Don’t keep your emergency funds in bitcoin.

[Supreme Donvic]

I have learnt the hard way and I don’t want same thing to happen to another person here in this forum.
I was saving my  emergency funds on my bank, however since I have not touched it for a very long time because I had no emergency, I felt that I needed to make the money grow so I decided to invest it in bitcoin since I have not even touched it for a long time after investing it in bitcoin, a month later I had an emergency and at that time there was a dip in bitcoin that reduced my money and I had to borrow money to add to it so I can solve the emergency that came up.
Keep your emergency funds on your bank account don’t keep it on bitcoin.

[Charles-Tim]

The way people save emergency fund can be very different.

It is taken weekly or monthly when salary or wages has been paid. Some people can use it to invest in bitcoin with DCA strategy. This has been effective for me and bitcoin price has been so good.

Some people will make use of another strategy or strategies to invest their emergency fund on bitcoin.

You do not need to advise anyone but you can post about it as one of the cons of using emergency fund in investing in bitcoin. It also has advantages.

[SuperBitMan]

It is very good that you learned the hard way because it is better to learn this way in order to understand it very well. I believe no one can deceive you or encourage you to save your Emergency funds on bitcoin ever again. I really don’t know how a lot of you people reason. How will you be saving your emergency funds that may be needed at any point in time in bitcoin knowing fully well that bitcoin itself is highly volatile in nature now that you learnt this way you will never do it again and it is a good thing that you have opened this thread to also advise other people who have intention of doing this.
Please everyone that has an emergency funds keep it in your bank. It is more better and valuable to you in your bank than in bitcoin.

[Frankolala]

Emergency funds should be kept in fiat currency for easy reach when an emergency hits you. You don't need to invest your emergency funds because it's a backup to your bitcoin investment and you don't know when emergency will occur. Therefore, you need to be ready for emergency at all time even though, you know it may come or not. My emergency funds is in USD since Naira is depreciates over USD.

[sokani]

The idea of having emergency funds in bitcoin does not appeal to me because the need of the fund might arise when the market is bearish. Hence, the fund would reduce in value and may not be able to cover the purpose for which it was intended. Stablecoins or fiat are better, but if I were to choose between the two, I would go for stablecoins.

[Joy_learns_crypto]

I have learnt the hard way and I don’t want same thing to happen to another person here in this forum.
I was saving my  emergency funds on my bank, however since I have not touched it for a very long time because I had no emergency, I felt that I needed to make the money grow so I decided to invest it in bitcoin since I have not even touched it for a long time after investing it in bitcoin, a month later I had an emergency and at that time there was a dip in bitcoin that reduced my money and I had to borrow money to add to it so I can solve the emergency that came up.
Keep your emergency funds on your bank account don’t keep it on bitcoin.

You can save your emergency funds in usdt you don’t need to save your emergency funds in the bank. Usdt is a stable coin.
But if you save your emergency funds in bitcoin you can get the dip or bull when you need the funds for an emergency but for me before the drop can be large a big dip will need to have happened.
I think you should save your emergency funds in stable coins or bitcoin.

[Hatchy]

I have learnt the hard way and I don’t want same thing to happen to another person here in this forum.
I was saving my  emergency funds on my bank, however since I have not touched it for a very long time because I had no emergency, I felt that I needed to make the money grow so I decided to invest it in bitcoin since I have not even touched it for a long time after investing it in bitcoin, a month later I had an emergency and at that time there was a dip in bitcoin that reduced my money and I had to borrow money to add to it so I can solve the emergency that came up.
Keep your emergency funds on your bank account don’t keep it on bitcoin.

Don't invest money you would be needing anytime soon. If you are putting money into bitcoin then you should know that it won't be needed anytime soon. The market conditions changes from time to time and if you somehow need money to spend then it shouldn't celebrate coming from your bitcoin investment. In your case it was obvious you invested all your money into bitcoin without proper planning. So to me your advice is vague. Don't leave money in banks you can keep some stable coins instead as it's a much better means of saving your emergency funds if you have future plans for them.

