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

[macson]

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...

when the global economy collapses, people's purchasing power will weaken and the wisest way is to maintain assets while currently there are not many investment assets that can be trusted like bitcoin ^{(even the value of property assets is shaken when the global economy collapses)}, but when we make bitcoin the main focus of investment, we must have a stable income to be able to keep our bitcoin investment maintained even when the global economy collapses.  As time goes on, people are increasingly interested in investing in Bitcoin to maintain the value of their assets, so don't waste the opportunity to collect as much Bitcoin as you can when the price is still very cheap from ATH.

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[Mauser]

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...

While bitcoins are a great investment for longterm protection of our savings, I am a bit critical towards short-term profits during a big economic collapse. The problem with a major downturn is that most investors are going to avoid any risky assets and will focus on holding cash or government bonds. So, anybody that has large amounts of crypto currencies and is looking for buyers might not find them or only at a hefty discount. During a major collapse my first step would be to start stockpiling food again. I just finished eating most of the canned food from the covid pandemic and would make sure to have at least 4 weeks of food and water. Also toilet paper was a big issue during lockdowns, better to stock up as well. The best would be to have a private garden and start planting good, but I don't see any chance in the city. My next step would be to start looking for another job, just in case my employer goes bankrupt or has layoffs it's good to have already an alternative lined up. And my third preparation would be to start storing cash at home again in case there is a collapse of the financial system, almost like in 2008.

[Ayers]

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...

While bitcoins are a great investment for longterm protection of our savings, I am a bit critical towards short-term profits during a big economic collapse. The problem with a major downturn is that most investors are going to avoid any risky assets and will focus on holding cash or government bonds. So, anybody that has large amounts of crypto currencies and is looking for buyers might not find them or only at a hefty discount. During a major collapse my first step would be to start stockpiling food again. I just finished eating most of the canned food from the covid pandemic and would make sure to have at least 4 weeks of food and water. Also toilet paper was a big issue during lockdowns, better to stock up as well. The best would be to have a private garden and start planting good, but I don't see any chance in the city. My next step would be to start looking for another job, just in case my employer goes bankrupt or has layoffs it's good to have already an alternative lined up. And my third preparation would be to start storing cash at home again in case there is a collapse of the financial system, almost like in 2008.

What you say will be true to what is happening. I mean cryptocurrency or bitcoin is just considered a risky asset so when a crisis or recession happens, people will dump them and go for safer assets like government bonds or gold. But if in the future, bitcoin is valued as highly as gold, is no longer a risky asset, is widely accepted and its value is guaranteed, then owning bitcoin will be an advantage during economic downturns. I believe that in the future, bitcoin's role will be as important as gold and its role will be equal to gold or more.
When the world economy collapses, fiat is not really an option because the monetary system will collapse, only assets like gold or bitcoin will really have value at that time.

[lombok]

Economic difficulties are indeed a frightening specter and this clearly happened during Covid yesterday, I am sure there will also be future events that will create economic difficulties in the future. From experience during the Covid period, crypto savings, especially in BTC, assisted by crypto trading activities at that time, were very instrumental in helping my family's finances at that time in dealing with Covid.

But you need to remember, BTC/crypto runs because of the internet and community. It's natural that we have anxiety if at any time BTC/crypto doesn't run because of internet problems or the community just dies because of big chaos. So my personal conclusion is, save enough BTC or Crypto, keep doing crypto trading to increase your Crypto reserves, Buy shares or other investments such as gold, property, Hold cash is also necessary.

We don't know what will happen in the future. Don't be too fanatical about just one thing. Try to think carefully before act, sometimes it's just our lust and naivety that make us miserable.

[BitcoinTurk]

when the global economy collapses, people's purchasing power will weaken and the wisest way is to maintain assets while currently there are not many investment assets that can be trusted like bitcoin ^{(even the value of property assets is shaken when the global economy collapses)}, but when we make bitcoin the main focus of investment, we must have a stable income to be able to keep our bitcoin investment maintained even when the global economy collapses.  As time goes on, people are increasingly interested in investing in Bitcoin to maintain the value of their assets, so don't waste the opportunity to collect as much Bitcoin as you can when the price is still very cheap from ATH.

If the global economy collapses or is shaken of course people's purchasing power is seriously weakened but at the very beginning of this process many people panic and try to turn their investments into cash. For this reason, we see very serious price declines in the financial markets in the short term. Cryptocurrencies are considered riskier than many other financial investment instruments. For this reason, in the event of a possible global economic collapse or shakeout I don't think that individuals will prefer Bitcoin or other cryptocurrencies at least at the beginning of this collapse. Of course, the trend may be like this over time but I don't think that any individual will choose a risky investment instrument after such a major economic collapse.

