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

[Shishir99]

I guess I could say we already have the experience on what to do so it won't be hard the next time the economy breaks down again.

To be honest, we don't know how bad it can be. We don't know the depth of the economic crash. Just imagine we have money but there is no food to buy. Or Imagine everyone has money in their pocket but money lost its value a hundred times and your $100 can buy a cake only. There will be nothing to eat. Of course, this is only imagination and I don't think the economic crash will be much worse than I imagined.

My point is don't think you have enough experience before you face it. Always try to be ready to face such situations. If you are living on a rural side, consider planting vegetables and fruit trees.

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[Razmirraz]

Needing preparation to face this very dire situation, accumulating Bitcoin is one of the right ideas for storing value. I would choose to live in the countryside because the cost of living there is lower than in the city, using empty land for food needs is an alternative. Rice fields must be managed well to prevent increased expenditure.
Global economic difficulties can be overcome by producing your own food needs by utilizing rice fields, you can plant various kinds of vegetables to prevent falling into global economic difficulties.

[Dunamisx]

Should we actually depends on the global economy for our survival, we have to work on our own and make things happen for us the way we expect, if we are considering the inflation rate and the way the economy isn't stable in many ways, there are other things we could do that will make us self sustainable, we also have to develope our interest in learning self dependent skills, anything that could renders us independent is what we should be fighting for and we can also go into agriculture which is a natural means as long as we can work it.

[pixie85]

The first things I'd worry about in such situation would be my fiat money and my job. I wouldn't do anything with my bitcoin.

It's important to mention that a collapse would not happen in a day. It would be months and you'd be able to see it first in weak economies and then finally in the strongest ones like EU and US.
I'd probably take aot all my money from banks, liquidate all my savings accounts and make sure I'm all in hard assets like real estate, gold, cash and bitcoin.

Then I'd watch it unfold and keep my cars full of gas and all my documents and passports up to date so I can leave and take all my belongings with me. If I lose my job and the bank goes bankrupt there's no reason for me to stay here. I could as well travel.

[Oilacris]

The first things I'd worry about in such situation would be my fiat money and my job. I wouldn't do anything with my bitcoin.

It's important to mention that a collapse would not happen in a day. It would be months and you'd be able to see it first in weak economies and then finally in the strongest ones like EU and US.
I'd probably take aot all my money from banks, liquidate all my savings accounts and make sure I'm all in hard assets like real estate, gold, cash and bitcoin.

Then I'd watch it unfold and keep my cars full of gas and all my documents and passports up to date so I can leave and take all my belongings with me. If I lose my job and the bank goes bankrupt there's no reason for me to stay here. I could as well travel.

Good initiative but only into those people who do have that sufficient funds and money which you could really be able to prepare all of that and considering on travelling into those places on which does have that better economy but we know that when it comes or in talks about global then i do really say that there's no way for you to run but rather it would really be that just pointless on going into those places on which you do really know that it would really be that still the same since that crash or collapse is really that on global scale on which means that no matter where you go then you are still that affected. Whether we do hate it or not, fiat would really be still that relevant and people would really be securing out their cash as much as they could. If ever you do hold up bitcoins then pretty sure you would really be that skeptical on making use of it or would really be that be your last resort of things becomes even more messier later on.

[DVlog]

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...

Do you really think that they will let bitcoin take the place of the Petrodollar? Bitcoin has become as valuable as gold, but you have to understand that mining companies don't run the world. The world leader won't let control go away that easily. If there is an economic shift, this won't happen overnight. It will be a slow and lengthy process, and no one knows what will happen after that.

If bitcoin stays as a store of value like gold, it will survive as an asset class. But if bitcoin needs to take the place of the petrodollar, then there will be no bitcoin for common people. The government will seize it for themselves by any means because of its scarcity.

[nurilham]

I don't forget that coincidence, but can you explain to me, why every time the Fed announces rising inflation and every time they raise interest rates causes bitcoin to correct? Is it another coincidence or is the real impact of the crisis weighing on bitcoin? I still remember every time the government announced that inflation continued to increase and the Fed continued to raise interest rates, the entire financial market was in the red, not just bitcoin. So, I'm pretty sure that without the bear season, bitcoin wouldn't be able to avoid the negative effects of the crisis, let alone assume it would increase in price to help us get through the crisis.

You must understand the impact of news, it really impacts on Bitcoin price. Logically, it influences the demand of investors, they will adjust their investment style whenever there is bad news from FED, SEC, or the like.

