How Would you Like Your Pension Paid in Bitcoin?

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Quote from: Fivestar4everMVP on November 07, 2023, 10:18:54 AM

I worked for this company for from July, 2014 to October 2017 when I left the company to start up my won business, so, I worked with this company for 3 years plus. When I left the company, my pension balance was around 99,000 Nigerian naira (which is equivalent to approximately $99 using today's NGN/USD exchange rate).

It will be worthy to note that back then in 2014 through 2017, a dollar to naira was between 150 Nigeria naira to 300 Nigerian naira, but today, a dollar to naira is a little above 1000 Nigerian naira.

Saving money in banks has always been an indirect way of enriching these banks with our hard earn money while we receive a penny, and so will this method continue until people wise up knowing that banks is the worst place to add value to our funds, because imagine just only have your pension paid in dollar, your money would have gotten more value than it is today, not to talk about had it been invested in Bitcoin, as you probably would have made a fortune off your pension savings.

Because imagine if only had your entire 99,000 Nigerian naira converted into dollar back then in 2017 when the rate of dollar was still at $1/#150 Nigerian naira, it would have give you 99,000/150 = 660 (i.e $660, which is equivalent to 660,000 Nigerian naira, instead of 99,000).

Hence, if you live in a developing country, it's far better to save funds in either Bitcoin or stable coins such as USDT

_BlackStar

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Holding fiat will only be eroded by inflation - meaning fiat will continue to lose value. I wouldn't and probably never will after getting to know investing - but of course bitcoin isn't the only option to choose from.

Changes need to be made so that we no longer need to save more than the amount we need for our daily needs. Let fiat be an investment asset instead of holding it in a bank account that provides low returns every year - I think that's a good idea regardless of whether you choose bitcoin or another investment asset.

pixie85

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I'd love my pension to be voluntary.

In my country you can't decide to save up on your own. Want it or not, your pension is subtracted from your paycheck and that's done because the system is flawed. They have no more money in the system and it would all collapse if not for new money coming in. Your money!

I save in bitcoin for this exact reason and know this will turn out to be a life-changing decision for me, one way or the other.

darkangel11

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The pensions in my country are also in decline. They show growth on paper, but in reality you're getting less due to inflation, but many people don't get it and that's why they don't openly go against these institutions. The government even decided to give pensioners some money so that they don't become the poorest class of society after working for over 40 years... It's shocking, but they're really screwed. People like me avoid putting any money in pension funds and save up in bitcoin, but probably the most screwed group are going to be people who are in their 40s and 50s today and have been paying these pension funds for the last 20-30 years. They'll get to learn the hard way how bad the system is, because we have the least people paying this pension tax since it was established, which means that the system won't have money for the current 40 year olds who will become pensioners in 20 years, but the government and pension management keep their mouths shut, afraid of starting a panic.

Xal0lex

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Quote from: HideYourKeys on November 13, 2023, 04:04:52 PM

I wish we had at least the choice, and we could choose to be paid in BTC in the future. I guess this is quite unlikely now, and the governments are not interested in this, in fact, the pensions are the perfect mechanism where they can keep distributing FIAT, and enforcing people to take it

Naturally, it's not profitable for governments. Bitcoin does not give governments the freedom to manage citizens' money. No government in a developed country would accept that. For governments, cryptocurrency means, first of all, loss of control over citizens' finances, concealment of taxes, financing of various criminals, etc.

HideYourKeys

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I wish we had at least the choice, and we could choose to be paid in BTC in the future. I guess this is quite unlikely now, and the governments are not interested in this, in fact, the pensions are the perfect mechanism where they can keep distributing FIAT, and enforcing people to take it

Crypto Library

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In my opinion it varies from region to region depending on their current environment. My current situation in this regard is that my environment is not yet familiar enough with Bitcoin that it would be any better to get pension through it. And even if I accept that, I don't think the main purpose of Bitcoin will be fulfilled. Because I have to convert it back to fiat or stable currency to be risk free. Because our real life exchange system has not yet absorbed Bitcoin.
But personally I think pensions play a very important role in late life and the volatilities of Bitcoin can sometimes put a person at risk if he wants to keep that pension. But if the environment is such that Bitcoin is not being valued by fiat currency ie: 1btc = 1btc, then the matter will be different.

