Hodl (Naija)

[BluebloodCXVI]

Some people will have emergency fund but they will prefer to leave it in naira,

Well they’re not wrong for doing that. That’s the only reasonable thing to do.

but if bitcoin has fallen very well, you can put it in bitcoin.

You seem to be confused @PostQuantumBTC. The whole purpose of emergency funds is for it to be easily available to you when you need it the most. So how can you now suggest that folks put their emergency funds into a volatile asset like bitcoin?. Don’t you know that the value of the money could drop before the emergency even happens and it can affect their investment in a negative way. Your emergency funds is supposed to be liquid and stable before it can be able to properly serve its purpose as an emergency fund.

[PostQuantumBTC]

You seem to be confused @PostQuantumBTC. The whole purpose of emergency funds is for it to be easily available to you when you need it the most. So how can you now suggest that folks put their emergency funds into a volatile asset like bitcoin?

No, I am not confused, but it is you that is confused for not knowing what fiat is. Emergency fund will be readily available if you have it in bitcoin also. Just keep it on your self-hosted wallet and it will be readily available for you if you need it. Bitcoin is not altcoins that will lose almost all its value, it will rise back.

[BluebloodCXVI]

You seem to be confused @PostQuantumBTC. The whole purpose of emergency funds is for it to be easily available to you when you need it the most. So how can you now suggest that folks put their emergency funds into a volatile asset like bitcoin?

No, I am not confused, but it is you that is confused for not knowing what fiat is. Emergency fund will be readily available if you have it in bitcoin also. Just keep it on your self-hosted wallet and it will be readily available for you if you need it. Bitcoin is not altcoins that will lose almost all its value, it will rise back.

I think that you’re either being just borderline ignorant right now or perhaps maybe you’re just delusional if you truly believe that keeping emergency funds in bitcoin is a good idea. We all know that bitcoin is a volatile asset and so the price always moves up and down. So what if you need the emergency funds during the time that the market price is down and you cannot wait for it to go up again before you sort the emergency then you decide to sell it to take care of the said emergency, would the value still be the same as the money you used to buy the bitcoin in the first place ? No it won’t. And it might eventually turn out that the money you saved in bitcoin will no longer be enough again to take care of the emergency because its value has decreased. so is it really worth it?

[PostQuantumBTC]

I think that you’re either being just borderline ignorant right now or perhaps maybe you’re just delusional if you truly believe that keeping emergency funds in bitcoin is a good idea.

You are either being just borderline ignorant right now or perhaps maybe you are just delusional if you truly believe that keeping emergency funds in naira is a good idea than bitcoin. Maybe you will later understand better if you grow better and know better about what bitcoin is.

We all know that bitcoin is a volatile asset and so the price always moves up and down. So what if you need the emergency funds during the time that the market price is down and you cannot wait for it to go up again before you sort the emergency then you decide to sell it to take care of the said emergency, would the value still be the same as the money you used to buy the bitcoin in the first place ? No it won’t. And it might eventually turn out that the money you saved in bitcoin will no longer be enough again to take care of the emergency because its value has decreased. so is it really worth it?

I have said before that you need to have knowledge about bitcoin very well before going into it, not just to be investing in bitcoin blindly. If the market is already bull market, no need to continue the emergency fund in bitcoin. Leave the ones you have in bitcoin alone and accumulate more in fiat. During bear market like this time now, buy more bitcoin. It is that simple than thinking emergency fund is better in fiat than bitcoin which is not true. People that have emergency fund in bitcoin during Buhari time with naira at $450 are now losing much more.

[BluebloodCXVI]

I think that you’re either being just borderline ignorant right now or perhaps maybe you’re just delusional if you truly believe that keeping emergency funds in bitcoin is a good idea.

You are either being just borderline ignorant right now or perhaps maybe you are just delusional if you truly believe that keeping emergency funds in naira is a good idea than bitcoin. Maybe you will later understand better if you grow better and know better about what bitcoin is.

