Bitcoin retirement account - page 3.

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: Yatsan on November 30, 2020, 03:36:11 PM

The idea of Bitcoin retirement plan is pretty good due to Bitcoin's rising value but, we cannot still deny the fact that it is still a volatile cryptocurrency which we literally doesn't know what could happen in the future if we will insist getting into a retirement plan that is Bitcoin based as of the moment. Maybe now we are seeing a massive growth and improvement but we really do not know if it is still the same thing right after a couple of years which could be the problem associated by this. Also even if retirement plan is working in many countries, still not all countries and companies are up into using and accepting Bitcoin so fiat will still be the currency to be used upon having s retirement plan.

I would say that we should really exclude this one specially with retirement talks because this is rather on the investment side rather than on having that security.

We know on how volatile it is and if you arent aware on the possible things that might happen in the future then its better to skip out this consideration because instead on getting benefit from it

you would rather get frustrated that all of the money you are trying to save up and expecting to benefit soon would really be on the floor.Bitcoin does have the potential but we know that
future isnt guaranteed its neither it can be placed by other or would simply die.No one knows and if you do rely with that retirement thing then you are indeed
playing with fire.

Stick to those traditional things instead because even if they arent really that appealing but when it comes to security then you can somewhat assure that they would be there
and that would really be giving out some peace of mind.

Twentyonepaylots

sr. member

Activity: 1918

Merit: 370

I am in agreement with the rest of the people in this thread. When you talk about retirement investment, you don't mean profits what you want is security, something that bitcoin wouls not be able to offer you financially. The price is so volatile it can easily jump from 19,000 to 10,000, which is something I don't believe elderly people would be able to manage. So might as well invest in more secure assets for your retirement.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: KnightElite on November 30, 2020, 09:51:32 AM

Quote from: Silberman on November 29, 2020, 11:15:21 AM

Unfortunately I really doubt that people are going to do this on their own, and there is a lot of evidence this could be the case, take a look at retirement funds, people instead of managing their money themselves and improving their profits and the speed at which they retire they decide to trust in companies to do this for them and not only they do this for a huge cost to themselves in several countries this is scam in which you do not get paid after contributing for decades to your retirement fund and most likely the same will happen if bitcoin was used.

Majority of the people want that they funds are been managed by others and it is the reason why they do not have self-confidence to make their own investment. Bitcoin retirement funds are good idea but for sure there will only few will patronize it in this current era because some are still not aware to what it is. I see bitcoin as investment to achieve financial freedom than a retirement fund. For me you cannot considered a retirement funds as a volatile like bitcoin because there are still risks because the price of the bitcoin is not forever going up wherein there are times that the market is retracing and crashing.

At the end it depends on your views, to me achieving financial freedom is basically the same as a retirement after all the day that you get enough money in order to live comfortably for the rest of your life that is the moment that you retire, even if you keep working most likely you are going to do that when you're working in something that you love and as we know doing something that you love is not really work because you are enjoying it, but I really think there are very few people that are going to do this because they will be afraid of investing in bitcoin because of the volatility.

mezzaluna

member

Activity: 518

Merit: 23

★Bitvest.io★ Play Plinko or Invest!

Quote from: Charles-Tim on November 24, 2020, 02:25:22 AM

I believe employees in all countries would have this type of investment plan in a way there would be companies rendering services in which the employee would be saving 10% or more of his/her salary into retirement account. This type of investment would be tax free and I believe this is how it supposed to work in all countries. Normally, people save fiats into retirement account, and as we know that fiats are fully vulnerable to governmental manipulations which can result to fiats value depreciation/devaluation.

Bitcoin has two major advantages:

1. Privacy, in a way we can save our bitcoin unknown to theives if all creteria for safety is considered and applied.
2. Appreciative money or asset that is not at all in any form vulnerable to central authority manipulations, and completely decentralized.

Some organizations are offering this type of service now in which you can be able to save usually 10% or more of your earnings into the retirement account, some other cryptocurrencies are also offered like ether, litecoin and bitcoin cash. I believe this type of bitcoin investment plan lacks privacy, but I think it is cool as the fiat paid lacks privacy already but the main advantage is that bitcoin being a deflationary currency will be best for this kind of account unlike fiats that will still depreciate over long time period, bitcoin will only appreciate (increase in price over a long time period.

What do you people think about bitcoin retirement accounts?

Although, we should still remember that bitcoin is meant to be a privacy coin, not your private key not your bitcoin.

This is another example of having Bitcoin as an insurance. This would still fall on the fact that you still need some kind of system that would really be passed-on to someone you personally know once that you have passed away since we never know in which time we will go. Bitcoin as an retirement account will only act as an investment and having that might give us greater profit since we are never sure if Bitcoin can still reach new heights.

darewaller

hero member

Activity: 2926

Merit: 640

On contrary, bitcoin could be considered a retirement account more than anything else. If you want to trade bitcoin daily, with this huge volatile market you are going to make some money but lose some money as well, it will not be something profitable if you keep doing it badly, it would actually hurt you a lot, of course this all depends on how great you are when trading, if you are a great trader you could make a profit as well but that is a low chance.

