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

[blckhawk]

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.

Man, this is what happens when your signature campaigns have a strict ruling. People just reply to the same topic from different OP and end up spewing out the same thought because there's not much that changes from it, with this much people talking about retirement that's entirely paid with bitcoin, I'm a little bit happy that people are considering bitcoin for their retirement. I have to side with you about being paid in fiat in my pension because it's much more stable than bitcoin so it's the safest option but I guess having bitcoin put into your retirement savings seems kind of a nice addition maybe not as a total takeover.

[jeraldskie11]

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 ?

Lot of people are having a pension plan because they can get money every month from pension when their retirement has come. So if the country will implement Bitcoin as another currency of receiving pension instead of fiat, it will attract and confuse people. It will lead them to determine what Bitcoin really is. It contributes a lot to Bitcoin adoption in our Country, and if they realize how great is having a Bitcoin they will start to invest. If ever they invested in a wrong time and the price went below on their buying price, we can't stop them to say negative about Bitcoin because no matter how they benefit from Bitcoin there is always a chance that they can say negative if they experienced loses, there's nothing to worry for the long term.

[danadc]

Unless it is El Salvador it is an option, otherwise I do not believe that other countries give so much value to an asset that will be the one that can guarantee true financial freedom , governments will pay retirees and pensioners in fiat because they Know that it is their local money and that they do not care if it suffers inflation, they will not give bitcoin because bitcoin is more valuable than gold, they will not give such beautiful options to the population, the more they maintain that their people will not pay with valuable things the better Even though they were people who already contributed to their Countries , that doesn't matter to them at all, that's how it Works , that's what I've seen.

[Renampun]

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 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.

[Dr.Bitcoin_Strange]

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.

[fullhdpixel]

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).

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.

[davis196]

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 ?

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.

[Assface16678]

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 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.

[kryptqnick]

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.

[libert19]

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.

[posi]

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 ?

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?

[Fivestar4everMVP]

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 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.

[Ndabagi01]

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 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.

[pinggoki]

Unless it is El Salvador it is an option, otherwise I do not believe that other countries give so much value to an asset that will be the one that can guarantee true financial freedom , governments will pay retirees and pensioners in fiat because they Know that it is their local money and that they do not care if it suffers inflation, they will not give bitcoin because bitcoin is more valuable than gold, they will not give such beautiful options to the population, the more they maintain that their people will not pay with valuable things the better Even though they were people who already contributed to their Countries , that doesn't matter to them at all, that's how it Works , that's what I've seen.

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.

[DapanasFruit]

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.

[Litzki1990]

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.

[komisariatku]

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 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.

[n00ber]

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 ?

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.

[SamReomo]

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 ?

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.

[HideYourKeys]

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