Topic: If the global economy collapses what's the first thing you do? - page 9. (Read 1171 times)
September 14, 2023, 05:48:40 AM
If the global economy collapsed the first thing you should do is focus on securing your basic needs like food, water & shelter. Check your resources & identify ways to sustain yourself & your loved ones. You should connect with your community as people coming together & supporting each other can provide a sense of stability & shared resources during challenging times. Obviously having bitcoin is great but if we are talking a true economic collapse then food, water & shelter are the most vital things.
September 14, 2023, 05:32:49 AM
Sell everything. Except maybe bitcoin and ethereum, I'll observe first before making a move. What I noticed during the middle of the pandemic is that cash is the king. Inflation may be high but it is also expected that most middle-earning investors withdraw their investments just like what happened a few years ago. Stock values plummeted so badly that it is best to sell first rather than sell it at the bottom. Many real estate, vehicles, and other properties will be sold at a discount. So for me, I'll be ready with my cash and then observe the market before starting to shop. Also, in every situation bad or good there are always opportunities but it is for us to find out.
September 14, 2023, 05:21:51 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 there is a global economic collapse, do you think the price of BTC will remain intact, given that there have been talks about integrating it into the existing financial system for years? And that's exactly what happened, and the price of BTC reacts to every event that has global significance, such as the declaration of a pandemic, which dropped the price of BTC by 50% in less than 24 hours.
Holding is only part of the story, what happens when everyone who keeps their value like that starts selling to cover basic living expenses, and at the same time there is little or no demand at all?
The key is diversification and understanding the risks that we need to protect ourselves from in case everything goes to hell, and I personally am not so much afraid of an economic collapse as of a possible nuclear war, considering that a lot of crazy people possess enough nuclear weapons to destroy this planet and more than a hundred times.
September 14, 2023, 05:17:07 AM
Countries of the third world are already feeling the heat and impact of devalued fiat currency especially the less technologically developed ones. Those who have moved ahead of fiat currency and hodling cryptocurrency and bitcoin are feeling less of the heat and this is a sign that a total collapse will lead to hyperinflation on the fiat value, so to hodl bitcoin, DCA on bitcoin for more will help anyone who takes such decision. Hodling fiat is now becoming a wasted idea.
September 14, 2023, 05:05:59 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 see the effect of economic crisis in the world and to lucky for individuals who knows about crypto since they have another ways to earn money while something bad happen on global economy. If bitcoin is just widely introduce maybe we can see less people get affected with that situation since they can just shift their attention on crypto industry to earn some good cash while the other one is in trouble.
I'm less affected with crisis due to crypto and multiple source of income streams so best for people is to seek more ways to gain good income stream so that they would not worry about those crisis matters.
legendary
Activity: 2408
Merit: 4282
eXch.cx - Automatic crypto Swap Exchange.
September 14, 2023, 04:53:44 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...
Diversifying should be what they should be doing, if you have already bought a significant amount of Bitcoin and you're looking for other options then diversifying into real estate should be the next step. This advise mightn't be for everyone that read this comment but for those from my continent (Africa). If an economy collapse happens lands will be the only investment that can be certain to regain its value over time. Land are everlasting investment as they can't be lost unless you forgot where you bought them or the government takes it from you but still you'll be compensation veey well. Excluding bitcoin and land (Real estate), I don't see any investment that can save you in times of economy collapse.
In an event of economy collapse the first thing I'll do is to hold some cash, I'll sell some of my investment by converting them to cash and that's not because I believe in cash but because during this times things becomes difficult and a majority of our investment will lose value so to prevent we not selling them in losses, it's better we sell when they're still in profits and hold some cash that can take used through some period of the economy collapse while we look for others options.
September 14, 2023, 04:29:12 AM
It would be so simple. I’m not sure that after the collapse of the global financial system, everyone will immediately switch to paying in Bitcoins. Too much power will remain in the hands of those who had it. They won't let everything change so quickly. There will be options in which the governments of countries will again create something unique that meets modern challenges.
There is no need to have any illusions on this issue. If it were different, preparations for this process would already be underway, but there are no signs at all. Of course, no one will tell you directly, but in today’s world it is quite difficult to hide such information.
There is no need to have any illusions on this issue. If it were different, preparations for this process would already be underway, but there are no signs at all. Of course, no one will tell you directly, but in today’s world it is quite difficult to hide such information.
