Balancing Financial security and Bitcoin Accumulation

[abaeze]

i dont think there is anything wrong if one keeps his emergency funds in the bank and dont think that its there for profit making, its just there in your savings account which is why you are saving it there by opening a simple bank savings account and not really a fixed deposit account because you can need the money at any time as emergency can happen at any moment so you can just go to your bank savings account, you must not even go to the bank before you make the witdrawal as you can be able to asses your account directly with your mobile phone app. the truth is that whichever way you chose to keep or save your emergency funds it should be where you can access it and make use of it at anytime you need it.

Exjectly, the purpose of an emergency fund is to keep it in a place where it can be used quickly or spent in case of danger. There is no problem in keeping an emergency fund in a bank, but that fund must be made up of discretionary income. However, if you keep money in a bank, then you have entered that old centralized system. Surely there are situations when income decreases or expenses increase and then we continue to spend from various savings or backup funds until they reach a certain level. We try to reduce expenses according to our ability and try to find new income opportunities. It may also be that we stop buying Bitcoin at some point due to additional financial problems. Since an emergency fund is not kept for profit, a certain amount of money can be set aside for a specific period of time and the remaining money can be aggressively deposited in Bitcoin. This will not only accelerate your accumulation growth but also turn it into a large asset for the long term.

However, since no one knows exactly when an emergency will occur and on the other hand, no one knows how long it will last, so a maximum of six to one year of funds can be set aside as per one's ability. If one can set aside 3-6 months of money and use the remaining money in the same way as mentioned above, then it is also wise to do so.

[Obulis]

It is always best to keep the emergency fund in fiat currency or you can keep it in a place where you can use it very quickly like fiat currency. But if we divide the emergency fund into two parts like 50% in fiat currency and 50% in dollars. In this way, if a person keeps an emergency fund, it will not be a bad decision. If we use the emergency fund kept in fiat currency as soon as we face an emergency situation and later if we use dollars, we can use it in this way too.

The emergency fund should not be kept in a place where you cannot easily access your funds.

‎I understand your point about splitting emergency funds. For me , I don't really like that idea. It is better to keep your emergency funds in our local bank for quicker and easier access. Imagine something unexpected and need urgent attentions e.g in die minute scenario  and the money in your bank isn't enough to cover , that you will now have to start looking for ways to exchange your Usd to local currency and that can waste lots of time like I said if it's in a die minute situation (rapid response case).
‎
If you feel like saving money in USD , emergency savings isn't the only type of savings one should have. While keeping your emergency funds in your bank you can create another separate type of savings in dollars as a backup or for value protection or for future plans (since dollar rate is higher and more stable than Naira you can save to buy car, phone, buying house etc). These kinds of savings are different from emergency savings. That way, the emergency fund remains simple, accessible, and ready anytime it is needed, while the other savings can be for other purposes.

You may still be arguing that keeping all your emergency funds in our local bank is better, until they lock you out during an emergency situation, that's when you are going to know how important it is to have it in cash also.

I don't buy the idea of keeping your emergency funds in USD since Nigeria is not using dollar, but the best way to preserve your emergency funds for easy access is by keeping some in the bank and some of it in cash just in case of any emergency situation, you can easily respond fast. And if bank network decides to be malfunctioning, you wouldn't have any troubles because you also have some cash with you, unlike someone that depends only on the bank.

There is actually nothing to argue, even with POS here and there to support the bank/ATM, at times you will actually find it hard to get your money even for a whole day and more. Some cases might require you going to the bank even and now imagine if it's on Saturday morning like today, then that means waiting till work days and that has to be on schedule also very demanding right?
This in a way reminds of the power of savings box that our grandparents knew before the popularity of the banking system. This savings box is now seen to be old system but it's an all time useful idea because it is still serving modern purpose. Other house/bedroom items like drawer and wardrobe can serve the same purpose (since space that can serve as savings box is usually added).

[Obulis]

It is always best to keep the emergency fund in fiat currency or you can keep it in a place where you can use it very quickly like fiat currency. But if we divide the emergency fund into two parts like 50% in fiat currency and 50% in dollars. In this way, if a person keeps an emergency fund, it will not be a bad decision. If we use the emergency fund kept in fiat currency as soon as we face an emergency situation and later if we use dollars, we can use it in this way too.

