Bitcoin retirement account

[dimonstration]

In my opinion, there is nothing wrong with trying to make Bitcoin a retirement plan, I have indeed been running it from 2018.
I always buy Bitcoin every month for $ 50, then I store it in a wallet which I plan to retirement account. It doesn't feel like it has
been running for two years, my target is until 2030. Hopefully I can be consistent and in 2030 I can enjoy the Bitcoin that I have
and hope Bitcoin in 2030 the price is very high.

I did this before ATH in 2017 and was able to gain some profits but after that even I plan to do it too after all time high it's quite hard to do as I see the price getting lower in value. So I make it to a point to just save first in my faiat wallet and just convert it into btc whenever BTC price have a sudden drop. Though if consistently saving in BTC and sure to have long term goal then definitely it is worth doing for as BTC still have plenty of potential.

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[AicecreaME]

That's exactly what i think 2 years ago,That what about my retirement or emergency cases that I will be needing Good amount to sustain my daily living
and with the nature of being employee i knew this won't happen in good faith.

That's why i start investing my time and small money here in crypto in which my extra time and extra money are being invested to Bitcoin and some altcoins for the future,because no one knows what will tomorrow can bring so that's why we need to be ready and fix .

It's good as long as you'll also have a fiat emergency fund because we'll never know what will happen in Bitcoin and to other cryptocurrencies in every tomorrow that will come, that's why having a back up saving is good as well. The other thing is that if you'll cashing out your Bitcoin if you don't have anymore money in the future as a retired person, cashing out in bulk amount would be good to save transaction fee.

Because if you'll only cash out let's say $500 budget for a week with a $50 transaction fee worth of bitcoin, and the $500 you cashed out is going to be spent in just few days, then your transaction fee will pile up and it will be expensive when you sum it up.

[atjiat]

You definitely can't rely on just one currency to secure your future. It is best to use several options for saving, since even national currencies do not have much confidence. Based on this, I am accumulating national currency, dollars and cryptocurrency, while using not only Bitcoin, but also Ethereum. In fact, I do not use any pension fund, since all my activities are aimed at providing for myself in old age and my family now and in the future.

[Alucard1]

Bitcoin retirement account is also good for every bitcoin user. We are always looking for this because anytime we could lost our job, anytime we could be weak and we will get old someday so it would be better if we have this kind of feature in cryptocurrency, but the volatility of the bitcoin makes it a problem to be applied, even though we are looking for a long term investment, we still cannot say when we are going to retire in our work.

[Nellayar]

It can be a retirement account but it may also leads your account to become zero. Bitcoin is really volatile, we don't know where it further goes. It may gives us a solid retirement fund specially when you bought it when bitcoin went down. But as of now, it is not recommended to buy bitcoin and hold for future use. Since bitcoin is currently dominating the market and experiencing bull run we don't know if in the future bitcoin will move down.

[Vishnu.Reang]

I understand that some people prefer third party services to manage their retirement funds. But the big question is whether this is needed with the Bitcoin holdings or not. Unlike the case with treasury bonds or mutual funds, it is very easy to self-manage cryptocurrency holdings. So if I want to keep Bitcoin for my retirement funds, then I would do that myself rather than involving any third party.

[TheGreatPython]

When you have things like blockchain, hardware wallets, wallets that are inpenetrable and many more in your defense, what would be the reason to actually use a bitcoin retirement account? However one thing is for sure, regular retirement accounts do actually work for your benefit.

My father retired very early at the age of 48, which was awesome for him in the sense that he didn't had to work and had a decent amount of income but also he kept going, after he retired from his initial government backed retirement bonus and income, he decided he will have a second one until he retires next, worked until he was 60 and for that 12 years paid a private banks retirement system and now he has 2 retirement accounts that pays him monthly until he dies. That is the type of thing everyone should have when they are old.

[jaysabi]

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.

On 1, privacy isn't really that big of selling point. It's not like thieves have access to your wealth currently to the point where bitcoin would protect you. I don't see what benefit you're trying to say that bitcoin provides in this instance from thieves.

On 2, money that appreciates in value may be good for savers, but it's bad for the overall economy because it depresses economic activity compared to inflationary money.  Governments are pretty much in existence these days to promote societal stability and the way you have the most stability is a good economy, which a deflationary currency will not promote well.

