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

[Dimitri94]

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...

Current world politics is moving in different direction so any change at any time has to be accepted and everyone has to adapt to it. Due to the financial crisis, the money deposited in the bank is also losing value.

But it is said that as long as you have Bitcoin in your wallet, you have not lost it. If the price of Bitcoin falls further from the current price, it will not be a loss because it has potential. The current world financial situation is slowly becoming unstable. The effect of inflation is gradually increasing. And common people are suffering financially. This deflationary protection requires an investment that can hold monetary value financially. And for this, Bitcoin is the only investment medium where it is possible to save from inflation.

[Asuspawer09]

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 mean there was no escape from that if a global economic crisis hit us, all we could do was hope that we had saved enough and invested enough and find other ways or alternatives how where were going to survive it, For sure it is already a good thing that we are investing in cryptocurrency even though we all know that cryptocurrency is a very risky investment it is still better than just saving it on your banks where you doesnt have control and because of inflation, It's better to just save enough money as your savings like probably enough amount that you could use to buy your necessities and then do an emergency funds, insurance, health, retirement, etc. that is important then all of your other money is invested on assets like Bitcoin, real states or passive incomes.

We dont really know since the world is changing quickly so it's better to have multiple incomes while we can still earn a good amount of money so that when the crisis hits us we can easily survive it because we have a lot of assets and income. But I dont really know how Bitcoin is going to react to this kind of thing, we dont know if the price is going to drop or skyrocket so do not invest only in cryptocurrency.

[Negotiation]

Economic crisis is really very bad it hurts every people and puts them in crisis. The current crisis may pose a major food security problem in the coming days food security crisis It could lead to a global crisis. Allocation to social security sector in the budget needs to be greatly increased. Saving and investing for the future is a good way out of a global economic meltdown. Investing in banking firms is the best investment in crypto as they lose their value as the economy collapses. Here the economic crisis will not have any effect investing in Bitcoin will help you survive the crisis as the value of this currency increases over time. Individuals can develop habits that will protect them ahead of time, even if there is an economic downturn or recession. When it comes to income having an emergency fund is all about having multiple sources of income and within your means.

[Shishir99]

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 don't know what is going to happen. But if you can guess what is going to happen, get prepared. Now it depends on your condition and it varies from person to person. Some people are happy with the food only and they don't care about anything else. As an average Joe, I don't plan to do many things. All I can do is reduce my expenses and save money for the bad times so I can survive the crash.

Inflation fluctuates a lot during the crashes. So if you can store emergency products, that would be good for you and your family. Reduces unnecessary expenses. Stop spending on entertainment. But if you are rich enough, you may still enjoy it.

[Silberman]

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 we were under that scenario I will try to keep holding a little bit more, my reasoning is that during those turbulent times what people need the most is a good currency, so you can leverage your bitcoin holdings and wait until things get even worse and then finally make a move, but what to do? That depends on what you want to achieve, people forget that it is during those turbulent times when the most money can be made, so you could buy real estate or even different businesses to generate some monthly income and increase your wealth in this way.

[Sayeds56]

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 the event of global economic collapse, it would indeed have far-reaching and extensive effects for individuals, businesses and governments around the world. In response to such a dire situation, people will have to adapt to the new economic realities and take actions according to their circumstances. It would be prudent strategy to start purchasing/accumulating Bitcoin on regular basis right from now, from our monthly savings, so that this investment could potentially serve as a financial lifeline during the period of economic turmoil.

[Bloodseekers]

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 we were under that scenario I will try to keep holding a little bit more, my reasoning is that during those turbulent times what people need the most is a good currency, so you can leverage your bitcoin holdings and wait until things get even worse and then finally make a move, but what to do? That depends on what you want to achieve, people forget that it is during those turbulent times when the most money can be made, so you could buy real estate or even different businesses to generate some monthly income and increase your wealth in this way.