The emergency fund should not be kept in a place where you cannot easily access your funds.

The 50-50% division of emergency funds makes sense but it shouldn't be in dollars as a Nigerian, it has to be in 50% naira in the bank and 50% naira in the savings box right in your house/room. With that, your funds is accessible home and away.
Not to forget that sometimes the naira in the bank is usually not accessible because of one thing or the other, on situations like that, money in the savings box (money in the house) will cover up for that time.

[Hardyrobust]

Try and understand what am saying, I didn't say you can make profit from your emergency funds if kept in bank. If not in the  bank where are you supposed to keep your emergency funds before? You are Nigerian, you should know some kind of things fit sup anytime, do you think time will wait for you to withdraw and exchange your emergency in usdt to Naira. Where you can just transfer money from local bank quickly e.g Opay. It's your choice though, if you want to save your emergency funds in dollars fine. That's why I made emphasis that you can have other types of savings, in which can store it in USD or foreign currency  to serve other purpose.

Saving your emergency funds in the bank only is also not the best because your bank can shut you out when you may need it the most, due to bad network or whatsoever, so it's very important to keep some percentage of your emergency funds in cash also, so that you wouldn't be stranded when you need the money the most, when a serious emergency situation is at hand.

And finally it's not wise to keep your emergency funds in usdt when you are a Nigerian, because naira is our official currency, so it's more better to keep it in naira in the bank and in cash for easy access than in dollar that may take some time before it's being exchanged into naira

Alot of things can happen depending on where we decide to save our emergency fund, plus what works for you might not work for me, so rather than pushing for a single means of saving our emergency funds people should save in what's most ideal for them, as long as it can be easily accessed by you then you don't have a problem with saving it there, if you lock up your emergency fund in an inaccessible place because someone else told you that was the best place to save it then I hope you actually don't run into an emergency because then you will have to sell your bitcoin simply because you couldn't access your emergency fund.

An emergency funds is just to keep in a place were it can be accessible and the best way is to keep it in fiat form . Any other means of storing it make it not to be accessible. So the best place to keep fiat should be in the bank because there is an amount of money that isn't advisable to be saved or kept in the house or were someone else can easily access it. I would recommend keeping emergency funds in fiat form and it should be the bank to avoid unnecessary stories.

[POPOLUV]

‎I understand your point about splitting emergency funds. For me , I don't really like that idea. It is better to keep your emergency funds in our local bank for quicker and easier access. Imagine something unexpected happens and need urgent attentions e.g maybe in a die minute scenario  and the money in your bank isn't enough to cover it , that you will now have to start looking for ways to exchange your Usd to local currency and that can waste lots of time like I said if it's in a die minute situation (rapid response case).
‎
If you feel like saving money in USD , emergency savings isn't the only type of savings one should have. While keeping your emergency funds in your bank you can create another separate type of savings in dollars as a backup or for value protection or for future plans (since dollar rate is higher and more stable than Naira you can save to buy car, phone, buying house etc). These kinds of savings are different from emergency savings. That way, the emergency fund remains simple, accessible, and ready anytime it is needed, while the other savings can be for other purposes.

I read your entire discussion..I am confused at one point in your discussion. You are suggesting to keep emergency funds in the bank. Do you think it is right that emergency funds should be kept in the bank? I don't think so...

We know that the main function of emergency funds is that we can use them immediately during the crisis moment. The function of emergency funds is not to make a profit, that we keep emergency funds in the bank and make a profit on the interest part. Rather, emergency funds mean ensuring liquidity. Because in times of emergency we will never have time to think about price appreciation, dollar stability or Bitcoin growth. What we will need then is the power to spend quickly.

i dont think there is anything wrong if one keeps his emergency funds in the bank and dont think that its there for profit making, its just there in your savings account which is why you are saving it there by opening a simple bank savings account and not really a fixed deposit account because you can need the money at any time as emergency can happen at any moment so you can just go to your bank savings account, you must not even go to the bank before you make the witdrawal as you can be able to asses your account directly with your mobile phone app. the truth is that whichever way you chose to keep or save your emergency funds it should be where you can access it and make use of it at anytime you need it.

