Which fiat money are you holding right now in case of emergency needs?

[Synchronice]

The current war has a huge negative economic impact on the whole world. The Euro has been worth well more than the dollar for many years but they are on par right now and I don't think that things are going well for it, the winter is coming! I'm afraid the inflation of USD will continue for a while and both, USD and Euro aren't great options right now.

You need some money for emergency cases, so, you can't save everything in crypto because it's very volatile, the exchange charges you some fees to deposit/convert and withdraw.
I'm thinking about four currencies to hold for the next 2 years or more:

• Swiss Franc
• Norwegian Krone
• Chinese Yuan
• Japanese Yen

What are your plans? I want to get an answer, especially from Europeans cause we all lost 12% of our money in a matter of days.

[1714865498]

1714865498

[NotATether]

I'm thinking about four currencies to hold for the next 2 years or more:

What is the point of holding them for two years only? It's not like some apocalypse or major armed conflict is going to happen at that timeframe, so what is actually going to happen is that inflation creeps up to you just a little slower than holding everything in Euros.

Besides, Europeans have access to services like Revolut (I'm jealous), which let you store fiat and crypto in the same account, convert between them and pay whoever instantly, eliminating the exchange midleman.

[pooya87]

Let me start by saying that fiat is not money, fiat is currency.

As an investment to keep your purchase power, I still stick to bitcoin, gold and real estate because all of them are good investments that are always appreciating over time (real estate may be different in other countries).

You need some money for emergency cases

You need to have your own country's fiat because when you go to the grocery store in lets say London you can't really pay then with Japanese Yen!

you can't save everything in crypto because it's very volatile,

You should never ever store anything in "crypto" because it is always dumping. Which is only bitcoin is considered a long term "investment" not cryptocurrencies.

the exchange charges you some fees to deposit/convert and withdraw.

Technically the profit should be high enough so that you don't care about the small amount of commission you pay, if it isn't then maybe you made some bad choices.

I'm thinking about four currencies to hold for the next 2 years or more:

• Swiss Franc
• Norwegian Krone
• Chinese Yuan
• Japanese Yen

The problem with fiat currencies is that the government keeps printing more of them, specially when they face a crisis (like the ongoing energy crisis in EU). That means they all lose their purchase power.

Besides, at this point relying on another country's currency is very hard because of what the world is going through. For example if China invades Taiwan (which is very likely this year) it will pull Japan and Korea in that war which could tank all their currencies.
That's not to mention the economic war that China would wage on the world specially EU and US that have their economies tightly tied to the Chinese.

This makes the future very unpredictable in my opinion. Which is why I believe traditional assets like gold are more reliable than anything else. And of course bitcoin but with a higher risk due to how bitcoin is designed.

[DrBeer]

The classic option is asset diversification.
In connection with the situation in my country (the terrorist war unleashed by the Kremlin regime), it is logical to keep a "backpack on duty" and a set of assets for all occasions.
I have this:
- Most of the stock is in the US dollar (like it or not - but this is the currency that everyone accepts and gladly, and which is provided by the strongest economy in the world)
- Local currency - hryvnia, a small amount for settlements on the territory of Ukraine. Calculation of the volume - 2-3 months of family life (food, refuel a car, clothes, medications, etc.). The equivalent is not more than $4,000.
- Cryptocurrencies In wallets, 15 tokens from Bitcoin to Avalanche.
- A small reserve of euros (due to the difficult situation in the EU, the amount is small). Calculation - moving to the EU is allowed, no more than 2-3 months of family life + possibly renting housing + food. The equivalent is not more than $6,000.

Yuan - I wouldn't risk it. The growing global crisis of the Chinese economy is clearly not going to be positive for the yuan either. Inflationary process and a lot of difficulties are ahead.

[Lucius]

What are your plans? I want to get an answer, especially from Europeans cause we all lost 12% of our money in a matter of days.

From everything you mentioned, Bitcoin seems to be the best option for me, not only because the Euro is weakening and losing its purchasing value, but because I trust the decentralized system more than the institution called the ECB (European Central Bank). Given that my country is not yet in the Eurozone, I always have a certain amount of local currency that I need for everyday life, but luckily I can buy a lot directly for Bitcoin.

If I had to choose something else, perhaps the choice would be the Swiss franc for the reason that Switzerland has always been and probably will be neutral regardless of what happened in Europe. Of course, gold is always an option, in case everything goes to hell we will return to the time when it was a universal way of payment anywhere in the world.

