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

[shield132]

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.

Even these Uber/Taxi jobs are good jobs. It’s just how it’s being associated and the hazards involved in the job, where you have to carry a random stranger in your vehicle and you can’t tell what security risk they might pose to you.

Other than that, the Uber job provides a decent income for just the right folks who can put themselves through to do the job and give excellent rides. I know people who do this job and are doing okay, taking up other investments from it.

Uber/Taxi driver jobs are the best jobs for unskilled workers because they pay very well. In my country, food delivery companies and taxi drivers earn more than many highly educated people, including doctors. Usually, people who leave my country and move abroad for work in Europe, work in Taxi as a driver or in the USA, Uber and Doordash is very popular choice for them. Some of them who live in the USA for years even rent Doordash and other accounts to those who are new migrants in the USA.

Those who migrate to Ireland, usually work in construction. My friend earns a net 100 euros per day. I've heard from some of my Irish online friends that that's a very good salary for an unskilled worker in Ireland. By working these jobs, people save not only themselves but their family members at home, too (I mean immigrants).

[Taskford]

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.

Even these Uber/Taxi jobs are good jobs. It’s just how it’s being associated and the hazards involved in the job, where you have to carry a random stranger in your vehicle and you can’t tell what security risk they might pose to you.

Other than that, the Uber job provides a decent income for just the right folks who can put themselves through to do the job and give excellent rides. I know people who do this job and are doing okay, taking up other investments from it.

Uber/Taxi driver jobs are the best jobs for unskilled workers because they pay very well. In my country, food delivery companies and taxi drivers earn more than many highly educated people, including doctors. Usually, people who leave my country and move abroad for work in Europe, work in Taxi as a driver or in the USA, Uber and Doordash is very popular choice for them. Some of them who live in the USA for years even rent Doordash and other accounts to those who are new migrants in the USA.

Those who migrate to Ireland, usually work in construction. My friend earns a net 100 euros per day. I've heard from some of my Irish online friends that that's a very good salary for an unskilled worker in Ireland. By working these jobs, people save not only themselves but their family members at home, too (I mean immigrants).

I don't think being Uber/Taxi drivers is unskilled job. Because driving itself require lots of skills and you need proper training so that you can get certification then get a job from those companies. We have this social discrimination happening and they think that those people working on office is so decent that those people working under those category you have mentioned.

But if we can see in reality that those Uber/Taxi drivers earns more than those people working in office. They just look good because they wear decent uniforms, but in reality majority of them live on pay check to pay check basis and sometimes struggle to meet their daily needs.

[Wolf of One Street]

Let's bear in mind that emergency is something that comes unexpectedly and most time can be very life threatening.
so it may be a matter of life and death and if so anything can happen.
if in the emergency situation you are able to see money to borrow and you are sure of paying back without any problem, then you go ahead and keep holding your bitcoin but if not, I will advice you sell and save your life first, and that's if the emergency is life threatening.
remember that health is wealth and it's the living that invests and holds.

[Fakhrulenclix]

Let's bear in mind that emergency is something that comes unexpectedly and most time can be very life threatening.
so it may be a matter of life and death and if so anything can happen.
if in the emergency situation you are able to see money to borrow and you are sure of paying back without any problem, then you go ahead and keep holding your bitcoin but if not, I will advice you sell and save your life first, and that's if the emergency is life threatening.
remember that health is wealth and it's the living that invests and holds.

Of course, everyone will do that, but it is the last option and it is recommended that before starting to invest, we must have an emergency fund so that the investment that has been planned for the future is not disturbed, that is the function of an emergency fund and it is always emphasized that we have it before starting to invest.

[knowngunman]

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 foreverbut 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 think you're misunderstanding the point here. No one will tell you never to sell your coin or you should hold your coins forever. Your portfolio is not meant for decoration, you'll definitely sell all or part of it some days to enjoy the fruit of your investment. This is why it's important to read things with understanding. HODL means you should hold your coins for as long as possible to generate as much profit as possible. It doesn't forbid you from selling as long as you're satisfied with your profit. What doesn't make sense is selling your coins at low price when you can hold a little longer for profit.

