Topic: How Would you Like Your Pension Paid in Bitcoin? - page 3. (Read 689 times)

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.

Bitcoin is a good thing and investing in it is a great idea but I want to save Bitcoin and invest in Bitcoin in my youth but I don't want to tie up my pension money with Bitcoin. Because it will be my last age. When one crosses the pension age he is almost ready to die and the price of Bitcoin fluctuates constantly and it is not possible to hold Bitcoin for a long time.  So I don't support paying pensions in Bitcoin.But being able to get paid in Bitcoin would be great and I would love to have it

OP, your story is a very interesting one. For me, I wouldn't be looking at the fact of inflation dealing with the local currency. I would've looked at the price rally of Bitcoin. At the time that pension was payable, it was the period Bitcoin was trying to gain global attention. 2017 was that period it hit it. So, imagine what your pension would've been in dollar worth if it was in Bitcoin, even if naira is strong against the dollar in today's reality. This should be my concern, and not necessarily because naira is collapsing. From that period, it means you would've bought below $18k (which was the ATH in December, 2017). Today, Bitcoin price is double of that price despite declining from its current ATH of $68k+.

Anyway, the thing with hindsight is that it makes us see the past in the present and then judge ourselves. I'm sure if the cash was paid directly to you then, you wouldn't have invested it in Bitcoin and hedl till date. Not so? I don't judge but that's the reality with many of us, including me.

That reasoning might work but not all retirees are going to be senile or too stupid to work out basic computer things, in my opinion, I do think that it's a big factor that if you are working in computers at a young age and that you won't have any problems when you're old because there's just some muscle memory that's too difficult to remove even when you are old or you've stopped a long time, the familiarity won't easily go away. Regards to the question, wouldn't the agency or administration paying you in bitcoin would have a hard time doing it? Plus wouldn't your address not become anonymous anymore because they have to know who's bitcoin address they're going to send that bitcoin to so it's not really financial freedom of you to dream of having your pension paid in bitcoin right?

Bitcoin will never die and that is the eternal belief of every Bitcoin investor, including me. But we need to acknowledge the fact that we have no evidence for that, it's just our beliefs and hopes about bitcoin. Even you or I, we cannot know how many years we will live, so we should never make any assertions about the future of bitcoin or anything in this world. The future is impossible to predict.

In the future, if bitcoin's volatility gradually decreases and gradually becomes more stable, will there be any difference between receiving a pension in bitcoin or fiat? Because as I see it, people are hoping that if they get their pension in bitcoin, they will have a chance to double their pension when the price of bitcoin increases. But if you think bitcoin will stabilize, will everyone's hopes be dashed?

Pension is like a remuneration paid after retirement thus it's a period to start enjoying the fruit of one's labour after working for several years, from my personal point of view it's not a good idea to have such payment in Bitcoin because at that age a pensioner suppose to live well while ignoring any form of earning or investing in Bitcoin and at the age there is also a limit on doing any form of complex stuffs that require full concentration like doing complex transactions instead at that age every form of transactions should be done with fiat, transfer and deposit of fund via USSD codes, using simple App etc considering the fact that old people tend forget things easily.

I'll start from the very end. How naive you are. No one will give you your pension savings, no one will pay your salary in full, no one will pay your pension in bitcoin. But you can create a pension for yourself in bitcoin. Yourself. Just buying with free money.

The system is designed in such a way that people have no choice whether to pay part of the money from their salary to the pension fund or to form their own pension themselves. This is a worldwide practice. We are simply obliged to do this, whether we want it or not. In fact, contributions to a pension fund are another form of taxes (functionally very similar to a tax on fools). This money is collected from all employed people for the entire period of their active work, but only a portion of it is paid. That is, the majority of people who paid pension contributions don't live to see retirement or don't live in retirement for a long time. Roughly speaking, the pension fund has collected 100% of contributions, but pays out only 20%. Profit.

Next point. This is inflation. Inflation hits these pension contributions stored in the pension fund. In 20 years, the money that will be paid to you in retirement will be negligible. In some countries (if I'm not mistaken, in Scandinavian countries), pension funds invest money in securities and even cryptocurrencies. But there are very few such countries. In most countries, your money in the pension fund will either be greatly depreciated, or you simply will not receive it or will only receive part of it (try to live and then live a long time in retirement).

I repeat. No one in any country has the opportunity to refuse to pay pension contributions. Consider this your free forced gift to the state system. But there is an alternative. You yourself can create pension savings for yourself, which will increase every year (more precisely, every 4 years).

Bitcoin is a volatile asset but with time, its volatility becomes smaller.

The change is organic because when Bitcoin market cap becomes bigger, it's harder to manipulate the price with big volatility. With more regulations on Bitcoin, it will be clearer and there will be less space for FUD than in the past. There will still be FUD as it exists in all market but I believe with more regulations from governments to protect this market, investors, and more education aims at Bitcoin users and investors, they will become more knowledgeable and will be less affected by FUD.

Bitcoin is not dead. I share you this website to say the opposite, Bitcoin is NOT dead.
https://buybitcoinworldwide.com/bitcoin-is-dead/

Bitcoin is a volatile asset and investing in it is just like your existing business, it can bring you profits but also has the risk of losing you money and going bankrupt. Congratulations that your business is bringing you a steady stream of income, but that doesn't mean it will stay that way if you don't know how to maintain it. Bitcoin is the same, the future is unpredictable, it can bring you profits of thousands of percent, but it can also make you bankrupt overnight. So the idea of putting your entire pension into bitcoin is actually an unwise idea. Instead, why don't you diversify into assets other than bitcoin? When we talk about the future, don't assert or be certain about anything.

