Topic: If the global economy collapses what's the first thing you do? - page 10. (Read 1125 times)
September 14, 2023, 01:23:45 AM
Collapse in global economy will not suddenly happen like in a day, there's will be a time every countries will have a problem about high inflation rate, demonstration, food shortage etc. Since I save almost all of my money in Bitcoin, I don't have to worry about that, but I will convert my Bitcoin to fiat and buy food as much as possible in order to survive. I also have a garden in my house, so I can plant many fruits and vegetable, so I still can survive alone without buying an expensive foods.
September 14, 2023, 01:19:57 AM
The first thing I would do if the global economy collapsed and had a negative impact on my country was to start buying basic necessities for my family. Basic necessities will become scarce because distribution channels are disrupted. And while basic necessities are still available, I will start buying enough.
And right now, I am still trying to have more Bitcoin as part of the preparation. Maybe at that time, Bitcoin was just starting to be used as an alternative currency like those who use digital payments. Apart from that, I will look for alternatives that can support me and my family to survive global economic difficulties.
But let's hope that doesn't happen. But if that happens, we may need to prepare some money, especially when we can't use Bitcoin to shop for basic needs. So we have two choices in buying the things we need and hope we won't experience difficulties.
And right now, I am still trying to have more Bitcoin as part of the preparation. Maybe at that time, Bitcoin was just starting to be used as an alternative currency like those who use digital payments. Apart from that, I will look for alternatives that can support me and my family to survive global economic difficulties.
But let's hope that doesn't happen. But if that happens, we may need to prepare some money, especially when we can't use Bitcoin to shop for basic needs. So we have two choices in buying the things we need and hope we won't experience difficulties.
September 14, 2023, 12:57:24 AM
Sell all the coins I have in the exchanges, thats what I would do and then hold cash.
But the coins in my wallet stays. If we are just aware what the government will do I think we can decide what exactly to do with our coins.
Because if there ever a chance that government will ban and confiscate our BTC like how they siezed gold from their citizen back in 1930 collapse, we'll be able to save ourselfs from the troubles. Give them coins I own but still have saved the fiat I have.
But the coins in my wallet stays. If we are just aware what the government will do I think we can decide what exactly to do with our coins.
Because if there ever a chance that government will ban and confiscate our BTC like how they siezed gold from their citizen back in 1930 collapse, we'll be able to save ourselfs from the troubles. Give them coins I own but still have saved the fiat I have.
September 14, 2023, 12:53:42 AM
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?
Of course that's true. Because we must always be ready and always alert to face all economic conditions that may occur. Because current economic conditions are very difficult to predict. Because as we know, war between countries and inflation have hit several countries. So it is not impossible that all of these things will happen to the country we live in. So thorough preparations to face all these conditions must be made from now on. Just like having investment assets such as bitcoin, this can certainly be said to be a very good first step. Because if inflation occurs, having investment assets such as bitcoin will at least reduce the impact.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 personally will definitely save on expenses and will continue to put my money into the investment assets that I own (bitcoin and also gold). Apart from that, I will also develop the business that I have established well. Because if now I am not serious about developing the business I founded, I am worried that the global economy will suddenly collapse without warning and if it is like that, the situation will definitely not allow me to continue actively developing the business. So the important point for now is, you must be able to make the best use time, as wisely as possible, and as productively as possible. 
September 14, 2023, 12:49:31 AM
Hitherto to this question the global economic hardship is before now dwelling with us and some of us has gotten use to it and had adapted to the hardship that we often forget it does exist already. It's just that the economic hardship is only getting worsening on a daily basis.
And we as bitcoiners if it get so worse as some economic experts has speculated then I am sure our bitcoin holding would save a lot of us because many holders would be forced to sell to feed and settle some other hefty financial challenges. Investing in agriculture will be the best life saving in those harsh times because what everyone will care for most importantly is foodstuffs. So if you don't have high amount to invest in agriculture you can still have a small farm for subsistence farming to cushion the effect.
