Topic: Bad economic situation makes bitcoins more difficult to keep. - page 7. (Read 951 times)

Job salary is never a huge amount for everyone so not everyone can live a luxurious life with salary money.  Very few people can live a life of luxury with the salary of a job who is an officer of a company. On the other hand, business management is very difficult and in business, unless the business is very big, profits are not very high, which makes it impossible to live a luxurious life. Again there is a lot of risk in Bitcoin because the price of Bitcoin is not stable and its price not only goes up but also goes down a lot at times so holding Bitcoin does not guarantee a luxurious life. There are many hurdles in all areas of life and overcoming those hurdles to achieve something good is called success. No one can succeed without suffering.  Success is not an easy thing

Money is not always the solution to problems. If you could timelock your Bitcoin maybe for three months and also lock most of the money you earn in good investments, you could become more creative at solving problems with the little you have without compromising on good quality. If we can't do this then we know we need wisdom.
I believe people with alot of wisdom/intelligence can live comfortably with less money.  1btc in the hand of a fool is not thesame as 1btc in the hand of the wise. It takes wisdom to spend it wisely and be very contented. It will never be enough for the fool.

Beside, if we work hard & do our job really well, even with little to no pay, we will always attract favours to ourselves, such as cheap alternatives to things we need, good quality things for free, plus our things will last for us and we will be shielded from the general bad economy. Bad economy tend to affect those who contribute to the bad economy. We reap what we sow.    Better not to participate with people in contributing to bad economy, so you don't reap bad economy.

This is why we should invest only what we can afford to lose or just a spare money and not a life savings so that you eill not be tempted to touch it in case bad economy hits hard your country. I will surely do the same on spending my Bitcoin savings if I use a portion of my money that is dedicated for investment and not by spare money.

People should not put money on Bitcoin if their financial status is very low because they will surely touch the Bitcoin in case they are already out of money for their personal necessities. Holding Bitcoin is very hard to do if your current status really needs money from different sources aside from your job salary.

True, I can relate to your discussion with your friend, I previously thought it was only me, but it also happened to some of my friend. Up until now, I have cashed out more than half of my crypto saving. I used to hold not only Bitcoin but also some altcoins, but I have sold all of those altcoins, only bitcoin left on my portfolios, and it's not that much too actually, this 'recession' hit me quite hard. Doesn't matter how we believe and love Bitcoins, we still need to survive and meets our end meet, the last resort is to liquidate our cryptos.

There is no big philosophy here, if you have Bitcoin and find yourself in a situation where you need money for something, it is quite logical that you will use that Bitcoin if you have no other choice. It is not something that is exclusively related only to countries where the standard of living is low and where inflation in combination with low wages has forced people to start selling family treasures, but it is quite normal in developed countries as well.

A few years ago in my country, mini shops where gold was bought started popping up everywhere and people started selling family jewelry en masse, and I have no doubt that some are doing the same today with Bitcoin, especially if we take into account that they bought it at a much lower price. I don't see a problem here, but I see a problem when people will no longer have anything to sell, and will not be able to buy food or pay their bills.

There will always be a division between poor and rich in all countries no matter what that country identifies as in economic context. To put it simply, I agree with you, not everyone who lives in a poor country has a poor lifestyle, and not everyone who lives in a rich country has a better economic status and standard of living. Hence, the area or location wouldn't matter as much as the individual situation of a person on wether or not they will be able to hold Bitcoin and invest.

Oh god, I just love these topics!

From time to time someone has some kind of divine revelation and realizes that when things go south and people stop having money they won't invest in Bitcoin money they don't have but, again, what a surprise, they will sell their investments to survive. But despite this obvious reasoning, there are still some who think that a recession will be good for investments and for Bitcoin, because...majik!