[Solosanz]

I don't think holding fiat is a good option since it's all based on the government performance and you can't know which country is good in the future.

I'd say holding digital gold is the most safest choice in order to safe your wealth, since it's quite stable rather than Bitcoin. Holding Bitcoin is good too, but you should take a risk and have to consider if anything goes wrong. Also 2 years isn't a long term holding, it need at least 5+ years IMO.

[DrBeer]

I don’t understand the needs to hold other Fiat currency instead the one that your country is using. The fiat original value will surely back to it’s original price once the market already recovered like what happened to Rubble that plummet during the start of the war but now already recovered after people that already panic convert there Ruble buy back again. I’m leaving on a separated country and maybe this is the reason why I don’t feel the urgency on investing on different fiat currency.

Why not Bitcoin?

1. Why fiat? More precisely, the part in fiat. Because - there are often situations when using a payment system or a debit card is simply technically impossible.
2. The ruble has not recovered, the ruble is artificially restrained in order to keep the population of the country of the world terrorist from panic Soon you will see the real exchange rate of the ruble...
3. Bitcoin - I will explain very simply: imagine that you bought, with all your fiat savings, bitcoin in November 2021... What would you say about bitcoin now?

[o_e_l_e_o]

Besides, Europeans have access to services like Revolut (I'm jealous), which let you store fiat and crypto in the same account, convert between them and pay whoever instantly, eliminating the exchange midleman.

These online only banks are still middlemen, and by using them you still have zero privacy, zero security, and a third party which can lock your account at any time.


By choosing different fiat currencies, you are simply choosing different rates of loss. USD inflation is above 8%, as is the Euro. NOK is only marginally better at ~6.5%. CHF is still pushing 4%, despite historically being one of the most stable currencies in the world. Obviously you need to hold your local fiat (or USD if widely accepted and your local fiat is hyper-inflationary) to cover living expenses and emergencies, but holding fiat as an investment will only ever lead to loss of purchasing power. Unless you are making gains above the rate of inflation, then you are losing money.

I would only hold an emergency fiat fund in the best rate of return fiat account you can find. Everything surplus goes in to some kind of investment which will outperform fiat over the medium to long term.

[monineklutak]

I don't think holding fiat is a good option since it's all based on the government performance and you can't know which country is good in the future.

I'd say holding digital gold is the most safest choice in order to safe your wealth, since it's quite stable rather than Bitcoin. Holding Bitcoin is good too, but you should take a risk and have to consider if anything goes wrong. Also 2 years isn't a long term holding, it need at least 5+ years IMO.

Regarding holding gold, it is indeed the safest choice compared to holding fiat or Bitcoin,
but that does not mean it is free from risk because in holding anything there will always be risks,
what is important before making a decision do your research and consider carefully

[ethereumhunter]

I'm still holding on to bitcoins and trying to collect more bitcoins while I use the local currency to make ends meet. I haven't thought about having another currency yet because I still believe bitcoin can provide support for the present and the future.

If you think about those four currencies to hold for 2 years or more, you can start holding them but don't forget bitcoins to hold because, in my opinion, bitcoins could become more valuable in the future. Everyone has their own choice and it is just a suggestion and the rest, you must think about it and do some research.

[naira]

I'm thinking about four currencies to hold for the next 2 years or more:

• Swiss Franc
• Norwegian Krone
• Chinese Yuan
• Japanese Yen

That's what Bitcoin is for there to be an option where buying more during a downturn will store huge value in the future. But the fact is that when you hold fiat money, whether fiat is safe, even when inflation will still lose its value. Do you think inflation will not affect the currency you hold options?
When inflation hit and you still hold the fiat for storage of value? maybe you missed a lot about how the value store itself functions.

[Kakmakr]

The problem with holding on to Fiat is this :

You have to take extra cautionary measures to keep it safe and to hide it, because it is a physical object. Ordinary thieves are familiar with it... so they target physical cash ..over digital cash.

Also, in a war scenario... people want to escape quickly with almost nothing on them that can be confiscated or raided... so to store an encrypted  Private key in the cloud, will be a lot better, than risking carrying loads of Fiat on you.  

[mk4]

I still mostly hold USD. While it's not the very best currency in terms of performance since the past year, it's performing not-as-bad compared to most currencies. I'm really not interested in doing any other extra currency analysis.

