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

[Marykeller]

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).

[EluguHcman]

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 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.

[Sanitough]

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 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.

[boyptc]

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 ?

Let's just take the example of El Salvador, it may not be a pension but it has made bitcoin as a legal tender so that's almost the same IMO.

We've seen the reaction of people there, some are violent, many did liked it and started to adopt because they have no option as that's what the government says so.

Basically, that's going to make their economy volatile just as how Bitcoin is volatile. Maybe we shall see the effect of it in the future and not as close as it may project.

[Hyphen(-)]

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 sounds impossible, mate.
Pensions are for old staff that have saved for a long time, and their age ranges around 50–60 years. How do you expect them to adapt to this bitcoin technology quickly?

Beside that, I don't think it is possible because the government in general has yet to fully legalize Bitcoin due to its decentralized nature. How can they accept it and decide to use it to pay pensions?

Unless some of them will accept Bitcoin, the majority of them will not agree to it because they will take some time learning about Bitcoin again.

[nakamura12]

Since this is a what if question then I'll answer with my what if answer. The exact percentage of people who will agree with this is unknown because it all depends on a person if he/she will agree or not unless the government will start a poll and share it to the public on how many people agree and how many people disagree to get paid in Bitcoin. Benefits?, I think there's none since they are old timers and will take much time to make them understand through teaching and not all knows how to use internet. Bitcoin isn't legal tender so that won't happen eventually unless the government does the same as El Salvador to make Bitcoin a legal tender.

[Wakate]

Since this is a what if question then I'll answer with my what if answer. The exact percentage of people who will agree with this is unknown because it all depends on a person if he/she will agree or not unless the government will start a poll and share it to the public on how many people agree and how many people disagree to get paid in Bitcoin. Benefits?, I think there's none since they are old timers and will take much time to make them understand through teaching and not all knows how to use internet. Bitcoin isn't legal tender so that won't happen eventually unless the government does the same as El Salvador to make Bitcoin a legal tender.

Why would even a country decide to pay it citizens pension in Bitcoin when they have a local fiat currency. I don't see any possibility in this question because the people of the country would never agree to this. Individual countries are always looking for a way that would make the local currency gain strength so that it can compete with the Usd and have a strong strength to appreciate more. Even if this ever happens, not every citizens would agree to this and it might cause a big chaos that could affect the country's economy.

[nakamura12]

Why would even a country decide to pay it citizens pension in Bitcoin when they have a local fiat currency. I don't see any possibility in this question because the people of the country would never agree to this. Individual countries are always looking for a way that would make the local currency gain strength so that it can compete with the Usd and have a strong strength to appreciate more. Even if this ever happens, not every citizens would agree to this and it might cause a big chaos that could affect the country's economy.

That's why this is a what if answer as I have explained and first of all, I agree with the other forum members that this won't happen at all since government wants to take control of an asset like fiat that's why it is impossible to happen. There's a possibility though for a person to get paid in Bitcoin like what happened on the year 2013 about a police chief received Bitcoin as his salary although it is already deducted with the tax just like in fiat before it is converted to Bitcoin. By the way, what's with the quote? Is your post for OP or me?. If it's for me then didn't you get it?, I am only answering the what if question with a what if answer. My post doesn't mean that a government will most likely pay citizens with Bitcoin. It's a what if answer to be exact which means I just answered the what if question.

[lixer]

What percent of people will agree to getting pension in bitcoin in your opinion  ?

No one can answer this question because it depends on how many people who are about to retire know and admire Bitcoin and the technology to consider getting their pension in Bitcoin and are okay with the outcomes of that whether it will be positive or negative since Bitcoin is a volatile asset and it can go up and down any time and that can be both good and bad for those people.

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

It can have both pros and cons in the long term. People who are getting their pension in Bitcoin will need to make sure that when they are getting it, the market is in the right position for it, getting paid in Bitcoin during the bull run and then seeing your payment losing value as the market goes towards the bear run can be a bad experience, for sure.

[DanWalker]

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 ?

Let's just take the example of El Salvador, it may not be a pension but it has made bitcoin as a legal tender so that's almost the same IMO.

We've seen the reaction of people there, some are violent, many did liked it and started to adopt because they have no option as that's what the government says so.

Basically, that's going to make their economy volatile just as how Bitcoin is volatile. Maybe we shall see the effect of it in the future and not as close as it may project.

El Salvador is still using USD along with bitcoin, they do not fully use bitcoin for their country so people still have their own choice and are not completely forced to use bitcoin. But if the El Salvador government completely eliminates USD and only uses bitcoin, I think there will be controversy and opposition from the people. Furthermore, it would be very risky for their economy because the value of bitcoin is very volatile, they could even default if they only use bitcoin as currency.

[Promocodeudo]

This decision might be opposed by some set of this potential pensioners, OP as we know, is not everyone that is conversant with this system, unless the government will setup a training center to enlighten the citizen about how to make use of bitcoin before introducing this kind of payment system, even though the do, some people will still prefer the usual payment system, as long as I consider this as an assumption, I don't see this scaling through because the government see bitcoin threat to their system of governance, they won't like any stuff that will portray transparency to avoid being dragged. The government don't want bitcoin for many reasons, Bitcoin will make elective position less attractive and foster financial transparency.