Whenever the government made a statement about the bad situation of the economy, surely it will lead to the red market. Investors will prefer to put their money on more secure things. They will have no interest to buy high risks investment like Bitcoin at the moment. Investors also will prioritize to fulfill the urgent needs first than thinking about investment. So, when the demand on the market is decreasing, the price of crypto coins are decreasing too, including the price of Bitcoin.

Until now, bitcoin is still considered a potentially risky speculative asset, not a safe haven. We should accept this reality because we are only at the beginning of the bitcoin revolution.

Yes, Bitcoin is categorized as a high risk investment, it is a speculative asset. I think it is not because we are at the beginning of the revolution, but it is because the nature of Bitcoin and crypto market. We know that Bitcoin has a high volatility and the crypto market is difficult to predict. These are the main reasons why Bitcoin is called as a speculative asset.

[Texac]

...
 However, until a global economic crisis more extreme than COVID-19 occurs, we remain uncertain whether BTC can genuinely withstand such an economic upheaval. Or perhaps gold would prove to be superior? Who's to say?

Most people are biased bitcoin predicting its value if the world economy collapses, no one knows what will happen at that time, it's all just our prediction and nothing is certain that bitcoin will increase in price if that happens.  like what's going on, we're in an inflationary period but honestly, I don't see bitcoin performing well as a hedge against inflation and it's also being affected by inflation.  it is difficult to make claims that bitcoin will be a good store of value or that it will be dumped if the economy collapses.

Regarding gold, even if bitcoin becomes more popular, I'm pretty sure it still won't surpass gold.  no asset can easily surpass gold, including bitcoin. Gold has been proven and recognized for thousands of years and in those thousands of years, no asset has surpassed gold.  we should be realistic to protect ourselves, not too delusional.

Gold has indeed been proven to be a very valuable asset in any situation, but in the era of very sophisticated technology, Bitcoin can be a tool to protect against inflationary turmoil. Indeed, I also admit that Bitcoin cannot be used as a guide because its value fluctuates, but for me Bitcoin is the first alternative to gold.

Currently changes in the global order are very fast, I will never be fixated on just one commodity. Gold has indeed been proven and is quite safe as a hedge tool, but I will continue to read developments carefully and in a situation like the current one, Bitcoin remains a consideration because it is possible that the price of Bitcoin will rise drastically and will add value quickly even though it has quite high risks too.

I understand what you mean, it is true that bitcoin is emerging as an anti-inflation solution that is not inferior to gold if you compare the characteristics that bitcoin possesses.  but if you look at what's actually going on, it's clear that bitcoin is still no better choice than gold and can replace it as a hedge against inflation.  bitcoin is very volatile and is listed as a high-risk asset, so people will be ready to dump it if there is economic turmoil, like what happened during the 2021 crisis.  Maybe in the future things will change as bitcoin adoption becomes more widespread and people use bitcoin more, making it more prominent.  but currently, we cannot deny the fact that it cannot surpass gold.  I prefer bitcoin to gold but what I'm seeing is that demand for gold is still very strong and outperformed bitcoin during the last crisis.

[naira]

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...

That's true, but the fact is that we cannot be separated from our daily needs, which in the midst of any economic crisis, what needs to be prioritized most is long-term supply. Everyone needs conditions to stabilize the situation, investment is ideal as a suggestion to store value. However, this can only be realized in middle to upper financial conditions. Honestly, we cannot be selfish and only look for solutions for those who already know how to get out of economic pressure.

If you have reached the point where your needs can be fulfilled with just a snap of your fingers, I congratulate you, but if instead you only think about idealism without matching it with actual conditions then you have to wake up from your long sleep and look around to see that in reality we exist in neglected communities.

[Arenga pinnata]

Needing preparation to face this very dire situation, accumulating Bitcoin is one of the right ideas for storing value. I would choose to live in the countryside because the cost of living there is lower than in the city, using empty land for food needs is an alternative. Rice fields must be managed well to prevent increased expenditure.
Global economic difficulties can be overcome by producing your own food needs by utilizing rice fields, you can plant various kinds of vegetables to prevent falling into global economic difficulties.

