By "emergency" I mean leaving a bad situation. I was wondering if as opposed to cash or a separate bank account if some crypto would be nice to have. I'm not in a relationship but was thinking to set something totally separate, with a separate email address and everything so fast forward in 5 years if I needed it. You only need your phrase to access your money, unless you have cold storage. I think there would be lots of benefits. I believe cash is always king but I was reading about monero and became interested. It would be totally separate from any other crypto or accounts. Downside is that there might be issues with quick access? Also the possibility the crypto goes to zero and is worthless when you need it. Thoughts? Regardless of bad relationship worries it does seem nice to have a little bit of untraceable secret funds.
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Don't do it — it's a casino connected to unregulated Wall Street. The insider trading is a feature, not a bug, and it's rigged to benefit the institutional investors.
It's cumbersome and expensive to move, and the industry is worthless because there's nothing tangible behind crypto. It only has value based on what the market decides that day.
Put money aside in a high interest savings account while you decide your next move.
No, it's not. Crypto is a risky investment- you should only plan to put in what you can afford to lose and what you can afford to hold when it dips and sell when it's high. The same reason you don't want your emergency savings in your stock portfolio -if you need to access the money you don't want to lose a bunch because of the market.
If you want something off grid that holds its value well- buy silver/gold and put it in a safety deposit box at a bank. It's viewed as currency so when you buy it, it's viewed as getting change- and the same thing when you go in to physically sell it. (selling an ETF that was never physical currency is not treated the same). Keep that damn key to yourself and all you have to do is go to your bank and access your box to get your silver/gold, and go to a coin shop and exchange it back for $$
Girl no. Never
The problem with crypto is that the entire industry is unregulated. I’d say it’s not always a bad investment if you do your research, but treat it like gambling or the stock market: only invest funds you can afford to lose.
Depending on where you live, offshore bank accounts might be another untraceable way to store money (especially if you plan to leave the country at some point).
Hell no. Crypto is too risky as an investment, talk less of an emergency fund. That money can get wiped out over night.
No. Put your money in a HYSA if you want it liquid. Many are offering 4.5% APY which is a great return. Honestly you should have that already as your emergency fund.
What is your current investment landscape? You should have a robust, diversified portfolio of investments before you consider playing it risky.
Don't buy it for cash