Topic: If the global economy collapses what's the first thing you do? - page 5. (Read 1128 times)

Well the first thing that's going to happen after a major economic collapse is people trying to cut their losses, it's either people are going to cash their bitcoins out cause they got nothing left already and they need to use the money to sustain themselves, or people who were able to make out something from the rubble's going to reinvest their money to bitcoin, which is honestly the most probable thing out there especially since more people are becoming aware of what bitcoin is. And when that happens it's going to be even harder to take out money from your investment cause you would want to make sure you earn as much as possible yeah? It's all a struggle out here even if you're winning so it seems.

It is true that Bitcoin is quite resistant to economic downturn. When we are in the crisis of pandemic in 2021, Bitcoin even skyrockets and it created a new ATH ($69k). There is a prediction I heard lately that if we experienced another big economic crisis next year, Bitcoin may skyrocket again because people will choose BTC to secure their wealth. However, it is juts a speculation/prediction. In reality, Bitcoin is still a high risk asset, people must be afraid to keep all their wealth in a high risk thing.

So, don't rely on Bitcoin only to deal with economic crisis. We need other things to support the Bitcoin assets.

What do you mean?  
If you keep your Bitcoin in private wallets, you are the person who controls it. But if you keep it on CEX wallets, the CEX owner who controls your Bitcoin.

It is good to learn about bitcoin holding and the security features to keep things in a much secure manner. Whenever there arises some collapse it needs to be used as an opportunity. This is what the suggestion we get from cryptocurrency analysts on cryptocurrency investment. When it is on traditional market the scenario is different, we should be prepared enough to tackle the situation. For this reason it is always good to keep ourselves prepared to face the worst market situation. This could help us to be on the safer side.

In our generation, all of us are victims of the greed of previous generations, especially those in my country who are not prepared to fight against the next economic tornado disaster. Get ready to become a fool, or even die drowning in the maelstrom of the economic crisis that could occur at any time.

Yes, bitcoin is the financial future, and that is an inevitability. Just like electric cars which will replace petrol cars in the future. Because the reality is that the current generation prefers crypto because of its high volatility, if gold is truly stable, it is the most stable. But we cannot deny that crypto moves faster than gold, which is why the current generation is more inclined towards bitcoin than gold. After all, now there is a metaverse, even the land for sale there exceeds expectations and big brands such as LV, Gucci, Nike are competing to set up shops there.

I guess security in terms of hodling your coin in a more secured wallet so that you are the only one with access to it like your noncustodial wallet. But regards to knowledge, I don't think someone who wants to hodl bitcoin as investment requires a special knowledge if they have the primary knowledge of bitcoin, bull, halving, bear etc and some people can rely on someone else knowledge to invest if they are guided. I have seen some newbie investors who are encouraged to buy some coins. Only ensure you have your private keys of your wallet yourself, so that you are the only one to access it .

I really agree with what you say if the economy is destroyed everything will fall like a homestead only bitcoin will save us bitcoin is more cross border we move countries yes our assets also move that is one of the advantages of bitcoin no one controls our assets NOT YOUR KEY NOT YOUR COIN Our money is our money

Currently, many changes are coming in our economy.  We should always be prepared for economy collapses.  We should hold and invest more and more bitcoins.  Do not spend more than the income. Invest wisely You should be mentally prepared for economy collapses that will affect all of our lives. Bitcoin will be the next  asset like as gold.  But I want to mention something into it that when you are going to hold Bitcoin just aquire  some knowledge about security ,  like technical knowledge  it could safe for your fund.  Anyway  holding Bitcoin with a perfect  DCA management will be great for future gainer.

If the global economy collapses or is shaken of course people's purchasing power is seriously weakened but at the very beginning of this process many people panic and try to turn their investments into cash. For this reason, we see very serious price declines in the financial markets in the short term. Cryptocurrencies are considered riskier than many other financial investment instruments. For this reason, in the event of a possible global economic collapse or shakeout I don't think that individuals will prefer Bitcoin or other cryptocurrencies at least at the beginning of this collapse. Of course, the trend may be like this over time but I don't think that any individual will choose a risky investment instrument after such a major economic collapse.

As investor who regularly buys Bitcoin with a certain amount of my salary every month and keeps most of my savings in Bitcoin, I can recommend saving by purchasing Bitcoin at today's prices before the collapse or shake-up of the global economy. (I trust Bitcoin and I'm not one of those individuals who are very skeptical about cryptocurrencies as I just mentioned.)

Economic difficulties are indeed a frightening specter and this clearly happened during Covid yesterday, I am sure there will also be future events that will create economic difficulties in the future. From experience during the Covid period, crypto savings, especially in BTC, assisted by crypto trading activities at that time, were very instrumental in helping my family's finances at that time in dealing with Covid.

But you need to remember, BTC/crypto runs because of the internet and community. It's natural that we have anxiety if at any time BTC/crypto doesn't run because of internet problems or the community just dies because of big chaos. So my personal conclusion is, save enough BTC or Crypto, keep doing crypto trading to increase your Crypto reserves, Buy shares or other investments such as gold, property, Hold cash is also necessary.

We don't know what will happen in the future. Don't be too fanatical about just one thing. Try to think carefully before act, sometimes it's just our lust and naivety that make us miserable.

What you say will be true to what is happening. I mean cryptocurrency or bitcoin is just considered a risky asset so when a crisis or recession happens, people will dump them and go for safer assets like government bonds or gold. But if in the future, bitcoin is valued as highly as gold, is no longer a risky asset, is widely accepted and its value is guaranteed, then owning bitcoin will be an advantage during economic downturns. I believe that in the future, bitcoin's role will be as important as gold and its role will be equal to gold or more.
When the world economy collapses, fiat is not really an option because the monetary system will collapse, only assets like gold or bitcoin will really have value at that time.

While bitcoins are a great investment for longterm protection of our savings, I am a bit critical towards short-term profits during a big economic collapse. The problem with a major downturn is that most investors are going to avoid any risky assets and will focus on holding cash or government bonds. So, anybody that has large amounts of crypto currencies and is looking for buyers might not find them or only at a hefty discount. During a major collapse my first step would be to start stockpiling food again. I just finished eating most of the canned food from the covid pandemic and would make sure to have at least 4 weeks of food and water. Also toilet paper was a big issue during lockdowns, better to stock up as well. The best would be to have a private garden and start planting good, but I don't see any chance in the city. My next step would be to start looking for another job, just in case my employer goes bankrupt or has layoffs it's good to have already an alternative lined up. And my third preparation would be to start storing cash at home again in case there is a collapse of the financial system, almost like in 2008.

when the global economy collapses, people's purchasing power will weaken and the wisest way is to maintain assets while currently there are not many investment assets that can be trusted like bitcoin ^{(even the value of property assets is shaken when the global economy collapses)}, but when we make bitcoin the main focus of investment, we must have a stable income to be able to keep our bitcoin investment maintained even when the global economy collapses.  As time goes on, people are increasingly interested in investing in Bitcoin to maintain the value of their assets, so don't waste the opportunity to collect as much Bitcoin as you can when the price is still very cheap from ATH.

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.

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.

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.

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.

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.

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.

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.

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.