If this situation occurs, of course this will greatly affect our lives because our income cannot meet our needs, therefore we need to invest so that we can increase our income when that happens. It is true that in difficult times like these, there are some people who can easily earn their money so they can meet their needs and there are also some people who find it very difficult to earn an income so they cannot meet their needs. Those who choose to collect BTC now can indeed gain benefits for those who are able to hold it longer so they can make a profit later.

[Arenga pinnata]

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.

I think if we really have enough funds when the global economy is experiencing a serious crisis then of course putting a little into bitcoin investment is a pretty good thing. Because as you said, maybe at that time the price of bitcoin will also be quite cheap because it is likely that many bitcoin owners will sell the bitcoin they have to meet their living needs.

But the problem is whether we can have strong finances when the global economy is in decline. I think we have to have preparations from before the economic crisis starts. And actually even now the economic crisis is already being felt. It's just that this doesn't happen equally in all countries. Yes, there are still many countries that still have fairly stable economic conditions at the moment. But the majority of countries are currently in an economic crisis. This can be seen from the rate of increase in prices of daily necessities in each country which continues to increase due to inflation.

[Marvell1]

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...

Current world politics is moving in different direction so any change at any time has to be accepted and everyone has to adapt to it. Due to the financial crisis, the money deposited in the bank is also losing value.

But it is said that as long as you have Bitcoin in your wallet, you have not lost it. If the price of Bitcoin falls further from the current price, it will not be a loss because it has potential. The current world financial situation is slowly becoming unstable. The effect of inflation is gradually increasing. And common people are suffering financially. This deflationary protection requires an investment that can hold monetary value financially. And for this, Bitcoin is the only investment medium where it is possible to save from inflation.

It is not wrong to choose bitcoin as a means to combat future inflation because the value of bitcoin will increase over time, but it would be biased to say that bitcoin is the only means we have to deal with inflation. Don't forget that before bitcoin, we also used gold as a hedge against inflation and it's still effective today. Furthermore, gold has proven to be the most reliable asset during times of crisis and economic recession in the world for centuries. But with bitcoin, bitcoin is also theoretically resistant to inflation but it is more volatile and more speculative. So we still don't know how bitcoin will react when it actually faces a global economic collapse.

[Majestic-milf]

 It's true that the world economy is going bollocks!! World currencies going bust and inflation invading most of the world like a swarming hoard of locusts and some will be left to wonder if the dollar would hold much value in the coming years? Well that's where most bitcoiners who are hodling will be glad they got on the moving train and didn't let FUD deprive them of the freedom Bitcoin gives.
Well, if the global economy goes bust, what will I do? I'd take advantage of the situation and purchase more Bitcoin and hold in readiness of the halving period.

[dothebeats]

It's true that the world economy is going bollocks!! World currencies going bust and inflation invading most of the world like a swarming hoard of locusts and some will be left to wonder if the dollar would hold much value in the coming years? Well that's where most bitcoiners who are hodling will be glad they got on the moving train and didn't let FUD deprive them of the freedom Bitcoin gives.
Well, if the global economy goes bust, what will I do? I'd take advantage of the situation and purchase more Bitcoin and hold in readiness of the halving period.

This is actually a good take, make an opportunity from the situation. Instead of focusing on the negative side of it, we can find ways to prepare ourselves and possibly even get benefits from it. At a time like that, we cannot just stand in the corner and sulk as the world around us goes down with the global economy, instead, we have to be clever and critical. We cannot back ourselves up in a corner and just hope for things to be better after a while, instead, we can take actions that will protect us from the situation and even make it on top.

[flyingcarpet]

It's true that the world economy is going bollocks!! World currencies going bust and inflation invading most of the world like a swarming hoard of locusts and some will be left to wonder if the dollar would hold much value in the coming years? Well that's where most bitcoiners who are hodling will be glad they got on the moving train and didn't let FUD deprive them of the freedom Bitcoin gives.
Well, if the global economy goes bust, what will I do? I'd take advantage of the situation and purchase more Bitcoin and hold in readiness of the halving period.

Everyone will develop their own tactics if what you say comes true, but I don't think the situation will be this bad. So the current economy may be bad, but the worst case scenario we talked about will not happen.