I think that's a pretty good idea. Because at least even though the economy is experiencing a serious crisis. Then at least we will still have food security for ourselves. So we don't need to worry about the rate of inflation which causes food prices to increase. Planting in rural areas might indeed be a good alternative. But that means we have to buy land in the countryside. And actually I also want to own land in the countryside and manage it while enjoying financial freedom one day. Because living in cities, sometimes when the rate of inflation occurs very quickly, we will be directly affected. And it's not easy at all. Invest in bitcoin and in farmland in the countryside. And living there while growing various kinds of vegetables and food seems like it would be fun. And it will save us a little from global economic chaos.

[dothebeats]

Needing preparation to face this very dire situation, accumulating Bitcoin is one of the right ideas for storing value. I would choose to live in the countryside because the cost of living there is lower than in the city, using empty land for food needs is an alternative. Rice fields must be managed well to prevent increased expenditure.
Global economic difficulties can be overcome by producing your own food needs by utilizing rice fields, you can plant various kinds of vegetables to prevent falling into global economic difficulties.

I think that's a pretty good idea. Because at least even though the economy is experiencing a serious crisis. Then at least we will still have food security for ourselves. So we don't need to worry about the rate of inflation which causes food prices to increase. Planting in rural areas might indeed be a good alternative. But that means we have to buy land in the countryside. And actually I also want to own land in the countryside and manage it while enjoying financial freedom one day. Because living in cities, sometimes when the rate of inflation occurs very quickly, we will be directly affected. And it's not easy at all. Invest in bitcoin and in farmland in the countryside. And living there while growing various kinds of vegetables and food seems like it would be fun. And it will save us a little from global economic chaos.

Although it is not as easy as both of you stated it, I still agree with the idea. Despite the effort and a bit of capital it will take to produce at least a big percentage of our needed food, it is still better than solely relying on the market which we know will be on a all time high. Honestly, if such crisis ever happens then our best bet is to do whatever it takes to survive even if it means leaving the city and learning how to produce our own foods.

[batang_bitcoin]

Should we actually depends on the global economy for our survival, we have to work on our own and make things happen for us the way we expect, if we are considering the inflation rate and the way the economy isn't stable in many ways, there are other things we could do that will make us self sustainable, we also have to develope our interest in learning self dependent skills, anything that could renders us independent is what we should be fighting for and we can also go into agriculture which is a natural means as long as we can work it.

Like farming, gardening and other life skills that we can use for our survival. These skills are being forgotten but if we're going to go with the reality, these skills are very needed and effective if we're going to the point that all we need to do is to survive. We can plant our foods, fruits, vegetables and other agricultural products that we can benefit from these life skills. But if you're not in an area where you can't do this, then adopt and improve yourself to learn other necessary skills that will earn you more money.

[pixie85]

The first things I'd worry about in such situation would be my fiat money and my job. I wouldn't do anything with my bitcoin.

It's important to mention that a collapse would not happen in a day. It would be months and you'd be able to see it first in weak economies and then finally in the strongest ones like EU and US.
I'd probably take aot all my money from banks, liquidate all my savings accounts and make sure I'm all in hard assets like real estate, gold, cash and bitcoin.

Then I'd watch it unfold and keep my cars full of gas and all my documents and passports up to date so I can leave and take all my belongings with me. If I lose my job and the bank goes bankrupt there's no reason for me to stay here. I could as well travel.

Good initiative but only into those people who do have that sufficient funds and money which you could really be able to prepare all of that and considering on travelling into those places on which does have that better economy but we know that when it comes or in talks about global then i do really say that there's no way for you to run but rather it would really be that just pointless on going into those places on which you do really know that it would really be that still the same since that crash or collapse is really that on global scale on which means that no matter where you go then you are still that affected. Whether we do hate it or not, fiat would really be still that relevant and people would really be securing out their cash as much as they could. If ever you do hold up bitcoins then pretty sure you would really be that skeptical on making use of it or would really be that be your last resort of things becomes even more messier later on.

If a real collapse happens fiat currencies will be the first that get affected. You must have seen what happens to currencies when a country goes into war. Ukraine currency went down by 50% when they had the Euromaidan Uprising in 2013 and then again 20% when Russia invaded. Money is the representation of the State.

My opinion is that holding fiat while your economy is in ruins is one of the worst ideas, similar to holding government bonds.

As for holding bitcoin and using it as a last resort money, it depends on how much you own. Someone with 100 bitcoin is not going to count every satoshi.

[superman184]

Although it is not as easy as both of you stated it, I still agree with the idea. Despite the effort and a bit of capital it will take to produce at least a big percentage of our needed food, it is still better than solely relying on the market which we know will be on a all time high. Honestly, if such crisis ever happens then our best bet is to do whatever it takes to survive even if it means leaving the city and learning how to produce our own foods.

