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

[Strongkored]

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 have never prepared myself for the economic difficulties that are predicted to occur in the next few years. For me, the most important thing is to adapt to everything that happens. Without economic difficulties, inflation has made it difficult for many people to meet their needs, if they are able to survive in the midst of uncontrolled inflation can be resisted, so I am quite sure that during a global crisis, it will also be able to survive, but hopefully there will not be a global crisis that is more severe than in 2008.
But will those who own Bitcoin survive the global economic crisis? because I feel that the way it works is not as easy as you think, because when the global crisis occurs the price of Bitcoin will probably enter a new phase that will make people shocked and experience losses

[Cryptomultiplier]

Well I don't think any world economy will collapse because there are agencies and bodies which see to it that the financial system is balanced and financial practices are properly regulated in order to avoid a potential collapse of the economy, just like you have mentioned.
The worst that could happen is what's already happening, and that's the BRICS initiative in which some powerful countries will opt to trade with the Yeun, thereby causing a new economic stimulus that is going to affect the current currency of major countries in the world.

Besides this, it is always good to prepare for the worst case scenario as an individual, to have a divergent portfolio or something which is of value like a Crypto Wallet for investment that is secret, gold or precious metals, in order to not be victims or get stuck when there's either disease outbreak, pandemic, flood, earthquake or even human issues that may need immediate monetary attention.

[Davian144]

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...

Apart from still having to keep saving and collecting as much Bitcoin as we can, everyone also has to have another job as support to face potential economic difficulties that occur globally. Because there is no wiser option than continuing to place each of us in a place that can still provide income for ourselves in order to face global economic difficulties. The issue of economics is a matter that must be faced more seriously because most problems in the economic sector can only be solved with money even though it also requires expertise in carrying out every job within the economic scope.

[fuguebtc]

Well I don't think any world economy will collapse because there are agencies and bodies which see to it that the financial system is balanced and financial practices are properly regulated in order to avoid a potential collapse of the economy, just like you have mentioned.
The worst that could happen is what's already happening, and that's the BRICS initiative in which some powerful countries will opt to trade with the Yeun, thereby causing a new economic stimulus that is going to affect the current currency of major countries in the world.

Besides this, it is always good to prepare for the worst case scenario as an individual, to have a divergent portfolio or something which is of value like a Crypto Wallet for investment that is secret, gold or precious metals, in order to not be victims or get stuck when there's either disease outbreak, pandemic, flood, earthquake or even human issues that may need immediate monetary attention.

Why do you consider the establishment and development of BRICS a bad thing? Creating a multipolar world is always a good thing because it will create conditions for many countries to develop in many different directions instead of being constrained by just one great power.

One more thing, in the past, the world economy has collapsed many times, so don't be too subjective that there will be no economic collapse. Government agencies will try not to let that happen, but they also have no guarantee that it will definitely not happen. If they can prevent it, why haven't they found a solution to the crisis we are experiencing?

Preparing for the future is never a waste.

[savetheFORUM]

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...

Well, what else can we do other than to speculate, and predict what might be the best way of survival for us and just go all in with that? Most of us think that Bitcoin can save us from that if we put everything we have into it and get to the other side of the shift without much damage, but what's the guarantee that Bitcoin won't crash as well if the global economy crashes? I know that we expect a lot of people to turn to Bitcoin as a survival method but even that isn't something guaranteed and people might not think the way we do.

I understand that when there is a lot of demand for Bitcoin, its price tend to go up, but if there is global economic crash, I wonder what would stop FUD from spreading and who will stop panic sellers from selling and exiting the market as soon as they can thinking that they will lose everything if they don't do it.

[puloweh555]

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...

Every year there is inflation, even though the global economy is in decline, so we don't need to be afraid. If the world economy will collapse. That won't happen yet. Stay calm. The important thing now is that we are alert and continue to implement policies (the world economy could collapse, but don't let our hearts and minds collapse). What we need to do is save money and continue investing in bitcoin, because for me only bitcoin can save us from the increasingly worsening global economy. Also do this by buying land so that later if the global economy gets worse we will still have sweet potatoes/cassava and other things to consume.

