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Author Topic: Bitcoin as savings, emergency needs possible?  (Read 1701 times)
ChConcept
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May 28, 2018, 03:52:37 PM
 #561

My take on this is that, when you are in a Bitcoin investment or any investment for that matter, I would really suggest for you to have a separate emergency funds, with this funds you will have a peace of mind that no matter what happens you have something that you can use, and it is also a smart move since you will not do anything that is not part of your course of actions for your investments, right? No need to sell even if the price is so down because you need money for school or for medical emergencies. When you have your separate emergency funds, you can avoid hassles like that.

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May 28, 2018, 03:55:15 PM
 #562

Yes bitcoin is considered as savings, however in case of emergency you can not withdraw it immediately since you need to wait just to have a big return on your bitcoin.
That is right, if we will allot and will maximize our money and make a wise decision, we can have money that we can use in case of emergency, and I tried it last year, I am just thankful that I have enough savings when my partner in life admitted to hospital, good thing we are making wise decision all the time.

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May 28, 2018, 04:02:05 PM
 #563

Yes bitcoin is considered as savings, however in case of emergency you can not withdraw it immediately since you need to wait just to have a big return on your bitcoin.
That is right, if we will allot and will maximize our money and make a wise decision, we can have money that we can use in case of emergency, and I tried it last year, I am just thankful that I have enough savings when my partner in life admitted to hospital, good thing we are making wise decision all the time.

As far as I know, no exchange issue withdrawal requests in a fast way. You have to wait for several days to receive your money in your banks account. It's not something to be completed in minutes in case of urgent cash needing.
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May 28, 2018, 05:02:21 PM
 #564

For me, it is better to convert currency into cash when it is for emergency, we all know that btc is risky and unstable. It is better to secure your emergency needs 100%.
Agree, it's better to withdraw some money for emergency, since you can't withdraw it immediately, and also bitcoin is volatile, when emergency comes the price might be low, it's really risky to save on bitcoin if you're preparing for emergency situation, it's better if you try and withdraw money in your hands or save it on a bank.

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May 28, 2018, 05:16:03 PM
 #565

Well, I can share from your feelings to a reasonable extent where you take the excess of your salary and invest it on Crypto, forget about it there as holding and future store of value. But where I disagree is you cashing out at anytime any contingency arises for you. In this regard, it takes two ways to a coin, you should either forget the money there, take off your face and hold till that bullish maturity period, or you cash out only if your contgencies fall on the Bullish period where the Bitcoin value skye rocketed and good to go. If not, you won't achieve the required result.

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May 28, 2018, 05:20:17 PM
 #566

Bitcoin is good for investment and trade, so you can sell it and earn profit when the spike is going up but its not good if you rely on it as your only source of income because you may have to sell it if you need money in circumstances when the market is not good. Its better to save in fiat currency than to save in bitcoin as fiat is more stable while bitcoin is too volatile.
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May 29, 2018, 03:34:44 AM
 #567

We're in a volatile market, prices can change at any time, and we can't use bitcoin as a tool to help us do something unexpected.

I prefer to deposit money in the bank to meet urgent needs. Bitcoin is a long-term investment.
If you are using your fiat saved in a bank as an emergency fund that is fine, since in an emergency you need fast access to your money but never save money in fiat for the long term, you will lose money if you do that, so if you have some money to save for the long term find another way to do that, obviously we prefer bitcoin or other cryptocurrencies but if you like gold, silver, stocks or other forms of investment that is fine as well.
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