It's about not selling the bottom because when you lose your job it's often at the time of market contraction

Yeah that reality shifts when you’ve been through at least 1 cycle & your bitty is still significant in a potential bear market

Banks are over. They need to reinvent themselves.

What if the value goes down ?

Problem is the bank side. They can see funds are coming from an exchange and block your account. Don't ask me why (the algorithm of it), but it happens. Better keep an bank account only for it. And another for the usual fiat stuff.

Exactly Stay humble stack sats And keep your time and energy out of that corrupt and disgusting system

As your bitcoin grows your cash allocation can shrink. If a bear market would shrink your runway to a week or 2 you should probably have some cash. If you'll still have months at an 80% drawdown you are giving away NGU for very little upside security by keeping that cash.

I don’t see much point in holding any fiat…

💯

Banks are the real plebs

Even before Bitcoin, I never bought into the idea of an 'emergency' fund bank account anyway. I mean, in the rare instance of an actual unforeseen emergency, that's what extended credit should be for (not for non-emergency over-indulgent expenses).

Agree. I only keep fiat when I have a known upcoming fiat expense. I sell earlier so I don't feel sad if Bitcoin dips the day I need to make payment.

Strike allows you to even make an ACH payment and deduct it from your bitcoin balance. So depending on the nature of the emergency that could be even faster or better than cashing out through dollars to a bank.

The only objection for me currently, is the impossible accounting and tax reporting/fees that comes with converting BTC to fiat. That’s a hassle I’m just not ready to deal with

Until they don't

Taxable event, bitcoin can be negatively volatile on a 6-month timeframe. These things can't be ignored for people with only modest stacks.

Agreed

You keep your bitcoin on an exchange??

Might consider using a cryptocurrency card such as https://wirexapp.com/r/yangm97 or crypto.com (I won’t even bother digging an affiliate link for this one because I think Wirex is better. at least it should serve as an alternative/fallback). Or, you know, having a few p2p contacts nearby. And if...

Taxes

You don't think bitcoin is a bit too volatile to use as an emergency fund?

1 btc = 1 btc but if your emergency coincides with low btc to usd price, then you could be in trouble

💯 I shoot for 3 months and feel it’s plenty, and even that only because I have a wife and kids

For that exact reason, my bank thought that my net worth is about S$4000 for most part of the last decade 🤷‍♂️

Keep 6 months of long shelf life food stocked up. When shit hits the fan, people gotta eat, food (that you can't just grow yourself) will be more valuable than fuel, money, gold, etc. And if shit dont hit the fan, if you're just broke or have an emergency, you won't go hungry.

yeah… taxes

Depends on your stage of life I think and how long/how much you have been able to stack BTC. Keeping your emergency fund in BTC when you have 10 BTC is a lot different for those early on who may have 0.1 BTC

FIFO is why. You do understand tax law right?

You don't want to get squeezed by a temporary price drop and force to sell your bitcoin at a severe discount just to make ends meet. Now if you can borrow against your coins, it might be all right.

Emergencies tend to compile. When you need it may very well be when it’s drawn down 50%. If you have enough then it doesn’t matter. Not everyone is in that position

We are looking for an investor who can loan our holding company 237,000 US dollars. With this money, we will open a farm in Baku, Azerbaijan to produce animal-based food. We will also make our own animal feed, so our products will be healthier, better quality, and cheaper. Because we sell quality...

We are looking for an investor who can loan our holding company 237,000 US dollars. With this money, we will open a farm in Baku, Azerbaijan to produce animal-based food. We will also make our own animal feed, so our products will be healthier, better quality, and cheaper. Because we sell quality...

In Europe, with nostr:nprofile1qqs8xgquvj09ymv7a09fzd574rsp0sdlm75k87pwg3qsa4n0dhz20mgpzfmhxue69uhhqmmvdehhxarj9eu8j7sprpmhxue69uhkummnw3ezuumswfhhvmm0wd6zumnv2vpttr, wallet to your bank account happens in minutes! It is just a mindset shift if you want to live fully on Bitcoin.