As investor who regularly buys Bitcoin with a certain amount of my salary every month and keeps most of my savings in Bitcoin, I can recommend saving by purchasing Bitcoin at today's prices before the collapse or shake-up of the global economy. (I trust Bitcoin and I'm not one of those individuals who are very skeptical about cryptocurrencies as I just mentioned.)

[|MINER|]

Currently, many changes are coming in our economy.  We should always be prepared for economy collapses.  We should hold and invest more and more bitcoins.  Do not spend more than the income. Invest wisely You should be mentally prepared for economy collapses that will affect all of our lives. Bitcoin will be the next  asset like as gold.  But I want to mention something into it that when you are going to hold Bitcoin just aquire  some knowledge about security ,  like technical knowledge  it could safe for your fund.  Anyway  holding Bitcoin with a perfect  DCA management will be great for future gainer.

[ichsan ardi]

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 really agree with what you say if the economy is destroyed everything will fall like a homestead only bitcoin will save us bitcoin is more cross border we move countries yes our assets also move that is one of the advantages of bitcoin no one controls our assets NOT YOUR KEY NOT YOUR COIN Our money is our money

[Gozie51]

But I want to mention something into it that when you are going to hold Bitcoin just aquire  some knowledge about security ,  like technical knowledge  it could safe for your fund.  Anyway  holding Bitcoin with a perfect  DCA management will be great for future gainer.

I guess security in terms of hodling your coin in a more secured wallet so that you are the only one with access to it like your noncustodial wallet. But regards to knowledge, I don't think someone who wants to hodl bitcoin as investment requires a special knowledge if they have the primary knowledge of bitcoin, bull, halving, bear etc and some people can rely on someone else knowledge to invest if they are guided. I have seen some newbie investors who are encouraged to buy some coins. Only ensure you have your private keys of your wallet yourself, so that you are the only one to access it .

[Mame89]

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...

While bitcoins are a great investment for longterm protection of our savings, I am a bit critical towards short-term profits during a big economic collapse. The problem with a major downturn is that most investors are going to avoid any risky assets and will focus on holding cash or government bonds. So, anybody that has large amounts of crypto currencies and is looking for buyers might not find them or only at a hefty discount. During a major collapse my first step would be to start stockpiling food again. I just finished eating most of the canned food from the covid pandemic and would make sure to have at least 4 weeks of food and water. Also toilet paper was a big issue during lockdowns, better to stock up as well. The best would be to have a private garden and start planting good, but I don't see any chance in the city. My next step would be to start looking for another job, just in case my employer goes bankrupt or has layoffs it's good to have already an alternative lined up. And my third preparation would be to start storing cash at home again in case there is a collapse of the financial system, almost like in 2008.

What you say will be true to what is happening. I mean cryptocurrency or bitcoin is just considered a risky asset so when a crisis or recession happens, people will dump them and go for safer assets like government bonds or gold. But if in the future, bitcoin is valued as highly as gold, is no longer a risky asset, is widely accepted and its value is guaranteed, then owning bitcoin will be an advantage during economic downturns. I believe that in the future, bitcoin's role will be as important as gold and its role will be equal to gold or more.
When the world economy collapses, fiat is not really an option because the monetary system will collapse, only assets like gold or bitcoin will really have value at that time.

In our generation, all of us are victims of the greed of previous generations, especially those in my country who are not prepared to fight against the next economic tornado disaster. Get ready to become a fool, or even die drowning in the maelstrom of the economic crisis that could occur at any time.

Yes, bitcoin is the financial future, and that is an inevitability. Just like electric cars which will replace petrol cars in the future. Because the reality is that the current generation prefers crypto because of its high volatility, if gold is truly stable, it is the most stable. But we cannot deny that crypto moves faster than gold, which is why the current generation is more inclined towards bitcoin than gold. After all, now there is a metaverse, even the land for sale there exceeds expectations and big brands such as LV, Gucci, Nike are competing to set up shops there.

[n0ne]

Currently, many changes are coming in our economy.  We should always be prepared for economy collapses.  We should hold and invest more and more bitcoins.  Do not spend more than the income. Invest wisely You should be mentally prepared for economy collapses that will affect all of our lives. Bitcoin will be the next  asset like as gold.  But I want to mention something into it that when you are going to hold Bitcoin just aquire  some knowledge about security ,  like technical knowledge  it could safe for your fund.  Anyway  holding Bitcoin with a perfect  DCA management will be great for future gainer.

