When emergency hits. Will you sell your bitcoin or borrow and keep holding?

[Rubuchi]

Hello everybody, I have one big question to ask that I think many people face which is, we always hear people say here and on other platforms ‘you should never sell your bitcoin’ and HODL it forever but I don’t think it is applicable in real life because god forbid an emergency can come up with you like one’s child can get critically sick and the hospital bills are too high or you lose your main job and does not know what and where next to go for a rescue. At that kind of moment, what would you really do? Are you going to sell some part of your bitcoin to solve the problem or are you going to borrow from the bank or friends and keep your bitcoin because the price will go up later?

[shield132]

Hello everybody, I have one big question to ask that I think many people face which is, we always hear people say here and on other platforms ‘you should never sell your bitcoin’ and HODL it forever but I don’t think it is applicable in real life because god forbid an emergency can come up with you like one’s child can get critically sick and the hospital bills are too high or you lose your main job and does not know what and where next to go for a rescue. At that kind of moment, what would you really do? Are you going to sell some part of your bitcoin to solve the problem or are you going to borrow from the bank or friends and keep your bitcoin because the price will go up later?

If you lose your main job, you can always do side jobs like work as an Uber/taxi driver, work in food delivery, parcel delivery or in the worst case, work on construction. There is always a job to do and if you are not lazy, you'll always be able to feed yourself and won't spend your savings. I've noticed that many people want to only work good jobs and are willing to wait for months and years for such job while the time they waste gives them zero income. Btw some people can manage to not work for years but that has never been an option for me, so I have an allergy when someone says that there aren't jobs.
Btw when an emergency hits, it's best to avoid selling Bitcoins, especially if it hasn't brought any profit to you and you are in a loss. In the best scenario, use your fiat savings and if you can take a loan and pay it back, then take a loan. If there is nothing else that you can do and you desperately need money, then you have no other option but to sell your Bitcoins. Consider that Bitcoin is an investment for you to later bring you some profit, it's not something to forcefully hold.

[Jawhead999]

I'm a person who don't like to ask for help from someone else, so I will not borrow money from family or friends, high likely I will sell my coins if my emergency funds aren't enough.

Btw when an emergency hits, it's best to avoid selling Bitcoins, especially if it hasn't brought any profit to you and you are in a loss. In the best scenario, use your fiat savings and if you can take a loan and pay it back, then take a loan. If there is nothing else that you can do and you desperately need money, then you have no other option but to sell your Bitcoins. Consider that Bitcoin is an investment for you to later bring you some profit, it's not something to forcefully hold.

Taking a loan from family or friends require you to give them some stuffs or willing to lend them back, if you didn't want to lend them, don't be surprised if your friends will not be nice to you again because they feel you only want to take advantage over them.

If you take a loan from banks or entities, you will have to pay the principal + interest. There's no guarantee if your Bitcoin investment will go up during the deadline you have to pay off your debt. Good luck to find an entities who willing to wait for 4 years if you really want your investment at profit.

[jcojci]

If I am in an urgent situation and really need money, I will sell my Bitcoin. I've had that experience in an urgent situation before so I don't have a choice but to sell my Bitcoin. I don't want to borrow money because that can give me trouble where I may difficult to repay the money.

We can search for a way to have Bitcoin but life is just once. I don't want risks that by borrowing from the bank or friends and keeping my Bitcoin. This is why we must have a job so we can earn money without disrupting our Bitcoin investment.

[hugeblack]

The idea of ​​not selling all of your Bitcoin is unrealistic in itself, as it is an investment. In that case, it is better to keep 50% until the price of Bitcoin stabilizes for a long period (3 or 5 years, something that may happen after we reach 10 trillion as a market capacity). As for the present time, it is possible to sell 10% or 20% and buy again to collect more Bitcoin.