However when we are talking about retirement, we are talking about something you could do without a worry and that is why I really think that it is much better to invest it long term. If you invest right now and have a plan to cash out 20 years later, the volatility it has today doesn't change anything for you, because you are going to cash out 20 years later so movements of today are irrelevant.

error08

hero member

Activity: 1036

Merit: 514

The government may never do this considering the volatility in the market and all the risk to manage such a big amount of bitcoin, they will be targeted by hackers.
In this case, the best thing to do is to create your own bitcoin retirement account without being noticed by the government, it is safer and convenient, because in the end, the authorities will demand people to pay taxes on the increase in bitcoin price at the time of sale.

Kong Hey Pakboy

member

Activity: 1120

Merit: 68

Quote from: Scripture on December 01, 2020, 12:29:42 AM

Bitcoin is doing great today, but there's no guarantee that Bitcoin will still valuable in the future so I don't want to agree on this one and if its about the retirement plan, it should be more secured with a sure profit of course. Companies should implement this one only to those who are willing and those who know Bitcoin or how to use Bitcoin because if not, then this is useless and old people might see this one as complicated.

I think bitcoin will still be valuable in the future because the mass adoption has already started, that cryptocurrencies are now accepted and used by large companies and in public, so considering bitcoin as a retirement account can be fine. Still, there is no guarantee you will have high returns in the future due to its volatility because bitcoin investment is still risky even it has a good value.

Scripture

full member

Activity: 1303

Merit: 128

Bitcoin is doing great today, but there's no guarantee that Bitcoin will still valuable in the future so I don't want to agree on this one and if its about the retirement plan, it should be more secured with a sure profit of course. Companies should implement this one only to those who are willing and those who know Bitcoin or how to use Bitcoin because if not, then this is useless and old people might see this one as complicated.

lixer

hero member

Activity: 2688

Merit: 588

Insurance on bitcoin is really an important thing that would be perfect for many companies and not regular people. Me insuring my bitcoin wouldn't really make sense, me putting money into something that will take out commission for buying bitcoin for me doesn't make sense neither, but companies that are as huge as binance for example spending tens of millions of dollars per month on insuring their crypto would make sense because they would have to actually be ready for a big hack or something that could destroy all of their finance, hell even without any hack, they could really get in trouble by just someone being stupid and losing some amounts.

So, insurance for those type of places would really mean something, and I think it would definitely help both parties involved as well (and even customers).

inoes

sr. member

Activity: 1316

Merit: 254

United Crowd

I don't completely agree about Bitcoin retirement account, but it is very clear that in Blockchain, attacks from cyber criminals are unlikely to succeed; funds will always be safe unless there is an error from the user, for example: a private key is lost or stolen by someone else. for security issues can be relied on, although the problem of investment growth also has a very high risk.

dimonstration

hero member

Activity: 2716

Merit: 698

Dimon69

Quote from: Shasha80 on November 30, 2020, 05:48:55 PM

Most companies usually already have a retirement program for their workers. So if we want to create a Bitcoin retirement account
we can do it manually for ourselves, if we look at Bitcoin's performance for 11 years, I think it's safe to make Bitcoin a retirement plan.
But with the volatile Bitcoin price there are risks that we must face, and I think we should be brave enough to take that risk.

I have mine save in my trezor and plans only to use it during retirement, it may not be all bitcoin but some top altcoins where there that I know can still have chance to increase their price in the future, It's not enough that we depend on the companies we should have our own savings not just in crypto but in our personal accounts too, for health and for some uncertainties as well to enjoy our retirement.

erikoy

full member

Activity: 686

Merit: 125

What account could it be? Is from a digital wallet account? or coming from a company created by them in which you will provide the wallet and then transfer bitcoins in your account as to give it as a retirement benefits? It would be applicable but not to all. We know that others value fiat compare to bitcoin because fiat has stable value and are ready for spending while bitcoin is a asset with high volatile value and should only meant for holding not unless the market grows and ready to sell it.

Shasha80

sr. member

Activity: 1876

Merit: 318

Most companies usually already have a retirement program for their workers. So if we want to create a Bitcoin retirement account
we can do it manually for ourselves, if we look at Bitcoin's performance for 11 years, I think it's safe to make Bitcoin a retirement plan.
But with the volatile Bitcoin price there are risks that we must face, and I think we should be brave enough to take that risk.