We all know that bitcoin is a volatile asset and so the price always moves up and down. So what if you need the emergency funds during the time that the market price is down and you cannot wait for it to go up again before you sort the emergency then you decide to sell it to take care of the said emergency, would the value still be the same as the money you used to buy the bitcoin in the first place ? No it won’t. And it might eventually turn out that the money you saved in bitcoin will no longer be enough again to take care of the emergency because its value has decreased. so is it really worth it?

I have said before that you need to have knowledge about bitcoin very well before going into it, not just to be investing in bitcoin blindly. If the market is already bull market, no need to continue the emergency fund in bitcoin. Leave the ones you have in bitcoin alone and accumulate more in fiat. During bear market like this time now, buy more bitcoin. It is that simple than thinking emergency fund is better in fiat than bitcoin which is not true. People that have emergency fund in bitcoin during Buhari time with naira at $450 are now losing much more.

Yep!, it is now very clear to me that you are truly outright ignorant and certainly out of touch with reality. So there really isn’t any point in me arguing with you. People like you should be left ignored which is exactly what i am gonna do right now.
By the way, you are free to say or do whatever you like but stop trying to mislead other people with your preposterous opinions and deceiving them to join your bandwagon of foolishness. Adios.

[Versatile_choice]

I think that you’re either being just borderline ignorant right now or perhaps maybe you’re just delusional if you truly believe that keeping emergency funds in bitcoin is a good idea. We all know that bitcoin is a volatile asset and so the price always moves up and down. So what if you need the emergency funds during the time that the market price is down and you cannot wait for it to go up again before you sort the emergency then you decide to sell it to take care of the said emergency, would the value still be the same as the money you used to buy the bitcoin in the first place ? No it won’t. And it might eventually turn out that the money you saved in bitcoin will no longer be enough again to take care of the emergency because its value has decreased. so is it really worth it?

Your statement is very confusing, the only thing I'm able to get from your whole statement is that we need emergency fund during the time that the market price is down and I largely disagree with you on that. Emergency fund should be make available in all time so long as you have started your accumulation journey, the reason why it's advised to have our emergency fund set up is not just because of the dip that may occur but it's due to unexpected expenses that might come up during the process of your accumulation.

[BluebloodCXVI]

I think that you’re either being just borderline ignorant right now or perhaps maybe you’re just delusional if you truly believe that keeping emergency funds in bitcoin is a good idea. We all know that bitcoin is a volatile asset and so the price always moves up and down. So what if you need the emergency funds during the time that the market price is down and you cannot wait for it to go up again before you sort the emergency then you decide to sell it to take care of the said emergency, would the value still be the same as the money you used to buy the bitcoin in the first place ? No it won’t. And it might eventually turn out that the money you saved in bitcoin will no longer be enough again to take care of the emergency because its value has decreased. so is it really worth it?

Your statement is very confusing, the only thing I'm able to get from your whole statement is that we need emergency fund during the time that the market price is down and I largely disagree with you on that. Emergency fund should be make available in all time so long as you have started your accumulation journey, the reason why it's advised to have our emergency fund set up is not just because of the dip that may occur but it's due to unexpected expenses that might come up during the process of your accumulation.

Please read my post well from the beginning so you can understand what i’m saying better. From your response it shows that you may not have fully read my write ups before replying.
The point i am trying to make is that it is never a good idea to keep all your emergency funds in the form of bitcoin because of its volatile nature. And since the value of bitcoin can fluctuate significantly from time to time, a person might end up needing that emergency funds during the period that the market is down and this certainly means that they may not be able to get the full value of that money when the emergency arises.
For example, let’s say you keep your entire $5,000 emergency fund in the form of bitcoin and an emergency now  comes up when the market is down, if bitcoin drops by 30%, then that means your $5,000 emergency funds that is in the form of bitcoin would suddenly become worth only $3,500 at that particular time. And because of the fact that emergencies can’t wait for the market to recover first, you could be forced to sell at a loss just to handle that emergency situation. I hope you get my point now? @Versatile_choice.

[Plutomanian]

You seem to be confused @PostQuantumBTC. The whole purpose of emergency funds is for it to be easily available to you when you need it the most. So how can you now suggest that folks put their emergency funds into a volatile asset like bitcoin?