[batang_bitcoin]

What's the purpose why we're investing and to be prepared when these unforeseen events have come. That's why the money that we can get from our investments like in bitcoin are for these usages. Even if we want to hold for so long but, if in times of important moments our problems will be solved by that sale, then I will sell some of it. I am not a borrower and I don't think that it's an easy thing to do, so we have our choices and what is convenient in those hard situations, we should choose what's best for us. So that's my choice, I'll sell but not everything.

[KiaKia]

Hello everybody, I have one big question to ask that I think many people face which is, we always hear people say here and on other platforms ‘you should never sell your bitcoin’ and HODL it forever but I don’t think it is applicable in real life because god forbid an emergency can come up with you like one’s child can get critically sick and the hospital bills are too high or you lose your main job and does not know what and where next to go for a rescue. At that kind of moment, what would you really do? Are you going to sell some part of your bitcoin to solve the problem or are you going to borrow from the bank or friends and keep your bitcoin because the price will go up later?

You can't keep eating daily food and not expecting to go for toilet emergency, that's why toilets are created as part of a house, its time will always come.

I want you to always prepare for such emergency in your life as well, always have some money aside for unexpected turn of event, it is not a good strategy to have money in investment and bills only.

If worst comes to worst and the money kept for emergency purposes isn't enough then it is time to touch your Bitcoin, there is no such thing as holding for life in my own dictionary, because we won't live forever.

[SamReomo]

At that kind of moment, what would you really do? Are you going to sell some part of your bitcoin to solve the problem or are you going to borrow from the bank or friends and keep your bitcoin because the price will go up later?

If such emergency takes place then surely I'll consider selling my Bitcoin as I have no other choice, but if I can manage such emergency which I always do because I always keep extra cash for such emergencies in my separate account, but still if emergency situation gets intense then I'll most probably sell some of my Bitcoin at that time.

[ABCbits]

IMO selling makes more sense. Borrowing from bank or other financial company usually involve interest rate, while your friend or family less likely to help if they know you have Bitcoin or other kind of investment.

And if you have time to think about possible bad scenario, you probably should start preparing for emergency funds that can be used as soon as emergency hit.

[fuguebtc]

If I am in an urgent situation and really need money, I will sell my Bitcoin. I've had that experience in an urgent situation before so I don't have a choice but to sell my Bitcoin. I don't want to borrow money because that can give me trouble where I may difficult to repay the money.

We can search for a way to have Bitcoin but life is just once. I don't want risks that by borrowing from the bank or friends and keeping my Bitcoin. This is why we must have a job so we can earn money without disrupting our Bitcoin investment.

Likewise, I have also been in an emergency situation and my emergency fund was not enough. I also decided to sell my bitcoins instead of taking out a bank loan.

At that time, it was really a difficult decision, but yes, life is only once and there are many things in this world that are much more important than bitcoin and we need to prioritize. After all, bitcoin is just money, so as long as we are alive and healthy, accumulating it is not impossible. So if necessary and there is no other solution, I don't mind selling my bitcoins because that is the purpose of money and the purpose of investing.

[Apocollapse]

Let others being themselves and you being you!

If you think it's better to sell your car and other assets, then do it.
If you think it's better to take a loan, then do it.
If you think it's better to sell your Bitcoin, then do it.
If you think money is the most important compared to anything including someone else life and you want to do nothing, then do it. There are few people that I know they see money is like a God.

So, do what you want.

[Juicyhome]

Likewise, I have also been in an emergency situation and my emergency fund was not enough. I also decided to sell my bitcoins instead of taking out a bank loan.

At that time, it was really a difficult decision, but yes, life is only once and there are many things in this world that are much more important than bitcoin and we need to prioritize. After all, bitcoin is just money, so as long as we are alive and healthy, accumulating it is not impossible. So if necessary and there is no other solution, I don't mind selling my bitcoins because that is the purpose of money and the purpose of investing.

