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

[LastKiss]

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?

I had to sell my Bitcoin when an emergency came up. During a previous emergency, I realized that my emergency funds were not enough to cover the situation. Because of that experience, when another urgent need arose, I had no choice but to sell my Bitcoin to make up for the missing amount. It was honestly quite sad for me to sell it, especially since I had been holding my Bitcoin as a long-term investment.

I believed in its future value and planned to keep it for many years. However, due to my poor financial planning and lack of proper emergency savings, I was forced to let it go earlier than I wanted to. This experience taught me an important lesson about financial management: no matter how strong an investment looks, having a solid emergency fund is essential. Without it, even long-term investments can be disrupted when unexpected situations arise.

[retreat]

We can't know when something like that will happen, so it is definitely important to prepare emergency money and savings beforehand so that when unexpected things happen, we can deal with it without panicking and not selling the Bitcoins we have at the wrong time. Because it is a bit unfortunate to sell the Bitcoin we have for short-term needs, it could cancel out the profits that have been accumulated or it could make us lose money because we sold in the wrong time. However, if we don't have savings and emergency money, it is inevitable that we will need to sell assets such as Bitcoin to meet urgent needs. If we try to borrow from a bank or other person, it will only become a burden later on, it's better to resolve the issue immediately by selling our assets.

[Nothingtodo]

I've been in that situation where I badly needed cash and it is either I convert some crypto or borrow some.
If it is emergency situation where it is only a couple of days away from receiving my salary then I would rather borrow than sell my crypto to avoid transaction fee on selling it, withdrawing, and investing again when I receive my salary.

Your strategy is good and I like it a lot, especially if there is a slight delay in paying the salary, then it is definitely wise to borrow money from friends. Moreover, if you need emergency money so much that it is not possible to borrow from a friend, you should definitely sell some Bitcoins first, convert them to USDT, and spend them on necessities. However, in my case, there are some emergency needs that if I cannot support with my salary, I will definitely be forced to sell my cryptocurrency.

[hero_the_bossman]

If you invest in BTC properly, you wouldn't need to use your BTC coins to have enough to help your people.

Then again, if it was a matter of whether to use the last resort I have to save my family, I would do it without the questions asked.

Health is something we cannot buy back.

[Antona]

I've been in that situation where I badly needed cash and it is either I convert some crypto or borrow some.
If it is emergency situation where it is only a couple of days away from receiving my salary then I would rather borrow than sell my crypto to avoid transaction fee on selling it, withdrawing, and investing again when I receive my salary.

Your strategy is good and I like it a lot, especially if there is a slight delay in paying the salary, then it is definitely wise to borrow money from friends. Moreover, if you need emergency money so much that it is not possible to borrow from a friend, you should definitely sell some Bitcoins first, convert them to USDT, and spend them on necessities. However, in my case, there are some emergency needs that if I cannot support with my salary, I will definitely be forced to sell my cryptocurrency.

Yeah this is the practical side they don't talk about in the hype threads. It's good to have a strategy written down before the emergency hits, knowing exactly which asset you'd sell and how helps avoid stress selling everything at a bad time, treating a portion of your portfolio as a true backup fund is just responsible.