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

[YOSHIE]

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

I once watched an interview where the investor told how to achieve real profits in Bitcoin investment, we really have to maintain our investments under any circumstances, even if it is an emergency, otherwise don't expect anything from Bitcoin.

I am aware that investing in Bitcoin requires patience and determination, if in an emergency we always look at existing investments, of course our goals will never be achieved, in my view investment takes time and is not as easy as turning over the palm of your hand.

[Alphakilo]

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?

A wise investor knows how important to follow a budget that covers both emergencies, miscellaneous and investment funds.
Your investment funds could be put into a DCA plan and you still have and emergency funds to dip your hands into if you come into a situation like you just described.
The bottom line is to have a source of income that covers this kind of budget and you would do fine and may even have to borrow from friends but a little, in times of emergency. Even if you do have to diversify some of your investment funds, it may not be all because you have a budget plan you have been sticking to with discipline.

[Cyber_warrior]

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?

U don’t think anyone will want to hold bitcoin forever, at some points you going to start selling your bitcoin, what’s the use of holding bitcoin until you die? Only if you plan on leaving the bitcoin for your children.

If you are having some health challenges, or emergency case, it’s better to sell your bitcoin to solve your problem if you don’t have alternative. How will you be facing challenges, and you going to be holding bitcoin and you won’t want to sell? If you are in need of money then sell your bitcoin and solve your problem. Just imagine you are in a critical condition, you having bitcoin which you holding, and there is no other means to get money, what are you going to do.

[Potato Chips]

I would agree with other folks as well. It's an emergency, of course, you'd be exhausting your options.

However, while you still can, it is advisable to build multiple protection in case an emergency hits. The idea is to reduce the chances of touching your investment/s. For instance, an emergency + savings funds — this has to be liquid so fiat. In addition, get some insurance particularly medical related, but be careful of dodgy plans as I've seen them at least in my place lol.

[Faisal2202]

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 was just talking on this in my previous post really, and I said I can't control when to spend my emergency funds haha, and your question is very generic. We can never know what is going to happen with us, so what we do is we divide our investment plans in two things basically we can divide in many but let's just say we do two things, we invest in bitcoin and we keep some part as emergency in fiat currency.

For example you get your salary and after managing monthly expenses you invest with the remaining amount in bitcoin for long term, but you don't keep some funds aside as emergency funds that's where you are making the mistake because we must keep emergency funds separate from everything for times like these.

[Maslate]

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.

I would also sell a portion of my bitcoin if emergencies come to arise. For me, that is only the best option that I won't have to deal future issues, rather than to take a loan and pressure yourself how to repay that loan especially if it comes with a high interest. After all, we all invest to gain benefits when profit comes, and now that we can yield even small profits, at least we can use it for our own advantage, even if it means to finance unpredicted emergencies knowing emergencies do happen unplanned.

[RockBell]

A wise investor knows how important to follow a budget that covers both emergencies, miscellaneous and investment funds.
Your investment funds could be put into a DCA plan and you still have and emergency funds to dip your hands into if you come into a situation like you just described.
The bottom line is to have a source of income that covers this kind of budget and you would do fine and may even have to borrow from friends but a little, in times of emergency. Even if you do have to diversify some of your investment funds, it may not be all because you have a budget plan you have been sticking to with discipline.

Additionally, doing DCA demonstrates your investment acumen, and having everything budgeted makes things easier because you will undoubtedly have emergency funds ready. Aside from that, your investment funds won't be accessible because you have already prepared for emergencies, which is the only way anyone can keep their hands off spending their investment money because an emergency will undoubtedly arise and we need a way to deal with it, which is the investment funds.

And you have to be very disciplined when it comes to investing because a lot of challenges will come your way but when you are strategic things are always more flexible, compare to acting without a plan at all, just to avoid selling your assets so all this is just to help you protect, you from selling because that is one of the challenges that we are always facing as investors.

[Richbased]

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?

Except it is a case of life threatening severe health issues, never sell your bitcoins to attend to an emergency situation. This is why we always talk about having an emergency funds while you are holding so that in case of any emergency need you can use the money for that purpose. In the aspect of borrowing money instead of selling your bitcoins, even if it would have been preferable to just borrow and leave your bitcoin stash but borrowing should not be the be an option because you may not be able to repay as at when due and your interest may be accumulating which might even lead you to still sell part of your bitcoins to cover your loan. Maybe if it is a no interest loan you can consider borrowing, but if it is not, then it's better to just sell part of your bitcoin and settle the emergency need..

[Franctoshi]

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 there's an availability of funds to borrow, and in low interest rate on borrowing the money, whereas there's a chance of Bitcoin increasing within a short period of time, I may consider and if the Bitcoin price will appreciate, but if the interest rate is high it difficult to see funds to borrow, I immediately will sell 50% of my Bitcoin, if that's the amount that it required solve my problem.

[Findingnemo]

Nothing is more important than saving your kids life, so if you have bitcoin, then just sell it as much as you need to pay the bills.

To avoid this get a good insurance plan, which might cost you more money but that is worth the value when you get into a medical emergency and save you from spending your life savings for a single surgery.

And the idea of HODLing is about about not to panic sell whenever you see the red candle, not to keep them holding when you need to pay the bills for life saving.