Also, USD is the most accessible currency for me besides my local currency.

[electronicash]

I'm thinking about four currencies to hold for the next 2 years or more:

• Swiss Franc
• Norwegian Krone
• Chinese Yuan
• Japanese Yen

That's what Bitcoin is for there to be an option where buying more during a downturn will store huge value in the future. But the fact is that when you hold fiat money, whether fiat is safe, even when inflation will still lose its value. Do you think inflation will not affect the currency you hold options?
When inflation hit and you still hold the fiat for storage of value? maybe you missed a lot about how the value store itself functions.

if BTC is accepted by hospitals, that would be cool.

in case of emergency means the one we have in home stash, mostly would answer the local currency.
USD is rising compare to the local currency.  its probably good to still have USD. the ones that i plan is to go in DEFO (decentralized forex) in WAVES platform where traders can buy digital yuan. i've been meaning to try it out.

[goaldigger]

What are your plans? I want to get an answer, especially from Europeans cause we all lost 12% of our money in a matter of days.

Holding fiat currency is good, because it gives you liquidity but I don't see this one as an investment.
I suggest to hold only the currency that is accepted in your country which can give you instant liquidity once the calamity started on your place. Based on the current situation, having cash on hand gives you more peace of mind since during the calamity, almost all your online transactions will be limited. Again, having fiat is still advisable but never treat this as your investment because you will gain nothing from there. USD is also good to hold since it is accepted in every country.   

[Bitstar_coin]

The problem with holding on to Fiat is this :

You have to take extra cautionary measures to keep it safe and to hide it, because it is a physical object. Ordinary thieves are familiar with it... so they target physical cash ..over digital cash.

Also, in a war scenario... people want to escape quickly with almost nothing on them that can be confiscated or raided... so to store an encrypted  Private key in the cloud, will be a lot better, than risking carrying loads of Fiat on you.  

In addition, God forbid anything happened to that bank..... that will be an unfathomable loss. There are several cases where some banks face this type of issue of bankruptcy and other financial issues they usually face that leads them to fold up and leave their customer in serious financial loss.

There are also cases of theft (yep... happens here in my country) all your money you have saved in years will vanish into thin air and the banks will fail to give a valid explanation, rather they frustrate your effort in finding the root cause with bureaucracy bottleneck, corrupt practice.

Besides @op in a war scenario, I doubt the atsmospher will be sweet enough for you to walk in and withdraw some cash, it will be total chaos and banks will be heavily guided and strict, only your btc in your personal wallet will be your saving grace.

[sunsilk]

If there is really a need to choose then I might just go with Japanese yen. I'll rely to the forex traders that chooses although, it's actually all of those which includes EURO and USD but obviously, they're not the good choice now.

Since the idea is all about having emergency needs then you should just stay fine with the current currency that you've got. You'll use it then so it's better to have that less hassle and just put it into your local currency.

Otherwise, if you want to at least have that hedge against the inflation. They may say that bitcoin isn't the good option but soon they'll see that it is one of the best choice.

[hugeblack]

Let's expect a war, so if it is global III, the probability that the United States and China will be parties is high, so you cannot choose those them currencies.

Generally it depends on how variety of risks you are trying to take, if you are afraid then the Swiss Franc might be a great option but if not a global war, then the yuan, Brazilian real and the currencies of agro-country currencies.

The Japanese yen is suffering, but if you trust the recent decisions of the Central Bank and the ability of the Japanese to keep inflation under control (inflation there works in reverse), it may be the best currency, but it is difficult to say for sure that it will not be a party to the war

[Gozie51]

I don't think holding fiat is a good option since it's all based on the government performance and you can't know which country is good in the future.

Fiat hodling is not encouraged especially if it is a country that is under performing. Hodling US dollar for me is preferable because the system has a strong regulation and monitoring of the financial activities in the country and I is evident in the rate that $ has measured neck to neck with euro this year and even sometimes edges over euro. But I will not prefer hodling fiat to crypto or gold. These two commodities mentioned are not regulated as fiat and so they are likely to increase higher and because they can be bought in units, the potential of making profit while hodling outweighs that of fiat.

[Jemzx00]

Other than my local fiat currency, I tend not to hold any other fiat currency rather I hold unto investments such as Crypto, Bitcoin, Stocks and other investments. In case anything happens on these investment, I will try to minimize loss especially that I keep track of them most of time.