[Rockstarguy]

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 as much as bitcoiners should be accumulating coins, I feel every one should at least have a home farm that can produce food and medicines enough to cater for every member of their family at least their nuclear sector.. get emergency kits readily available in their homes... at least the lockdown during the covid era should be able to teach us certain important lessons.. People had money, coins and other valuables that are tradeable but we experience a complete shut down of all markets and public places, but for people that had home farms, storage with essentials supplies they were able to go through the period better than others that weren't prepared. At least before you start selling your accumulated coins, you should be alive and healthy.

[Eternad]

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...

Bitcoin is part of the economy. I doubt Bitcoin will not be affected when global economy collapse while investors on Bitcoin itself will be directly affected in the form of being jobless, weak business profit and many factor that contribute to the economy collapse.

Bitcoin advantage on economy crisis is it will be less affected compared to fiat but it’s not enough to secure yourself on a collapsing economy since Bitcoin is not an income generator.

I will focus on constructing a self sustaining backyard and green energy which I’m already planning so that I will not be reliant heavily on the putside economy while invest my life savings to Bitcoin to secure my savings value.

[Gyfts]

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.

It really only takes the U.S., Europe, or China for the world economy to fail. The U.S. has the largest affect because of their share of global GDP and the value of their import/export totals are greater than the GDP of some small countries. Consider the percentage a country's share of global GDP to be proportional to the risk that individual country has that could cause a global recession of some degree.

All the factors you mentioned could trigger a global collapse, but realistically it could happen if the individual economies of large regions collapse for whatever reason. There does not need to be a global event for a global collapse -- the global economy is so interconnected that only one country could cause a domino effect.

[Huppercase]

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...

Don't act like bitcoin is immune as well. The last time Covid happen, was bitcoin going up or it was going lower. It depreciated more than some even stock, many coins did -99% because of its influence on them. If today another global collapse should happen, bitcoin will be affected but may be not as it used to in the past but it will crash. The same people that has investment into stock are the people that still has money here as well and they will sell if there is a global economy collapse.

Aside covid19 global pandemic that I experienced, I haven't had any in my life but I believe that when problem arises globally, the first thing everyone look out for is food, they stock food during such times, then follow by medicine, that's the only thing that matter during global crisis, all investment will be nothing, many will even sell to cater for the family, so expect people to sell their bitcoin if we are been real to each other.

[bayu7adi]

Don't act like bitcoin is immune as well. The last time Covid happen, was bitcoin going up or it was going lower.

Let's revisit the BTC/USD candlestick chart. It surged to an all-time high (ATH) of over $65k+.

It's worth noting that during that time, several significant global events took place.
- Covid-19 was discovered in December 2019 in Wuhan, and it rapidly evolved into a global pandemic by March 2020.
- Just two months after Covid-19 gained worldwide attention
- The Bitcoin halving occurred on May 11, 2020.
- The ATH itself was reached on November 10, 2021, which was approximately 1.5 years after Bitcoin's previous ATH. However, the price rally had already begun in May 2021, all while the Covid-19 pandemic was still ongoing.

In my opinion, Covid-19 did not weaken Bitcoin. Similarly, some healthcare-related stocks experienced a significant surge when the pandemic hit.

[asyakashi]

gold and bitcoin. two things that are most effective when the world economy collapses. I included bitcoin because even during the Russian war one year ago they used bitcoin as a transaction because the currency was difficult to transact. One of the advantages of crypto currency is that it does not favor a particular country. In fact, it is a solution when several countries experience conflict.

