Bitcoin as savings, emergency needs possible?

[Ryker1]

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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[uozer]

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.

[njmulhsn]

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.

[andrei56]

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.