If we have the desire to produce food in our own homes in order to survive due to the prolonged crisis conditions, I think people in urban areas also do not need to change their residence or move away from urban areas. Because this kind of thing can also be done in the yard or behind our own house, even though the land area is not very large, but as long as it can still be used for farming and the results can be consumed by ourselves. I think that kind of thing is also very good to do without having to move away from the city.

[flyingcarpet]

Although it is not as easy as both of you stated it, I still agree with the idea. Despite the effort and a bit of capital it will take to produce at least a big percentage of our needed food, it is still better than solely relying on the market which we know will be on a all time high. Honestly, if such crisis ever happens then our best bet is to do whatever it takes to survive even if it means leaving the city and learning how to produce our own foods.

If we have the desire to produce food in our own homes in order to survive due to the prolonged crisis conditions, I think people in urban areas also do not need to change their residence or move away from urban areas. Because this kind of thing can also be done in the yard or behind our own house, even though the land area is not very large, but as long as it can still be used for farming and the results can be consumed by ourselves. I think that kind of thing is also very good to do without having to move away from the city.

First of all, we need to solve the problem of nutrition, which is our most basic need. Many people in the world will try to stockpile food, causing food shortages. That's why we need to find a way to produce our own food.

In such a situation, those who will have the most difficulty will be those living in big cities. When logistics stops, big cities are left helpless. Since any production area will be less than other rural areas, migration from the city to the countryside will begin.

These are the things that come to my mind for now, but if the global economy collapses, more problems will arise.

[m2017]

Honestly if you have BTC congrats !!!

Congratulations on what? Are you sure that bitcoin will allow you to escape from global economy collapses? If this happens, it will definitely affect bitcoin too, but it’s not clear how. I think that the capabilities of btc are overrated and I am not sure that bitcoin will withstand the blow of the global economy collapses.

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...

It's too late to do anything now if global economy collapses happens anytime soon. It was necessary to prepare for this event much earlier.

The question is what exactly to accumulate? If bitcoin collapses greatly during the crisis, then what is the use of saving it? I suppose diversification can't be avoided. You need to stock up on cash so that in the event of a collapse of btc, you can buy it on the cheap. In theory, in any crisis, any form of money and securities collapses, therefore, you need to stock up on material assets, such as canned meat and matches basic necessities. This will be in demand at all times, just like food. Maybe, in order to diversify, invest in food production? For example, in pharmaceutical companies during the pandemic, whose shares have risen in price very much.

[Franctoshi]

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...

Should eventually we head to the verge of a global economic collapse or Tsunami, To be sincere I wouldn't want to run for safety only into one particular asset like Bitcoin, I will spread my funds across these three assets for safety, Bitcoin, Gold, and land property, Should there be a catastrophic event that may cause these assets to tank in price and value so I won't get hugely affected as the rate of negative impact on those assets will vary or be differ.

[beerlover]

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.

This is very true, when there is a collapse, that means it's a chance for people to get richer, and I mean a lot richer, when the economy recovers. Look at 2008, people who invested a ton of money during that time ended up with a profit when the recovery happened, because they knew that if they invested when it was that low, it meant they would get richer when the price started to go back up.

It is going to be hard to do it because it's scary to invest into something that goes down, it's like trying to hold a falling knife as they say, but if you do not hold it then it will fall to your feet, so it's better to try to grab it at least. I personally do it all the time whenever bitcoin price goes down.

[Flexystar]

I am just making sure that my investment stays as it is and I only use funds from my emergency savings. This is also from whole family since we love to have budget with shared responsibility. This does not burden one individual and also makes everyone aware of the emergencies.

This way it helps a lot to keep personal savings untouched and more than that investments like bitcoin and other coins remain untouched as well. As we are aware economic recession usually eat out people from top to bottom by exhausting everything they have. So I have learnt to segregate everything safely. It helps.

[Biznesmen]

Economic collapse is not a simple term, and in this era of globalization, the collapse of one economy can affect all countries in the world. In 1929, the Great Depression in the USA was one of the worst depressions seen, and it lasted a decade. And economic collapse is not a depression or recession; that's worse than that; we cannot imagine how it will impact our lives. Even though we panicked about a percentage increase in inflation, it lasted a few months, and the recession lasted six months. How can we stand with an economic collapse that lasts several years? Above all, the impact is not limited to economics but is also political and social.