[matchi2011]

I understand that some people prefer third party services to manage their retirement funds. But the big question is whether this is needed with the Bitcoin holdings or not. Unlike the case with treasury bonds or mutual funds, it is very easy to self-manage cryptocurrency holdings. So if I want to keep Bitcoin for my retirement funds, then I would do that myself rather than involving any third party.

Once you involved yourself to this industry chances that you'll save portions of your investment for long term hold. Anticipating that in the next following years the value will really rise.

Nature inside us that we want to take advantage of each opportunities that may open along the way, why allow others to handle your funds if you can do it by yourself and enjoy after.

[Quidat]

I understand that some people prefer third party services to manage their retirement funds. But the big question is whether this is needed with the Bitcoin holdings or not. Unlike the case with treasury bonds or mutual funds, it is very easy to self-manage cryptocurrency holdings. So if I want to keep Bitcoin for my retirement funds, then I would do that myself rather than involving any third party.

Once you involved yourself to this industry chances that you'll save portions of your investment for long term hold. Anticipating that in the next following years the value will really rise.

Nature inside us that we want to take advantage of each opportunities that may open along the way, why allow others to handle your funds if you can do it by yourself and enjoy after.

Correct! I wont really be having the confidence on living out my funds into others hands even if we do talk about security or insurances where you can actually held of those funds on your own.
Its true that it is really somewhat risky on putting your money into crypto or Bitcoin but its really hard to ignore  the chances on benefitting it out in the future is there but
always take precautionary measures and be aware on the risk when you decide to put up or trust up your funds with this market but be sure always
save up on the safer side like on traditional kind of things.

[drlukacs]

In my opinion, there is nothing wrong with trying to make Bitcoin a retirement plan, I have indeed been running it from 2018.
I always buy Bitcoin every month for $ 50, then I store it in a wallet which I plan to retirement account. It doesn't feel like it has
been running for two years, my target is until 2030. Hopefully I can be consistent and in 2030 I can enjoy the Bitcoin that I have
and hope Bitcoin in 2030 the price is very high.

It's a great plan and I have a similar savings plan and have published it to my college friends. They were really convinced by me because the value of Bitcoin will really be very high in the future.

But to optimize your plan, you should spend about 30 minutes per day analyzing the market and choosing the price to buy bitcoin and hold over the long term. This will reduce the risk of your portfolio as well as when you need money urgently you will sell Bitcoin at a profit, not at a loss.

[iv4n]

In my opinion, there is nothing wrong with trying to make Bitcoin a retirement plan, I have indeed been running it from 2018.
....

It's a great plan and I have a similar savings plan and have published it to my college friends. They were really convinced by me because the value of Bitcoin will really be very high in the future.

But to optimize your plan, you should spend about 30 minutes per day analyzing the market and choosing the price to buy bitcoin and hold over the long term. This will reduce the risk of your portfolio as well as when you need money urgently you will sell Bitcoin at a profit, not at a loss.

It's all good and I agree with you, if you wish to make some investments in Bitcoin it's great, and if you watch the price and you manage to buy in dips you will maximize your profit!
I agree with OP too! Bitcoin is a good retirement plan! Let's be clear on this, it's still a good plan (Bitcoin price will rise), and for sure it's great for people who did it already!
But I have one question, what's about all other alts?
I think we can trust other coins and tokens! There're many of them, it's true, but I believe there are gems among them! Simply crypto is growing, and even Bitcoin is a leading force I can't underestimate some alts!
I respect this topic and I have respect for Bitcoin, but I believe in other projects as well! Simply the future is crypto, I believe in that Bitcoin will stay on the top, but there are a lot of free space behind!

[LogitechMouse]

Bitcoin as a retirement can be applied ONLY to those people who have knowledge on Bitcoin since they are young (around 20-30's I think or even 40's).

I know that there is nothing wrong with Bitcoin as a retirement but with its volatility, I doubt that those elder people can handle it especially those elder people who doesn't have any background regarding investing.
Bitcoin has been created so that you can make a transaction without using 3rd party so when it comes to retirement, you don't need the help of anybody too since you can create your account too right?? Just buy a hardware wallet, hold your Bitcoins and there you created your account already.