And we as bitcoiners if it get so worse as some economic experts has speculated then I am sure our bitcoin holding would save a lot of us because many holders would be forced to sell to feed and settle some other hefty financial challenges. Investing in agriculture will be the best life saving in those harsh times because what everyone will care for most importantly is foodstuffs. So if you don't have high amount to invest in agriculture you can still have a small farm for subsistence farming to cushion the effect.
September 14, 2023, 12:37:45 AM
Sometimes, most people would say they only fear what they can see, but for me I love preparing myself against a potential threat, "the fear of the unknown". things that I think has possibility of happening. For a long time now, the economy has experienced a lot of down turn which might just be as a result of different world power at play. For a situation, where even you money might not be able to save you, it's best to create new strategies. as bitcoiner, we might just be as lucky because even in times like this, we have this belief that Bitcoin might just be a way to survive of which it is. But from
You can see that without electricity, internet connection, your Bitcoin holdings could become worthless. This is why, as you invest more in Bitcoin and hold onto it, it's important to remember that there are other assets you can consider investing in. These alternative investments might help you during times of crisis.
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.
But I'm not preparing for such scenarios.
But I'm not preparing for such scenarios.
You can see that without electricity, internet connection, your Bitcoin holdings could become worthless. This is why, as you invest more in Bitcoin and hold onto it, it's important to remember that there are other assets you can consider investing in. These alternative investments might help you during times of crisis.
September 14, 2023, 12:10:58 AM
If the global economy goes down, everything but the commodities will go down with it. I would move to a farm house, load up on clean water, dry food, bullets and some oil. Btc would also be a good choice in this environment. Since the dollar is a currency and bitcoin is both, when the dollar loses its intrinsic value, every other commodity will go to infinity against the dollar, btc too. However this is not going to be a friendly environment for any of us so it will be too dangerous to make trades. I would rather prefer the dollar to survive through this mess but I also know it is not possible anymore.
September 13, 2023, 11:59:52 PM
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, it shouldn't be just us that should prepare for any economic consequence that will happen globally but since we're in a specific forum and majority of us here are bitcoin people. I think it's no brainer that everyone has to prepare for any major downturn economically and like saving as much as we can, and it is possible that many will have to sell their holdings if it turns out that they have no choice left but to sell their very last bitcoin even we're not yet in a bull run. Anyway, that's an event that's okay to sell those because if you have no other option and that's your major choice since minor ones won't help you to cope up. There is nothing that much that we can do, it's hard to stack up when you've sold already because you'll feel that you're cheated by the market of how it's going to be expensive soon. Personally, I'd lessen my spending into nonsense things although I don't know what nonsense spending I am doing right now since majority of my expenditures are all essentials. Maybe downsizing from there would be the start and adjustment. legendary
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September 13, 2023, 11:36:32 PM
The first thing I generally do in my life is not to prepare for unlikely events. The more improbable the less I prepare. Instead, I prepare for the probable ones. I am prepared for a crisis, and in fact I would say we are in a mini-crisis with the inflation problem that we have, but not for collapse. If it comes, we'll see what I do.
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.
But I'm not preparing for such scenarios.
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.
But I'm not preparing for such scenarios.
September 13, 2023, 11:17:43 PM
I agree with you that there is an obvious shift that is happening in our economy as more and more changes are happening and soon we will feel just how much the impact of these changes is. So if we really want to survive we have to adapt to these changes that are evidently coming. Aside from the obvious of holding on to bitcoin and focusing more on my investments, I'd probably put much effort into keeping an eye on the market and doing research on what the best business will be and if it will be a good time to launch one or to just hold off for a little more. In times like this it is best to do informed and always be updated as each decision may lead to consequences, both positive and negative.
September 13, 2023, 10:58:45 PM
Agree with OP about the changes in the economy in recent years and even in the current context, actually if we look back we have achieved a lot but it seems that it is not enough to continue, the change is necessary and of course adapting to that change to avoid being left behind also requires attention. Not only bitcoin is getting attention, but I also see many new fields and industries appearing that completely change the way they operated before. However, in this forum, when we know about bitcoin, we all believe that the positive impact it creates, I personally am not completely sure but what it has been doing is almost Exactly what we all expected.
September 13, 2023, 10:49:17 PM
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...
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