What Happens to a Nigerian's Bitcoin Plan When an Emergency Comes

[God Tim]

lot of person have the mentality of buying Bitcoin with the aim of holding or keeping it for a long time they believe in it in the future and want to build something that will benefit them later but however one thing we sometimes forget is that not all things go according to it's plan and emergency can occur at any time and it may affect the way we manage our Bitcoin. in Nigeria unprepared and unexpected expenses such as hospitals bills school fees family responsibilities or business challenges can tend to increase the pressure on someone finance somebody who holds the plan to hold Bitcoin for five years may suddenly be in need of money just after six months.
‎The real challenge is not only buying Bitcoin but also having a well laid plan for unexpected.
‎situations imagine somebody who uses parts of his/he income to purchase Bitcoin every month they have a long good and cannot want to sell their Bitcoin anytime soon suddenly a family member or relatives need urgent medical Care and the person does not have enough money on ground it may force them to sell some of their Bitcoin even if the price of the market is low than what they paid.

‎This is one reason why emergency savings is important before installing money into Bitcoin people should consider and remember their easy needs and keep some money available for unexpected expenses this can reduce the pressure to sell their Bitcoin at the wrong time.
‎Another mistake is borrowing money just to avoid the sale of your Bitcoin although holding Bitcoin for the long term maybe someone is taking on debit without a reliable repayment be up and plan can be a bigger financial problem.
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‎In my opinion i think financial discipline means knowing when to invest when to save and when to   consider urgent need first There is no benefit in holding Bitcoin for the future while ignoring serious problems that need urgent attention today.
‎I would also like to know and I hear from other members especially those staying in Nigeria. If you are holding Bitcoin for the long term and unexpected emergencies pop up what would you do? What would you do ? Will you save or consider another option? Why will you do what you did?

[Hypnotizer]

lot of person have the mentality of buying Bitcoin with the aim of holding or keeping it for a long time they believe in it in the future and want to build something that will benefit them later but however one thing we sometimes forget is that not all things go according to it's plan and emergency can occur at any time and it may affect the way we manage our Bitcoin. in Nigeria unprepared and unexpected expenses such as hospitals bills school fees family responsibilities or business challenges can tend to increase the pressure on someone finance somebody who holds the plan to hold Bitcoin for five years may suddenly be in need of money just after six months.
~

Is school fees an unexpected expenses? I don’t think so.

That’s by the way, moving on from that.. the importance of an emergency fund can’t be over emphasized because it helps in situations that could warrant serious consideration like medical expenses that comes unexpectedly.

Sometimes though the emergency fund alone can’t cover the emergency expenses, you’ll still need to touch from your investments to cover it. But even as that, an emergency fund might reduce the amount you’d touch from the investment in such scenarios.

[ColdLava40]

Long term you said right?

If I'm holding for a long term, then I will see to it that I hold my coins very much well.

Emergency is not something we prepare for, buy that is why emergency funds are out in place because we never know when it happens and we really need money to sort out the issue.

The plan is to make sure you do not sell your coins at loss or at a lower price before it gets into profits. You have to be prepared for every scenario of the market that is the job of an Investor.

It is why you need a good source of income before you dive into crypto investment.

[Mia Chloe]

~snip

There are levels to emergency... The major one ill say easily stands out is health related ones. Regardless of the form of investment you are involved in if you have any pending health issues that can be fixed always prioritise that first. That being said if you wrongly mark certain responsibilities as emergencies then you face a higher chance of wasting it unnecessarily.

Bitcoin is not the only investment out there and you need to always diversify at least to your level of understanding. These are the major reasons why you need to increase your income before you even consider investment.

[CryptopreneurBrainboss]

‎I would also like to know and I hear from other members especially those staying in Nigeria. If you are holding Bitcoin for the long term and unexpected emergencies pop up what would you do? What would you do ? Will you save or consider another option? Why will you do what you did?

Problem no fuey finish na wetin I go fit tell you, no think after you solve a particular problem say every problem done finish be that as you can never know what's going to happen next. That being said, always prioritize your investment because that's what's going to give you more money so as you're investing, make it difficult for yourself that you don't get easy access to the investment to liquidate in the sights of any problem because problem no dey finish. Always make your investments not that accessible to you if you can't hold yourself from cashing out when the pressure gets tougher. Prior to this, make your emergency savings big enough to be able to tackle any emergency that cones your way. But since life isn't scripted, trails and tribulations might come and only then should you ssll some portions of your investments to relieve yourself so you can then hodl the rest for long.

[Mayor of ogba]

‎I would also like to know and I hear from other members especially those staying in Nigeria. If you are holding Bitcoin for the long term and unexpected emergencies pop up what would you do? What would you do ? Will you save or consider another option? Why will you do what you did?

As long term investor, I have already set up my emergency funds, so if unexpected emergency pop up as I'm investing in Bitcoin I will rely on my emergency funds to take care of the unexpected emergency but if the unexpected emergency requires a lot of money to be solved, and my emergency funds cannot solve it I don't mind tampering my bitcoin just to solve the unexpected emergency because as far as I'm alive and healthy I can rebuild my bitcoin portfolio.