Topic: What if some country decides to pay pension to working population in bitcoin ? - page 2. (Read 596 times)

It would be great for those who have known and understand bitcoin well because they can use it as a currency and as an investment tool while keeping the high security of their coins. But I don't think this will be easy for those who don't have even idea about bitcoin that its existing and that it can be use as a currency like fiat, and for sure assuring the security of their coins might be very hard for them and they might only put their coins into danger.

Since we are talking about retired people here, then I must say that majority of them are not excellent enough when it comes to being knowledgeable about bitcoin. Although it can be learned but I think teaching these pensioners requires a lot of time and patience before they can get the real idea of bitcoin and how they can use it on their own advantage.

The range Bitcoin is spreaded in those countries is first considered and that determines about the values If it would bring about benefits or limitations to its economy.
I believe benefiting from Bitcoin is not just having one in your wallet but how you first realizes the potentials and how the roles of its beneficials is played if one must utilize its valuables.
Hence if there is a wide range of Bitcoinaires in the country then means there is a massive Bitcoin educated persons who would embrace the system to accepting bitcoins for payments/pensions but if there is a low range of individuals that detailed about Bitcoin means there would be poor number of persons to accept the system because Bitcoin is imposed with a mathematical terms when holding in the wallet due to its volatility.

There will be complete rejection. A country pensioner won't accept it because they have less knowledge of bitcoin. They are used to fiat mode of payment through their bank account. Imploring another means of payment for them like bitcoin will be what they will highly kick against by the citizens of that country before the pensioners would say anything relating to that.

I think before a country thinks of such, they should conduct a survey first to find a possibility of what they want to implement would be accepted or rejected. They can't bring Bitcoin to pensioners who lack the knowledge and exposure to bitcoin.

If a survey is to be conducted in a country that accepts Bitcoin as a means of payment, for instance, you will find out that the youths are the ones who engage and have knowledge of Bitcoin more than old people(pensioners).

Well, maybe some small state in some years, through liquid or lightning, but the states that are aware of the existence of hard money will not use it to pay pensions... That will most likely be paid in deflationary currencies, FIAT

Although, I'm a firm supporter of Bitcoin and idea behind it but I don't think it will be a good thing for citizens if a country decides to pay their working population their pension in the form of Bitcoin. The reason for that is the majority of people who are retired or who are getting close to retirement don't know about technical aspects of things and such people can easily be scammed and they may lose their Bitcoin.

Surely, such payments will be good for future generations as people are getting technically good these days due to digital revolution and availability of smartphones but still for current generation of retired workers it isn't going to be helpful. If someone who is good at the technical aspects of the things can have their pension in the form of Bitcoin but still you know the price of Bitcoin fluctuates a lot sometimes and that can be a problem for those retired workers.

This not only brings no benefits but also causes controversy and fierce opposition from retirees. Firstly, not everyone knows about bitcoin, especially older people. Second: Bitcoin's volatility is also a barrier that makes some people not like to use it, so the government will face many difficulties if it applies this. But I don't think this scenario is possible because we all know that the government has never been friendly to bitcoin. They will never use it as a currency to pay people's pensions.

I don't agree with pension funds being paid in bitcoin. For now I don't agree, but in a few years maybe I will. If someone has retired from work, it means that person is quite old and most older people are not very familiar with technology, let alone Bitcoin. It will make it difficult for them to spend bitcoins, or maybe they don't know about bitcoins at all, this will only add new problems if implemented now.

If the idea is that pensions are going to be paid in Bitcoin, I think most people will refuse to take their pensions in Bitcoin. Now the pensioners will be 60 plus, and most 60 plus senior citizens probably don't know much about Bitcoin. But if the current generation has a Bitcoin-centric plan in the future, it might succeed. And as far as I know most governments are against Bitcoin so it is very challenging to pay pensions through Bitcoin rather than against Bitcoin. We may imagine that pensions can be paid with bitcoins, but this is very difficult to happen in reality. When the government of a country takes such a decision, the entire system of transactions has to be changed by the government of a country, so I don't think any country's government can do this very easily.

I don't think this suggestion will be received by pensioners with welcome arms though there can be a small percentage that might choose to receive their pensions in BTC. And since only a very small of the whole pensioners might take it, therefore it can just be a waste of time for the pension administrators to do it. We have to remember that pensioners are already "old" people so they may not have the time and the patience of learning the very basics of cryptocurrency so might as well endanger them and their money. Now, the viable option is offering Bitcoin for those who are in the working age and educate them on Bitcoin...and on this regard I think there are already a few companies doing this option right now though I never have a verified data on this.

As much as I believe that that's the reason why the government isn't going to accept bitcoin as a means to pay pension for their people, I think your statement about subscribing or sticking to their local currency for payment is the main reason why they are doing that, I wouldn't really say that bitcoin's the key to true financial freedom for now, given that there's still no semblance of an actual global adoption then I guess we have to hold on to that dream that we might achieve that someday. To me, this kind of dilemma is easily solved if you just do the saving for pension yourself, with that kind of system then you will be able to achieve your dream of having your pension paid in bitcoin when you retire someday.

If a country does that, more than 50% of the working population will not agree to that. Do you realise that does that understand and wants to learn about bitcoin are mostly people that are not involved with the government work. Most people that like the bitcoin idea are mostly working from home, and don’t need any pension. So the vast majority of the government workers are not enlightened or conversant with the bitcoin technology which will make it hard for them to understand and use when their funds is being paid there.