Yes of course, i don't see any reasons wrong with an investors keeping his emergency fund in the bank, we should not be more concerned about were the emergency fund should be kept, what really matters is to make should you have reserves funds which you tag as an emergency fund and it is also bad to keep your emergency fund within your reach, because as the name implies emergency fund, it most serve its purpose for you as an investors, it is a very interesting discussion I'm seeing here, i know that it will help allot of newbies that doesn't have knowledge on how important emergency fund is to every investors .

[Cgrexp]

‎I understand your point about splitting emergency funds. For me , I don't really like that idea. It is better to keep your emergency funds in our local bank for quicker and easier access. Imagine something unexpected happens and need urgent attentions e.g maybe in a die minute scenario  and the money in your bank isn't enough to cover it , that you will now have to start looking for ways to exchange your Usd to local currency and that can waste lots of time like I said if it's in a die minute situation (rapid response case).
‎
If you feel like saving money in USD , emergency savings isn't the only type of savings one should have. While keeping your emergency funds in your bank you can create another separate type of savings in dollars as a backup or for value protection or for future plans (since dollar rate is higher and more stable than Naira you can save to buy car, phone, buying house etc). These kinds of savings are different from emergency savings. That way, the emergency fund remains simple, accessible, and ready anytime it is needed, while the other savings can be for other purposes.

I read your entire discussion..I am confused at one point in your discussion. You are suggesting to keep emergency funds in the bank. Do you think it is right that emergency funds should be kept in the bank? I don't think so...

We know that the main function of emergency funds is that we can use them immediately during the crisis moment. The function of emergency funds is not to make a profit, that we keep emergency funds in the bank and make a profit on the interest part. Rather, emergency funds mean ensuring liquidity. Because in times of emergency we will never have time to think about price appreciation, dollar stability or Bitcoin growth. What we will need then is the power to spend quickly.

i dont think there is anything wrong if one keeps his emergency funds in the bank and dont think that its there for profit making, its just there in your savings account which is why you are saving it there by opening a simple bank savings account and not really a fixed deposit account because you can need the money at any time as emergency can happen at any moment so you can just go to your bank savings account, you must not even go to the bank before you make the witdrawal as you can be able to asses your account directly with your mobile phone app. the truth is that whichever way you chose to keep or save your emergency funds it should be where you can access it and make use of it at anytime you need it.

Yes of course, i don't see any reasons wrong with an investors keeping his emergency fund in the bank, we should not be more concerned about were the emergency fund should be kept, what really matters is to make should you have reserves funds which you tag as an emergency fund and it is also bad to keep your emergency fund within your reach, because as the name implies emergency fund, it most serve its purpose for you as an investors, it is a very interesting discussion I'm seeing here, i know that it will help allot of newbies that doesn't have knowledge on how important emergency fund is to every investors .

Since we create an emergency fund for use in times of emergency, I think it should be kept at hand so that it is quickly accessible when needed. Since we have to fund and invest from our discretionary income, it is probably better to have a stable job, but a stable job is not mandatory. However, in reality, if our income decreases or expenses increase, we may be forced to use the emergency fund. An emergency fund should be created. However, we should not think too much about where we are keeping the emergency fund, it should certainly not be kept somewhere where it cannot be accessed quickly or there is a risk of losing the capital. Therefore, an emergency fund should be seen as a financial security objective rather than a profit objective. It is better to set aside at least three to six months or 6 to 12 months of expenses according to your ability.

[AuchanX]

‎I understand your point about splitting emergency funds. For me , I don't really like that idea. It is better to keep your emergency funds in our local bank for quicker and easier access. Imagine something unexpected happens and need urgent attentions e.g maybe in a die minute scenario  and the money in your bank isn't enough to cover it , that you will now have to start looking for ways to exchange your Usd to local currency and that can waste lots of time like I said if it's in a die minute situation (rapid response case).
‎
If you feel like saving money in USD , emergency savings isn't the only type of savings one should have. While keeping your emergency funds in your bank you can create another separate type of savings in dollars as a backup or for value protection or for future plans (since dollar rate is higher and more stable than Naira you can save to buy car, phone, buying house etc). These kinds of savings are different from emergency savings. That way, the emergency fund remains simple, accessible, and ready anytime it is needed, while the other savings can be for other purposes.