Accumulating Bitcoin is an investment method that should be preferred whether the economy is good or bad. That's why we should try to accumulate Bitcoin regardless of economies. All the bad scenarios mentioned will not happen. Make your own plan and invest for a better life.

[Inwestour]

This is actually a good take, make an opportunity from the situation. Instead of focusing on the negative side of it, we can find ways to prepare ourselves and possibly even get benefits from it. At a time like that, we cannot just stand in the corner and sulk as the world around us goes down with the global economy, instead, we have to be clever and critical. We cannot back ourselves up in a corner and just hope for things to be better after a while, instead, we can take actions that will protect us from the situation and even make it on top.

If I knew that truly difficult times were ahead of us, then I would want to have some liquid assets that could be sold if necessary in order to have a means of subsistence. This is in case we run out of reserves, which should always be available to us for such cases.

Big crises often provided big opportunities, I assume that in the event of some kind of big collapse, the price of Bitcoin could also fall very well, and it would be nice to have free funds to buy more bitcoin. I don't think Bitcoin can grow when the entire world economy is falling.

[YOSHIE]

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...

My understanding is that economics determines the survival and life of mankind in this universe, the economy plays a major role in all sectors and if the global economy worsens, automatically all sectors and elements are paralyzed, including the Bitcoin market and Bitcoin trading.

For me, Bitcoin is also an economy, in digital/internet form, even though its original name is called crypto and so on, the point is: Bitcoin is an economy, so the global economy is bad and the impact on Bitcoin is also bad, It could be that the price of Bitcoin in the market is not the same price as it is now, another reason many of them don't think about digital money anymore, because they prioritize real life.

[Sanitough]

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 we were under that scenario I will try to keep holding a little bit more, my reasoning is that during those turbulent times what people need the most is a good currency, so you can leverage your bitcoin holdings and wait until things get even worse and then finally make a move, but what to do? That depends on what you want to achieve, people forget that it is during those turbulent times when the most money can be made, so you could buy real estate or even different businesses to generate some monthly income and increase your wealth in this way.

Precisely. The fact that bitcoin could be the key to our life's success then we should learn to maximize the accumulation of bitcoin while it is there in front of us. Because once the opportunities are gone, it will be a lot harder for us to achieve our set goals in life. Bitcoin is our future, so we should set it as our priority in life next to fiat.

[Distinctin]

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 mean there was no escape from that if a global economic crisis hit us, all we could do was hope that we had saved enough and invested enough and find other ways or alternatives how where were going to survive it, For sure it is already a good thing that we are investing in cryptocurrency even though we all know that cryptocurrency is a very risky investment it is still better than just saving it on your banks where you doesnt have control and because of inflation, It's better to just save enough money as your savings like probably enough amount that you could use to buy your necessities and then do an emergency funds, insurance, health, retirement, etc. that is important then all of your other money is invested on assets like Bitcoin, real states or passive incomes.

We dont really know since the world is changing quickly so it's better to have multiple incomes while we can still earn a good amount of money so that when the crisis hits us we can easily survive it because we have a lot of assets and income. But I dont really know how Bitcoin is going to react to this kind of thing, we dont know if the price is going to drop or skyrocket so do not invest only in cryptocurrency.

It's certainly an advantage if you already have bitcoin in your wallet. But it would be a lot better if you also have other investments aside from crypto. If I've sufficient funds to invest, I would never settle in a single investment but as much as I can, I will also establish business in the different market industry. That way, if ever one investment fails, the rest might still be generating a decent amount of income.

Bitcoin is a secured and profitable investment. But seeing its high volatility, we should never invest in it all in but only invest on the amount we can afford to lose.

[Cling18]

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 mean there was no escape from that if a global economic crisis hit us, all we could do was hope that we had saved enough and invested enough and find other ways or alternatives how where were going to survive it, For sure it is already a good thing that we are investing in cryptocurrency even though we all know that cryptocurrency is a very risky investment it is still better than just saving it on your banks where you doesnt have control and because of inflation, It's better to just save enough money as your savings like probably enough amount that you could use to buy your necessities and then do an emergency funds, insurance, health, retirement, etc. that is important then all of your other money is invested on assets like Bitcoin, real states or passive incomes.