As regarding your question, the purpose of every investment is to rescue you in terms of hardship. Although your emergency funds should normally be used to take care of situations like this but if the emergency funds can not suffice then there's nothing selling some part of your coins to sort it out. Loan is a burden especially if it has interest, it should always be your last option.

[Localhostspeed]

Let's bear in mind that emergency is something that comes unexpectedly and most time can be very life threatening.
so it may be a matter of life and death and if so anything can happen.
if in the emergency situation you are able to see money to borrow and you are sure of paying back without any problem, then you go ahead and keep holding your bitcoin but if not, I will advice you sell and save your life first, and that's if the emergency is life threatening.
remember that health is wealth and it's the living that invests and holds.

Some people are saying the things they are saying now because they are have not experienced what's called emergency before. I have once sold my laptop and phone for price below the amount that I bought them to save a friend that had an accident in school during school rag day, it was a trailer that push their truck to the bush, we have to do what's necessary before we could even tell the parents as the mother is having high BP, we couldn't tell her immediately.

Things happened not because we want them to happen or not because we are not ready for it, they come unaware and sometimes you can be unprepared. You can save emergency funds for 4 years and it's possible you may not encounter any challenge of any such but as soon as you use that money for another things, you may encounter an emergency condition the second week after using the money, life can be uncertain and unpredictable.

[Koadharber]

Let's bear in mind that emergency is something that comes unexpectedly and most time can be very life threatening.
so it may be a matter of life and death and if so anything can happen.
if in the emergency situation you are able to see money to borrow and you are sure of paying back without any problem, then you go ahead and keep holding your bitcoin but if not, I will advice you sell and save your life first, and that's if the emergency is life threatening.
remember that health is wealth and it's the living that invests and holds.

Some people are saying the things they are saying now because they are have not experienced what's called emergency before. I have once sold my laptop and phone for price below the amount that I bought them to save a friend that had an accident in school during school rag day, it was a trailer that push their truck to the bush, we have to do what's necessary before we could even tell the parents as the mother is having high BP, we couldn't tell her immediately.

Things happened not because we want them to happen or not because we are not ready for it, they come unaware and sometimes you can be unprepared. You can save emergency funds for 4 years and it's possible you may not encounter any challenge of any such but as soon as you use that money for another things, you may encounter an emergency condition the second week after using the money, life can be uncertain and unpredictable.

Emergency is one of those things that shows up without warning and sometimes it becomes a matter of life and death. in moments like that the rules about holding Bitcoin or sticking to long term plans fall aside because survival comes first. if you can borrow money quickly and you are sure you can repay it without creating more trouble then you can keep holding your Bitcoin. but if borrowing is not possible and the situation is serious then selling becomes the right choice. health is wealth and only the living continue investing.

Many people speak confidently about never selling their Bitcoin until they face a real emergency. your story about selling your laptop and phone shows exactly how unpredictable life can be. when your friend had that accident you did not think twice about the loss because the priority was saving a life. you even had to hide the news from the parents because of the mother’s high BP. in situations like that nobody thinks about price charts or investment plans. Life does not wait for us to prepare. you can store emergency funds for years and nothing will happen and the moment you use that money for something else an emergency might appear the following week. this is why people should not judge others for selling assets in a crisis. emergencies follow no schedule. they arrive suddenly and force decisions you never planned to make.

[bhadz]

DCA + having savings and back funds is the better thing to do. What I see with other bitcoin investors is that's the only savings that they have. It's not that bad at all but as the question hits really bad when some emergencies happen and they don't have any source of funds where to get the budget for that matter. It's always been the bitcoin that they held for so many years will be spent for that. That's not a bad purpose and way of spending it but getting into accumulation again will be another problem for that person if he's got no other source to do the DCA again.

