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

[Mate2237]

What is are the signs of the economic meltdwon? And where do you think is the good side to run to when the economy is bad? In my country we are already facing the economic hardship so there is no future preparation. Economic hardship that we facing right now is even stronger than the one to come. As bitcoiner even at the hard time of the economy, we are still doing the same way we are doing now, the only time that bitcoin hard for it users is the time when the transaction fee is high then it affect the common users of the technology even at that it would not affect the whales.

Op do really understand what you are saying? It is not possible to hodle or accumulate bitcoin when the world economy has collapsed. At that time everyone will be looking for a way to survive and not thinking of hodling.

[Faisal2202]

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 already doing the obvious thing that you have mentioned, and many other BTC enthusiasts are already doing it and have been doing it for many years now, To them, topics like these are repetitive topics because they have gone through such times and they know how it feels to think about the future's conditions, and how will be the environment in future. In all types of fields, whether it's in food, finance, etc.

The point is, other than making money, to back your future up in bad economic situations in future, one should also work for the aspects related to his/her life. For example, the relation, health, food, lifestyle, etc. As we are on BTT and the topic is created in the economic section, we are most probably talking about money only. So we all know that inflation is increasing day by day and the best thing is to store our own money in some form where it will not lose its value and the only option available is BTC. As it is a hedge against inflation.

[kryptqnick]

I used to believe that we were heading into a major economic crisis, and I thought so since 2019 till the end of 2022, waiting for it to happen. But right now, it really seems like the global economy is recovering from everything. It's recovering from the pandemic, it's recovering from the energy crisis and from limiting economic relations with Russia. Some countries are struggling, some are prospering, but overall I think we've avoided a global economic crisis and even a recession this time.
If it happens (and it's bound to happen eventually), my first actions will be to spend fiat while there's something meaningful to buy with it and to convert more savings into Bitcoin if I have any. Bitcoin may suffer, but it's also likely to recover, and there's also a chance it will actually go up during a crisis because of lots of people putting their wealth into it.

[DrBeer]

I have a slightly different suggestion - start doing something BEFORE there is a problem ! When something has already happened, it becomes very difficult to make GOOD moves. All decisions will be weighed down by the current difficult situation.
Therefore - start to form additional passive income, invest in promising areas, agriculture, for example - in case of crisis there will be demand not for 27 iPhones, but for bread, potatoes, rice,.... Form a "financial cushion" of highly liquid assets. if there are problems ahead, it is necessary not to discuss them, but to start doing something.

[ZAINmalik75]

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...

Other than just holding BTC, one should try to diversify their portfolio too, so that we can make some extra money too. There are a lot of altcoins that might lose some of their value due to the current MTGOX refund system. And in that dip, we might want to accumulate some of those ALTs. Because after the halving, there will be a bull run, and all those alts will gain some value, and we could make some extra money too. Because BTC is not that volatile that we could make huge returns on our small investments, if we have to make some good money with our low investment, then we have to diversify it in different alts.

Despite all that, in times of economic hardship, most BTC holders face issues when they are not prepared for such emergency situations; therefore, every BTC accumulator or holder must save extra money for such emergencies. Many people will have to sell their funds in bad economic situations if they do not save any funds in the emergency section. So, it is better to not be late and accept the point that emergency funds are as necessary as the DCA in the accumulation of BTC.

[justdimin]

Sell everything. Except maybe bitcoin and ethereum, I'll observe first before making a move. What I noticed during the middle of the pandemic is that cash is the king. Inflation may be high but it is also expected that most middle-earning investors withdraw their investments just like what happened a few years ago. Stock values plummeted so badly that it is best to sell first rather than sell it at the bottom. Many real estate, vehicles, and other properties will be sold at a discount. So for me, I'll be ready with my cash and then observe the market before starting to shop. Also, in every situation bad or good there are always opportunities but it is for us to find out.

That should be the opposite way. If the economy collapses, that means dollar is worthless, or lets say it is something smaller and dollar is less valuable and not worthless, that means that bitcoin will be worth more. So, if you sell everything during a crash in the market, you are doing the wrong thing. Remember, the worse our economy does, the better bitcoin will do, it is just simple mathematics.

