and if the bitcoin price is low then you have to sell it. This gives you damage.

if bitcoin use to emergencies think, it very unsuitable.bitcoin volatility make our asset value change minute by minutes.for example if you want withdraw you money when in emergencies condition, meanwhile its value dropping.is it acceptable for us?

[boksoon]

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?

All aspects are possible to do, because bitcoin is form of thing that all your needs is actually carry to serve better, such as; investment, savings like banking, holding assets, etc. this is not physical money actually but this is more than enough in terms of efficient, convenient transaction and wealth. 

[Dr.Osh]

I do not think investing in bitcoins to use for emergencies. This is the market for investment. And this field is constantly going up and down. So if you buy it at a high price when you need it for emergency and if the bitcoin price is low then you have to sell it. This gives you damage.

if bitcoin use to emergencies think, it very unsuitable.bitcoin volatility make our asset value change minute by minutes.for example if you want withdraw you money when in emergencies condition, meanwhile its value dropping.is it acceptable for us?

I agree with you. thinking about it, I feel that bitcoin is not suitable for urgent needs. bitcoin is better in long-term investment tool, or in trading. sell it in a low price just because we need money to make us a loss. so, to avoid it, saving cash is one of the best ways.

[Glorypaasa]

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?

But you must know the risk also of having a high volatility I think you must save some of your money in the bank for the emergency purposes and buy some part of bitcoin to lower down the risk also but the good part is buying bitcoin is proven for many purposes and it helps many people to achieve their goals, buying bitcoin is good for long term hold like you said it can also used it in emergency matters maybe you can used the other part and save some to regenerate a profit again because it is very useful for the future.

[zedicus]

I do not think investing in bitcoins to use for emergencies. This is the market for investment. And this field is constantly going up and down. So if you buy it at a high price when you need it for emergency and if the bitcoin price is low then you have to sell it. This gives you damage.

if bitcoin use to emergencies think, it very unsuitable.bitcoin volatility make our asset value change minute by minutes.for example if you want withdraw you money when in emergencies condition, meanwhile its value dropping.is it acceptable for us?

I agree with you. thinking about it, I feel that bitcoin is not suitable for urgent needs. bitcoin is better in long-term investment tool, or in trading. sell it in a low price just because we need money to make us a loss. so, to avoid it, saving cash is one of the best ways.

Literally bitcoins will not serve as savings it can never be a savings even saying that you keep it in a ledger or any wallet for your own emergency use you cant call it like that. Investing should be separately subjected in a form of making your money grow or in a way that you hold it and you can use it anytime in different investments. Savings works at your home you can keep your money at home without any changes in value or you can kept it in a bank for much safety.

[SolomonSollarsNSense]

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?

Yep, Bitcoin can serve as savings for anyone who is looking for a way to save a money that doesn’t have to be spent. But mind you, saving money with Bitcoin is very risky cause the price can go down at any time, especially when you least expected it to happen. So if you are going to do this, you must be ready to bear the loss that follows. Well, the good thing about Bitcoin is that if you can have patience for a long time, as they do say… the patient dog eats the fattest bone.