No, I am not confused, but it is you that is confused for not knowing what fiat is. Emergency fund will be readily available if you have it in bitcoin also. Just keep it on your self-hosted wallet and it will be readily available for you if you need it. Bitcoin is not altcoins that will lose almost all its value, it will rise back.

I think that you’re either being just borderline ignorant right now or perhaps maybe you’re just delusional if you truly believe that keeping emergency funds in bitcoin is a good idea. We all know that bitcoin is a volatile asset and so the price always moves up and down. So what if you need the emergency funds during the time that the market price is down and you cannot wait for it to go up again before you sort the emergency then you decide to sell it to take care of the said emergency, would the value still be the same as the money you used to buy the bitcoin in the first place ? No it won’t. And it might eventually turn out that the money you saved in bitcoin will no longer be enough again to take care of the emergency because its value has decreased. so is it really worth it?

I agree with you @BluebloodCXVI but we do know everyone have their own opinion and @PostQuantumBTC is just sharing his opinion and how he thinks Bitcoin can play a vital role in emergency funds, well that's probably what he does and it also turns out that it's working well for him if not, he wouldn't recommend such to the forum. I think it's high time we should start taking crucial time to looking into these altcoins and Bitcoin. Moreover in my humble suggestion, I would recommend emergency funds to be stored in stable coins like the tether USDT which is very safe and swift when it comes to transactions, in that way, it will save one the stress of waiting or get bother about the volatile price action of Bitcoin which doesn't even stay stable on the other hand.

[Obari]

You seem to be confused @PostQuantumBTC. The whole purpose of emergency funds is for it to be easily available to you when you need it the most. So how can you now suggest that folks put their emergency funds into a volatile asset like bitcoin?

No, I am not confused, but it is you that is confused for not knowing what fiat is. Emergency fund will be readily available if you have it in bitcoin also. Just keep it on your self-hosted wallet and it will be readily available for you if you need it. Bitcoin is not altcoins that will lose almost all its value, it will rise back.

The points you both are trying to point out but I also think emergency funds are best kept in fiat or stable coin like the usdt and this is because you shouldn't go having your emergency funds in bitcoin that's volatile and just as the name implies, it is an emergency funds that's meant for urgent purposes and if in cases where you put it in bitcoin and maybe the price drops, there are possibilities that you might want to temper with your actual investment with hopes of replacing it which isn't the way to hold for longer term so to avoid all of these dramas, it would be better you keep your emergency funds in fiat or stable coin.

[BluebloodCXVI]

The points you both are trying to point out but I also think emergency funds are best kept in fiat or stable coin like the usdt and this is because you shouldn't go having your emergency funds in bitcoin that's volatile and just as the name implies, it is an emergency funds that's meant for urgent purposes and if in cases where you put it in bitcoin and maybe the price drops, there are possibilities that you might want to temper with your actual investment with hopes of replacing it which isn't the way to hold for longer term so to avoid all of these dramas, it would be better you keep your emergency funds in fiat or stable coin.

I’ve finally seen somebody with common sense. Thank you @Obari, this is exactly the point i have been trying to make since. Most smart investors i know would want to be sure that their emergency funds will still be worth atleast roughly the same value as when they first started saving it up. So that anytime an emergency comes up, they won’t have to be worrying about losing purchasing power at the exact moment that they need that emergency funds. This is why it is better to save emergency funds in form of a stable asset or currency.
The last thing anybody wants is to start worrying about market volatility or waiting for prices to recover from a crash when they have an important emergency on ground to take care of.
Emergency funds is created to give us peace of mind in our investment and to also provide a financial safety net for us incase life throws any unexpected situation at us. So nobody should make the mistake of thinking that it was meant to be put into our stash together with our investment holdings. Anybody who does this will later start to unconsciously treat their emergency funds as if it is their discretionary income and that will defeat the whole purpose of having emergency funds in the first place.