The Bitcoin that people own is neither supposed to be an investment, nor a savings, nor an emergency fund. This is just a sign of financial incompetence. Bitcoin is supposed to provide a way out of the traditional slavery financial system. As such you can not use it for events, it should always be kept as the last resort. Without it, the average person has nothing. This problem is not a Bitcoin one though. If you look at the data most people have no emergency fund at all or one that is very tiny. The problem is not the earnings either, it is the spending side and the financial knowledge and discipline. If you live life wrong you can live paycheck to paycheck even if you earn $100k per month or more.  So the issue is rarely the income, and even if the income is a problem often people are not doing anything significant to improve it.

Bitcoin is mostly used by the majority as an investment, and that's the usual thing that we see from everybody. Many are misled for thinking that bitcoin is going to put them out of poverty when they are only investing tiny amount of it and even compared to the price increases, it won't be enough for them to get out of the rat race. That's why there is an equal amount which should be defined to be getting them out of the slavery that this society has got. It all starts from being financially educated and if you're saying that financial discipline isn't the problem, even the high earners if they don't have financial discipline, they could go broke without even investing.

[Dogedegen]

I don't think being Uber/Taxi drivers is unskilled job. Because driving itself require lots of skills and you need proper training so that you can get certification then get a job from those companies. We have this social discrimination happening and they think that those people working on office is so decent that those people working under those category you have mentioned.

Basic driving is not considered a skilled job. Something is not valuable if almost everyone on the world can do it, you know that? What else is that in most countries in the world you don't need to get any certificate to drive an Uber, so I don't understand what you are talking about. In some countries you need some training to be a Taxi driver and in some others for Uber too, but it is rare.

But if we can see in reality that those Uber/Taxi drivers earns more than those people working in office. They just look good because they wear decent uniforms, but in reality majority of them live on pay check to pay check basis and sometimes struggle to meet their daily needs.

I don't know where they earn good, I think there was a period with Uber in the early days where you could make a lot of money. But these days I don't think it is longer true. As I said uber takes too much, and then there are the car expenses and income taxes. You simply lose too much when you drive around under those terms to have a lot of income. Even if you could drive 16 hours each day 7 days per week it would not be a good result, and that would be dangerous too.

The Bitcoin that people own is neither supposed to be an investment, nor a savings, nor an emergency fund. This is just a sign of financial incompetence. Bitcoin is supposed to provide a way out of the traditional slavery financial system. As such you can not use it for events, it should always be kept as the last resort. Without it, the average person has nothing. This problem is not a Bitcoin one though. If you look at the data most people have no emergency fund at all or one that is very tiny. The problem is not the earnings either, it is the spending side and the financial knowledge and discipline. If you live life wrong you can live paycheck to paycheck even if you earn $100k per month or more.  So the issue is rarely the income, and even if the income is a problem often people are not doing anything significant to improve it.

Bitcoin is mostly used by the majority as an investment, and that's the usual thing that we see from everybody. Many are misled for thinking that bitcoin is going to put them out of poverty when they are only investing tiny amount of it and even compared to the price increases, it won't be enough for them to get out of the rat race. That's why there is an equal amount which should be defined to be getting them out of the slavery that this society has got. It all starts from being financially educated and if you're saying that financial discipline isn't the problem, even the high earners if they don't have financial discipline, they could go broke without even investing.

Thanks for understanding my point. People are coming to Bitcoin for the wrong reasons, often because of reading some success stories of insane returns by others. There was a period in time where this was possible. Most people who realized such a return were lucky and few were really forward thinking investors and believed in Bitcoin for a long time. But this period is over and we must return to the root of the Bitcoin wave. It is about providing freedom! What kind of person would rather avoid some fiat debt to sell away his freedom? That seems to me a mistake in almost any situation that I can think of.

