Bitcoin as a Retirement Account - page 8.

micleeiu398

full member

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Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Bitcoin is good, but if you’re going to put your retirement pay into it, then you’re doing so at your own risk. But you can still succeed, that’s if you can have patience. I was discussing with one of my friends who was doing Bitcoin and he told me that the only thing he regrets, the only mistake he ever made, was withdrawing his money at an early time. The best thing is put in your money at the earlier time of the year and leave it till year ends when it hits a high rate, then you can withdraw it.

ichai

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Worlds Simplest Cryptocurrency Wallet

Quote from: cutesakura on October 29, 2014, 06:20:07 PM

very nice if bitcoin can be used as a fund after we retire from work, which is expected bitcoin exchange rates on the future will increase and can be used up to the day our parents, hopefully the price will be more stable bitcoin exchange ... Grin

I do not think this will be good for our retirement, because BTC can not make a profit for us forever, it can lose value for a long time. So for peace of mind I always accumulate myself a cash in the bank and make a profit every month. That's my intention, when we grow older, our needs are not high.

fight-T

newbie

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I think this is a good idea but at present there are many hackers breaking in and taking out the bitcoin in your wallet. So if you use bitcoin as your retirement account then you must protect your wallet well in order to avoid stealing and evaporation.
Good luck for all!

Lubang Bawah

sr. member

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If bitcoin prices continue to rise of course we can retire, but if the price is like this now make bitcoin as the main hope is a risky thing, continued business or work is something we have to do so if bitcoin fail then we can still survive.

EnricoGomez

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Pretty sure that your employer company would think further ahead to not let your insurance to be consumed into bankruptcy - or else, if that ever happens, you can always file a lawsuit lol
Investing long-term for your retirement on cryptocurrencies is a wise decision but I would not want my insurance to be entirely on bitcoin, or whatever cryptocurrency, as it is very volatile and unexpected and risky.

laravuemaster

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When Football meets Crypto

Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Let say you are 60 years old and you are done on working and you just want to stay at home, cryptocurrency is a really good way for you to earn income since it was a home based job.

boddy.dy

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Merit: 17

I guess bitcoin as a retirement account would not be applicable with me even some people are saying that this is a relevant. For me this is not applicable because of my young age, I cannot guarantee even no one can guarantee until when bitcoin can run or will be profitable. Yes indeed today and for the coming more years this can be profitable because of its current stand but until I get old this I don’t know. What I am doing is that the money or the profit I get thru bitcoin were been save on other account then I got a life insurance that will serve as a retirement money for my future when I get old.

almaerk08

newbie

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Quote from: greenpath on May 29, 2018, 10:20:15 PM

It is good to prepare the future retirement because almost every benefits you will receive when you retired. How much more if you make bitcoin as your preparation for the retirement. It is very good. Even there are risk I think banks who holds these kind of business can provide some necessary tips about investing to bitcoin for retirements purposes. There should have a business like this for we are at the road to cryptocurrency era in our society.

I think using bitcoin to prepare for the retirement is quite a good idea. There are possibilities that it can grow much overtime, we can make a lot of money when that time comes. But of course the risk is also big, and we cant avoid it.

BeGoods

legendary

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Quote from: tranduc2101 on May 06, 2018, 06:04:43 AM

I disagree. Transactions may be banned or permanently disappeared. We will not be able to get back what has been lost. This is very risky. Let's say Bitcoin prices go down and retirees will get less money than

May be a bit risky, but this is tantamount to investing for the long term right? I don't think bitcoin transaction will disappear or be banned, the transaction will always be stored in the blockchain network and you can check whenever you want, and I think in the future the price will skyrocket because of the potential of bitcoin. bitcoin for retirement? why not?

greenpath

newbie

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It is good to prepare the future retirement because almost every benefits you will receive when you retired. How much more if you make bitcoin as your preparation for the retirement. It is very good. Even there are risk I think banks who holds these kind of business can provide some necessary tips about investing to bitcoin for retirements purposes. There should have a business like this for we are at the road to cryptocurrency era in our society.

