Bad economic situation makes bitcoins more difficult to keep.

[Queentoshi]

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

[1714723200]

1714723200

[Iroh]

I think bitcoin would be easier held without the constant temptation to touch it if you’ve got several means of income. That way, you could safely set aside money for investments that would not be affected when emergency pops up.
Folks living in countries with seemingly better economies are also riddled with inflation, bills and responsibilities as well. And without having side jobs to try to stay afloat, just anyone would be tempted to sell off some of their bitcoin holdings.

[m2017]

That is why it is necessary to transfer into bitcoin only free and extra money that will not be needed in the near future, that is, for a long time. Because investing in bitcoin shows good returns in the long term (~ 4-5 and up). It turns out that this money is frozen for this period in order to obtain the greatest profit.

In countries with difficult economic situations, people have less free money than in economically strong countries, which creates a situation that it will be easier for the latter to buy and store bitcoin. No wonder. I think that nothing can be done about this and the imbalance can't be eliminated in any way. This is how the market economy works and for residents of poor countries, the way out can be to move to more economically strong countries / change jobs or try to strengthen the economy in their country by creating good working enterprises, jobs and other things. That is, it is necessary to look for ways to create extra free money.

[mindrust]

When your income isn’t enough for your monthly expenses, you either borrow money or sell your assets. Otherwise you will either lose your water/electricity or get kicked out from your home or starve to death… Since dying isn’t an option, you will probably go to the banks and borrow money… till you can’t anymore. Then you eat up your savings. In the end these are temporary solutions that will buy you some time till you figure out something to fix the problem. You have 2 options here. You should reduce your expenses or increase your income. Otherwise it won’t end well.

[Lorence.xD]

If there's a high increase of inflation and salaries of any person is not enough to provide their needs, then they would have no choice but to sell their assets which is Bitcoin. And also a lot of people might no invest at Bitcoin at all due to every money they have would go straight to their essential needs. If you really have the "diamond hands" since we all know that long term investment is really a good benefit in Bitcoin, then you'll be needing to have extra money or your savings as well to help you survive that economy issue.

I don't really advise it due to savings could be used to emergencies cause you might get focused on having a better life in the future so due to holding Bitcoin than selling, your current state might worsen. If you want to save your money in a bad economic situation investing at Bitcoin is good but if you're trying to survive due to having no enough money to support your needs, then selling is the option.

[irhact]

People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

Individual in bad and good economy can hold Bitcoin with different strategies, individual in poor economy don't have to invest like those in good economy, investing in Bitcoin should be based on your own pocket. The more you have the more you invest and the less you have, you plan yourself so you don't over investment and it causes you discomfort when the market is dipping. Don't invest more than you can lose, always know your limit and invest just enough so you don't miss out.

They types of salary we're receiving or jobs we're doing will influence how much we can spare to invest in Bitcoin and that's a fact but don't use because you're receiving less to prevent yourself from investing in Bitcoin, plan yourself and reserve some savings for investing.

[KiaKia]

If the salaries from your job are not sufficient enough its better to start looking for ways to make extra income, we have to do this, it's the only way for people like us are still struggles, it's why I like saying that investment favours the rich more than the poor and the mid class, if truly you want to levitate in this life, do not let your present condition decide your future for you.

If all you have to say is you tried, you just can't keep up, well you ain't trying enough, I know it's not easy but it's a battle you must fight and win, for your sake and for your children sake, Bitcoin looks like it's about to start dumping, I believe the last phase of recession is now unlocked.

In the coming days we will start to see posts identical to yours on this forum, people will get tired and frustrated, some already DCA and they will get even mad when they are their portfolio going down in value, I've been there, I know how tough this will be, but the only thing we have left is to fight through this so that what we will reap will be worthy.

[OgNasty]

This is a situation many will be faced with in the coming recession. It’s why the fed raises rates. They need to cause some financial pain to stop inflation and that’s going to hurt people’s ability to stack speculative investments. With loan defaults on the rise and excess savings from the pandemic expected to be exhausted this quarter, you can see turbulent times ahead.

