How Would you Like Your Pension Paid in Bitcoin?

[Mpamaegbu]

~snipped~

Well, if you live in a country with a good economy, which ensures that the fiat currency of the country isn't losing value and purchasing power as each day breaks, then maybe that term "always diversify" could mean something.

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.

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[Z_MBFM]

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.

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

[blockman]

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.

[Nrcewker]

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.

[Eternad]

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.

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

I believe there’s same topic like this before and you are not wrong on your preference over Bitcoin when use to pension. But some people is not relying that much on pension when they are old since they have other savings that’s why they can afford to take risk on Bitcoin since they are already on the last stage of life.

But this is a case to case basis depending on the understanding of someone on Bitcoin since it’s useless to use Bitcoin to pension in general if the majority doesn’t know how to use it and just learning Bitcoin for the sake of claiming pension. Maybe an optional is the best approach on implementing this.

[shield132]

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.

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.

You can't ask company to pay your pension funds in bitcoins because this process is regulated and your pension is protected by your government and reserves are stored in national bank. This is a widespread method and I think Nigeria won't be an exception but it would be really good if they let people to choose where to invest this money. If I had that option, I would store them in bitcoins and some altcoins like you because inflation eats years of hard work and finally you are left with nothing. It's not fair, forced pension system is a robbery from governments. Low salaries, high taxes, this is not enough, let's add pensions. Eh, sad reality of our days.

[cafter]

in last everything comes to the point that you missed the opportunity to invest in bitcoin when the prices were too low, and this type of regrets are in everyones life,
I was also not curious enough to learn about bitcoin after knowing the name of bitcoin in 2018.
And the company will not start to pay salary or pension in bitcoin because of it's volatile nature and majority of the employees/people are not bitcoiners to accept payment in bitcoin.
or company will may not pay in bitcoin to you individually.

[livingfree]

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.

And that's the reason why many of us here are saving for our retirement and that is because we all know that there's gonna be a huge profit and value from holding Bitcoin.

We're even doing that so it's a yes that if pensions are gonna paid with Bitcoin, most of us will be happy to accept it.

Reading some of the posts, some are uncertain and it's okay and understandable but for the ones that are sure to accept that, we're all in with that. We can take Bitcoin's volatility and it's already part of our life and even our aging.

[Texac]

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.

[sokani]

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.

I think he knows it's not possible to have his pension paid in Bitcoin but he was just thinking out loud. But seriously the topic made some sense, It shows how Bitcoin can be used as a safe landing for the failing fiat. Let's assume he wasn't promoted and he's on the same salary scale for 30 years... He's going to receive $1,140, which is actually nothing much. But if his pension was in Bitcoin or if he could device a plan to be doing DCA for that number of years, he's going to retire f*cking rich.

[bettercrypto]

I don't think the company will want to follow what you want to happen either. Then I have not seen any company in this era, even before no one has done such a thing that a company paid their employees via Bitcoin.

So, if you receive your pension, you should exchange it for bitcoin if you also want to hold it long-term, and this is the best way to at least somehow get a profit from bitcoin.

[Blitzboy]

I feel your suffering. The dramatic swing in the Nigerian Naira against the dollar and Bitcoin'sdevelopment show the difference between traditional and digital asset investing. Traditional pension schemes provide unsatisfactory returns, especially compared to bitcoin investments. Your experience emphasizes financial literacy and the necessity to comprehend and use emerging financial technology like Bitcoin for long-term wealth growth. While the past is unchangeable, your insights can help others make similar decisions. The "Bitcoin pension" you created for yourself is original and reflects personal finance trends. It promotes financial self-education and technology adaptation. This lesson is about more than Bitcoin's potential: we need to constantly examine and change our financial strategy to match the changing economy and our personal aspirations.

[Hamza2424]

Haha, First of all, OP TBH I'm not a government employee and there are no pension sources as I'm a freelancer even in the future. This topic was quite hot in the previous Bull Run as well, where I think a multi-national company tried to plan to pay their employee's pensions in Bitcoins but that was just a statement never executed.

Bitcoin is payment mode and there's nothing to wonder about if even my salary is paid to me in Bitcoin, I'm still able to utilize it exception it should be accepted in the day-to-day marketplaces, I can even explore more compared to the fiat due to their boarder limitations. TBH if Op are you trying to express the pension in Bitcoin as an investment for the long term no doubt it will be greatly helpful even in the current regulatory circumstances.

On the other hand, if you are saying that pensions should be paid in Bitcoin so that people can spend as they always wanted to it will require developments in the Bitcoin ecosystem, especially in the regulation of Bitcoin acceptability. AFAIK a pension is paid for stable day-to-day living for senior citizens why they would be interested in making more out of it? Rather than considering the pension in Bitcoin better Prefer the salary here as young ones are more interested in breakthrough through their financial cycle.

[dezoel]

I don't think the company will want to follow what you want to happen either. Then I have not seen any company in this era, even before no one has done such a thing that a company paid their employees via Bitcoin.

So, if you receive your pension, you should exchange it for bitcoin if you also want to hold it long-term, and this is the best way to at least somehow get a profit from bitcoin.

I think this is only possible to happen if a company is in the I.T field because they probably get used to BTC. The same goes to the workers of it. If not, then yeah it may not really be possible because number one; The owners may not be aware about BTC;

And number two, other employees are not going to do the same thing. For now, the only best thing that the OP can do, is to follow your advice there of manually converting his fiat into BTC, if that's what he wants. The best way to profit from BTC is I think via doing trades, and not thru investing because in trading, it is possible for one to earn unlimited profits in a short period of time only, as long as they are already well skilled.

[pawel7777]

I don't think the company will want to follow what you want to happen either. Then I have not seen any company in this era, even before no one has done such a thing that a company paid their employees via Bitcoin.

In the past, we've seen some companies paying their employees (part of) their salaries in bitcoins (I think BitPay was one of them). But for the purpose of pension schemes, all you really need is a pension fund that lets you choose instruments you want to invest in and a reliable BTC spot ETF.

So, if you receive your pension, you should exchange it for bitcoin if you also want to hold it long-term, and this is the best way to at least somehow get a profit from bitcoin.

In most countries, you won't be able to freely access your pension fund money and withdraw it to invest in something else (they would be pointless if you could). Those would usually be restricted e.g. until you reach a certain age.

[HelliumZ]

However, in all the countries where bitcoin is legalized, this scheme may be introduced in those countries, but so far I have not seen any country paying salaries, pensions, and remittances through bitcoins. Although these processes are very difficult to implement, some countries accept Bitcoin only in banks as well as in some local markets.Accepting payments through Bitcoin is seen in a small number of applications, particularly coffee houses, party bars, ice cream shops, etc., but has yet to be implemented in the areas of salaries or pensions. However, in the future such a decision may come, there is nothing to be surprised if it is implemented.

[NeilLostBitCoin]

I agree that saving money in banks seems like a poor choice once we learn about Bitcoin. But at least your cash earns some interest, and you can still get it compared to when you withdraw it and leave it in your wallet. You might spend it on nonsense things or lend it to someone who will not pay it back.

[Dimitri94]

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.

[knowngunman]

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.

[bettercrypto]

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.