I read your entire discussion..I am confused at one point in your discussion. You are suggesting to keep emergency funds in the bank. Do you think it is right that emergency funds should be kept in the bank? I don't think so...

We know that the main function of emergency funds is that we can use them immediately during the crisis moment. The function of emergency funds is not to make a profit, that we keep emergency funds in the bank and make a profit on the interest part. Rather, emergency funds mean ensuring liquidity. Because in times of emergency we will never have time to think about price appreciation, dollar stability or Bitcoin growth. What we will need then is the power to spend quickly.

You're just twisting and saying something entirely different from what Xackie said. There's no where that he said in his post to put your emergency funds into a fixed deposit for interest. He only said that you should keep your emergency funds in the back which I don't see anything wrong about that because that gives you free access for easy liquidation should incase, a real life emergency plays out because you can access your funds in the bank for your Android phone.

I didn't mean to suggest that Xackie suggested keeping emergency funds in the bank for interest.Rather, I meant that some people think of keeping emergency funds in the bank for interest. Xackie said that it is better to keep emergency funds in the bank. But I personally don't think his statement is entirely correct.Because just having emergency funds in the bank does not guarantee that you will have them in your hand in an emergency. Sometimes the banking system may be closed, the app may not work.Many banks have transaction limits. Again, there may be bank holidays. So I meant not for the interest but for how quickly and easily the money can be used. It is actually better to arrange the emergency fund in such a way that there is some cash or easily usable local currency for immediate needs.

[Umulala-alala]

‎I understand your point about splitting emergency funds. For me , I don't really like that idea. It is better to keep your emergency funds in our local bank for quicker and easier access. Imagine something unexpected happens and need urgent attentions e.g maybe in a die minute scenario  and the money in your bank isn't enough to cover it , that you will now have to start looking for ways to exchange your Usd to local currency and that can waste lots of time like I said if it's in a die minute situation (rapid response case).
‎
If you feel like saving money in USD , emergency savings isn't the only type of savings one should have. While keeping your emergency funds in your bank you can create another separate type of savings in dollars as a backup or for value protection or for future plans (since dollar rate is higher and more stable than Naira you can save to buy car, phone, buying house etc). These kinds of savings are different from emergency savings. That way, the emergency fund remains simple, accessible, and ready anytime it is needed, while the other savings can be for other purposes.

I read your entire discussion..I am confused at one point in your discussion. You are suggesting to keep emergency funds in the bank. Do you think it is right that emergency funds should be kept in the bank? I don't think so...

We know that the main function of emergency funds is that we can use them immediately during the crisis moment. The function of emergency funds is not to make a profit, that we keep emergency funds in the bank and make a profit on the interest part. Rather, emergency funds mean ensuring liquidity. Because in times of emergency we will never have time to think about price appreciation, dollar stability or Bitcoin growth. What we will need then is the power to spend quickly.

i dont think there is anything wrong if one keeps his emergency funds in the bank and dont think that its there for profit making, its just there in your savings account which is why you are saving it there by opening a simple bank savings account and not really a fixed deposit account because you can need the money at any time as emergency can happen at any moment so you can just go to your bank savings account, you must not even go to the bank before you make the witdrawal as you can be able to asses your account directly with your mobile phone app. the truth is that whichever way you chose to keep or save your emergency funds it should be where you can access it and make use of it at anytime you need it.

Yes of course, i don't see any reasons wrong with an investors keeping his emergency fund in the bank, we should not be more concerned about were the emergency fund should be kept, what really matters is to make should you have reserves funds which you tag as an emergency fund and it is also bad to keep your emergency fund within your reach, because as the name implies emergency fund, it most serve its purpose for you as an investors, it is a very interesting discussion I'm seeing here, i know that it will help allot of newbies that doesn't have knowledge on how important emergency fund is to every investors .