September 14, 2023, 04:19:25 AM
If the global economy ever collapses, I may not be able to save the economy from collapsing, but if the global economy ever goes down, I might be able to survive it.
First, we are already hearing about the impending global economic crisis, which is why we are being forewarned. Big economists often write various articles about the economic crisis, I read those articles regularly. From reading economists' articles, I get the impression that we need to be cautious. Banks can go bankrupt if global economic crisis occurs so we need to save money in a place where there is no chance of losing money even if economic crisis occurs.
Since I am involved in cryptocurrencies, I plan to store my money in cryptocurrencies, hoping that I can survive the global economic crisis.
First, we are already hearing about the impending global economic crisis, which is why we are being forewarned. Big economists often write various articles about the economic crisis, I read those articles regularly. From reading economists' articles, I get the impression that we need to be cautious. Banks can go bankrupt if global economic crisis occurs so we need to save money in a place where there is no chance of losing money even if economic crisis occurs.
Since I am involved in cryptocurrencies, I plan to store my money in cryptocurrencies, hoping that I can survive the global economic crisis.
September 14, 2023, 04:06:40 AM
Sell all the coins I have in the exchanges, thats what I would do and then hold cash.
The best would be to withdraw the coins from exchanges and move them to noncustodial wallet where you have the full control of your coins. If you do not want to hold bitcoin, hold assets like gold instead, or invest on physical properties. One of the results of economy collapse is declination of fiat value.
September 14, 2023, 04:03:20 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...
It is true that many Bitcoin enthusiasts and investors believe in Bitcoin's role as hedge against fiat based currencies and economic uncertainties. While holding Bitcoin may prove good strategy to mitigate the impact of global economic meltdown should one occur in future. However, since inception of Bitcoin in 2009, there hasn't been a widespread global economic recession , therefore how Bitcoin reacts to such situation, it is yet to be seen. It is also possible that during the times of economic hardships people may choose to sell anything they have in their possession to buy food and healthcare services for their survival.
September 14, 2023, 03:18:40 AM
The collapse of the economy is not a jokes, and it shouldn't serve as a compelling reason to lure someone into buying BTC. Economic collapse sets off a domino effect, causing multiple sectors, and even entire countries, to crumble. This leaves everyone grappling with day-to-day challenges.
Inflation and food shortages become significant concerns. Frustration runs high, and people may start acting recklessly. At the point of chaos, it's not just your wealth that's at risk; your safety may also be on the line.
In my opinion, enticing people to buy BTC and capitalizing on a poor economic climate isn't entirely sound. While it's true that its price might surge during an economic collapse, you could be facing other threats to your health and security.
Hold Bitcoin only as needed for now. Don't be greedy.
Inflation and food shortages become significant concerns. Frustration runs high, and people may start acting recklessly. At the point of chaos, it's not just your wealth that's at risk; your safety may also be on the line.
In my opinion, enticing people to buy BTC and capitalizing on a poor economic climate isn't entirely sound. While it's true that its price might surge during an economic collapse, you could be facing other threats to your health and security.
Hold Bitcoin only as needed for now. Don't be greedy.
September 14, 2023, 02:41:18 AM
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...
Apart from holding an accumulation of more Bitcoin what we can do is educate the local community about Bitcoin. Contacting the local merchants and informing them about Bitcoin. The local community would be reluctant to hear about it and merchants won't pay any heed at first but with a systematic and planned approach we can convince them about Bitcoin. By systematic and planned approach I meant that first, we need to learn more about Bitcoin and then share it with our local community members who have knowledge about global economic activities by introducing Bitcoin to them. Although I feel many within our surroundings would have some knowledge about Bitcoin. What we need to do is to clear the negative news about Bitcoin.
September 14, 2023, 02:11:37 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...
I am not praying for or expecting economic collapse since it will have an unpleasant effect on everybody including Bitcoiners. Bitcoin will not flourish when the economy is bad because many people will not have money to invest in it. Even if you hodl bitcoin for a long time and make a lot of profit, it will have less value if the country is going through hyperinflation. This is because after you have converted your Bitcoin to fiat, it will not have much value. My expectation is that my country's economy should flourish and let the price of Bitcoin keep rising and let adoption keep spreading. With less inflation and the rise of Bitcoin price, hodling will make a lot of sense. When more people adopt Bitcoin, the decentralization feature such as P2p will increase.