I agree with you mate, truly the essence of investment is for future occurrence, which emergency is one of them, Bitcoin investment is not a do or die affairs, when you face life threatened situation and you have Bitcoin, don't not borrow to sort it out when you have savings in Bitcoin, it doesn't make sense. Bitcoin is still at an early stage we can still sell and buy at any rate, learn to do without loan, when you have Bitcoin. Have also sold out my Bitcoin for emergency issues and I didn't regret it. As of today have bought more Bitcoin and if any emergency occurs again I'll still sell it instead to borrow and be in debt.

[rat03gopoh]

So what's the point of bitcoin if it can't help you even in a financial emergency?
Let's say the first piece of advice for beginners is: "hold your bitcoins even if you're dying; instead, take out a bank loan". If this becomes universal advice, which one is truly beneficial in life? Banks or bitcoin?

[hd49728]

we always hear people say here and on other platforms ‘you should never sell your bitcoin’ and HODL it forever

Not always and people can sell their bitcoins anytime but it's better to sell your bitcoins with profit than with loss. You only can do this if you are well-prepared with your finance and investment capital as well as other things like reserved money for your emergency fund.

but I don’t think it is applicable in real life because god forbid an emergency can come up with you like one’s child can get critically sick and the hospital bills are too high or you lose your main job and does not know what and where next to go for a rescue.

People must always have their emergency funds before doing anything else like investment. The money used for investment must be spare money that does not need to use even in emergency, at least if the accident is not too severe to a level requires you to use all money in emergency fund but still need more money.

At that kind of moment, what would you really do?

If you began bad with your invesment, did not have your emergency fund, you can not do anything else rather than selling your bitcoin for more important things at accidental time for your loved ones. You can accept loss to save your loved ones and in the future with better capital and risk management, you will get profit with your investment. If you lose your loved ones, future profit does not mean anything and can not bring your loved ones back.

[LFC_Bitcoin]

I’m lucky enough to be financially comfortable which is actually mostly thanks to Bitcoin. I am in a position where I only sell Bitcoin in a bull run and on my terms. So no, I don’t sell Bitcoin in an emergency because I don’t need to. I have fiat reserves in that scenario.

[Die_empty]

Hello everybody, I have one big question to ask that I think many people face which is, we always hear people say here and on other platforms ‘you should never sell your bitcoin’ and HODL it forever but I don’t think it is applicable in real life because god forbid an emergency can come up with you like one’s child can get critically sick and the hospital bills are too high or you lose your main job and does not know what and where next to go for a rescue. At that kind of moment, what would you really do? Are you going to sell some part of your bitcoin to solve the problem or are you going to borrow from the bank or friends and keep your bitcoin because the price will go up later?

If the market is down, selling Bitcoin might lead to losses. An interest-free loan would be my first option if it is available. A low-interest loan might also be considered if possible. Life is more important than money; if selling Bitcoin is the last option, so be it. There will always be time to accumulate more. Situations like this might come up, that's why it is essential to have sufficient emergency funds in fiat.

If you lose your main job, you can always do side jobs like work as an Uber/taxi driver, work in food delivery, parcel delivery or in the worst case, work on construction. There is always a job to do and if you are not lazy, you'll always be able to feed yourself and won't spend your savings. I've noticed that many people want to only work good jobs and are willing to wait for months and years for such job while the time they waste gives them zero income. Btw some people can manage to not work for years but that has never been an option for me, so I have an allergy when someone says that there aren't jobs.

In some countries, these jobs you mentioned might not always be available. Some people might not be able to engage in some jobs due to health or other problems. However, it is unwise to keep selecting jobs when you have fewer options and need money to sustain yourself and family. Take any available job and keep anticipating a better one.  

[aoluain]

IMO selling makes more sense. Borrowing from bank or other financial company usually involve interest rate, while your friend or family less likely to help if they know you have Bitcoin or other kind of investment.

It does make sense but its also worth weighing up the options. Its possible that
taking a loan might be more advantageous. I'm thinking that the Bitcoin you HODL
will appreciate faster while you are paying back a loan which is getting smaller as
time passes, it also depends on the size of the emergency  so yea options need
to be considered.