What profits will here be for you if the rest are too poor to afford your gold-plated satoshi you want to sell at one million a piece?
So people will go out of a job, out of money then they will somehow buy with inexistent money Bitcoin, and then they will sell those Bitcoins at 10 times the price to other people who have lost all their money! Wow, such a bullet proof plan to achieve your dream! Imagine if I would have known such a thing existed!


And you've just written off like 3 billion who will never even dream of having 6 months in expenses savings since they can't even put aside 5% of their wage, let's not even go into the dwindling possibility of getting another source of income when massive layoffs are on the horizon because obviously, fewer people making money less money spent fewer opportunities to make money.

Let's face it, some on this forum who are living in countries that even in crisis have offered opportunities will be safe, most others will be screwed, Bitcoin or gold or whatever plans they might have unless it's fleeing to a real "safe heaven" !

It will be better if we have other side jobs so we can't temper with our possessions when we need money for something, it's so advisable to keep a schedule before badging in for an investment so we can't get to collect from it, sometimes we tell our selfs let me take little from my assests but we never get the thought that from little to little we are collecting everything from our investment's, if the economy of a country is not well balanced getting another job should be the second thought of an investor because the reason why someone invested in bitcoin is to hold for long and sell when he or she knows that this is the right time to sell.

Times of financial and economic uncertainty can cause us to rethink money management and adapt. Finding opportunities to increase your income or get a side job can help ensure that you have enough money to deal with difficult situations.

Diversity in income sources is also an important point. It is not advisable to completely depend on a single source of income, as this can put you at great risk should there be an unexpected change. It is also important to consider long-term investments and financial management. Sometimes, taking the time to learn about finance and investing can help you better understand how to optimize your assets.

I think that in general it is true that people in countries where there is more employment and more opportunities for progress will have it easier but even in those countries there are many people who shoot themselves in the foot, as can be seen by the level of indebtedness for consumption in the USA for example.

If a crisis situation arrives but during the previous years you have prepared for it, it will either not affect you much or it will not affect you at all. And by that I mean:

1. Having saved an emergency fund of between 3 and 6 months of expenses.
2. Having saved extra money if you could foresee that you were going to lose your job, as well as moving to get another job as soon as possible.
3. Having several sources of income, which help reduce the impact of losing your main job.
4. You have been investing regularly, buying Bitcoin and other assets.

With this homework done, the outlook in the face of a crisis is very different.

If you're work under someone company, you're high unlikely will get impact except you get fired.

If you're a businessman and still talk about this kind problem, I think you're just a self claimed businessman. How can a businessman think he will get a stable profit? there's no stable profit if you run a business and you must be ready to accept any condition.

However don't over complicate your life, just sell your coins if you really need and start to accumulate when your financial is back.

I don't think, economy situation will stop me not to achieve my dream in the future, because am still holding my Bitcoin which i believe the situation will soon be over for Bitcoin holders to start swimming in profits making. I know many people are going through a lot in this economy situation because of the massive inflation that is affecting the global economy, which I know the governments are finding solution to end the situation so that many industries will start functioning well to allow people to experience surplus of goods and services in their various environments . I think, people will start saving money now to have the confidence to continue holding their Bitcoins in their wallets till the price hit back $69,000 before they can sell to make a passive income.

Comparing a few years ago to holding bitcoin, right now it is more difficult to hold because, as you are right, prices go up and salaries are not enough. Even if you have a higher salary right now, it is still difficult, as it is almost the same because the prices of our needs are also too high. Unlike before, even though I have a low salary, I am still able to accumulate some bitcoins, but right now it is very hard. If we just have a bigger salary, then we won't have a problem having extra money for investment.

But the bigger problem that many people are facing is that with the current economic crisis, even the main job is difficult to keep, let alone find a side job. I think everyone realizes that having a part-time job will get them out of a bad economic situation. But like in our country, a series of companies went bankrupt, and many businesses cut workers, how did they get extra jobs? Saying and doing are two completely different things, and it is not as easy as we think.
I don't know about other countries, but in my country it's hard to find a job, thousands of workers are unemployed these days.