I agree with you @BluebloodCXVI but we do know everyone have their own opinion and @PostQuantumBTC is just sharing his opinion and how he thinks Bitcoin can play a vital role in emergency funds, well that's probably what he does and it also turns out that it's working well for him if not, he wouldn't recommend such to the forum. I think it's high time we should start taking crucial time to looking into these altcoins and Bitcoin. Moreover in my humble suggestion, I would recommend emergency funds to be stored in stable coins like the tether USDT which is very safe and swift when it comes to transactions, in that way, it will save one the stress of waiting or get bother about the volatile price action of Bitcoin which doesn't even stay stable on the other hand.

Perhaps you’re right to say that everybody is entitled to their opinions and I respect that. But that doesn’t mean I can’t say anything when I see someone spreading misinformation especially about a topic that is as important as emergency funds. And i don’t think it’s a bad thing if i choose to help make some clarifications on things that could assist other people in making good decisions with their investment.
Moving forward, i think your idea that emergency funds should be stored in the form of USDT is still a reasonable idea. Atleast it is less riskier than keeping your emergency funds in the form of BTC. And you won’t have to be scared that the value of your money will depreciate. But based on my own personal experience, i will not recommend anyone to keep all of their emergency funds in the form of USDT because to me, it still carries some significant risks. I’ll advise folks to keep a slightly higher percentage of their emergency funds in the form of Fiat, probably like 60% and then they can now put the remaining 40% into the form of USDT just like you said. This is a more good idea to make the emergency funds liquid, stable and easier to have access when it is needed.

[Solodoski]

You seem to be confused @PostQuantumBTC. The whole purpose of emergency funds is for it to be easily available to you when you need it the most. So how can you now suggest that folks put their emergency funds into a volatile asset like bitcoin?

No, I am not confused, but it is you that is confused for not knowing what fiat is. Emergency fund will be readily available if you have it in bitcoin also. Just keep it on your self-hosted wallet and it will be readily available for you if you need it. Bitcoin is not altcoins that will lose almost all its value, it will rise back.

Bad advice my freind. Emergency is a dangerous event that can happen at any time. When you do not expect jt, it will happen. The purpose of emergency funds is to have money in fiat that is available to access any time you want. Imagine an emergency event happens, maybe a car accident, the cash is needed to rush the person to the hospital but if the money is in bitcoin it will take time to convert to Fiat which might delay the process.

[Karl_3000]

Bitcoin price:
₦87,653,385 ($64,557).

Bad advice my freind. Emergency is a dangerous event that can happen at any time. When you do not expect jt, it will happen. The purpose of emergency funds is to have money in fiat that is available to access any time you want. Imagine an emergency event happens, maybe a car accident, the cash is needed to rush the person to the hospital but if the money is in bitcoin it will take time to convert to Fiat which might delay the process.

It may be a bad advise for you, but not bad advise for everyone. I see it as a good advise for me and I see point in what he said. But if you want to put your emergency fund in bitcoin, make sure you do not do it when the price is increasing like it is not going to fall which is a very good point from what he said, just let the price of bitcoin fall and begin it again during bear market which I see as a good strategy.

We do not have to focus on emergency funds, we can focus on discretionary income instead, as long as it is bitcoin investment, I do not see anybody to be wrong.

[Obari]

You seem to be confused @PostQuantumBTC. The whole purpose of emergency funds is for it to be easily available to you when you need it the most. So how can you now suggest that folks put their emergency funds into a volatile asset like bitcoin?

No, I am not confused, but it is you that is confused for not knowing what fiat is. Emergency fund will be readily available if you have it in bitcoin also. Just keep it on your self-hosted wallet and it will be readily available for you if you need it. Bitcoin is not altcoins that will lose almost all its value, it will rise back.

Bad advice my freind. Emergency is a dangerous event that can happen at any time. When you do not expect jt, it will happen. The purpose of emergency funds is to have money in fiat that is available to access any time you want. Imagine an emergency event happens, maybe a car accident, the cash is needed to rush the person to the hospital but if the money is in bitcoin it will take time to convert to Fiat which might delay the process.