danadc

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Pensions are the greatest treasure for many and can make a difference when bitcoin has a lot of value in some years. For many, bitcoin will be unpurchasable but if they can advance it from now on, it doesn't matter if it goes up, but advancing it would be ideal. , because it is not known if in 10 to 20 years the bitcoin will be at $800k, and until now they will pay someone with a value of almost $40k, this is something incredible, I couldn't do it better if not now, that's it. It is also something to be patient because in almost everything you can have the base that is so good that the last Ath was $70k, the next one could be double, or triple.

pawel7777

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Quote from: Dimitri94 on November 12, 2023, 03:01:46 AM

If you had a pension scheme in Bitcoin, you would definitely be much better position today. It would indeed have been a landmark decision if such an initiative had been taken by the government. But such thinking will not be useful because if the government does not support it. Bitcoin must be validated first. Bitcoin is completely illegal in my country so even thinking of something like this makes no sense. It can be implemented if the government in your country supports it. People get their pension money after working for a long time. Doing something like that would be really profitable for a Bitcoin holder. We want to holt but many times we fail to hold due to various reasons but if a pension scheme account can be opened with Bitcoin then it will undoubtedly be a good idea. Bitcoin pension holders will be ahead from all kinds of holders.

I don't think it's possible to invest your pension funds in Bitcoin even in the countries when Bitcoin/crypto are legal. That's where spot ETFs could be really handy and they could potentially have huge impact on the BTC price.
That being said, there are potentially ways to bypass any bans on investing in Bitcoin, i.e. by investing in companies that have huge exposure to Bitcoin and their stock price moves in line with Bitcoin's. The best example would be Microstrategy, who slowly becomes an effective Bitcoin ETF without officially being one just by virtue of their huge BTC holding.

DanWalker

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The older that I get, the lesser risk that I should take. If the pension that I will have is paid in Bitcoin, if it's possible to choose on how much it would be in Bitcoin then I'll choose that option. Because it's better for me to have that assured amount that I'll receive in pension while minimizing how much I'll receive in Bitcoin. Maybe a 60/40 or 70/30 will do for me. I know that I can't be the same as I get older because of some instances. But that doesn't mean that I won't be staying in Bitcoin. I just have to choose what's going to be best for me because if not, I might suffer with the volatility that I'll take through it.

Getting paid in Bitcoin could actually be beneficial for employees because it could help employees save money on fees associated with traditional banking and payment systems and can also help employees avoid inflation just like in the case of Op since the supply of Bitcoin is limited. But one question that's related to this topic is whether we'll see companies offering the option to get paid in Bitcoin or other cryptocurrencies. Right now, it's pretty rare to find a company that offers this option but as Bitcoin becomes more mainstream, maybe it's possible that we are going to see more companies offering it as a payment option. And, I will have to agree with you because it's definitely important to consider our risk tolerance and the different factors that could impact our financial stability in our old age.

I don't see any benefit here, I don't see any difference between multiplying pensions in fiat or bitcoin while fiat is still major currency. If you really want to save on bank-related fees and avoid inflation...then when you get your pension, you can also buy bitcoin right after. It doesn't have to be bitcoin because you still need to convert bitcoin into fiat currency to spend.

I agree with you whether the pension is paid in fiat currency or in bitcoins both are good but fiat is better because the price of bitcoins always fluctuates so if the pensioner is not bitcoin friendly it will not be pleasant for him. But if the pension is paid in fiat currency then he can buy and hold bitcoins as per hibitcoin. So it is better to pay pension money in fiat currency rather than bitcoin. I would support this and invest some money in Bitcoin after pension and keep the rest as fiat.

We will be happy when we receive our pension and the price of bitcoin increases by 10%, but we will be very disappointed if the price of bitcoin drops by 10% right after we receive it. Meanwhile, if we receive our pension in fiat currency, we will be more proactive in investing in bitcoin. To be honest, I'm not pessimistic but what I see from receiving a pension in bitcoin is not as beneficial as many people are saying. I prefer to receive fiat currency and invest in bitcoin according to my plan rather than receive my salary directly in bitcoin.

taufik123

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Not that I'm not optimistic, but don't expect to receive pension payments in Bitcoin or other cryptocurrencies,
as this would be very risky and there are certainly many people who would disagree.

Bitcoin has a high volatility price and this will affect the value of Bitcoin in fiat.
If it goes up, of course, it will be profitable, but when it goes down it will create panic.

