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.
Topic: How Would you Like Your Pension Paid in Bitcoin? - page 5. (Read 708 times)
No bro, what I'd like to happen is the other way around, to have my pension be paid in bitcoins and be able to convert that bitcoin pension fund into fiat when I claim it at my local social security branch and given my belief in bitcoin that it's going to eventually cross the million dollar price point somewhere along my lifetime, I think that it's a win-win situation for me to do that but on the flip side though, some financial advisor would probably say to me that it's not a good way to save up for your pension and I do agree, even if you have a solid belief that bitcoin will never crash or be gone in your lifetime, you can never be wrong when you're playing it safe, always diversify.
legendary
Activity: 2422
Merit: 1083
Leading Crypto Sports Betting & Casino Platform
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.
Why this?, I was going through my text messages today, and came across an sms alert I received on the 30th of September, 2023, from Stanbic IBTC pension managers, the pension company that my previous company was paying my pension to when I was still working with them, and indeed, my pension balance saddened, upon the realization that if my pension balance was in bitcoin, by now, I will be a millionaire.
Short History
I started working with this company in June of 2014, and started receiving full salary from the end up July same year, the company opened a pension account for me with Stanbic IBTC pension managers in the same July, and by July ending when salaries were being paid, pension was deducted from my salary and was paid into my pension account.
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.
So, I had the said above balance in my pension account when I left the company in 2017 and started my own small business, so, I stopped getting pension credit alert since I was no longer working wit the company, and amazingly, I never did gave attention to my pension balance or alerts until today when I was just scanning through my text messages and saw several text messages from Stanbic IBTC pension manager, I opened and the last text was sent on the 18th of October 2023, and I contained information of my pension account balance as of 30th of October, 2023, and behold, my balance was just a mere 114,000 Nigerian naira (approximately $114 using today's NGN/USD exchange rate).
That is, after 6 whole years I stopped paying money into my pension account, the only interest this has yielded is just approximately 15,000 Nigerian naira (approximately $15) after six year..
Absolutely unbelievable and I am really sad 😔, I just can't help but imagine that this money at the time was being paid to me in bitcoin, by now, I will be a millionaire, if not in dollars, in fiat atleast.
This is another good example and confirmation that saving fiat money in banks is the worst way for anyone to lose money, the interest is not just small, naira in itself have lost a lot of value, this 114,000 naira can literally not feed me and my family for 3 months, let alone the 15,000 naira the bank added as an interest after 6 f*king years.
If I knew then, what I know now about bitcoin, I would have approached this company, and demand that they pay me my pension in bitcoin, or don't pay me pension at all, but pay me my salary in full, and from my salary, I will create a bitcoin pension for myself.
Why this?, I was going through my text messages today, and came across an sms alert I received on the 30th of September, 2023, from Stanbic IBTC pension managers, the pension company that my previous company was paying my pension to when I was still working with them, and indeed, my pension balance saddened, upon the realization that if my pension balance was in bitcoin, by now, I will be a millionaire.
Short History
I started working with this company in June of 2014, and started receiving full salary from the end up July same year, the company opened a pension account for me with Stanbic IBTC pension managers in the same July, and by July ending when salaries were being paid, pension was deducted from my salary and was paid into my pension account.
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.
So, I had the said above balance in my pension account when I left the company in 2017 and started my own small business, so, I stopped getting pension credit alert since I was no longer working wit the company, and amazingly, I never did gave attention to my pension balance or alerts until today when I was just scanning through my text messages and saw several text messages from Stanbic IBTC pension manager, I opened and the last text was sent on the 18th of October 2023, and I contained information of my pension account balance as of 30th of October, 2023, and behold, my balance was just a mere 114,000 Nigerian naira (approximately $114 using today's NGN/USD exchange rate).
That is, after 6 whole years I stopped paying money into my pension account, the only interest this has yielded is just approximately 15,000 Nigerian naira (approximately $15) after six year..
Absolutely unbelievable and I am really sad 😔, I just can't help but imagine that this money at the time was being paid to me in bitcoin, by now, I will be a millionaire, if not in dollars, in fiat atleast.
This is another good example and confirmation that saving fiat money in banks is the worst way for anyone to lose money, the interest is not just small, naira in itself have lost a lot of value, this 114,000 naira can literally not feed me and my family for 3 months, let alone the 15,000 naira the bank added as an interest after 6 f*king years.
If I knew then, what I know now about bitcoin, I would have approached this company, and demand that they pay me my pension in bitcoin, or don't pay me pension at all, but pay me my salary in full, and from my salary, I will create a bitcoin pension for myself.
Jump to: