If the global economy collapses what's the first thing you do?

[tread93]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

[bluebit25]

Agree with OP about the changes in the economy in recent years and even in the current context, actually if we look back we have achieved a lot but it seems that it is not enough to continue, the change is necessary and of course adapting to that change to avoid being left behind also requires attention. Not only bitcoin is getting attention, but I also see many new fields and industries appearing that completely change the way they operated before. However, in this forum, when we know about bitcoin, we all believe that the positive impact it creates, I personally am not completely sure but what it has been doing is almost Exactly what we all expected.

[dothebeats]

I agree with you that there is an obvious shift that is happening in our economy as more and more changes are happening and soon we will feel just how much the impact of these changes is. So if we really want to survive we have to adapt to these changes that are evidently coming. Aside from the obvious of holding on to bitcoin and focusing more on my investments, I'd probably put much effort into keeping an eye on the market and doing research on what the best business will be and if it will be a good time to launch one or to just hold off for a little more. In times like this it is best to do informed and always be updated as each decision may lead to consequences, both positive and negative.

[Don Pedro Dinero]

The first thing I generally do in my life is not to prepare for unlikely events. The more improbable the less I prepare. Instead, I prepare for the probable ones. I am prepared for a crisis, and in fact I would say we are in a mini-crisis with the inflation problem that we have, but not for collapse. If it comes, we'll see what I do.

It seems that the OP is confident that bitcon is going to save him from collapse but if it's so big that there are prolonged and constant power outages it's not going to do him much good. If it's a Mad Max collapse the only thing he's going to need is arable land with water and weapons, little else. Maybe bitcoin and gold will help, but it won't be essential.

But I'm not preparing for such scenarios.

[tabas]

What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

Well, it shouldn't be just us that should prepare for any economic consequence that will happen globally but since we're in a specific forum and majority of us here are bitcoin people. I think it's no brainer that everyone has to prepare for any major downturn economically and like saving as much as we can, and it is possible that many will have to sell their holdings if it turns out that they have no choice left but to sell their very last bitcoin even we're not yet in a bull run. Anyway, that's an event that's okay to sell those because if you have no other option and that's your major choice since minor ones won't help you to cope up. There is nothing that much that we can do, it's hard to stack up when you've sold already because you'll feel that you're cheated by the market of how it's going to be expensive soon. Personally, I'd lessen my spending into nonsense things although I don't know what nonsense spending I am doing right now since majority of my expenditures are all essentials. Maybe downsizing from there would be the start and adjustment.

[mindrust]

If the global economy goes down, everything but the commodities will go down with it. I would move to a farm house, load up on clean water, dry food, bullets and some oil. Btc would also be a good choice in this environment. Since the dollar is a currency and bitcoin is both, when the dollar loses its intrinsic value, every other commodity will go to infinity against the dollar, btc too. However this is not going to be a friendly environment for any of us so it will be too dangerous to make trades. I would rather prefer the dollar to survive through this mess but I also know it is not possible anymore.

[Hatchy]

Sometimes, most people would say they only fear what they can see, but for me I love preparing myself against a potential threat, "the fear of the unknown". things that I think has possibility of happening. For a long time now, the economy has experienced a lot of down turn which might just be as a result of different world power at play. For a situation, where even you money might not be able to save you, it's best to create new strategies. as bitcoiner, we might just be as lucky because even in times like this, we have this belief that Bitcoin might just be a way to survive of which it is. But from

constant power outages it's not going to do him much good. If it's a Mad Max collapse the only thing he's going to need is arable land with water and weapons, little else. Maybe bitcoin and gold will help, but it won't be essential.
But I'm not preparing for such scenarios.

You can see that without electricity, internet connection, your Bitcoin holdings could become worthless. This is why, as you invest more in Bitcoin and hold onto it, it's important to remember that there are other assets you can consider investing in. These alternative investments might help you during times of crisis.

[Lida93]

Hitherto to this question the global economic hardship is before now dwelling with us and some of us has gotten use to it and had adapted to the hardship that we often forget it does exist already. It's just that the economic hardship is only getting worsening on a daily basis.