It is good to learn about bitcoin holding and the security features to keep things in a much secure manner. Whenever there arises some collapse it needs to be used as an opportunity. This is what the suggestion we get from cryptocurrency analysts on cryptocurrency investment. When it is on traditional market the scenario is different, we should be prepared enough to tackle the situation. For this reason it is always good to keep ourselves prepared to face the worst market situation. This could help us to be on the safer side.

[TelolettOm]

I really agree with what you say if the economy is destroyed everything will fall like a homestead only bitcoin will save us -snip-

It is true that Bitcoin is quite resistant to economic downturn. When we are in the crisis of pandemic in 2021, Bitcoin even skyrockets and it created a new ATH ($69k). There is a prediction I heard lately that if we experienced another big economic crisis next year, Bitcoin may skyrocket again because people will choose BTC to secure their wealth. However, it is juts a speculation/prediction. In reality, Bitcoin is still a high risk asset, people must be afraid to keep all their wealth in a high risk thing.

So, don't rely on Bitcoin only to deal with economic crisis. We need other things to support the Bitcoin assets.

-snip- bitcoin is more cross border we move countries yes our assets also move that is one of the advantages of bitcoin no one controls our assets NOT YOUR KEY NOT YOUR COIN Our money is our money

What do you mean?  
If you keep your Bitcoin in private wallets, you are the person who controls it. But if you keep it on CEX wallets, the CEX owner who controls your Bitcoin.

[Casdinyard]

Well the first thing that's going to happen after a major economic collapse is people trying to cut their losses, it's either people are going to cash their bitcoins out cause they got nothing left already and they need to use the money to sustain themselves, or people who were able to make out something from the rubble's going to reinvest their money to bitcoin, which is honestly the most probable thing out there especially since more people are becoming aware of what bitcoin is. And when that happens it's going to be even harder to take out money from your investment cause you would want to make sure you earn as much as possible yeah? It's all a struggle out here even if you're winning so it seems.

[Tony116]

I really agree with what you say if the economy is destroyed everything will fall like a homestead only bitcoin will save us -snip-

It is true that Bitcoin is quite resistant to economic downturn. When we are in the crisis of pandemic in 2021, Bitcoin even skyrockets and it created a new ATH ($69k). There is a prediction I heard lately that if we experienced another big economic crisis next year, Bitcoin may skyrocket again because people will choose BTC to secure their wealth. However, it is juts a speculation/prediction. In reality, Bitcoin is still a high risk asset, people must be afraid to keep all their wealth in a high risk thing.

So, don't rely on Bitcoin only to deal with economic crisis. We need other things to support the Bitcoin assets.

So, how do you explain last year's bitcoin dump when inflation was at its highest in 40 years, and the economic crisis is still causing so much trouble for us today? Why isn't bitcoin skyrocketing to help us beat inflation? Bitcoin is still a risky asset and people are willing to sell it if a crisis occurs so I don't think it can help us get through the economic crisis.

But you're right, even if bitcoin becomes more secure and more resistant to inflation, we shouldn't rely on bitcoin alone. Diversification is necessary because it is difficult to predict what will happen in the future.

[Latviand]

The best thing for bitcoin users to do is to buy and hoard their bitcoins, the second best thing would be investing in property or gold or any precious metals and if worse comes to worse, probably secure your valuables and your property because depending on how severe the collapse would be, desperation to find means to survive will proportionately increase. Also worth noting that if the global economy collapse happens at a literal global scale, bitcoin and how to save our finances would be the least of our worries I think.

[Pingrapole]

I will accumulate assets which will help me in any emergency and these will fund me later if the current system fails.You are definitely right in my opinion.If the world economy collapses, this saying is not applicable now in fact it has already collapsed, now only the effect remains to be seen.We cannot do anything unless we improve our Bitcoin system at the same rate other institutions or industries are improving their systems.One should look now at how to modernize our system in keeping with the times.Apart from this we should look at the productive sectors because it may be impossible to carry forward the system as we have proceeded, but it can be done better if proper measures are taken.Experience given an opinion on this matter. Everyone's opinion reasonable. I think I agree.

[YUriy1991]

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...

Yes. You're right. Recently there have been very drastic changes in development. The dynamics of the global economy and conditions like the one you describe may have already occurred and are currently running slowly and steadily and this is something you need to be especially careful about. with our current financial condition still being burdened by various things, for example the rising price of fuel oil, rising food prices and so on for our daily needs.