If there is no money, and that is why nobody is buying bitcoin, that would be different case, that is not crash, that is recession and that is fine, we can handle that, it is not a collapse. 2008 for example was a similar thing, markets went down and nobody had money, and what did government do? Print more, and make dollar less valuable, which would have been great for bitcoin.

[stomachgrowls]

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...

We are in fact facing up these economic issues crashes or whatever things that might possibly be happening ahead but there would be no that definite point if this would be happening in our life time or not. The thing here is

that you should really be that mindful and be wise on where you would really be placing up yourself because getting prepared on whatever condition that you would encounter. Doesnt matter whether you do put your focus on Bitcoin or with some other investment which it would really be bringing out that kind of chance on sustaining on the time that shit things happen ahead. Doesnt matter on which form of investment you are really that dealing with or saving up with which as long you could be able to make yourself survive then this would really be our main priority. There's no way on knowing on what are the things  that might happen in the future but basing up on the behavior and things happening then it would really be that safe to presume that shit would really be hitting on the fan soon. It would really be just that a matter of time.

[passwordnow]

However, if the world economy is really falling apart, then I would prefer to invest in buying land. Because if the economy falls, people who have enough food will be the winners.

I thought that you were doing that because of the appreciating value of the lands/real estate but if that's your purpose then you're doing it for two purposes. For having the land and at the same time, you're going to use it for planting the herbs, vegetables, and everything that you need. I want to have that as well so that I can experience planting and I'm not asking for that much and that's why if the global economy collapses, owning one and doing that will also make me flee from the stress of it. So, I have to protect my peace and while doing that, I also have my own way of releasing the stress through planting.

[ChiBitCTy]

What do you mean exactly by "global economy collapse"?  This could be interpreted in a number of ways.  Let's say though the global economy crashes, or worse collapses, I'm not so sure bitcoin is the best place to have your money.  Bitcoin is highly volatile, and during an economic downturn people tend to sell their assets, especially the riskier ones first...so I don't see how bitcoin will help in this situation.

[romero121]

What do you mean exactly by "global economy collapse"?  This could be interpreted in a number of ways.  Let's say though the global economy crashes, or worse collapses, I'm not so sure bitcoin is the best place to have your money.  Bitcoin is highly volatile, and during an economic downturn people tend to sell their assets, especially the riskier ones first...so I don't see how bitcoin will help in this situation.

As stated there can be various interpretation for the term global economy collapse. Based on my understanding bitcoin's volatility won't be the right choice, but it is better than fiat in all means. Till date the bitcoin market have appreciated in value against the fiat that keeps depreciation. All that required is the time to hold for the right moment. When we're in bad economic situation we don't have the choice to hold and nowadays bitcoin have got dependency over the world economy. This also could keep the market in similar situations, and in such situation gold seems to be the fair choice.

[goinmerry]

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...

In what situation can we consider a global economy collapse?

- during a World War as in most countries are participants?
- during a Cold War between major countries?
- during a pandemic like the one that happened a few years ago when almost all industries were down.

Bitcoin might have been the best thing we had during that time but believe me, I'd rather not have lots of BTC on hand if in return I had to experience those listed disasters. Inflation sucks but it's not that, we are facing a total nightmare dealing with only fiat.

[usekevin]

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...

The important thing is we need to hold some money for the future.So if the world economy had collapsed will not affect you in any way.It’s better to hold your saving in the crypto currency as compared to the other fiat.Once the market prepared for bull run,the profit percentage fro, the investment will be never expected one.The bitcoiner can balance the global economy collapse using their holding crypto currency.For others,this global economy collapse will affect the lot and they spend all their holding fiat.

[lienfaye]

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...

If this scenario happened (and yes it's turning worse currently), I think aside from holding my crypto in my wallet for future gains. I will focus on what can give me an income to still survive and that is through looking for an opportunity for additional income. It could be building a business that is timely and still indemand or switching to agriculture since we have land that can be use for farming.

It's better to have a plan and be prepared but the current situation is what we should think about. Because we don't even know if we're still existing if such unfortunate incident (global economy collapse) happened.

[Arenga pinnata]

The big changes in the global economy are currently very clear. Especially regarding inflation and recession. I even saw the news about several mall buildings which are usually busy with visitors and many shops are open. Today there are even fewer visitors to the mall and many shops are closed due to lack of customers. This indicates that people's purchasing power is beginning to decline. Or it could be because people are starting to save money and prepare themselves to face the next economic crisis.