And we as bitcoiners if it get so worse as some economic experts has speculated then I am sure our bitcoin holding would save a lot of us because many holders would be forced to sell to feed and settle some other hefty financial challenges. Investing in agriculture will be the best life saving in those harsh times because what everyone will care for most importantly is foodstuffs. So if you don't have high amount to invest in agriculture you can still have a small farm for subsistence farming to cushion the effect.

[Gallar]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right?

Of course that's true. Because we must always be ready and always alert to face all economic conditions that may occur. Because current economic conditions are very difficult to predict. Because as we know, war between countries and inflation have hit several countries. So it is not impossible that all of these things will happen to the country we live in. So thorough preparations to face all these conditions must be made from now on. Just like having investment assets such as bitcoin, this can certainly be said to be a very good first step. Because if inflation occurs, having investment assets such as bitcoin will at least reduce the impact.

What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

I personally will definitely save on expenses and will continue to put my money into the investment assets that I own (bitcoin and also gold). Apart from that, I will also develop the business that I have established well. Because if now I am not serious about developing the business I founded, I am worried that the global economy will suddenly collapse without warning and if it is like that, the situation will definitely not allow me to continue actively developing the business. So the important point for now is, you must be able to make the best use time, as wisely as possible, and as productively as possible.

[bittraffic]

Sell all the coins I have in the exchanges, thats what I would do and then hold cash.
But the coins in my wallet stays. If we are just aware what the government will do I think we can decide what exactly to do with our coins.

Because if there ever a chance that government will ban and confiscate our BTC like how they siezed gold from their citizen back in 1930 collapse, we'll be able to save ourselfs from the troubles. Give them coins I own but still have saved the fiat I have.

[michellee]

The first thing I would do if the global economy collapsed and had a negative impact on my country was to start buying basic necessities for my family. Basic necessities will become scarce because distribution channels are disrupted. And while basic necessities are still available, I will start buying enough.

And right now, I am still trying to have more Bitcoin as part of the preparation. Maybe at that time, Bitcoin was just starting to be used as an alternative currency like those who use digital payments. Apart from that, I will look for alternatives that can support me and my family to survive global economic difficulties.

But let's hope that doesn't happen. But if that happens, we may need to prepare some money, especially when we can't use Bitcoin to shop for basic needs. So we have two choices in buying the things we need and hope we won't experience difficulties.

[Despairo]

Collapse in global economy will not suddenly happen like in a day, there's will be a time every countries will have a problem about high inflation rate, demonstration, food shortage etc. Since I save almost all of my money in Bitcoin, I don't have to worry about that, but I will convert my Bitcoin to fiat and buy food as much as possible in order to survive. I also have a garden in my house, so I can plant many fruits and vegetable, so I still can survive alone without buying an expensive foods.

[slapper]

You're making it sound like BTC is a lifeboat in a bad economy. Fair enough. Diversified assets are the key to consolidate when the economy changes. But isn't there more to the key than just accumulating?

First, think about cash flow. In times of trouble, liquid asset are the most important. Can BTC be quickly sold off if needed? Second, regulatory environment. As the economy fall, countries might change the crypto laws. It's crucial to keep an eye on that front. Lastly, knowledge. Keeping up-to-date on how the market works can help you predict possible changes

Bitcoiners might also want to think outside of BTC. As important as "hodling" Bitcoin could be investing in real assets, knowing geopolitical currents around the world, and keeping an eye on emerging markets. Even though it sounds strange, a change in the economy doesn't just affect fictional coins; it affects the whole business world

[Fuso.hp]

There is a high probability of falling into global economic crisis. If a global economic crisis occurs, many people may lose their jobs or many businesses may suffer greatly, so we need to be cautious about this in advance. When the corona virus became a global pandemic, a large number of people lost their jobs, but those who had bitcoin investments along with their jobs or who were involved with bitcoin did not have a hard time surviving. Because all the activities related to Bitcoin can be conducted through mobiles, people who use Bitcoin have lived a good life at that time. As the global economic crisis may occur in the future, we need to be cautious and try to invest in other investment side including Bitcoin in whatever field of work we are in so that we don't suffer during the global economic crisis.