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.

I believe that most of the employees around the world doesn't even know how to investment into different investments especially crypto unless you introduce it to them. I also doubt that this might happen in the future since Bitcoin is very volatile. One thing more is that like fiat, crypto is vulnerable too to manipulations. If Fiat is being manipulated by government, crypto is being manipulated too by whales

[NavI_027]

But I have one question, what's about all other alts?
I think we can trust other coins and tokens! There're many of them, it's true, but I believe there are gems among them! Simply crypto is growing, and even Bitcoin is a leading force I can't underestimate some alts!

Yeah! I will not be biased here and just simply discount what alts can do. The reputation of alts are tarnished because of the bad projects in the past but we can admit that there are really good and profitable ones existing among them. Just br careful on choosing because no one knows if you are already holding a sh*tcoin or not. So my advice is to hold reputable ones such as xrp, doge, ltc, eth, monero and other top tier coins. Don't out all your hopes in upcoming "promising" coins. Do not experiment this time because you are putting your future at risk.

But in my opinion, playing safe is the best option. So if ever I will make my own retirement plan, I will definitely choose btc all the way because that's the coin fall last if ever things don't go well .

[Sithara007]

It's a great plan and I have a similar savings plan and have published it to my college friends. They were really convinced by me because the value of Bitcoin will really be very high in the future.

But to optimize your plan, you should spend about 30 minutes per day analyzing the market and choosing the price to buy bitcoin and hold over the long term. This will reduce the risk of your portfolio as well as when you need money urgently you will sell Bitcoin at a profit, not at a loss.

All this is fine. But at the same time, you should understand that major corrections can occur, in which the exchange rates can go down by as much as 20% or 30% and stay at that level for many months. The trick is not to panic and to hold on to your coins. The biggest enemy of a cryptocurrency investor is panic selling. If you can avoid it, then you will be able to rake in good amount of profit.

[jostorres]

If you want hold Bitcoin in such a way, then you should make sure that you’re doing in a way whereby you will be in full control of your assets. You can just be making use of a hardware wallet and store your private in different safe places so that it can be completely secure.

Although there isn’t much wrong with storing with a centralized wallet, if they are really good and trustworthy, but one thing you wouldn’t like is that if the platform happens to encounter any problem in future you’re going to be affected by it. But if you’re in full control, you’re not going to worry much as long as you know what you’re doing.

[Mauser]

If you want hold Bitcoin in such a way, then you should make sure that you’re doing in a way whereby you will be in full control of your assets. You can just be making use of a hardware wallet and store your private in different safe places so that it can be completely secure.

Although there isn’t much wrong with storing with a centralized wallet, if they are really good and trustworthy, but one thing you wouldn’t like is that if the platform happens to encounter any problem in future you’re going to be affected by it. But if you’re in full control, you’re not going to worry much as long as you know what you’re doing.

This is a good recommendation, maybe the retirement fund can be directly setup in your name, so you wouldn't have to go the extra mile through the investment company. The more control we have over our investment the better. But this wouldn't then called a retirement fund I think. Maybe the company could support us in investing into an ordinary investment fund with a focus on crypt currencies instead.

[FanEagle]

I kind of find it funny that there are so many alts that increased so much and gave people so many profits and just because there are more alts that caused a huge loss to people there are some that disregard alts as a whole.

I get that there are 1000+ projects that caused people to lose money, and that is a very sad thing, however there has been 100 projects that made people tons of profit as well. Should we disregard all those 100's of coins as "alts are bad" just because there are thousands that were actually bad?

We should instead try to say stuff like "bitcoin is a more guaranteed profit in the long run whereas alts are risky if you can't pick the right one" and that sentence explains the whole crypto market situation without generalizing anything at the same time.

[bits4books]

I think that this is almost the most ingenious fraud that could be invented.
And not even for profit but just for a joke. Do you understand that BTC is still, as much as you would like, it is not for all times? and its price will not grow forever and will not strive for an infinite number of dollars for 1 satoshi.
Words and news about retirement plans in BTC or in other cryptocurrencies cause me only laughter and emotion - that people are able to believe in such things. None of the current coins are the eternal