So what is needed is anticipatory steps, namely independent efforts to mitigate this. What is certain is that everything must be prepared from now on to face the impact of world economic turmoil and if we have savings of at least 1 BTC, it will be very beneficial in the future.

[bayu7adi]

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...

This statement suggests going all in on BTC as a full-fledged investment or long-term savings strategy.

During the health crisis caused by the COVID-19 pandemic, BTC indeed demonstrated its ability to surge in value and withstand global crises. Alongside BTC, several healthcare stocks also experienced significant growth, as the healthcare sector became exceptionally lucrative and bustling with panicked individuals seeking medical solutions during the pandemic. In essence, aside from Bitcoin, healthcare stocks also serve as another alternative with potential for maximization.

Now, to prepare for future global crises, it would be highly beneficial to identify their causes and speculate on stocks that are poised to thrive during such times.

While I do appreciate holding BTC, I believe that maintaining a reasonable allocation will be more advantageous for my future. I do not wish to overly rely on a single financial instrument.

[DrBeer]

The best thing for bitcoin users to do is to buy and hoard their bitcoins, the second best thing would be investing in property or gold or any precious metals and if worse comes to worse, probably secure your valuables and your property because depending on how severe the collapse would be, desperation to find means to survive will proportionately increase. Also worth noting that if the global economy collapse happens at a literal global scale, bitcoin and how to save our finances would be the least of our worries I think.

The problem is that in the event of a real crisis, and a global one, real assets will be in demand. If we remember history, stocks, securities and other intangible assets become illiquid. Gold, cash currency, etc. are in price - assets for which you can get necessary and affordable goods - food, medicines, gasoline, ..... Cryptocurrency will POSSIBLY be bought up by speculators, investors who play "in the long run", who have surplus funds and faith in the prospects  

[nurilham]

So, how do you explain last year's bitcoin dump when inflation was at its highest in 40 years, and the economic crisis is still causing so much trouble for us today? Why isn't bitcoin skyrocketing to help us beat inflation? Bitcoin is still a risky asset and people are willing to sell it if a crisis occurs so I don't think it can help us get through the economic crisis.

Last year is 2022, right? If you understand the 4 years cycle of Bitcoin, you must know it is the first year of bearish season. How do you expect the Bitcoin to skyrocket during the bearish season? It is something strange, buddy. Although we have a severe economic crisis, no chance for Bitcoin to create ATH or skyrocket in the bearish season. I personally think it is all about the period of bullish or bearish season.

2018= bearish season
2019 = bearish season
2020= bullish season
2021= bullish season

2022= bearish season
2023= bearish season
2024= bullish season
2025= bullish season

But you're right, even if bitcoin becomes more secure and more resistant to inflation, we shouldn't rely on bitcoin alone. Diversification is necessary because it is difficult to predict what will happen in the future.

Smart investors must understand that diversification is needed. It is not a wise decision to rely on a single asset only, specifically to rely on a high risk investment. It is better if we invest in safer things like Gold, Land, or other potential assets that looks to have lower risks. Don't put all money in high risk investments although it offers higher profits.

[slapper]

The best thing for bitcoin users to do is to buy and hoard their bitcoins, the second best thing would be investing in property or gold or any precious metals and if worse comes to worse, probably secure your valuables and your property because depending on how severe the collapse would be, desperation to find means to survive will proportionately increase. Also worth noting that if the global economy collapse happens at a literal global scale, bitcoin and how to save our finances would be the least of our worries I think.

The problem is that in the event of a real crisis, and a global one, real assets will be in demand. If we remember history, stocks, securities and other intangible assets become illiquid. Gold, cash currency, etc. are in price - assets for which you can get necessary and affordable goods - food, medicines, gasoline, ..... Cryptocurrency will POSSIBLY be bought up by speculators, investors who play "in the long run", who have surplus funds and faith in the prospects  

Your perspective is intriguing. Gold and money do hold their value in hard times. But aren't we in a fast-changing digital age? Financial crises have caused a rush for secure investments. However, the next tragedy may be digital. Cyberattacks, computer breakdowns, and online security holes scare me. In these conditions, wouldn't a decentralized digital asset safe from centralized threats be invaluable? And about speculators: every market has them, from stocks to real estate. It's their risk and game. But stating crypto is solely for speculators? It may be time to learn more about blockchain technology and its potential. The world is changing, so maybe we should modify how we view our assets