We dont really know since the world is changing quickly so it's better to have multiple incomes while we can still earn a good amount of money so that when the crisis hits us we can easily survive it because we have a lot of assets and income. But I dont really know how Bitcoin is going to react to this kind of thing, we dont know if the price is going to drop or skyrocket so do not invest only in cryptocurrency.

It's certainly an advantage if you already have bitcoin in your wallet. But it would be a lot better if you also have other investments aside from crypto. If I've sufficient funds to invest, I would never settle in a single investment but as much as I can, I will also establish business in the different market industry. That way, if ever one investment fails, the rest might still be generating a decent amount of income.

Bitcoin is a secured and profitable investment. But seeing its high volatility, we should never invest in it all in but only invest in the amount we can afford to lose.

When the global economy collapses, I believe that it will also have an impact on the crypto market. However, we must always be prepared for the possibilities. I agree that it is important that we have other forms of investment aside from cryptocurrency specifically, Bitcoin. Yes, it is profitable but we should always have a backup. We better have other investments and sources of savings as a preparation for the future because we all know that even the economic situation affects the crypto market.

[abel1337]

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It's certainly an advantage if you already have bitcoin in your wallet. But it would be a lot better if you also have other investments aside from crypto. If I've sufficient funds to invest, I would never settle in a single investment but as much as I can, I will also establish business in the different market industry. That way, if ever one investment fails, the rest might still be generating a decent amount of income.

Bitcoin is a secured and profitable investment. But seeing its high volatility, we should never invest in it all in but only invest in the amount we can afford to lose.

When the global economy collapses, I believe that it will also have an impact on the crypto market. However, we must always be prepared for the possibilities. I agree that it is important that we have other forms of investment aside from cryptocurrency specifically, Bitcoin. Yes, it is profitable but we should always have a backup. We better have other investments and sources of savings as a preparation for the future because we all know that even the economic situation affects the crypto market.

Of course there would be an impact but I'm guessing that it will be on the positive side given that people will find something that they can put their money on and I think cryptocurrency is one of them. I'm not an economist, what assets would be the go to of investors if the global economy collapses aside from cryptocurrency? It is always nice to diversify and it is better to have an investment now that will not affect us incase there's some kind of disaster like global collapse or a war happen.

[karabiber]

Since the economic crisis measures taken by governments are mostly aimed at protecting corporations and the rich, ordinary citizens need to be very careful and risk averse to minimize the impact of the crisis. I would like to share my own personal tips on how to protect oneself from crises. Generally, do not believe what media people and politicians say and try to do the opposite of what they say. Because their eyes are on your pocket. Reduce your expenses. Increase recycling and there is no need for new clothes, phones, cars.

The value of money is volatile and its purchasing power can fall. With a wad of money, one day you can only buy one block of cheese. The value of housing is also volatile, the supply of housing is increasing every day, if the supply increases, its value will fall. Suddenly a 10 storey building is built on the land next to your house and the value of your house competes with 30 new apartments.
The supply of gold may also increase. The embargo on Iran is lifted and tons of gold from Iran are released into the global market.  New mines are discovered, existing mines are exploited more, more gold is in circulation.
But what about land? The land on Earth is limited. Unless a major tectonic plate movement causes the land in the ocean to rise to the surface, the amount of land on earth is fixed, it does not change. For this reason, you must, must, must invest in land to avoid being affected by the crisis. At least you will have freedom.

[teosanru]

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...

First of all what do you mean by collapse? Have you ever in the history seen the complete global economy collapse? Why do you expect it would happen now? Also if it would happen how do you really say that bitcoin will not be affected by that? Eventually the money that get's pumped in the bitcoin is also part of the global economy itself. So I don't think building these hypothetical scenarios is anywhere nice.