[Faisal2202]

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty of bills and responsibilities to respond to. People in countries with better economies, where there are good jobs and businesses are working, Bitcoins will easier to hold than for people who are in places with terrible economic situations. What do you think?

I can not agree more with you but the statement I bolded to that I am not agreed. Because If you are living in the UK, USA, or any other well-developed country then you will also say these types of statements:

We have to pay a lot on taxes and bills.
Life is too expensive here.
I prefer others to move to other countries where life is easier.
etc, etc,

The thing is, one finds life much easier and cheap in other countries but only in those countries which are developing means if You as a citizen of the UK or USA want to live a day in Pakistan then you only need 5 to 10$ maximum of $30 dollars for food, transport, internet connections, etc., etc. (just take it as an example) but if you are in the USA you have to spend way more in the same way. If you are in the USA you are earning $100 a day or $50 dollars a day but if you are earning in Pakistan that's $5 or $10 a day. So, that's how people began to think that their country is not a cheap one for them but they tend to move to countries which are cheaper then there.

[TravelMug]

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

I don't think it's all about the bad economy though, I mean we have been under the pandemic and survived holding our bitcoin, (at least in my case), that is the period wherein I accumulated a lot of bitcoin. Maybe the price is cheap that time or maybe you can't do anything but to save it.

So for me it's not about how bad the economy is, sure if might have been affecting people to sell their stash to survived. But my point is that if we survived before and after the pandemic, what's the difference from it today? If you can save during that time and have the mental discipline then you can do it at this point, in my opinion.

[Hyphen(-)]

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Bitcoin investing is something we must prepare for, and while doing so, we must consider the difficult times so that our objectives are not affected. That is why we usually recommend using DCA for investment, especially for persons with a monthly or weekly income, although it is not compulsory. As a result, if your profit is affected or your source of income is no longer sufficient to pay your bills, you can abandon investment and focus on your life.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

As you said, holding Bitcoin requires discipline, which is why we always advise people to invest the money they can afford to lose so that, in tough times like this, you will not look back to your wallet because the money you expected to use in Bitcoin investment should be money you cannot use soon so that you can be able to hold it for a long time.

[Aanuoluwatofunmi]

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it.

We must not look within the circumstances of the current economy situations with fiat currency, if not we may not be able to hold bitcoin because there are many reasons that could hinder us from doing so, but when we have the understanding that bitcoin bitcoin is beyond the economy of inflation and recession, we could understand why we needed to operate more under a decentralized network and use bitcoin in serving us the purpose we wanted with financial economy.

[avikz]

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

Let's face it! Bitcoin has become an investment rather than a currency. Otherwise this question wouldn't have popped up in your mind! Everyone wants to keep Bitcoin and no one wants to spend it. But if your Bitcoin can't support you in difficult times, what's the use of it? I personally once funded my medical expenses using Bitcoin as I had no cash available with me. I could have used my credit card but that could have made the things worse with sky high interest rate. So make use of Bitcoin in difficult times. Otherwise it's not serving its purpose.

[goldkingcoiner]

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

Discipline is an easy word to say but in reality it becomes complete nonsense when you really need the money in order to buy food or pay for rent. Sometimes the truth is that we have to let go of some of our Bitcoin holdings in order to keep our livelihood going. Of course this does not go for everyone but for many people. I think as long as you buy Bitcoin whenever you have the chance, both financially and literally, you are doing the smart thing.

And anyway, spending money is the very point of money. So there should be no shame in spending or selling Bitcoin. Everyone just has to weigh the cons and pros and decide for themselves.

[coolcoinz]

What you're complaining about is not really a problem with bitcoin but with any investment. It's hard to hold assets when you're running out of money for basic necessities.

That's why we call them investments, they're a way to multiply your capital, but you need to have capital to even think about investing, unless you want to take a loan or something and say YOLO.
If you had a gold bar, but lost your job and had to feed your family, you'd sell it and because of this simple reason poor people usually stay poor and get exploited by the rich.

[mvdheuvel1983]

Let me give you an idea that will help. I recommend that you use a bitcoin only wallet, like Electrum wallet for this purpose. Have a wallet where you are holding bitcoin for the long term and another one where you are holding bitcoin intended for transactions, maybe as you have described the economic situation in your country that requires you to spend your bitcoins, use the second wallet will be for this purpose. This way, you have programmed your mind to separate what to spend and what to hold.