I think there is a mix up here as you guys are confusing the major area of concentration and when we talk about emergency funds, we are aren't talking about availability in this case because wether it is in bitcoin or in fiat, it will always be available but what we are looking at in this case is the purchasing power and I do understand that bitcoin isn't just like altcoins that might lose its entire value but the truth is that, there would be lost in value and maybe let's say, you initially bought bitcoin with your emergency fund when the price of bitcoin was at $90k and for the fact that it had been tagged emergency funds, which means that it's ought to used at any point in time  and now you have an emergency fund with the price of bitcoin  currently at $64k, do you think the money would still be of same value?
I'm sure your answer would be no and that's why we advise that you leave your emergency fund in stable currencies to avoid this type of incidents.

[Versatile_choice]

~~~

For example, let’s say you keep your entire $5,000 emergency fund in the form of bitcoin and an emergency now  comes up when the market is down, if bitcoin drops by 30%, then that means your $5,000 emergency funds that is in the form of bitcoin would suddenly become worth only $3,500 at that particular time. And because of the fact that emergencies can’t wait for the market to recover first, you could be forced to sell at a loss just to handle that emergency situation. I hope you get my point now? @Versatile_choice.

Yes, I get your point. but still it doesn't make sense to put our emergency money in bitcoin knowing fully well that the price is not always stable. Emergency fund should be hold in fiat and not in bitcoin, I know some might be doing that so that they don't get affected by inflation but there's no need for that, because it's the money we will be needing anytime soon so inflation may not eat it up so easily. the only money that is supposed to be put or invest in bitcoin is the money we may not be needing anytime soon, perhaps in the future. That is why it's advised to invest from our discretionary funds, because it is gotten after all our expenses is been figured out which can also be seen as Left over and we can decide to spend it in whatever it is that we would like to spend it.

[BluebloodCXVI]

~~~

For example, let’s say you keep your entire $5,000 emergency fund in the form of bitcoin and an emergency now  comes up when the market is down, if bitcoin drops by 30%, then that means your $5,000 emergency funds that is in the form of bitcoin would suddenly become worth only $3,500 at that particular time. And because of the fact that emergencies can’t wait for the market to recover first, you could be forced to sell at a loss just to handle that emergency situation. I hope you get my point now? @Versatile_choice.

Yes, I get your point. but still it doesn't make sense to put our emergency money in bitcoin knowing fully well that the price is not always stable. Emergency fund should be hold in fiat and not in bitcoin, I know some might be doing that so that they don't get affected by inflation but there's no need for that, because it's the money we will be needing anytime soon so inflation may not eat it up so easily. the only money that is supposed to be put or invest in bitcoin is the money we may not be needing anytime soon, perhaps in the future. That is why it's advised to invest from our discretionary funds, because it is gotten after all our expenses is been figured out which can also be seen as Left over and we can decide to spend it in whatever it is that we would like to spend it.

You’re still not getting me, are you even reading my write up well to understand ?
I never said it’s a good idea to put emergency funds in the form bitcoin, in fact that is exactly what I’m kicking against. I’m fed up at this point, if you guys can’t properly read and understand a simple statement then I don’t know what I can do again.

[OsaiEmma]

Just want to do a little TA.



I was doing TA in the trading board here.

I talked about how the price will drop to at least 55k, although it probably might be higher or lower, so I am guessing a range of 58k to 49k.
Recently, it rose to ~67k. I know a lot of investors might be thinking, yeah this is the resumption of the bull market, but it was just a fake out. It created a honey trap, trapping investors, even weakening the demand zone because, a lot of traders will be placing their stop loss in the demand zone. Once price get to that point, a lot of sells will commence driving the price further down.

Disclaimer: This is not a financial advice (NFA). Just doing some technical analysis on Bitcoin chart.

[Cityhunter34]

Bitcoin price:
₦87,653,385 ($64,557).

Bad advice my freind. Emergency is a dangerous event that can happen at any time. When you do not expect jt, it will happen. The purpose of emergency funds is to have money in fiat that is available to access any time you want. Imagine an emergency event happens, maybe a car accident, the cash is needed to rush the person to the hospital but if the money is in bitcoin it will take time to convert to Fiat which might delay the process.