Yatsan

legendary

Activity: 2576

Merit: 1252

Leading Crypto Sports Betting & Casino Platform

The idea of Bitcoin retirement plan is pretty good due to Bitcoin's rising value but, we cannot still deny the fact that it is still a volatile cryptocurrency which we literally doesn't know what could happen in the future if we will insist getting into a retirement plan that is Bitcoin based as of the moment. Maybe now we are seeing a massive growth and improvement but we really do not know if it is still the same thing right after a couple of years which could be the problem associated by this. Also even if retirement plan is working in many countries, still not all countries and companies are up into using and accepting Bitcoin so fiat will still be the currency to be used upon having s retirement plan.

themohit

full member

Activity: 194

Merit: 100

Quote from: Charles-Tim on November 24, 2020, 02:25:22 AM

I believe employees in all countries would have this type of investment plan in a way there would be companies rendering services in which the employee would be saving 10% or more of his/her salary into retirement account. This type of investment would be tax free and I believe this is how it supposed to work in all countries. Normally, people save fiats into retirement account, and as we know that fiats are fully vulnerable to governmental manipulations which can result to fiats value depreciation/devaluation.
Although, we should still remember that bitcoin is meant to be a privacy coin, not your private key not your bitcoin.

So, there is an upside to this plan - probably those savings could worth a lot more by the time a person will use it.
The downside, as you could guess, is related to the upside - saving could loss in value massively.
So I guess companies could add this as an option if a person believes in crypto.

Poker Player

legendary

Activity: 1372

Merit: 2017

I simply think there is no point in saving bitcoin for retirement if you don't hold your private keys. You can have a 401k o similar retiring instruments but if you want to have some bitcoin of part of you retirement plan you'd better have them in your private wallet. However, I am sure it will become common in the future years as there are a lot of people who don't care about their private keys and just want an institution to complain to if something goes wrong.

acener

full member

Activity: 1274

Merit: 115

★Bitvest.io★ Play Plinko or Invest!

Retirement fund is important for all of us to make sure we enjoy some time on our life.
Even if I really have a huge confident in cryptoI wouldn't risk something so important for my future.
And on the same topic how much savings do you think is enough for you to quit on your job and enjoy your life?

KnightElite

sr. member

Activity: 924

Merit: 275

Quote from: Silberman on November 29, 2020, 11:15:21 AM

Quote from: yhiaali3 on November 27, 2020, 04:09:59 PM

The idea in general looks beautiful, it is nice to have a retirement account in Bitcoin, especially if we remember that the price of Bitcoin was a few dollars ten years ago and now the price of Bitcoin is about 18,000$, if we think the same way and imagine how much the price of Bitcoin will be when we go into retirement After about 10 or 20 years, we'll find the idea very attractive.
I prefer to do this idea in my own wallet and not through a third party, because as everyone knows, if you do not have your private key, this means that you do not own your coins and therefore there is a risk that you will lose Bitcoin and therefore it is better to keep it in your own wallet.

Unfortunately I really doubt that people are going to do this on their own, and there is a lot of evidence this could be the case, take a look at retirement funds, people instead of managing their money themselves and improving their profits and the speed at which they retire they decide to trust in companies to do this for them and not only they do this for a huge cost to themselves in several countries this is scam in which you do not get paid after contributing for decades to your retirement fund and most likely the same will happen if bitcoin was used.

Majority of the people want that they funds are been managed by others and it is the reason why they do not have self-confidence to make their own investment. Bitcoin retirement funds are good idea but for sure there will only few will patronize it in this current era because some are still not aware to what it is. I see bitcoin as investment to achieve financial freedom than a retirement fund. For me you cannot considered a retirement funds as a volatile like bitcoin because there are still risks because the price of the bitcoin is not forever going up wherein there are times that the market is retracing and crashing.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: yhiaali3 on November 27, 2020, 04:09:59 PM

The idea in general looks beautiful, it is nice to have a retirement account in Bitcoin, especially if we remember that the price of Bitcoin was a few dollars ten years ago and now the price of Bitcoin is about 18,000$, if we think the same way and imagine how much the price of Bitcoin will be when we go into retirement After about 10 or 20 years, we'll find the idea very attractive.
I prefer to do this idea in my own wallet and not through a third party, because as everyone knows, if you do not have your private key, this means that you do not own your coins and therefore there is a risk that you will lose Bitcoin and therefore it is better to keep it in your own wallet.

Unfortunately I really doubt that people are going to do this on their own, and there is a lot of evidence this could be the case, take a look at retirement funds, people instead of managing their money themselves and improving their profits and the speed at which they retire they decide to trust in companies to do this for them and not only they do this for a huge cost to themselves in several countries this is scam in which you do not get paid after contributing for decades to your retirement fund and most likely the same will happen if bitcoin was used.

BTCappu

member

Activity: 516

Merit: 38

Saving a part of your pension or retirement money in Bitcoin is a pretty good target to make. By the time the money stays in there for some years I know for sure that Bitcoin’s worth will be very high in years to come and that’s some extra money for people saving their part of retirement money in it.

I know about the company you’re talking about, the name is Digital Asset Investment Management (DAiM), and they are allowing people to save 10% which is something moderate to start with. And we know for sure that the price of Bitcoin will keep appreciating.

Topic: Bitcoin retirement account - page 3. (Read 883 times)