The right thing to do is to receive your pension as usual in fiat money, and then you have the option to invest in Bitcoin or not.
That is the best way because investing is a choice and each person's choice will be different.

Kakmakr

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The thing is, Bitcoin is doing well now... but it could have been the other way around... where the Bitcoin price might have fallen and your Pension might be worst than what it would have been in a stable investment fund.

Most of the Pension funds invest the workers capital into long-term stable investment options with low risk to secure the pension fund payments in the future.... and Bitcoin is seen as a high risk investment with extreme volatility. Tongue

bitterguy28

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This seems Impossible in my country as Government is paying for our pension with that it is a nationwide approach and not individually .
But if given a chance since i am almost 10 years away from having my pension ? I would love having Bitcoin instead of cash .
there are cases that we can get it Lumpsum so I may take this advantage and will invest all in bitcoin ,
I may have back pay from My private company and those are what I planned in using for small business while in my retirement as I already have my own house and car, so only a small capital will be enough to feed me and my wife in the future, and with my Bitcoin investment will be used for our plan to go around the world.

TelolettOm

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Quote from: Fivestar4everMVP on November 07, 2023, 10:18:54 AM

So, I am some how pained, though I very much understand that there is nothing I could have done about this back, but assuming I am still working with this company, I probably would have approached the manager and asked that all my pensions be paid in bitcoin, and make my bitcoin wallet available to them, and also teach them how to do it just incase they don't know.

This may not be an easy effort. Basically, it is possible to pay pension funds using Bitcoin under the following conditions:
- It is valid and legal to use Bitcoin as a salary/pension fund, because if it is prohibited, this will automatically violate the regulations and the company will not take that risk.
- Very familiar with Bitcoin, at least the financial management of this company. because if not, this will be quite compliant for them, because of course they will need to convert their fiat to Bitcoin to pay it to you. The question is, will they? Meanwhile, it is something new for them and they are still in the same condition.
- I don't mean to be pessimistic, but it does require more efforts to realize this plan, at least trying to approach the manager could be the first step.

Wend

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Quote from: oktana on November 12, 2023, 07:06:19 AM

Unless the amount to be paid will be defined in Bitcoin then that would make a lot of sense. I mean if you are paid $99 dollars but then sent in Bitcoin, it makes no difference cause you could equally purchase it with the $99, But if the company had a fixed amount of Bitcoin to pay you as a Pension then why not? Adding to that, you are already acquainted with Bitcoin and it is a payment method, so this shouldn't even be a question as I assume you will be happy and impressed if that were the mode of payment for your pension.

Also, I understand how you feel but remember you cannot force the company to pay you in Bitcoin. If they aren't used to it or do not know about it, they won't do it just because one person asked. And Isn't Nigeria the country that once banned Bitcoin or so?

Bitcoin prices have always been volatile, so no company would be foolish enough to make it a rule to pay a fixed amount of bitcoin that is not measured in fiat currency. As long as currency exists, paying pensions in bitcoin or gold is meaningless as the value will be determined by fiat at the time. So why don't we use fiat as usual instead of making things more complicated? The government does not have enough free time to set up a bitcoin payment system and then rely on the fiat value to pay our salaries.

Casdinyard

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While saddening, I don't think you should be disheartened, Pension shouldn't be something that you'd rely upon for future investments, since it's only meant for spending when you actually retire, and while it must suck that your money now is worth peanuts compared to way back then, there are still ways for you to actually make something out of this.Not sure about how Nigerian Pensions are but are you able to cash this ahead of time? If so, then perhaps you could convert this into bitcoin and start your journey from here, it's still possible you know, something could still be done out of this situation especially since we're slowly moving towards yet another bull cycle, if things go well you could ride the wave and actually earn dividends, as if you won millions once again. Idk man, just food for thought.

mirakal

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Quote from: tbct_mt2 on November 07, 2023, 10:32:31 AM

If a person does not plan to invest in bitcoin, hold bitcoin for a long time, receiving Bitcoin through salary or pension payment will not be cool for them. Because they will have to move their bitcoins to an exchange, sell it, lose some money for on chain transaction fee and trading fee. We have to take into account volatility of Bitcoin price too. For those non Bitcoin investors, they don't like it.