If the government wants to employ this method of payment for pensioners, it will have to be for those that are more used to using computers in their place of work and can always use one at anytime (those employed in the computer age), the government will then set up committees to teach and guide them on how to use bitcoin technology better to be able to access their money after they retire. It is a good idea but its feasibility is what is the problem now.

I actually have a thread in line with this same topic which I titled "How would you want your pension paid in bitcoin?" I will probably share the link to the thread later.

But then, since we are already here, let me just say that for me alone, as in personally, I would like the pension deducted from my salary to be paid in bitcoin, this is based on my personal experience with pension.

First of all, we all must understand that, pension is not funds that are immediately accessible to the individual, like here in Nigeria, before you can access your pension funds, you have to be 50 years of age and above, and even when one attain this age, they don't give you back your money immediately, you will have to go through a lot of document signing and stress, before you are granted the opportunity if you are lucky.

And I understand that, the reason for the fiat is because the government use this money for business, they loan the money out for interest, I don't know how they can do this if the company I work with was to pay me bitcoin as pension and this bitcoin is in their custody, but for my best interest, what I do know is that, even if they do not add any interest to my holding, bitcoin itself in the long term will surely become more expensive, which also mean that the value of bitcoin in my pension account will increase as well.

This is why I would surely prefer that I be paid my pension in bitcoin, rather than fiat that loses value and purchasing power every day.

Before thinking about that, you need to think about how many countries have accepted bitcoin as their currency? Because to be able to use bitcoin to pay pensions to workers, at least bitcoin is a currency. I bet no one would accept pensions in the form of bitcoin if bitcoin were not a currency and remained a volatile asset. I remember that questions similar to yours have been asked many times before and most people answered that they do not like to receive salary in bitcoin because of its volatility. Currently, we are happy with receiving our salaries in fiat currency and we can invest in bitcoin as much as we want, why change that?

In developed countries there are people who are well versed into crypto jargon, we have several old members here on this forum as well. In developing countries meanwhile I do not think this is possible as most are not familiar with mobile/internet in first place, using Bitcoin comes later.

So latter is excluded completely, while former, those countries are still deliberating on proper regulations despite population into it, so until regulations are place, it's no too. Without proper regulation, they won't do something like paying pension with BTC anyway.
 
Personally tho, crypto requires good security practices, there are few places where Bitcoin accepted, to sell Bitcoin for fiat, taking care of transaction fees at the times like right now — honestly it feels so unnecessary right now.

Perhaps it depends on a country and is also a matter of time, but that wouldn't work in my country. First of all, Bitcoin can't be used directly to pay for goods and services, not in most places. Meanwhile, cash or card payments are fairly simple and direct. But let's assume that Bitcoin becomes widely accepted before the pensions are getting paid in Bitcoin. There's still a huge problem that pensioners are of solid age, many of them don't use the Internet, smartphones, or any technologies beyond a TV, radio, and a very simple phone. So they would be annoyed and in opposition to dealing with a volatile digital currency, as it goes way beyond the digital literacy of most pensioners in my country.
What can be done instead, however, is pension fund investing into Bitcoin long-term to ensure higher pensions, but in my country, the pension fund isn't based on investments at all, not yet.

I don't think a lot of people who will receive pensions will be happy about this. Yes, they can receive the same amount, but in bitcoin? Because bitcoin is a complex thing and people who receive pensions are old, I don't think they can manage it by themselves because it will take extra work for them to convert it into their desired currency. Second, the government still hasty with bitcoin, so it's impossible to implement it, but your question is "what if?" If it happens, then that would be great because it means that the government will accept bitcoin eventually, and it will also be much better if the receiver is also happy with that new form of receiving their pension.

limitaios? I guess the transaction fees. As we know, transferring or converting bitcoin into USD or any other form of currency requires fees, and I think it will be an issue for many.

This won't happen and there's no point of discussing it. I won't ever analyze the ridiculous idea of getting your pension in the form of a very volatile asset. And yes, the BTC transaction fees would probably go through the roof.
All those "what if" questions are stupid. What if the central banks start buying BTC and putting it in their currency reserves?
Yeah, that would be great, but it will never happen.
What do you mean by "paying pension to working population"? The working population doesn't get pensions. The retired population gets pensions.

Necessity or better say mandatory. If so, people have no choice even if they are against with it. BTC is still a money, and to have a BTC is better than not having anything at all. I guess there were still guides that teaches them how to convert their BTC into fiat other than the guides we have online, if ever they want to convert it immediately.

If it's optional, I think only few will choose it because I believe most pensioners are old people and we know old people right? They are into old school. I just want to clear out that I don't under-estimate them but I only say that because this is what I think about. I know there are still old people who are capable of many things including being interested in Bitcoin.

Well, I guess, just as others have said, if you read the other thread in which these same topics have been discussed, you will see different opinions that many people have also expressed. Maybe you can actually see the opinion you seek in any of those threads. I think that it will be difficult for the world to endorse Bitcoin as a legal tender to the extent that pensions will be paid in BTC. If by chance it happens like that, then the world population will have to accept being paid in BTC because it will be by law, and since Bitcoin is a volatile asset, those that can't keep up with it will definitely and immediately convert to fiat once they receive the payment.

The most important thing that the government must do before making pension payments with Bitcoin is education about cryptocurrencies, that is a very important thing, especially now that there are still quite a lot of frauds using cryptocurrencies. When the education about crypto is completed, I am sure there will be many people who are willing to receive salaries in Bitcoin and also receive pension payments in Bitcoin. Another important thing is that when more and more countries accept Bitcoin, the price of Bitcoin will definitely be higher, that's natural because the demand is quite large.