Personally, I actually don't have enough preparation to face an economic crisis if it occurs. It's just that I have started to learn to do it. I also invest in Bitcoin although not much. Because my current condition does not allow me to accumulate bitcoins regularly.

But I am aware that even though the news media says inflation has fallen, in reality I feel that the current conditions are actually getting worse. Because it is very clear that currently the prices of goods and food are increasing rapidly. Isn't this caused by inflation?

All I can do now is:

✓ Organize my finances again so that the allocation of my money can be more measurable.
✓ Trying to find additional income.
✓ Save the remaining money not in fiat but I put it in bitcoin investment. because I realized that the value of fiat continued to decline without me realizing it.
✓ Shop only for what is needed and refrain from overspending.

This is all I can do for now.

[uswa56]

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...

If this scenario happened (and yes it's turning worse currently), I think aside from holding my crypto in my wallet for future gains. I will focus on what can give me an income to still survive and that is through looking for an opportunity for additional income. It could be building a business that is timely and still indemand or switching to agriculture since we have land that can be use for farming.

It's better to have a plan and be prepared but the current situation is what we should think about. Because we don't even know if we're still existing if such unfortunate incident (global economy collapse) happened.

That's quite realistic because when something bad happens the most important thing is how we can survive, and regarding investment, let alone investing in crypto, it is quite a risky thing because basically crypto will not work and will also fall when the global economy collapses, so what? we can survive as long as it recovers, yes, it would be quite promising if the economy could recover, but again, the most important thing is that we must be able to survive when the economy is in decline.

[Sebas.tian]

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 believe many bitcoiners are using this opportunity to buy more of Bitcoin and hold,  so that they will not regret when the global economy collapse because I can still remember how Bitcoin helped many bitcoiners to improve in their various countries where pandemic collapsed many countries economy, but Bitcoin was still pumping massively to allow bitcoiners to enjoy their reward. I think, i need to add to my Bitcoin in this bearish season because the market price is preparing to move to another level for long term investors and short term investors to get ready for another bullish season again. If the bullish season appear this month of September, I think many bitcoiners will achieve a lot of income from the market that will sustain them through out the inflation.

[adaseb]

I’ve been hearing about this global financial collapse for maybe 1.5 year now and it still hasn’t happened. Economy maybe softened a bit and that’s it. Right now job numbers are still strong and gdp is high.

If there is a collapse, who knows what Bitcoin will do or other risk assets like stocks. Best to be all cash and buy many assets like real estate when it’s cheap.

[terrific]

Even if I don't have much cash on my bank account, I'll wipe it first because you'll never know if the next bank to disable withdrawals is the one that you've got.
We've seen this happen in some countries like in China and Lebanon. Banks there restricted their customers in withdrawing their money on them because that will add impact to the economy collapse.
That's why if there's a certain global economy impact and collapse and I am seeing it as well, that's the first thing that I'll do even if it's going to be a few hundred bucks.

[Oasisman]

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.

So, this is going to be definitely the good answer to OPs question. What else I can do other than accumulating bitcoin? Well, I have to invest into building a farm and something that could protectne. It's either equipping you for the slightest possibility of chaos or preparing you to take it to a business level. However, we all know that is far from happening, but at least having your own farm like veggies and livestock will save you from an overpriced market due to the rapid inflation.
This is one of the major options outside bitcoin accumulation.

[tjtonmoy]

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...

Find other ways to make money so that you won't be affected by the economic crisis. If you just keep on hodlign Bitcoin, you won't be able to fight the crisis. In order to prepare for that situation, we need multiple sources of income. The one you have right now, you are used to it and you will still live your daily life like this during that crisis. So you won't be able to fight back or prevent yourself from being affected.

Bitcoin investment is a long-term process. If you rely on that too much, you may not be able to make a profit during those times when it is needed. For this reason, having other ways to make money will always help. Never depend on one thing. It could be gone in an instant, and then you will be left with nothing. Invest in multiple places and try to make a profit from them.

And if you are in an area where you can grow food, you should focus more on that. Food is essential for survival. People will need it no matter what. That way you can help yourself and also sell some to make profits during a crisis. Grow dry foods that you can store easily.