In my case I do not want to have a pension plan in Bitcoin because it implies that the Bitcoin is held by a centralized entity and for that I have my pension plan in stock market, with a very good profitability, unlike that of the OP, and the Bitcoin I hold it apart.

I believe that preparing for retirement age should be part of an overall wealth building in which a pension plan is only one part.

I think it's better to have some in bitcoin and some in fiat . The percentage really depends on how much pension fund I'll receive. While it's true that there's a certain thrill in owning bitcoin , life in my country still requires fiat to get by. I can't make purchases with bitcoin here, so fiat still plays a central role in transactions.

I like having Bitcoin because when there's a Bitcoin balance in my wallet, the temptation to sell is quite low. I prefer to hodl it until my fiat runs out, waiting for its price to rise... owning Bitcoin but also being financially stable with fiat to avoid messing with my psychology and prevent rushing to sell Bitcoin is something I dream of.

I guess it's a nice though, but I wouldn't beat yourself up over this.  It doesn't matter if you knew about bitcoin at the time or not, bitcoin was never going to be paid out as your pension payment, or your pension turning over to fully being established with bitcoin.  I've not heard of anything of this sort happening anywhere in the world, and highly doubt they would have gone for it.  Bitcoin is still simply too new, and too much needs to happen in order for this to happen anytime soon..IMO.

This is the tragedy of fiat. Not only is it going to lose value through the years as designed, it also loses value due to incompetence, greed, perhaps necessity as well, and all kinds of abuses by the government. All in all, the speed at which our money loses value makes savings worthless.

And this kind of problem prevalent in fiat can be traced back to the very day this soft money has taken over. Another problem that this fiat standard caused is the discrepancy of worth between different fiat currencies, as illustrated by the ratio of your Naira to USD which changed from 150-300 Naira per USD to more than 1000 Naira to USD after just a few years.

I can understand OP’s disappointment because we are from the same country. The naira is weakening day by day and the banks do not give good interest rates on savings accounts. This is part of the reason why Bitcoin is so popular amongst Nigerians, because it’s a means to hedge against inflation. OP, even if you tried, I doubt the company would have agreed to pay your pension in bitcoins. Things were different in 2017, remember it was the rise of ponzis in Nigeria, and the company would have assumed Bitcoin was just another ponzi.

As to your question, anyone wearing a signature definitely enjoys getting paid in bitcoin. Me especially lol

It would be literally a hassle for the company to convert the fiat money amount to Bitcoin, which can be done by the pensioner if he/she wants to invest in Bitcoin for future purposes. Not only that the transaction fee would be an issue since sometimes there's traffic in the transaction plus the high gas fee for just a single transaction, so I think it wouldn't be a good idea to use Bitcoin for this kind of business.

Plus if they try this method for one customer wanting to be paid in Bitcoin, for sure they would need to be knowledgeable and understand the crypto industry, cause they might click-click not knowing anything that causes the money to be lost. I also find pension money to be risky to use in terms of investment cause it might just provide all your essential needs so you might not have the spare money (based on experience), but it really depends cause we all have different pension amounts that might be managed for investment.

The best approach ever to having a business and also setting aside a percentage of your income to invest in Bitcoin for future purposes in form of investment and that will go a long way to sustain you at your retirement age and will fund your bills, u know that having your own business and funding it properly will allow you the time to manage yourself and investment since you will not be having any other form of income in the form of retirement plans and also not keeping any other engagement that can fund your old age aside from the business that you own and run all throughout your lifetime.

I don't really know how op want it or expected his own pension to be paid looking at some of the problems the pension company might face trying to covert the actual payment into Bitcoin couples with the network fee that would be involved. I don't see any need for this. If we really want to receive our pension in Bitcoin, while not get the pension and use part of it to purchase Bitcoin. The market is somehow shaking and the way prices moves is like a trajectory. Anybody that want to invest in Bitcoin can as well use part of the pension money to invest in Bitcoin for as long as possible.

Before i got to know Bitcoin, i didn't know how investment worked, $1 will be as long as $1 but 1 BTC today will not be the same as 1 BTC in the next few years, i don't have a job but i founded a small business and i like the stability of the income i generate, but for my retirement i don't put it in fiat, gold or property, i put it in the form of bitcoin of course with the DCA concept, and i'm sure that in the next few decades the value of the money i spend will increase many times the value of the money i now spend.  as long as the number of bitcoins does not increase and bitcoin is forever decentralized then there is a big chance for the price of bitcoin to continue to increase, one day we will definitely see bitcoin at more than $100k/btc ^{(Bitcoin is the best for anyone's retirement fund)}

Stop being sarcastic,  you want to become a millionaire with that amount in pension, any way you could have covered your entire pension pay to Bitcoin since your company may not consider that option of paying your pension with Bitcoin because of government regulations in line with pension payments.


I don't think the company will want to go through the stress of having everything changed because of a single staff who wants to get paid with Bitcoin,  s9 is The only option open to you is to have the payment converted manually at some point.

As pension is a person whole investment throughout his life in a job, I don't know about your country, but the same thing happens in my country if a person passes by the pension and he works for the government too much even all of his life. Then he is given as his pension, and getting pension in the bitcoin is too risky. Because if the person gets money may be he did something valuable with it, but if he gets it in the bitcoin, may be he has some relatives who has investment in the bitcoin and they get all of his bitcoin and they got loss in trading.

Although trading is better solution after the pension of a job, if the person didn't have money and if he didn't have a job. Then it would be a better choice of a person to go towards the trading after completing his pension.