If a person is an Bitcoin investor, it is cool to receive salary or pension directly in Bitcoin. It means more if they don't have to be charged on chain transaction fee as a deduction of their salary or pension.

But with OP, I don't think he was already a bitcoin investor that time when he was still working. It's only now that he was able to realized that he should have talked the company and demand to receive his pension in bitcoin. But I don't think the financial institution will also agree paying in bitcoin because bitcoin that time was not yet fully known and established, so the safest option by that time is to pay his pension through fiat.

But to be honest, if he had converted his fiat into bitcoin during that time, I don' think the term millionaire is applicable for him. Yes, he might saved a good amount of bitcoin considering he started earning from 2017 up to the present but since the value of their currency is only low, then it also means that he could only save a little amount of bitcoin even up to the present when bitcoin at the present is now very expensive.

Wiwo

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Quote from: abel1337 on November 07, 2023, 02:29:14 PM

I doubt that you would be a millionaire even in current bitcoin price. Though you would be able to earn a lot compared to the current pension money you have today. I also think that pension funds aren't supposed to be invested on any other things but as a way to survive in the future when you don't earn anymore in your current job. We all have regrets in life and one of those are the chance that we missed on investing on bitcoin or on other cryptocurrency, I myself had spent bitcoins too just to buy a latest iphone which is now unusable and can't keep up with the current technology. We still have a chance to buy some, unless you still want to miss the chance again.

That amount in pension even if left untouched for several years will not earn anything significant in terms of profits, this is because Bitcoin at the moment is expensive that amount will only get you a few dollars in profits, so for sure it may be against inflation holding that pension in Bitcoin, but should not be taken as a potential retirement investment, since your daily expenses will already consume all without any possible left over as an investment.

Even though the company will not opt-in for such a formula of payment, ops will still need to make a direct conversion of his pension into Bitcoin before he can hold it and if that is necessary.

Texac

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The ones who knows the value of Bitcoins will surely accept this decision. For them Bitcoins are like safe investment, whose values increases day by day. Hence they will become the happiest if they are paid in Bitcoins. But the main reason arises when the governing bodies won’t allow to give pension in the form of Bitcoins. As Bitcoins are valuable coins, hence they will like to store more of it for the welfare of the nation. So if we practically see then it’s not possible.

Do you think bitcoin is a safe investment? if you thought it was safe, would you invest all your money in it? furthermore, this is a pension and old people will depend on it for the rest of their lives, so I don't think this is a wise choice. Bitcoin has never been considered a safe investment even though its value is increasing every day, don't forget that the higher the profit, the higher the risk.

One more thing, even if bitcoin becomes more scarce, you can still buy bitcoin at any time as long as you have the money. so, there will never be a situation where the government does not use bitcoin to pay people's pensions if that happens. Bitcoin is a financial market and will always be traded in the market.

The government will not really allow the system to send the pension payment to the pensioners in Bitcoin because, first of all, the majority of the government is against Bitcoin.

And apart from what you said, if bitcoin is really a good long-term investment, would we allocate all our money to it? No matter who is rich or a billionaire, they will not put all their money into Bitcoin; of course, they have other resources in their business.

I think governments' opposition to bitcoin will be resolved soon. once an ETF is approved and bitcoin's popularity becomes even more widespread, countries that are banning bitcoin will soon legalize it or else become obsolete compared to the rest of the world. but using bitcoin to pay salaries or pensions would be a completely different matter and not easy to do.

Bitcoin is a potential investment and can bring high profits but it is not the safe asset that anyone wants. up to now, many people have known about bitcoin but they still decided not to choose it and they have their reasons. frankly, bitcoin is a volatile and risky investment, it's good but it's not perfect like many bitcoin investors are propagating it.

Essential10

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Many countries have declared Bitcoin illegal. Bitcoin carries both profit and risk. The government will never allow pension payments to be made through Bitcoin. If the pension received was through Bitcoin it could help create a guaranteed income for the individual's regular life. Pension basically provides a payment for past service or work over a specified period of time. At the end of a long service life, a jobber gets a lump sum of money. People would know more about Bitcoin if pensions were paid in Bitcoin from now to the future. Bitcoin is the most talked about among young people but most people who have retired from work within the last five years are unaware of Bitcoin. However, if this medium is introduced, it will be a revolutionary change for Bitcoin.

Topic: How Would you Like Your Pension Paid in Bitcoin? (Read 485 times)