I think your logic is true, I feel that in my country where have the same situation as you. Actually, it's easy how to manage that situation, just keep saving your Bitcoin, but you may take a bit to meet your needs. For example, if you previously could save 0.005 bitcoin each month with normal economic conditions, Now with a Bad economic situation, you can use 0.002 BTC for meet your need, and save the rest (0.003) for each month. I use that step, and It might be quite hard to do if you're not used to it before, but with this step, we can still invest in Bitcoin even haven't maximal like before.

That's true, because other sources of income can continue to be used for purposes in life so it will be easier for us to store Bitcoin without touching it at all even though we are facing unusual environmental conditions. Another source of income in life will always be needed because it can be a means of help for everyone who wants to store Bitcoins for a longer term.

The temptation to sell Bitcoin can indeed always be present in the lives of people who have Bitcoin, but for those who don't have Bitcoin, I don't think they will be tempted by anything because maybe there is nothing they can sell to satisfy their lust. But as long as we can hold it because there is a source of income from other jobs that can be used to buy things that make us tempted by it, I think there will be no problem with continuing to hold Bitcoin because we already have one way to be able to keep Bitcoin in the best way maybe in storage.

Not everyone in poor countries suffers from poverty in terms of their standard of living and more have the opportunity to plan and make any investment including bitcoin. Likewise, not all residents of rich countries have decent jobs.

This is a matter of the individual economy, unless you are referring to a state of crisis in which case it can impact all the economic status of everyone in that country.

Yes you are right, in my opinion it is also like that, that anxiety or problems due to this bad economic situation in my opinion must also be felt by many people regardless of whether they are from developed countries or not because all of them are affected. The difficult economic situation and the increasingly expensive necessities of life at this time make some people feel annoyed and worried about ruining their Bitcoin investment.

On this matter I somewhat disagree with you, in my opinion even in developed countries or it can be said that countries with better economies will still feel the same anxiety and worry due to the impact of the bad economic situation. I don't think that those from developed countries have smooth economic conditions and their daily needs there will be cheaper. The income of people in developed countries is indeed large but they are still affected and even their expenses are also large.
Maybe one way to reduce the bad economic situation is that we have to look for additional income but unfortunately to earn additional income at this time is definitely not easy for everyone because most of their time is spent for working, spending time with their family or colleague and resting.

Where I live when the economy is in trouble and income from jobs is not adequately meeting needs, it can be difficult to maintain an investment in bitcoin without being tempted to sell it to meet financial obligations... My friends who know Bitcoin deal with this problem constantly.. Since my country's economy is undoubtedly one of the worst. That's why maintaining discipline in times of financial stress is a real challenge.. Concerns about rising bills and financial liabilities may trigger the need to sell assets, including bitcoins, as a way to temporarily relieve financial pressure. However, I have seen cases of people who don't care how bad they are financially and continue to hold Bitcoin, although the economy can influence these decisions, it is not the only factor to consider... What I would recommend is not just having an investment in Bitcoin, I know that in difficult economic situations this can be quite difficult, but it is the best way to overcome it over time..

Would really be just the same i would say because if you are earning sufficient on day to day spending and have some small gaps for adjustments then you could really be able to save up some Bitcoins out of those
extras on which you could really be able to hold for long term but i do agree into the point that if you are just an average wage earner or worker on which earning just sufficient on day to day survival then for sure you would really be having a hard time on saving one. It isnt really that shocking or something new on which this had been that typical and i did experience on this one. I have able to save up 1 BTC back in the past
since i do have that hopes and dreams about that potential income but due to some emergencies and other things that correlated to it, then i do gradually be able to spend up those amounts
until it gets depleted.

This is why its really that hard to tell basing up on certain persons or individual condition when it comes to their earning or wages because not all would really be sharing up with the same situation or condition
on which there are ones who are that living on a situation where everything is really just that enough or simply that lacking or not enough.