It may be a bad advise for you, but not bad advise for everyone. I see it as a good advise for me and I see point in what he said. But if you want to put your emergency fund in bitcoin, make sure you do not do it when the price is increasing like it is not going to fall which is a very good point from what he said, just let the price of bitcoin fall and begin it again during bear market which I see as a good strategy.

We do not have to focus on emergency funds, we can focus on discretionary income instead, as long as it is bitcoin investment, I do not see anybody to be wrong.

As long as we have different ways of doing things, people's opinions might not be the same, because it's obvious that each and every one of us has different targets. But I think the most important thing is having it at the back of your mind that an emergency can come at any time.

So it doesn't concern anyone else how you handle it, but let it be that you have a proper plan for it. Because whether it's fiat or Bitcoin, it is still yours, not for anyone else at all.

[Karl_3000]

Bitcoin price:
₦85,149,872 ($62,82  £47,297).

Yes, I get your point. but still it doesn't make sense to put our emergency money in bitcoin knowing fully well that the price is not always stable. Emergency fund should be hold in fiat and not in bitcoin

Some people may not agree with you as you have seen on some other people posts, just do what is best for you about emergency funds. Some people can say they prefer it to be in bitcoin while some people like you can say they prefer to leave it in naira. I still think emergency fund in bitcoin will be a great success, but because you may be afraid of the volatility, do what is best for you.

[Supreme Donvic]

Bitcoin price:
₦85,149,872 ($62,82  £47,297).

Yes, I get your point. but still it doesn't make sense to put our emergency money in bitcoin knowing fully well that the price is not always stable. Emergency fund should be hold in fiat and not in bitcoin

Some people may not agree with you as you have seen on some other people posts, just do what is best for you about emergency funds. Some people can say they prefer it to be in bitcoin while some people like you can say they prefer to leave it in naira. I still think emergency fund in bitcoin will be a great success, but because you may be afraid of the volatility, do what is best for you.

I think we should give the right advice or let's say the best advice when it comes to bitcoin investment and the strategies to use in order to be successful, emergency funds should be in naira and not in Bitcoin, the reason why it should be in naira is because emergency can happen at any time and since bitcoin is highly volatile in nature it can affect or reduce the amount of money you have kept for emergency situations and when it reduces that emergency funds it becomes a problem when it cannot solve the emergency situation and you will be forced to dip hands into your Bitcoin investment.

[liasbaa]

Bitcoin price:
₦85,149,872 ($62,82  £47,297).

Yes, I get your point. but still it doesn't make sense to put our emergency money in bitcoin knowing fully well that the price is not always stable. Emergency fund should be hold in fiat and not in bitcoin

Some people may not agree with you as you have seen on some other people posts, just do what is best for you about emergency funds. Some people can say they prefer it to be in bitcoin while some people like you can say they prefer to leave it in naira. I still think emergency fund in bitcoin will be a great success, but because you may be afraid of the volatility, do what is best for you.

I think we should give the right advice or let's say the best advice when it comes to bitcoin investment and the strategies to use in order to be successful, emergency funds should be in naira and not in Bitcoin, the reason why it should be in naira is because emergency can happen at any time and since bitcoin is highly volatile in nature it can affect or reduce the amount of money you have kept for emergency situations and when it reduces that emergency funds it becomes a problem when it cannot solve the emergency situation and you will be forced to dip hands into your Bitcoin investment.

I agree with you. The name of the emergency fund is the key to its importance. If you keep your emergency fund in dollars or any other currency you may not have the opportunity to convert it to Naira when needed. But you need the local currency in that emergency. This is not only in Nigeria but also in the local currency of the country you live in.
Some new investors in Bitcoin accumulation are confused about emergency funds because some do not know about this emergency fund or are not aware of its existence. But I think you need an emergency fund if you want to achieve your long term Bitcoin target. The size of the emergency fund depends on your financial capacity. Most experienced investors will advise you to keep at least 3 months of expenses in cash as an emergency fund.