[Zigabel]

I have learnt the hard way and I don’t want same thing to happen to another person here in this forum.
I was saving my  emergency funds on my bank, however since I have not touched it for a very long time because I had no emergency, I felt that I needed to make the money grow so I decided to invest it in bitcoin since I have not even touched it for a long time after investing it in bitcoin, a month later I had an emergency and at that time there was a dip in bitcoin that reduced my money and I had to borrow money to add to it so I can solve the emergency that came up.
Keep your emergency funds on your bank account don’t keep it on bitcoin.

Rather i will say keep your emergency funds in stable coins like USDT, USDC and the likes, the only reason Bitcoin may not come in as  a good option at this time is because i think Bitcoin is affected by volatility too often than it does with these other two i did mentioned, they got it by volatility only sightly and not as much as it does with Bitcoin. one reason i will suggest you pick these coins as a store over your bank is because of inflation. money in the bank especially our currency can be severely hit by inflation but the one saved in this coin may only be hit slightly if at all it happen because this is more like a universal value yardstick for most currency so if you have your funds saved there, you can be sure that in such a time, you will have your funds safe and still maintaining their values such that in some cases the value would have even appreciated.

[Marykeller]

Investing in Bitcoin no mean sae, you go forget to have an emergency funds save in the bank. The worst thing wey a human being can do, na to forget to save up money for unknown circumstances no matter what they are up to.

This life we dey so, no do the mistake of carrying your whole money put for your running business or investment without saving up some amount to solve personal issues, because whether good or bad, life challenges will be thrown at us to destabilize our financial plans.

Is those who learn to save up at all times for emergency, na people wey life challenges can't disorganize their long term investment plan on Bitcoin. They will ride on with it, because they have something doing, and them no d invest all their money for Bitcoin, to later go broke.

[Asiska02]

Emergency funds are suppose to be the money you should have in a stable currency or even in fiat, if you’ve saved them in a currency that is volatile in nature, you’re at risk of putting yourself into more financial burden if the value of the coin doesn’t appreciate overtime. When investing in bitcoin, it is said for one to only use their discretionary income for that, any other thing asides that can lead to financial constraints if things don’t go as anticipated. The volatile nature of the cryptocurrency market makes it not suitable for emergency funds savings, it is better left as stable coin or allow them to be in fiat that you can easily access when you need them.

[Jubilee58]

Keeping your emergency fund in bitcoin is not a palatable idea, emergency fund is the fund that you can need at any moment and bitcoin as we all know is a volatile asset, of which the price can change within a very short period of time. It can either go up or crash, so if your emergency fund is in bitcoin and it happened you have an emergency when the price has already crashed, you will be highly disappointed, instead the right thing to do is to leave your money in fiat currency or preferably in stable coin in other to avoid depreciation or lost of value.

The only fund that is right to leave in Bitcoin, is money meant for investment and will not be needed within a very short period of time.

[Big Dirams]

Keeping our emergency funds or funds that we might need for little wants, needs and necessities isn’t supposed ti be stored in bitcoin rather we keep them in fiat or maybe stable coins so we can go get them anytime we need them for emergencies and we would not have to lose a single cent from it. Storing bitcoin is just investment which we want it to grow either in the coming years or more so it might not to be touched Instead kept to keep growing and increasing that just all investing should be all about and we can not run to our investment at any time to take from it we allow it to grow.

[Coyster]

Bitcoin na liquid asset, so you fit easily buy or sell am, even in a situation of an emergency. The only thing you have to consider na the volatility, just like wetin happen to OP. E fit be say when you wan sell am, the price don dip small and you go either sell at a loss or you have to seek funds elsewhere.

That said, people go still decide on wetin dem go do. If you dey work for real life, then maybe you should just keep some of your fiat for your bank account in case of emergencies, but it is up to you.

[Tetu100]

Keep your emergency funds on your bank account don’t keep it on bitcoin.

Though emergency funds is meant to be kept in fiat incase of emergency reason you wouldn't start running up and down looking for physical cash to fix your problems, but also investing with it is not completely a bad idea  if only you invest with it for a shot term, maybe you will be taking out profit from it when necessary.