September 14, 2023, 01:58:00 AM
I have shifted a lot of my wealth into Bitcoin to prepare for a global economic collapse, but I am a bit of a "Preppie" and we are crazy. I am one of those people who see the Ukraine vs Russia war as a preparation for a full-scale war between BRICS and the "West" .... but that is only my opinion.
Why are North Korea visiting Russia? What happens if Russia is unsuccessful with the Ukraine war? These countries are using the Ukraine War as a testing ground for full-scale war.
I have also bought some "goods" that are popular to trade with, if something might happen in the future. Let's pray that I am wrong.
Why are North Korea visiting Russia? What happens if Russia is unsuccessful with the Ukraine war? These countries are using the Ukraine War as a testing ground for full-scale war.
I have also bought some "goods" that are popular to trade with, if something might happen in the future. Let's pray that I am wrong.
September 14, 2023, 01:48:14 AM
Those who already have bought bitcoin are lucky individuals and they will receive a better position when the market grows but they must have ability to stuck to their decision.
The situations are completely against our hopes and we know that gathering of bitcoin is essential in such situations but the worth of each and everything is elevated that using your income in buying essential materials for home become hard therefore one cannot save such an amount to cover the daily needs so how one can think about investment?
The rate of gold and bitcoin both are reduced and we also have confirmed knowledge that very soon it will boost but we cannot do anything in such circumstances as everyone is in trouble that how to accommodate the expenses.
All those who have money and can manage to buy bitcoin will not find a time for bitcoin investment better than this so don't wait for more dip and gather how much you can.
The situations are completely against our hopes and we know that gathering of bitcoin is essential in such situations but the worth of each and everything is elevated that using your income in buying essential materials for home become hard therefore one cannot save such an amount to cover the daily needs so how one can think about investment?
The rate of gold and bitcoin both are reduced and we also have confirmed knowledge that very soon it will boost but we cannot do anything in such circumstances as everyone is in trouble that how to accommodate the expenses.
All those who have money and can manage to buy bitcoin will not find a time for bitcoin investment better than this so don't wait for more dip and gather how much you can.
September 14, 2023, 01:21:38 AM
If the global economy collapses, the first thing I do is cash out my BTC and buy a boat. I don’t trust any government or institution to protect me or my wealth. I would rather be self-reliant and independent on the open seas. BTC is great, but it is not the end-all and be-all of life. You need to have a balance between digital and physical assets, and be ready to adapt to any situation. I'd also stock up on food, water, ammo, and gold.
September 14, 2023, 12:50:50 AM
There is a high probability of falling into global economic crisis. If a global economic crisis occurs, many people may lose their jobs or many businesses may suffer greatly, so we need to be cautious about this in advance. When the corona virus became a global pandemic, a large number of people lost their jobs, but those who had bitcoin investments along with their jobs or who were involved with bitcoin did not have a hard time surviving. Because all the activities related to Bitcoin can be conducted through mobiles, people who use Bitcoin have lived a good life at that time. As the global economic crisis may occur in the future, we need to be cautious and try to invest in other investment side including Bitcoin in whatever field of work we are in so that we don't suffer during the global economic crisis.
September 14, 2023, 12:40:53 AM
You're making it sound like BTC is a lifeboat in a bad economy. Fair enough. Diversified assets are the key to consolidate when the economy changes. But isn't there more to the key than just accumulating?
First, think about cash flow. In times of trouble, liquid asset are the most important. Can BTC be quickly sold off if needed? Second, regulatory environment. As the economy fall, countries might change the crypto laws. It's crucial to keep an eye on that front. Lastly, knowledge. Keeping up-to-date on how the market works can help you predict possible changes
Bitcoiners might also want to think outside of BTC. As important as "hodling" Bitcoin could be investing in real assets, knowing geopolitical currents around the world, and keeping an eye on emerging markets. Even though it sounds strange, a change in the economy doesn't just affect fictional coins; it affects the whole business world
First, think about cash flow. In times of trouble, liquid asset are the most important. Can BTC be quickly sold off if needed? Second, regulatory environment. As the economy fall, countries might change the crypto laws. It's crucial to keep an eye on that front. Lastly, knowledge. Keeping up-to-date on how the market works can help you predict possible changes
Bitcoiners might also want to think outside of BTC. As important as "hodling" Bitcoin could be investing in real assets, knowing geopolitical currents around the world, and keeping an eye on emerging markets. Even though it sounds strange, a change in the economy doesn't just affect fictional coins; it affects the whole business world
September 14, 2023, 12:23:45 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, 12:19:57 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.
Jump to: