What if some country decides to pay pension to working population in bitcoin ?

[simonova]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

[Eternad]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

I don’t know if this is a good idea if they will implement this to the beneficiaries that belongs to old era which Bitcoin still doesn’t exist because they will surely have a hard time to use it when they want to cash out. Also the safe keeping of their asset is one of the main concerns since we are talking about retired people here.

This is only possible and good idea for those people that is still young when Bitcoin created like GenZ or something young generation since Bitcoin will be just a normal currency when the time come of claiming their pension.

[Plaguedeath]

There's nothing will change if they get paid in Bitcoin, it's a currency 1 BTC = 1 BTC.

Don't ask me, I only one from hundred thousand(s) or million(s) of people.

There's nothing difference with get paid in fiat.

There are four thread had been created, yet you still want to add it one more.

1. https://bitcointalk.org/index.php?topic=5473225.0
2. https://bitcointalk.org/index.php?topic=5449807.0
3. https://bitcointalk.org/index.php?topic=2836251.0
4. https://bitcointalk.org/index.php?topic=5453260.0
5. Your thread.

[lombok]

There have been many threads about this too, but I will answer it in my personal opinion, there may be some opposition in the government and from the pensioners' side. Not all retirees understand Bitcoin and are willing to accept it. And of course the government also doesn't want to take risks, considering the volatility of Bitcoin prices which can rise and fall by tens of percent in a day, this is certainly not the right choice for the government. This could cause new problems, especially for retirees who are not familiar with Bitcoin. Of course here Fiat will be the top and safest choice. Even if a retired person wants Bitcoin for investment, it is up to the individual and they can access it freely after receiving pension funds.

[Nrcewker]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

The people who have knowledge about Bitcoins will be surely happy with this decision. They know the capabilities of Bitcoins and hence they will agree to take their pension in the form of Bitcoins. But as we know many people aren’t aware of the modern tech and so about Bitcoins, so at first we need to make them understand about the coins. Moreover a country won’t giveaway these valuable coins like this to all the people. Bitcoins are rare in numbers, hence they will try on holding it and buying the coin.

[Fiatless]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

The issue shouldn't be receiving pensions in bitcoin but investing the funds in the sector for a long time. These pension funds can generate huge profits over a long period. Considering receiving bitcoin as pensions will depend solely on the number of people who are aware of the existence of Bitcoin. Many people in my location don't know about bitcoin so the percentage will be very low. However many people who are well informed about bitcoin will prefer to receive their pension in cryptocurrency because of high inflation and the constant decline in the value of our local currency. Our local currency has lost almost 50% of its value in five years, which means that receiving pensions in fiat is a financial waste.

It will have little effect on the national economy but individuals can benefit from this initiative because it could serve as a hedge against inflation and give them some profit over time. The benefit it could have on the economy is that it could attract more funds to the pension sector and a healthy pension sector with create more jobs and increase workers' salaries. Some limitations of this policy will be bitcoin price volatility and the inability of these pensioners to keep their coins safe.

[franky1]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

there are regulations around official pension investment plans. its why employers dont just pay out people in wheat, but can invest in the big-agri farming of wheat.

its reasons institutions are not just assigning sats to investors but spending millions on lawyers to communicate with regulators to set up ETF spot offerings

[ultrloa]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

For crypto user then maybe they would be happy for that implementation since they can use the amount they receive for investments or even can hold it up until the value pumps in future.

But would also be negative for other since not everyone can able to deal with fast moving of its price  and maybe they can easily handle their investment very well since they know how to deal with its volatility. If I am the one who will be ask by this then would provably choose to deal with fiat since talking about pension then maybe I'm retired at that time so provably I will not participate on anything that can possibly gibes us a lot of stress since for sure bitcoin price volatility will still the same in future and not everyone can take to deal with its fast price changes of bitcoin.

[sokani]

What if some country decides to pay pension to working population in bitcoin?

It's not a good idea and it's not going happen, atleast not right now because no country is going to pay pension to its citizens in Bitcoin when it is not the legal tender. The only country where this could be feasible is El Salvador.

What will be the benefits and limitations of this occurrence in long term on people and economy ?

It will be a plus to bitcoin but is going to be welcomed with disapproval from majority of the populace especially in my country. Pensioners are old people, some of them are uneducated and cannot use their debit cards or perform a bank transfer via their phones without assistance. So if bitcoin is brought into the picture in the form of pension, majority of them will end up compromising their wallets and losing their funds.

[bluebit25]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

It will cause mixed reactions on this issue, not everyone understands bitcoin and accepts it. I'm not sure if economic analysts consider Bitcoin a currency or still just an investment, so paying such a pension is only convenient for a few.
Even changing from cash to banks took a lot of time, as did raising people's awareness of its use. And the target audience here is elderly retirees. They will consider it convenient. Of course, it cannot be guaranteed that Bitcoin will have a global effect. Although I strongly support the application of Bitcoin in many areas of life, that is just a personal perspective, and this is a collective story on a much larger scale, so it will not be easy to apply.

[Zaguru12]

It's not a good idea and it's not going happen, atleast not right now because no country is going to pay pension to its citizens in Bitcoin when it is not the legal tender. The only country where this could be feasible is El Salvador.

It is not a good idea is different from maybe it will be approved. The approval is just as you have said the government will be against it but should it be approved bitcoin enthusiasts will definitely be happy to have it, the advantage it could pave is that since it will be a top up every month it will be Like a monthly DCA and we all know how long pensions are accumulated so it will go up in price in those years but still the volatility risk can not be overcome, so for me it will be a two way something have some in bitcoin and some in another asset if given the opportunity to choose because it will be too risky having everything in bitcoin

It will be a plus to bitcoin but is going to be welcomed with disapproval from majority of the populace especially in my country. Pensioners are old people, some of them are uneducated and cannot use their debit cards or perform a bank transfer via their phones without assistance. So if bitcoin is brought into the picture in the form of pension, majority of them will end up compromising their wallets and losing their funds.

Should any country try to even implement this it will be a two way option you either go for bitcoin or the traditional method. Not only will it be a problem for older but also how will it be handled. Pensions are saved by some firms, will a bitcoiner even be at peace to handle his to them, that’s like storing bitcoin on centralized exchanges which every true bitcoiner is against.

[summonerrk]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

At the present moment, whether any of the pensioners will agree to receive a pension in bitcoins. Probably only in Japan some progressive old people will agree. Or in Europe, some guys retiring early like policemen or rescuers. Now the world is not ready for such steps, or rather even society is not ready. But every year digitalization is growing and soon such an idea will become possible. But people are still too distrustful of bitcoin.

[Inwestour]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

You need to know the conditions of how the pension will be paid, will it be paid fixedly in satoshis, will pensioners receive a fixed value in satoshis every month, or will it depend on the exchange rate of the country’s national currency to bitcoin and will it be different every month?

I think I’ve already read a similar discussion somewhere, and it seems to me that at the moment there is no point in this, since in any case negative scenarios will be possible in which pensioners could be at a loss, and since this is an unprotected segment of the population, It is important to understand exactly what they can expect every month, because for many this will be the only source of income.

[rat03gopoh]

If this rule is a necessity, then 100% will accept it. If it's only optional, then it depends on:

• How many workers are bitcoiners or pro bitcoin.
• How good is the narrative and description of bitcoin given to workers (for those who have never been involved).

[fuguebtc]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

But the thing is I don't think this scenario will happen, as long as bitcoin doesn't become a currency and volatility stays high this will never happen. We need the fact that bitcoin is only used as an investment, more like a store asset like gold than a currency. And have you seen anyone using gold to pay workers? Furthermore, as long as people still only view bitcoin as an investment, paying salaries in bitcoin will be useless because people will also convert it to fiat currency immediately.

[so98nn]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

Pension is something that is saved up from the entity contribution and employee contribution over the course of their job and until retirement. I highly doubt bitcoin would be chosen as an asset to payback pension since it has high volatility rate. It may happen X cut may not be the same by the end of retirement for an employee. They may receive less or more depending on where bitcoin stands in terms of its value by that period. These are the limitations that I could think about right now. I think not many peeps would choose it due to security reasons of their funds also. As compared to fiat Bitcoin will have safety issues also as the employer would need to Store the part of bitcoin in the wallets. Employees cant risk it.

[Ruttoshi]

I can only talk for myself as someone who is a bitcoin investor but not for others because I don't know their level of bitcoin knowledge. It will be one of the best decision that the government will come up with, because it will help me increase my bitcoin portfolio and I don't need to worry myself on buying bitcoin anymore.

For those that don't know bitcoin, the government needs to carry out seminars to teach the workers on bitcoin and its pros and cons so the people can decide for themselves maybe to accept their pension in bitcoin or not. I doubt if such thing will happen soon, maybe it can happen in El Salvador where bitcoin is already legalized as a legal tender.

[2Pizza410000BTC]

What if some country decides to pay pension to working population in bitcoin ? What percent of people will agree to getting pension in bitcoin in your opinion  ? What will be the benefits and limitations of this occurrence in long term on people and economy ?

If the pension money is paid through Bitcoin then it will not be good for the pensioner and the government at all. Because most pensioners won't know about Bitcoin. And the ups and downs of bitcoin would make paying and taking pensions in bitcoins much more risky. If we think a little deeper then we can see there is no benefit to the government either because there is no government benefit in bitcoin payments. Paying the pension money to the pensioners through the bank will give a lot of profit to the government fund due to which the government always pays the pension money through the bank. Especially the pensioners keep their pension money in the bank all the time due to which the bank also gets a lot of profit. But if a payment is made through Bitcoin, a customer may or may not benefit.

[buwaytress]

It has already happened, just not quite in the direct way you might think.

A state, private or corporate pension plan invests these pension funds into low-risk ventures, that's how they make profit and grow these funds. Norway's sovereign wealth fund already held Bitcoin, and has indirect investors from pension funds. Its own state pension fund invests in Bitcoin indirectly (via shares in MicroStrategy).

So when they pay out pensions, they're indirectly paying Bitcoin returns.

As an opposite case study of your question, if a state does directly, and unilaterally pay out pensions in BTC, people would rage. It already happened in El Salvador that retirees protested, worrying about, among others, possible Bitcoin pensions.

[Fademigo]

Well I think this is a science fiction.
If they even decide to do it, they'll just over leverage supply of bitcoin because they will NOT buy spot btc.
What goverments and banks are doing, they add some kind of something like ETF, virtual and they claim it's usd, or shares or crypto but it's empty binary code without backing.
So, in any utopian scenario where a country would buy 1000 btc and pay some pensions, that would be nice but it's not realistic.

Benefits?
Well, bank or goverment cannot freeze your funds
The main benefit is freedom with potential of wealth increase if price goes up.