Since we create an emergency fund for use in times of emergency, I think it should be kept at hand so that it is quickly accessible when needed. Since we have to fund and invest from our discretionary income, it is probably better to have a stable job, but a stable job is not mandatory. However, in reality, if our income decreases or expenses increase, we may be forced to use the emergency fund. An emergency fund should be created. However, we should not think too much about where we are keeping the emergency fund, it should certainly not be kept somewhere where it cannot be accessed quickly or there is a risk of losing the capital. Therefore, an emergency fund should be seen as a financial security objective rather than a profit objective. It is better to set aside at least three to six months or 6 to 12 months of expenses according to your ability.

No mater how the situation seems don't use your emergency fund to buy bitcoin because that's not the purpose of an emergency fund but that of a discretionary income, using off your emergency to buy bitcoin is like opening your investment into danger because you might be forced to sell off when the real emergency will happen.

‎I understand your point about splitting emergency funds. For me , I don't really like that idea. It is better to keep your emergency funds in our local bank for quicker and easier access. Imagine something unexpected happens and need urgent attentions e.g maybe in a die minute scenario  and the money in your bank isn't enough to cover it , that you will now have to start looking for ways to exchange your Usd to local currency and that can waste lots of time like I said if it's in a die minute situation (rapid response case).
‎
If you feel like saving money in USD , emergency savings isn't the only type of savings one should have. While keeping your emergency funds in your bank you can create another separate type of savings in dollars as a backup or for value protection or for future plans (since dollar rate is higher and more stable than Naira you can save to buy car, phone, buying house etc). These kinds of savings are different from emergency savings. That way, the emergency fund remains simple, accessible, and ready anytime it is needed, while the other savings can be for other purposes.

I read your entire discussion..I am confused at one point in your discussion. You are suggesting to keep emergency funds in the bank. Do you think it is right that emergency funds should be kept in the bank? I don't think so...

We know that the main function of emergency funds is that we can use them immediately during the crisis moment. The function of emergency funds is not to make a profit, that we keep emergency funds in the bank and make a profit on the interest part. Rather, emergency funds mean ensuring liquidity. Because in times of emergency we will never have time to think about price appreciation, dollar stability or Bitcoin growth. What we will need then is the power to spend quickly.

You're just twisting and saying something entirely different from what Xackie said. There's no where that he said in his post to put your emergency funds into a fixed deposit for interest. He only said that you should keep your emergency funds in the back which I don't see anything wrong about that because that gives you free access for easy liquidation should incase, a real life emergency plays out because you can access your funds in the bank for your Android phone.

I didn't mean to suggest that Xackie suggested keeping emergency funds in the bank for interest.Rather, I meant that some people think of keeping emergency funds in the bank for interest. Xackie said that it is better to keep emergency funds in the bank. But I personally don't think his statement is entirely correct.Because just having emergency funds in the bank does not guarantee that you will have them in your hand in an emergency. Sometimes the banking system may be closed, the app may not work.Many banks have transaction limits. Again, there may be bank holidays. So I meant not for the interest but for how quickly and easily the money can be used. It is actually better to arrange the emergency fund in such a way that there is some cash or easily usable local currency for immediate needs.

You already know that technology has changed alot now the stress in taking money from bank now is not as before people no longer make good use of the money now when withdrawing money or even their ATM machine there is point of sales (POS) all the country now we're you can easily cash out your money without much delay from your phone also you can also do transfer without visiting the bank, so keeping your emergency fund in your back account doesn't mean you will go to the bank to withdraw it getting money now is very easy so there is nothing bad keeping your emergency fund in the bank as long as you easily get access to it.