Ngewex Yuk

sr. member

Activity: 1190

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With market conditions that are hard to guess as it is now hoping to get a big profit from bitcoin by waiting a long time is a tedious thing, we should be able to read and take advantage of opportunities to get profit and in a short time.

Rufsilf

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It depends, well in our times right now, bitcoin is now quite known in the world. There are now advertisements about bitcoin, as well as there are many people that works for bitcoin around the world. No one can tell whether if it will be banned after some time since some countries really don't agree with this thing, and if you will just depend on bitcoin for your retirement account and bitcoin will get banned then you won't have any money for yourself.

Justice0881

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Invest some of your fiat in bitcoin, it still worth and you may get a lot of profit from it, the ones who are related to Bitcoins and have fame in the same field, should start such a program which would give everyone an opportunity to store their coins with them will you be able to live with peace and a clear conscience with your retirement full of crypto currency which won't be worth shit.

tranduc2101

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I disagree. Transactions may be banned or permanently disappeared. We will not be able to get back what has been lost. This is very risky. Let's say Bitcoin prices go down and retirees will get less money than

popolite11

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Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

Bitcoin is a good way of accumulating money for your pension as its price can grow well over all these years. But I'm afraid that in old age I can lose my password for my wallet. Huh

boblets243

newbie

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Quote from: benjamindees on October 29, 2014, 12:29:24 PM

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age. You have the key to the address. You can verify the transfer on the blockchain.

No middle-men. No funny business. No brokers with pyramid/eyeball shaped logos. No "oops we went bankrupt and lost your retirement." No bail-ins. No raising the age of retirement.

Just Bitcoin.

I think it is a good idea to have Bitcoin as a retirement. But I think 1 BTC is enough and the rest would be fiat. It is too risky if all of the retirement is in the form of Bitcoin because of its volatility. Likewise, how can we sure if the key works? How about if you will early retire? The idea is fine but there are technicalities that needs to be executed well to secure the retirement funds.

PIR

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CRYPTOBLADES Octoblades 10.10

It would be good idea!...but then there is pros and cons of this things and one should not solely depend on bitcoin for their retirement fund there should be another things to stock it or put it..so that from time to time they can get money as much as they can for their everyday needs...just like pension. This idea of retirement fund or account can also be apply to education plan for children for future use.

Sled

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Bitcoin- in bullish time

It is not safe in my opinion to use bitcoin as a retirement account because that is not a safe choice since bitcoin is a high risk investment that you need to put some attention to it in order to come out as a profitable investment or asset to you. Retirement account should be safer than bitcoin and it should have a lower risk so it is best for you to get other investment aside from bitcoin if you want a healthy retirement account.

mindrust

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Quote from: Andrej Peiboski on May 03, 2018, 03:14:04 PM

Bitcoin is definitely something to invest in, but at the moment it seems too unstable to guarantee a peaceful old age: the risk that it goes to zero from one day to the next seems to me too big. I would keep half bitcoin and half gold ...

Gold (physical) is not as liquid as bitcoin at the moment. I wouldn't keep more than %10 of gold (physical as always) in my portfolio.

Bitcoin is mobile, bitcoin is liquid. Gold is not mobile and not as liquid. (Only one who'll be willing to buy your gold is either banks or those who sell gold. No one else.) Yes btc is volatile but it is the least volatile of all right now if that's what you are after.

Both of them are better than having papers in a bank account where you lose money no matter what interest rate they give you.

Another valid option is stocks but at the moment I believe it's a big bubble. So, as much as I hate FIAT, right now FIAT is a better choice than stocks. Wait for the stock market bubble to pop, and then get in. Not now.

Teh-pucuk

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it is true that long-term bitcoin can be used for retirement because as long as the bitcoin is low purchased it is left until our old age can benefit abundantly to guarantee our life in old age .

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