[Z-tight]

You should have a few things to solve this kind of issue. A job. A fiat bank account with some money in it. If you have neither, then you should not put most of your funds in BTC, you should leave some of it in fiat in order to be able to solve emergency problems. I don't sell my BTC if i need funds for anything. I have a job in real life and i have enough funds in my fiat bank account to solve most problems, so that is it for me.

[Hamza2424]

And the idea of HODLing is about about not to panic sell whenever you see the red candle, not to keep them holding when you need to pay the bills for life saving.

You are right nothing is so precious than a life of a kid and saving them, because we should not take these things more serious than them, if we would, we might end up prioritize bitcoin and money over family and health and respect.

Therefore, we must focus on everything and keep balance. And for health, you gave a good advice on insurance plan but if you ask me, I don't like them much if they have good cases, they have a lot of bad cases as well.

I prefer to save money as emergency funds and use them when needed.

[Achalugo BTC]

Well, it all depends on people as some will like to borrow in order to keep holding Bitcoin while some will sell instead of borrowing, which every reason matters and quite understanding.
But as for me, I would like to sell some of Bitcoin to settle the emergency especially if it's about life and death but if it's not something serious, I will look for other ways to sort it out myself rather than selling my Bitcoin.
That is why it's always advised that before one decide to invest in Bitcoin, they should have other sources of income incase there is any emergency that arises, so that you won't be forced to touch your investment when it's not really the due date and having other sources of income aside from Bitcoin will support one to invest for long- term purposes.

[PrivacyG]

You should have a few things to solve this kind of issue. A job. A fiat bank account with some money in it. If you have neither, then you should not put most of your funds in BTC, you should leave some of it in fiat in order to be able to solve emergency problems. I don't sell my BTC if i need funds for anything. I have a job in real life and i have enough funds in my fiat bank account to solve most problems, so that is it for me.

You can not always be prepared perfectly for any kind of emergency.  It happens often that people need larger amounts of Money particularly when they have the least amount saved.

[Man of peace]

 I will rather sell part of my Bitcoin if I had an emergency and the only option left is either i borrow from bank or from a friend or i sell parts of my Bitcoin,why i choose to sell parts of my Bitcoin is because in life we invest, trade, make savings with plans or reasons,it can be for future value,it can be for a betterment of tomorrow, and it is also be for any emergency and I can't have an asset or anything that i can sell to enable me sort out my problem and I will not sell it just because it have not enough value or have not mature meanwhile I'm in danger, it's not done that way or i begin to think of borrowing from bank or someone just because I didn't want to touch my assets or my available property,as long as if I sold that my assets weather mature or immature provided it will rescue me out of danger i don't  consider the value at that moment that I am in danger rather i think of the impact,the role it will play in my life at that moment ,i don't care about it value after all money is meant to spend anytime anymoment..

Because borrowing money to sort out one's problem is as good as creating more problems to oneself because failure to pay back the money at the agreed date or time is also danger to oneself too because the pressure from whom you borrowed the money will not give you a breathing space..

[Issa56]

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?

It’s depends on the condition which I am, that’s what’s going to determine if I will be selling my bitcoin, or I will be looking for alternative. If I have a means to get the money without selling my bitcoin, then that’s what I will be going for, but if I don’t have any alternative, then I will be selling my bitcoin.

At some points you will be selling your bitcoin, you might not really sell all, but when bitcoin price hits your target, you might be selling some, because if you decide to hold then maybe till you die, you just going to be looking at your bitcoin. If you are in an emergency and you are in need of money, if you decide to go to bank or request for loan from people, if the interest is too high, then just sell some of your bitcoin and make use of the money.

[Viscore]

If there's no left solution but only to sell your coins, then I'll do that. But I won't sell all of them because that's already losing all my hard-earned coins, just small amount and then continue hodling the rest of my coins.

Emergency happens inevitably, not set or planned. So even if you set bitcoin as long term investment, I guess there's no choice but to sell. This is why having emergency fund is crucial, so you won't end up taking a loan, or selling a precious coin like bitcoin.

[Stalker22]

HODL really just means hold on tight until you seriously need the money.  If something bad happens, then thats probably when you need it.  Personally, I wouldt borrow money if I had Bitcoin, unless it was just a really small amount.

If you are facing a serious problem, like a huge medical bills for your kid or suddenly being out of work and you need money to survive, then yeah, sell your Bitcoin.  End of story.

[AmaGold70]

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?

Questions like this are the sole reason why I make sure to be financially stable and also have an emergency fund kept aside just in case of emergency before I considered holding Bitcoin as an investment, Bitcoin is a very valuable asset to me and I can't afford to stop holding because of emergency and I was fully aware of how Bitcoin investment can be very difficult and it tastes your patient too and if you are not careful you find yourself taking the wrong decisions. Bitcoin investment is not the only thing I do and it isn't my source of income yet because I have a job aside but if I'm given the option to choose between selling my Bitcoin for emergency or borrowing money for emergency I would borrow money instead and keep holding my Bitcoin.

[Coin_info]

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?

In my budget, there is provision for emergency funds, but if that money is not enough to handle the emergency, I will not prefer to sell some bitcoins to sort out that emergency instead of looking to borrow from someone. Not everybody like borrowing and even borrowers. Some debt even also attract huge financial interest, so it may not be the best decision too. Borrowing is not a habit to encourage, as a man and even as an adult, you should try to carry your own weight because other people have their own issues.