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.
Topic: If the global economy collapses what's the first thing you do? - page 6. (Read 1171 times)
September 16, 2023, 07:31:36 AM
September 16, 2023, 07:04:22 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? 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.
September 16, 2023, 05:09:28 AM
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.
September 16, 2023, 03:31:55 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? 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.
September 16, 2023, 03:09:28 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? 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.
September 16, 2023, 12:12:51 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? 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. 
September 16, 2023, 12:06:31 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? 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.
September 15, 2023, 11:30:40 PM
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.
September 15, 2023, 10:34:50 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...
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.
September 15, 2023, 10:24:05 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...
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.
September 15, 2023, 09:29:47 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...
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.
September 15, 2023, 06:21:43 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...
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.
September 15, 2023, 05:49:44 PM
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.
September 15, 2023, 04:01:47 PM
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 
September 15, 2023, 04:00:05 PM
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.
September 15, 2023, 03:25:04 PM
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.
September 15, 2023, 03:17:13 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...
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. hero member
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September 15, 2023, 02:41:17 PM
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.
September 15, 2023, 02:00:30 PM
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.
September 15, 2023, 01:26:04 PM
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.
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