[Canves]

‎I understand your point about splitting emergency funds. For me , I don't really like that idea. It is better to keep your emergency funds in our local bank for quicker and easier access. Imagine something unexpected happens and need urgent attentions e.g maybe in a die minute scenario  and the money in your bank isn't enough to cover it , that you will now have to start looking for ways to exchange your Usd to local currency and that can waste lots of time like I said if it's in a die minute situation (rapid response case).
‎
If you feel like saving money in USD , emergency savings isn't the only type of savings one should have. While keeping your emergency funds in your bank you can create another separate type of savings in dollars as a backup or for value protection or for future plans (since dollar rate is higher and more stable than Naira you can save to buy car, phone, buying house etc). These kinds of savings are different from emergency savings. That way, the emergency fund remains simple, accessible, and ready anytime it is needed, while the other savings can be for other purposes.

I read your entire discussion..I am confused at one point in your discussion. You are suggesting to keep emergency funds in the bank. Do you think it is right that emergency funds should be kept in the bank? I don't think so...

We know that the main function of emergency funds is that we can use them immediately during the crisis moment. The function of emergency funds is not to make a profit, that we keep emergency funds in the bank and make a profit on the interest part. Rather, emergency funds mean ensuring liquidity. Because in times of emergency we will never have time to think about price appreciation, dollar stability or Bitcoin growth. What we will need then is the power to spend quickly.

You're just twisting and saying something entirely different from what Xackie said. There's no where that he said in his post to put your emergency funds into a fixed deposit for interest. He only said that you should keep your emergency funds in the back which I don't see anything wrong about that because that gives you free access for easy liquidation should incase, a real life emergency plays out because you can access your funds in the bank for your Android phone.

I didn't mean to suggest that Xackie suggested keeping emergency funds in the bank for interest.Rather, I meant that some people think of keeping emergency funds in the bank for interest. Xackie said that it is better to keep emergency funds in the bank. But I personally don't think his statement is entirely correct.Because just having emergency funds in the bank does not guarantee that you will have them in your hand in an emergency. Sometimes the banking system may be closed, the app may not work.Many banks have transaction limits. Again, there may be bank holidays. So I meant not for the interest but for how quickly and easily the money can be used. It is actually better to arrange the emergency fund in such a way that there is some cash or easily usable local currency for immediate needs.

You already know that technology has changed alot now the stress in taking money from bank now is not as before people no longer make good use of the money now when withdrawing money or even their ATM machine there is point of sales (POS) all the country now we're you can easily cash out your money without much delay from your phone also you can also do transfer without visiting the bank, so keeping your emergency fund in your back account doesn't mean you will go to the bank to withdraw it getting money now is very easy so there is nothing bad keeping your emergency fund in the bank as long as you easily get access to it.

You are right. Now the banking system has become much easier than before. With mobile banking, bank apps, cards, ATMs, and instant money transfer facilities, money in banks is not as inaccessible as before in many places. So I think if someone keeps their emergency fund in the bank and can use it in times of real need, then it cannot be directly called wrong. But there is another thing to think about here, the question of whether money can be kept in the bank is not the real issue. As far as I have read, the main function of emergency funds is to help in times when everything may not work normally. You are right that technology has improved. But app shutdowns, network problems, bank transaction limits, card problems, ATM running out of money, these are common issues with advanced technology.Therefore,it is not completely safe to rely completely on the bank for emergency funds. Therefore, it is also important to consider how to be more secure.

[Futurexxx]

You are right. Now the banking system has become much easier than before. With mobile banking, bank apps, cards, ATMs, and instant money transfer facilities, money in banks is not as inaccessible as before in many places. So I think if someone keeps their emergency fund in the bank and can use it in times of real need, then it cannot be directly called wrong. But there is another thing to think about here, the question of whether money can be kept in the bank is not the real issue. As far as I have read, the main function of emergency funds is to help in times when everything may not work normally. You are right that technology has improved. But app shutdowns, network problems, bank transaction limits, card problems, ATM running out of money, these are common issues with advanced technology.Therefore,it is not completely safe to rely completely on the bank for emergency funds. Therefore, it is also important to consider how to be more secure.

Nobody is saying that it's wrong or not good to save some percentage of your emergency and reserve funds in your bank, what is not good is relying only on banks to preserve your emergency and reserve funds, because even though technology has improved greatly in recent times, bad network can ruined everything, and once network is bad, you will be shut out until the network has improved, which might take hours, days or weeks in most cases scenario.
So it's very important to keep some percentage of your emergency funds in cash for easy access just in case of any emergency situation that may threatens your Bitcoin investment.