Especially if the debt comes with very low interest rate, then it is definitely always better to take on the debt and keep the Bitcoin stashed. The repayment plan of the debt is certain, you know how much you need to pay and in what installments. What is going to happen with Bitcoin is uncertain. By the time you would pay off the debt the price could increase a lot, so you would never be able to buy back what you had unless you spend even more money. The risk reward proposition of Bitcoin is always such that even if you put the freedom argument aside, cheap debt is to be preferred as long as one can pay it off using your job.

[Makus]

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.

well, if you are in a tight situation and you don't have a way out then selling your bitcoin might be the only solution to your problem but it is also important to have emergency funds before you think about investing in bitcoin. if you end up selling your bitcoin due to an emergency which is normal but not the best for the results you need. having an emergency funds saves you from getting into a situation like this, imagine selling your coins during a crisis and at the same time bitcoin keeps increasing, you are going to lose the chance of making profit. work om getting an emergency fund for such situations

[PrivacyG]

People are coming to Bitcoin for the wrong reasons, often because of reading some success stories of insane returns by others. There was a period in time where this was possible. Most people who realized such a return were lucky and few were really forward thinking investors and believed in Bitcoin for a long time. But this period is over

10 years from now people will look at your Reply and think 'Well.  Now it really is over', only for others in 2045 thinking the same about their own timing.  Bitcoin insane returns 'have been over' for more than a decade now and so far at least, who ever thought they are too late have only missed the next waves.  I am not saying the next waves are a guarantee.  But Bitcoin has not stopped from beating the continuity and percentages of returns of pretty much all Stocks and Assets in this World.

[Dogedegen]

People are coming to Bitcoin for the wrong reasons, often because of reading some success stories of insane returns by others. There was a period in time where this was possible. Most people who realized such a return were lucky and few were really forward thinking investors and believed in Bitcoin for a long time. But this period is over

10 years from now people will look at your Reply and think 'Well.  Now it really is over', only for others in 2045 thinking the same about their own timing.  Bitcoin insane returns 'have been over' for more than a decade now and so far at least, who ever thought they are too late have only missed the next waves.  I am not saying the next waves are a guarantee.  But Bitcoin has not stopped from beating the continuity and percentages of returns of pretty much all Stocks and Assets in this World.

I get your point, but you are mistaken here. You may be thinking of very specific points of time or specific comparisons, but you may not have considered exactly what I tried to say here. If we consider a starting price of $1 then the return till today is 90 000x. The actual return is higher and I know that but I am using this for a simpler explanation. There is not going to be a 90 000x return or more from here on out, unless you think Bitcoin will have a price of $8.1 billion per BTC! The returns are going to be good still, but they will never be the success stories that there have been of the past. It is simply not mathematically possible.

Nobody who invests $1000 in Bitcoin today is ever going to get insanely wealthy off of that. They will be better off than leaving the money in fiat or putting it in many other things, that is true but still it was not what I was trying to say. The age of the stories where someone mined or bought a couple of hundred Bitcoin for cheap and forgot about them, later found them and got rich is over.

[Rengga Jati]

I've been in this situation many times: I needed a lot of money, but my cash and bank savings were still insufficient. I still had a complete old house, but what I did at the time was sell as many holding assets as possible, as much as needed. Because it was an emergency, everything had to be done quickly so there wouldn't be any problems later.

Why didn't you decide to borrow first, because it was a shame to lose the holding?
Because I'm sure there will be other problems later when we go into debt.

[bitwalhr]

Of course, everyone will do that, but it is the last option and it is recommended that before starting to invest, we must have an emergency fund so that the investment that has been planned for the future is not disturbed, that is the function of an emergency fund and it is always emphasized that we have it before starting to invest.

Without emergency fund every investment is always nonsense because investment is always on risk and emergency can happen any time anywhere if someone not understanding this and having stuck funds in any investment or other thing he is going to sucks because no one helps always need to manage and also understand to risk management works.

Peoples those real understand consequences and environment of investment and trading always have their strategy because they know if they fail then surely It's going to worst for them so working on all points and having good strategy always works.