Furthermore stressing, Investing in bitcoin with an emergency funds is also very risky due to bitcoin high volatile nature, however real life emergency never show signs before coming then in a situation were you have one on ground then all your emergency funds is already invested in bitcoin, possibly you will want to sell some or maybe all to suit your self out, then what happens next if at the point you are trying to sell bitcoin is currently in a Dip state what will you do?  this is a very crucial situation you must know the best way to handle before deciding on investing with your emergency funds.

[Gost ms]

Bitcoin is very volatile in nature, no one can ever say when the Bitcoin market will fall or when the market will go up. It will never be the right decision to invest the money allocated for emergency fund in Bitcoin. Investing with emergency fund and gambling are the same thing. Because in gambling we can never say when we will win or lose. Investing in Bitcoin with emergency fund is the same. If the market falls during an emergency situation, then if your investment continues to fall, then you may have to sell it at a loss.

Always try to keep emergency fund in your bank account or in cash. Many times, it is seen that the bank account is temporarily closed due to some complications. If you need the money at that time, you will face danger. However, this happens in the case of very few people.

[Grace333]

Bitcoin na liquid asset, so you fit easily buy or sell am, even in a situation of an emergency. The only thing you have to consider na the volatility, just like wetin happen to OP. E fit be say when you wan sell am, the price don dip small and you go either sell at a loss or you have to seek funds elsewhere.

That said, people go still decide on wetin dem go do. If you dey work for real life, then maybe you should just keep some of your fiat for your bank account in case of emergencies, but it is up to you.

True, Bitcoin na liquid asset and you fit sell am anytime, but emergency no dey wait for market mood. If wahala show and price don dip that time, na either you sell at loss or you go start borrowing money, which no suppose be so.

Emergency money suppose dey somewhere calm and stable, money wey you no go dey calculate price before you touch am. Bitcoin good well well for long term and investment, but e no too make sense to mix am with emergency funds because of volatility. Like you talk, if person dey work and dey earn, better make small fiat just dey bank for any sudden issue. Everybody go still do wetin work for am, but me, I no fit sleep well if my emergency money dey inside volatile market

[Oshio-man]

I have learnt the hard way and I don’t want same thing to happen to another person here in this forum.
I was saving my  emergency funds on my bank, however since I have not touched it for a very long time because I had no emergency, I felt that I needed to make the money grow so I decided to invest it in bitcoin since I have not even touched it for a long time after investing it in bitcoin, a month later I had an emergency and at that time there was a dip in bitcoin that reduced my money and I had to borrow money to add to it so I can solve the emergency that came up.

Thanks for sharing this to us op, I think many newbies will learn their lesson on this aspect because is not easy for someone to succeed from that kind of risk, it is emergency funds and anything can happen that will make you to need the funds to settle the financial crisis, but if you invest the emergency funds on bitcoin and the price of bitcoin started decreasing, you will not like what will happen when you sell off your bitcoin to settle the emergency and you will not be happy with what you will achieve from your bitcoin,  I agree with you on this that we should keep our emergency funds in in the bank because it will be easy for us to withdraw the funds from the bank to eliminate the crisis may come our way immediately.

[Pi-network314159]

I have learnt the hard way and I don’t want same thing to happen to another person here in this forum.
I was saving my  emergency funds on my bank, however since I have not touched it for a very long time because I had no emergency, I felt that I needed to make the money grow so I decided to invest it in bitcoin since I have not even touched it for a long time after investing it in bitcoin, a month later I had an emergency and at that time there was a dip in bitcoin that reduced my money and I had to borrow money to add to it so I can solve the emergency that came up.
Keep your emergency funds on your bank account don’t keep it on bitcoin.

actually no one keeps his emergency fund on bitcoin. bitcoin investment is just an investment for the long term, and emergency or reserve is just there in fiat to sort out your need when necessary. keeping all in bitcoin is not right atoll. if you keep the both in bitcoin, it will make you think that emergency is not necessary after all. sometimes you might just be tempted to sell it all for small problem, simply because the price has dropped from its original price when you bought it. i am just imagining the amount of bitcoin you have accumulated that made you to borrow money to add to the amount you have sold out. well to me it is not advisable to invest your emergency fund into bitcoin.