One other thing that I would add is this, do not overstretch yourself with investing in bitcoin. Sort out any financial need that you have either at once or in bits before investing in bitcoin so that you can less pressure on yourself.

[JoyMarsha]

The reality of everything is that you should have a side job that won't require you to tamper with your bitcoin investment. There is a chance that you will be forced to sell your bitcoin assets whether you make a profit or not when you actually have no other source of income and your country's poor economy is severely affecting you. In these circumstances, selling your bitcoin is the only option. I stated this because I've been in a scenario like this before, and I understand what it's like when someone needs something personally and has no other way to acquire or solve them. The only available course of action for him will be to sell his bitcoin assets

[lionheart78]

I highly agree with you @OP.  It is hard to hodl BTC if the funds for daily budget is short.  We will be forced to sell some of our holdings in order to meet the budget needed for our family's daily need.  The only solution for this is to look for an extra earnings.  Look for side job or part-time job that will bring us extra funds to supplement our needed daily budget so that we can avoid selling our Bitcoin holdings.

Let me give you an idea that will help. I recommend that you use a bitcoin only wallet, like Electrum wallet for this purpose. Have a wallet where you are holding bitcoin for the long term and another one where you are holding bitcoin intended for transactions, maybe as you have described the economic situation in your country that requires you to spend your bitcoins, use the second wallet will be for this purpose. This way, you have programmed your mind to separate what to spend and what to hold.

One other thing that I would add is this, do not overstretch yourself with investing in bitcoin. Sort out any financial need that you have either at once or in bits before investing in bitcoin so that you can less pressure on yourself.

This won't work because the fund for the daily budget is not enough, the person will be forced to sell his BTC to fill the shortage until he sold it all.  The solution when the budget is lacking is to look for an extra source of income.  Having extra source of income will fill up the shortage and the Bitcoin that is intended for holding will not be touched because there is enough fund for the daily needs of the person's family.

[Cryptomultiplier]

Sincerely, the economy isn't getting any better by the day, as more countries and regions are experiencing increased interest rates due to the rising cost of goods, services and living in its entirety.
Netherlands and Germany are among countries who recently have been plunged into the recession and the interest rates in these countries has risen in response.

Right now, I don't think it matters the country one hails from or resides in, the economy of the world is such that BTC/crypto earners or investors have had to put in more to meet up with a plan or withdraw their coins to sooth other pressing needs.
 After all, what's the point of have crypto currency if it cannot solve problems my salary or wages can't afford?

The Wise investors right now are making adjustments, cutting costs, cutting expenses, cutting down on betting wagers and gambling bets and stakes, because if this isn't done now, what would be the essence of being disciplined to someone struggling for their health or breath?
Health is wealth. Make necessary adjustments to fit a HODLing or DCA plan of investment. Even for trading and gambling, please cut cost.

[Fortify]

I was having a conversation with a friend, and we talked about how difficult the economy is and how it can disrupt someone's plan to hold their bitcoins without tampering with it. I think this is true because if you think of how difficult things are getting, Salaries from jobs no longer sufficient to sort all needs, and profit from business seriously affected and made intangible because of the increasing cost of running a business and the rising cost of things.

Holding your bitcoins has a lot to do with discipline truly, but discipline is harder to practice when you are being suffocated and suffering financially with plenty bills and responsibility to respond to. People in countries with better economy, where there are good jobs and businesses are working, Bitcoins will easier hold than for people who are in places with terrible economic situation. What do you think?

It's kind of obvious in a way, when times are good many people borrow as much money as they can and generally it is quite cheap to do so. However the excess reaches a limit and often goes too far, which means that banks start to call in loans, while making it harder to qualify for new credit when many people are losing their jobs during a recession. People will naturally cash in certain assets if it means protecting things like their home from repossession. What good is having a wallet with bitcoin in it, if the bank are threatening to take away the home you have mortgaged and will eventually own if you can keep up repayments? It's a fairly simple equation that lots have people have faced throughout history.