[The Founding Titan]

Try and understand what am saying, I didn't say you can make profit from your emergency funds if kept in bank. If not in the  bank where are you supposed to keep your emergency funds before? You are Nigerian, you should know some kind of things fit sup anytime, do you think time will wait for you to withdraw and exchange your emergency in usdt to Naira. Where you can just transfer money from local bank quickly e.g Opay. It's your choice though, if you want to save your emergency funds in dollars fine. That's why I made emphasis that you can have other types of savings, in which can store it in USD or foreign currency  to serve other purpose.

I think it’s better not to put all your eggs in one basket. Do not depend on one single point of failure for your emergency money and what I mean is that, If you keep your emergency money in only one place, for example, you put it in only your bank app or only one ATM card, then that one system becomes your single dependency and if that system happens to fails when you need your emergency fund then you’ll be stuck and emergencies won’t wait for systems to be perfect cos it needs to be sorted urgently.
The key takeaway here is avoid relying on just one access route to your emergency money, spread them out like butter on bread 😎.

Multiple bank accounts then? It's already something that's more or less natural wnd with how our banking system works yoy csnt really trust just one, one of my bank experienced a system update between yesterday and the day before and I could not access any of what was in it, if that was my emergency fund and I needed it during that time then I wouldnt have been able to do anything about it, multiple accounts with your emergency might eliminate that problem,  some people might prefer to keep some of it in cash at hand for even easier access but that also carries the risk of spending on other things.
Best to just stick to what works for you

[Tonimez]

‎I understand your point about splitting emergency funds. For me , I don't really like that idea. It is better to keep your emergency funds in our local bank for quicker and easier access. Imagine something unexpected happens and need urgent attentions e.g maybe in a die minute scenario  and the money in your bank isn't enough to cover it , that you will now have to start looking for ways to exchange your Usd to local currency and that can waste lots of time like I said if it's in a die minute situation (rapid response case).
‎
If you feel like saving money in USD , emergency savings isn't the only type of savings one should have. While keeping your emergency funds in your bank you can create another separate type of savings in dollars as a backup or for value protection or for future plans (since dollar rate is higher and more stable than Naira you can save to buy car, phone, buying house etc). These kinds of savings are different from emergency savings. That way, the emergency fund remains simple, accessible, and ready anytime it is needed, while the other savings can be for other purposes.

I read your entire discussion..I am confused at one point in your discussion. You are suggesting to keep emergency funds in the bank. Do you think it is right that emergency funds should be kept in the bank? I don't think so...

We know that the main function of emergency funds is that we can use them immediately during the crisis moment. The function of emergency funds is not to make a profit, that we keep emergency funds in the bank and make a profit on the interest part. Rather, emergency funds mean ensuring liquidity. Because in times of emergency we will never have time to think about price appreciation, dollar stability or Bitcoin growth. What we will need then is the power to spend quickly.

i dont think there is anything wrong if one keeps his emergency funds in the bank and dont think that its there for profit making, its just there in your savings account which is why you are saving it there by opening a simple bank savings account and not really a fixed deposit account because you can need the money at any time as emergency can happen at any moment so you can just go to your bank savings account, you must not even go to the bank before you make the witdrawal as you can be able to asses your account directly with your mobile phone app. the truth is that whichever way you chose to keep or save your emergency funds it should be where you can access it and make use of it at anytime you need it.

The truth is that in the modern age now where cashless policies are taking over the economy, it is better to leave your money in a very accessible manner of which leaving your money in a conventional bank savings account because with mobile apps and improved networks providers now you can easily access your money and make payments in the event of emergencies. For safety reasons, it is not bad saving your emergency funds in the bank too.

What is not right is saving your emergency funds as bitcoin because you may loose the value at the time of emergency situation and you can't wait for the price to rise when you have an impending emergency situation at hand to tackle. This is an alternative to cash savings because you can also be attacked and cash stolen or you can meet fire outbreak that will burn up the emergency funds leaving you penniless even when you have planned for emergency periods.