[Rustam Meraj]

When real crisis occurs, and money you saved is gone, best decision is to sell only amount of Bitcoin that you need to get out of situation such as paying high hospital bills, as quickly as possible, since Bitcoin is meant to be something that can help you live, and not something that must be treated like god. Getting into huge, high interest debt in order to save your investment is usually worse financial decision than just selling asset itself. Point is that you should see of your Bitcoin as something that has two portions. Big portion that can be stored away and small portion that can be taken out and used as life saving money in case everything goes wrong.

[ruykeri]

Of course, everyone will do that, but it is the last option and it is recommended that before starting to invest, we must have an emergency fund so that the investment that has been planned for the future is not disturbed, that is the function of an emergency fund and it is always emphasized that we have it before starting to invest.

I agree with you because investing in Bitcoin without a backup fund is very dangerous. However, if someone decides to invest for a long time, then first create an emergency fund and then start investing in Bitcoin, it will take a lot of time, so I think that along with investing in Bitcoin, a backup fund should be formed. So the opportunity to invest in Bitcoin for a long time will not be lost.if you start investing in Bitcoin as soon as possible and continue investing for a long time, then the chances of success are high.

[Nahl]

If faced emergency hits rather than borrowing money i think it's more wise to sell our assets and as a parent or the person who have a family i think the family needs is more necessary than everything and if selling all of my current bitcoin can safe my wife or my children life then i will not hesitate to do that because family is number 1 and bitcoin is something we can buy which i mean although if i have already to sell all of my bitcoin but as long as i have a jobs i still have the opportunities to buy more by DCA method overall i wanted to says although bitcoin is the future asset but it is not everything because for emergency hits safe my own family is the most important rather than insist to hold my bitcoin

[bakasabo]

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 is the point of never selling bitcoin and holding it forever? I think everyone set a goal when they will start selling their crypto. Bitcoin isnt piece of art to look at (however we can look and holdings and get inspired).

Topic name says it all, if emergency hits and money will be the solution, I would sell everything to make things solved. I would start with fiat first, leave some cash for solving little issues quickly, and start selling crypto. If it is life and death situation, then time is the most precious resource and everyone would do everything to get more time or to make something quick.

[Dogedegen]

What is the point of never selling bitcoin and holding it forever? I think everyone set a goal when they will start selling their crypto. Bitcoin isnt piece of art to look at (however we can look and holdings and get inspired).

What is the point of never selling your house and holding it forever? There must be a reason to chose an alternative and there must be the possibility. If you can't afford another and better house or if you are not forced to sell for some reason, you won't do it. What do I sell bitcoin for? The inflation fiat? Many investments these days are very risk, they under-perform or are manipulated and rely on inflation to drive value. If I get a stock return of 20% in 3 years but inflation has eaten up 22% of the value of money in that period of time I have not made any profit. Some people try to ignore this so that their numbers look better, but that does not change reality and it remains true.

Bitcoin is primarily about freedom and sovereignty, not gains in fiat. Especially in the absence of better options, you should never sell your Bitcoin. You should do everything possible to avoid having to do that. Even if you have better investment options, you must remember that nothing else will give you freedom and sovereignty. If you sell everything, you are returning to the old system and you will stay trapped there until you die.

[hero_the_bossman]

Of course, everyone will do that, but it is the last option and it is recommended that before starting to invest, we must have an emergency fund so that the investment that has been planned for the future is not disturbed, that is the function of an emergency fund and it is always emphasized that we have it before starting to invest.

I agree with you because investing in Bitcoin without a backup fund is very dangerous. However, if someone decides to invest for a long time, then first create an emergency fund and then start investing in Bitcoin, it will take a lot of time, so I think that along with investing in Bitcoin, a backup fund should be formed. So the opportunity to invest in Bitcoin for a long time will not be lost.if you start investing in Bitcoin as soon as possible and continue investing for a long time, then the chances of success are high.

Be it BTC or anything else, we should be sure in our abilities to push forward.

Without such a thing, we will be oblivious to something that may happen due to us being out of the question, something we can't control.