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

[Cryptomultiplier]

A Bitcoin investor should plan for the future of their intended goals and not because they only intend to use it as a hedge against inflation even if that be the case. Even with emergency funds on the line, alternatives should be separate from this plan because it wasn't intended for in the first place, but I wouldn't advise using Bitcoin to collect loans that's why it's better to use it to sort oneself if that's the only means of escape from ones predicament.

[Berry2d]

A Bitcoin investor should plan for the future of their intended goals and not because they only intend to use it as a hedge against inflation even if that be the case. Even with emergency funds on the line, alternatives should be separate from this plan because it wasn't intended for in the first place, but I wouldn't advise using Bitcoin to collect loans that's why it's better to use it to sort oneself if that's the only means of escape from ones predicament.

Investments with plans for future use is sure and certain but difficult to be achieved in Nigeria because Nigeria offers what it like to citizens without considering our own investment plans. Many investors today had a well structured plans on ground but still goes off that path not because the wish to but Nigeria serve them offers above their financial capacity.
The emergence of uncontrollable emergency situations makes some investors go against their plans and not because there investment is done to beat inflation.
Even before now we all are aware that inflation in uncontrollable in Nigeria and investing with the aim of using it against inflation can never be possible to achieve.

[Proty]

Investing in bitcoin using money that is not your discretionary income can force you to sell at loss to meet your essential needs. It is important you invest in bitcoin using money that is not meant for your expenses like school fees, hospital bills and money for your basic needs. Even when  you have an emergency funds, it is still necessary to invest with your discretionary income .To be able to hold for a long term, it is important to have a backup funds so that whenever an emergency occurs, you can always  address the situation using your emergency funds, but this doesn't mean that you should invest using money that isn't discretionary income.

[Exitoral]

Sometimes, it is not only by accumalating. When things are not as easy as it uses to be before, there is no crime in in pausing your DCA and attending to financial matters in your home before you eventually deep your hands in your Bitcoin savings. Pause the the accumulation of Bitcoin and attend to the problem. After it has been done, you come back to your Bitcoin and continue your DCA.

People see it as a crime to stop investing in Bitcoin. There is no crime in doing so. The only thing I will call a crime is when you ignore th financial loophole in your life and still kept on saving. Then when you can't take it any longer, you go into Bitcoin and withdraw. That's not how it is suppose to be.

[Jubilee58]

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.

For someone to manage Bitcoin investing very well, emergency fund is very important to own a sustainable long term investment. We cannot avoid emergency occurrence, and therefore we should make separate savings for it. However, if their is an emergency that your emergency fund cannot take care of, tempering your investment to handle the emergency situation is not wrong, however if your investment is tempered as a result of emergency fund ensure your investment or asset is replaced when you recover financially.
It is common to touch one's investment more especially when you are facing immediate financial challenge, but this is not surpose to change your investment goal, you really have to restore your asset to achieve your financial goals and objectives on the long run.

[Zigabel]

‎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?

When we talk about investment this thing wey you just talk here na the truth,  this financial discipline and intelligence na wetin some pipo dey think say na just by to invest money for somewhere naim mean say you dey financially discipline or intelligent,  dem forget say e actually dey foolish say your basic live survival needs dey suffer extremely and you dey form say you dey invest,  forgetting say na when person dey in dia right sense dem dey fit invest well and na who dey sound and healthy in their best minds dey fit later dey to enjoy their investment at the end of the day.

Investment supposed supposed be wetin you go do when you don take care of other basic needs dem fes and you don see am say you get some money wey remain,  so Instead to waste am, na to Invest am, dat time, na good financial decision we go say you take be that.

[Emeraldo]

Investing in bitcoin using money that is not your discretionary income can force you to sell at loss to meet your essential needs. It is important you invest in bitcoin using money that is not meant for your expenses like school fees, hospital bills and money for your basic needs. Even when  you have an emergency funds, it is still necessary to invest with your discretionary income .To be able to hold for a long term, it is important to have a backup funds so that whenever an emergency occurs, you can always  address the situation using your emergency funds, but this doesn't mean that you should invest using money that isn't discretionary income.

It will be sent as foolishness for someone that want to invest in Bitcoin to use funds that are meant for hospital bill, feeding, transportation and other emergency billsfor Bitcoin investment. Bitcoin should have it separate investment fund and it will be ususual to use money that is meant to important thing to Bitcoin which can name the investor to later sold the Bitcoin that was bought because of quick emergency. Anyone investing in Bitcoin need to be wise so that they don't make foolish mistakes because they want to invest in Bitcoin.

[Patrol69]

I think all investors have a backup plan. When we invest in a long-term plan, we all plan in such a way that while continuing this investment, we may have a financial need at any time or we may have to face unexpected expenses, but for this we prepare in advance.
For example, in the case of long-term investments, investors form an emergency fund in advance so that they do not have to sell their investments suddenly. Basically, the money in this emergency fund is used only when the investor faces unexpected expenses and when the investor has no other way. So I think in this way an investor protects his investment from selling during such unexpected expenses.

[OsaiEmma]

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.
‎
‎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?

I still stand on the notion that it is totally unwise to invest when you don't have a good source of income, just as CryptopreneurBrainboss said, problem no dey finish. That's why you need to have a good source of income first before embarking in Bitcoin investment that take a lot of time to mature.

A good source of income will help you cover your emergency funds and as well as your investment capital. If one insist on investing, meanwhile, they have a meager emergency funds, their investment will at some point go into emergency and thus, sometimes force you to sell at a loss. I for once cannot embark on an investment, especially one that requires DCA, and a long period before maturity, when I don't have a good source of income—even though it's called an investment, but at that point it is an expenses.