[Dr.Bitcoin_Strange]

During economic downtime, a real Bitcoiner would not think of selling their Bitcoin asset but rather buying more if the price of Bitcoin dips. As an investor or entrepreneur, you must not only hold your investment in one asset. That's the reason it's also advised for someone to diversify their investments. You could invest in Bitcoin and other things so that during the economic hardship you might still have something sustaining you; maybe it could be profit from other investments, or if you are also running a business, you would be making profit from it. Well, I think one way to prepare for any economic hardship or whatever is to maybe start saving some fiat that you can use to buy more Bitcoin by then and also to meet your needs.

[Russlenat]

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...

You should not only focus on bitcoin accumulation but investing in other potential investments as well like accumulating gold, or stocks, or even real estate because they can surely be profitable in the future that will give you passive profits if done the right way. Those are my goals before our global economy will collapse, at least by that time my finances is already established with crypto or even in our local currency. Whatever happens to the economy, I will never have to suffer from it.

[Unbunplease]

During economic downtime, a real Bitcoiner would not think of selling their Bitcoin asset but rather buying more if the price of Bitcoin dips. As an investor or entrepreneur, you must not only hold your investment in one asset. That's the reason it's also advised for someone to diversify their investments. You could invest in Bitcoin and other things so that during the economic hardship you might still have something sustaining you; maybe it could be profit from other investments, or if you are also running a business, you would be making profit from it. Well, I think one way to prepare for any economic hardship or whatever is to maybe start saving some fiat that you can use to buy more Bitcoin by then and also to meet your needs.

Saving fiat money is not the problem; the problem is where to store that fiat money. Cash is fine, but the problem is that you need space and security (and monetary reform is always a possibility). Storing it in a bank is also dangerous - the account can always be frozen.

[Japinat]

With the negative changes that is happening in our global economy, I can really see it that it might collapse in the near future. With that, my priority will be the same as others priority, that is to prepare and maximize my bitcoin portfolio. Aside from that, I am also trying to get in touch with some physical businesses as well. That means I'm up to establish some businesses that will also attract passive income hopefully. Although there might be inevitable risks, but as long as I'm knowledgeable about it and I'm prepared for those risks, then moving forward will always be my goal.

[Woodie]

Not to sound like some doomsday prepper , If a tide such as the global economy collapse is coming, believe you me warnings will be there such as high inflation rate, high unemployment rates, currencies losing value ectera, and for some one like me who can read between the lines...I would be jumping on the crypto economy fully and getting close friends and family to ride this wave by changing any local currency they have to BTC and any valuable crypto coin they can get their hands on as the aftermath will hit hard and to survive this you definately need something shiny...not gold of course, that stuff is heavy we talking about bitcoin and this will be the new gen of gold that can act as a currency to aid trade

[serjent05]

Global economic collapse is where the value of assets will have a sharp decline.  If I have the funds, I will be looking for an asset that can stay and will have better pricing when the economy has recovered.  Selling Bitcoin during this time might be futile because the price might also get affected so I will keep holding it buying more of Bitcoin won't also hurt since it might be cheaper since people who does not have enough fund might start selling their assets and that includes their Bitcoin holdings.

[JunaidAzizi]

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...

Op yes you have raised a valid point and point our attention to this issue if it happens. the economic shift does not come in one or two hours or in a day when it starts in a country or in a world everyone knows about. Your question is what the bitcoiners do at that time, So everyone gives his valuable ideas and now I am going to give you of mine. The first thing is to diversify your assets, Do not hold all the eggs in a single bucket. Bitcoin is highly volatile and its price goes up and down and what if at that time its price goes down you need to spend your money on real estate, precious metals, bonds, etc. through which your fund will be saved and another is to keep some local fiat money which also gives you some back during the economic crises. Through this, you will buy the daily life routine that helps you survive that crisis.

[komisariatku]

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...

For me, having assets that can survive the economic and food crisis is a good choice. Of course bitcoin is the right choice, I never doubted it. But in my opinion, I need to consider land assets, I live in a tropical country and having land is a good thing. No matter how bad the economic conditions are, I can plant trees and grains for food on the land, that's the most logical thing and I won't worry about hunger.