And if you have time to think about possible bad scenario, you probably should start preparing for emergency funds that can be used as soon as emergency hit.

Prudent piece of advice for sure, something which a lot of people dont actually consider.

[Marvelockg]

Hello everybody, I have one big question to ask that I think many people face which is, we always hear people say here and on other platforms ‘you should never sell your bitcoin’ and HODL it forever but I don’t think it is applicable in real life because god forbid an emergency can come up with you like one’s child can get critically sick and the hospital bills are too high or you lose your main job and does not know what and where next to go for a rescue. At that kind of moment, what would you really do? Are you going to sell some part of your bitcoin to solve the problem or are you going to borrow from the bank or friends and keep your bitcoin because the price will go up later?

What's the use of having an asset you will never make use of? That is the first error in what you're trying to say. No Investor buys bitcoin with the idea that he's never going to see it at all. Investors buys bitcoin for several reasons and part of it is to sell it when there's a need to.

As for what happens when there's an emergency, you must have hard of the term Emergency fund. it's a special money that's kept aside for an emergency period so that instead of selling your bitcoin as a means of sorting yourself out in such a time, through your emergency fund, it becomes possible to sort out your needs without touching your emergency funds. If your emergency fund isn't enough to meet up your needs, you have to sell your bitcoin to meet those needs even if it means that you have to sell the bitcoin at loss. Lossing part of your bitcoin is not as precious as losing your life so bitcoin can be an alternative foregone for the sake of your life or that of a love one.

[PrivacyG]

I am sorry to say but this is a really stupid question.

If my kid got critically sick and I had no money to help them, I would need to have very serious brain problems to not help my kid while cheering HODL HODL.  Emergencies almost always catch even the most prepared unprepared.  If your family got in a serious car accident and four of them had very serious injuries you would rather hold on to your Bitcoin and see them die than give up some financial power of yours to be able to see and speak to them again?

This 'HODL HODL' thing works under the ideal circumstance that you will not NEED to sell Bitcoin to move ahead.  If you have to sell then you should sell and any Bitcoin holder should and would understand.

[Graph001]

Hello everybody, I have one big question to ask that I think many people face which is, we always hear people say here and on other platforms ‘you should never sell your bitcoin’ and HODL it forever but I don’t think it is applicable in real life because god forbid an emergency can come up with you like one’s child can get critically sick and the hospital bills are too high or you lose your main job and does not know what and where next to go for a rescue. At that kind of moment, what would you really do? Are you going to sell some part of your bitcoin to solve the problem or are you going to borrow from the bank or friends and keep your bitcoin because the price will go up later?

Your question is very realistic and many people have to face such situations. Yes, it is true that Bitcoin is a valuable asset in our lives but that does not mean that it will become more important than you and your own family. Hold forever is a phrase that people may use only online but in real life it is not that simple. Real life is really different from this any kind of emergency may arise you may lose your job some major medical expenses may be required you may have to pay various kinds of bills. In such cases you cannot tell them that I am holding Bitcoin now I cannot sell it now you wait.

If a really serious situation happens then you should sell some amount of Bitcoin. Because you originally invested in Bitcoin for your future. If life hits you hard then using your savings is not a failure but a wise thing to do. You can continue to buy Bitcoin later if you want.

 One thing you should keep in mind is that if the situation is not that serious, you can look for alternative solutions such as taking a temporary loan from a friend, taking a side job to cover expenses, reducing expenses for a while. If the situation is not that serious, such solutions will help you avoid selling Bitcoin unexpectedly.

You hired Bitcoin and set it up to give you long-term strength. If you want your family and investments to not be affected in any way, then try to get yourself to a more stable level and try to increase your income as much as possible. Create an emergency fund. First ensure your stability and then ensure your investments. The main thing here is that your life or your family is more valuable than a perfect holding strategy.