[sesterceshop]

If the global economy collapses, the first thing I do is cash out my BTC and buy a boat. I don’t trust any government or institution to protect me or my wealth. I would rather be self-reliant and independent on the open seas. BTC is great, but it is not the end-all and be-all of life. You need to have a balance between digital and physical assets, and be ready to adapt to any situation. I'd also stock up on food, water, ammo, and gold.

[MFahad]

Those who already have bought bitcoin are lucky individuals and they will receive a better position when the market grows but they must have ability to stuck to their decision.

The situations are completely against our hopes and we know that gathering of bitcoin is essential in such situations but the worth of each and everything is elevated that using your income in buying essential materials for home become hard therefore one cannot save such an amount to cover the daily needs so how one can think about investment?
The rate of gold and bitcoin both are reduced and we also have confirmed knowledge that very soon it will boost but we cannot do anything in such circumstances as everyone is in trouble that how to accommodate the expenses.

All those who have money and can manage to buy bitcoin will not find a time for bitcoin investment better than this so don't wait for more dip and gather how much you can.

[Kakmakr]

I have shifted a lot of my wealth into Bitcoin to prepare for a global economic collapse, but I am a bit of a "Preppie" and we are crazy. I am one of those people who see the Ukraine vs Russia war as a preparation for a full-scale war between BRICS and the "West" .... but that is only my opinion.

Why are North Korea visiting Russia? What happens if Russia is unsuccessful with the Ukraine war? These countries are using the Ukraine War as a testing ground for full-scale war.

I have also bought some "goods" that are popular to trade with, if something might happen in the future. Let's pray that I am wrong. 

[Fiatless]

Honestly if you have BTC congrats !!! We are heading  into a major economic shift and I feel like when the tides are turning like this there should be a conscious effort to land on the right side of that shift!!! Am I right? What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

I am not praying for or expecting economic collapse since it will have an unpleasant effect on everybody including Bitcoiners. Bitcoin will not flourish when the economy is bad because many people will not have money to invest in it. Even if you hodl bitcoin for a long time and make a lot of profit, it will have less value if the country is going through hyperinflation. This is because after you have converted your Bitcoin to fiat, it will not have much value.

My expectation is that my country's economy should flourish and let the price of Bitcoin keep rising and let adoption keep spreading. With less inflation and the rise of Bitcoin price, hodling will make a lot of sense. When more people adopt Bitcoin, the decentralization feature such as P2p will increase.

[Bureau]

What should bitcoiners be doing right now to prepare for a potential global economic hardship other than the obvious which is to hodl and accumulate as much as you can...

Apart from holding an accumulation of more Bitcoin what we can do is educate the local community about Bitcoin. Contacting the local merchants and informing them about Bitcoin. The local community would be reluctant to hear about it and merchants won't pay any heed at first but with a systematic and planned approach we can convince them about Bitcoin. By systematic and planned approach I meant that first, we need to learn more about Bitcoin and then share it with our local community members who have knowledge about global economic activities by introducing Bitcoin to them. Although I feel many within our surroundings would have some knowledge about Bitcoin. What we need to do is to clear the negative news about Bitcoin.

[bayu7adi]

The collapse of the economy is not a jokes, and it shouldn't serve as a compelling reason to lure someone into buying BTC. Economic collapse sets off a domino effect, causing multiple sectors, and even entire countries, to crumble. This leaves everyone grappling with day-to-day challenges.

Inflation and food shortages become significant concerns. Frustration runs high, and people may start acting recklessly. At the point of chaos, it's not just your wealth that's at risk; your safety may also be on the line.

In my opinion, enticing people to buy BTC and capitalizing on a poor economic climate isn't entirely sound. While it's true that its price might surge during an economic collapse, you could be facing other threats to your health and security.

Hold Bitcoin only as needed for now. Don't be greedy.