[Out of mind]

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 any country in the world takes this initiative, then I think it would be best from my side. Again, I see many people who will take this plan badly, and they will never accept the fact that payment by Bitcoin. However, if the government of a country takes such a decision by approving Bitcoin, then it is natural that all individuals must accept it and take the initiative to pay pension with Bitcoin. Although Bitcoin is currently being used in many countries around the world and people are buying a lot of Bitcoins, the popularity of Bitcoin is much higher than before. And I think if this initiative is taken in every country, maybe 30%/35% percent people will be able to take it. Because only those people who believe in cryptocurrency will take this initiative and the rest will take it as a negative. However, if a pension is paid by Bitcoin, then surely an individual will benefit if he can hold it successfully for a long time in the future. We know Bitcoin is a store of value and anyone who holds this Bitcoin will surely earn a profit and become financially self-sufficient.

[Hewlet]

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 a country decides to pay her worker's pension in Bitcoin, it means that the country has accepted Bitcoin as a means of exchange and that the citizens are very much aware of Bitcoin. I guess that is the only reason that can make a country to make such decision if not it will course serious problem in that country.

Let me take my country as an example, if such thing happens almost every one will conclude that the decision is burned out of the plan of the leadership of the country to extort money from her pensioner because in the real sense, most pensioners her aged people that don't know much about the current status of bitcoin

Where there is high chance of such decision to gain acceptance could be if the government decide to pay her young employee in Bitcoin, since most young people already know about Bitcoin, it will be easy for it not to be refuted by them

[God bless u]

In my opinion I don't think that giving pension in the form of bitcoin can be profitable because everyone does not have knowledge about bitcoin and they even don't know when to sell their bitcoin and also if they don't know about Bitcoin's transaction then they will share their knowledge with others who can scam them and can collect all their bitcoin offer them as a pension fund. For some it can be profitable but not for everyone because no one will accept such risky money as they wait till the age of 60 to earn a constant value of money while the value of bitcoin never remains constant.

For retired people we cannot offer this opportunity but young people are aware of its benefit or loss because they are familiar with the use cases of bitcoin and they know how to collect money from bitcoin after a long run. We are in a desire to buy bitcoin because we know its value but everyone cannot realized that how worthy bitcoin is and giving knowledge to them about bitcoin will also take lots of time.

[kentrolla]

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 any country in the world takes this initiative, then I think it would be best from my side. Again, I see many people who will take this plan badly, and they will never accept the fact that payment by Bitcoin. However, if the government of a country takes such a decision by approving Bitcoin, then it is natural that all individuals must accept it and take the initiative to pay pension with Bitcoin. Although Bitcoin is currently being used in many countries around the world and people are buying a lot of Bitcoins, the popularity of Bitcoin is much higher than before. And I think if this initiative is taken in every country, maybe 30%/35% percent people will be able to take it. Because only those people who believe in cryptocurrency will take this initiative and the rest will take it as a negative. However, if a pension is paid by Bitcoin, then surely an individual will benefit if he can hold it successfully for a long time in the future. We know Bitcoin is a store of value and anyone who holds this Bitcoin will surely earn a profit and become financially self-sufficient.

 I think 30% to 35% is an very exaggerated number as i don't think even 10% of people would like to receive their pension in Bitcoin. Just imagine those who will be pensioners now would already be in their 60s (taking global average) and most of the Bitcoin users, investors and adopters are in their youth or mid age so it would be alien for pensioners and I am a Bitcoin supporter and it's less volatile than othe crypto and I would say it will only give profit on long term but why would pensioners want to risk their  pensions because if it happened to be a bearish market their money will get struck,  they will panic sell it and regret and at the age when you have lived most of your life and living last quarter there is no a guarantee of life to wait for market to recover.

It would be unnecessary stress for someone and create anxiety I don't think this is a feasible idea. Maybe down the line after a decade or so when the people of current generation reach that age it would make sense as they know about Bitcoin.

[JunaidAzizi]

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 for people and economy?

Firstly the pension belongs to the government sector mostly, some private companies also do but mostly the government gives this to their retired employees. I didn't think that the government would take this kind of initiative because the government wants centralization and Bitcoin is decentralized, Let's say if the government applies this method then what do the employees do, Will they accept it, no never because they do not know about Bitcoin they only know the fiat currency then how they will trust such a new currency. But maybe they will accept this if the government orders them as they are the government servant and they are obeying to order. This will be a greater initiative and will be more beneficial for retired persons.

[TimeTeller]

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 for people and economy?

Firstly the pension belongs to the government sector mostly, some private companies also do but mostly the government gives this to their retired employees. I didn't think that the government would take this kind of initiative because the government wants centralization and Bitcoin is decentralized, Let's say if the government applies this method then what do the employees do, Will they accept it, no never because they do not know about Bitcoin they only know the fiat currency then how they will trust such a new currency. But maybe they will accept this if the government orders them as they are the government servant and they are obeying to order. This will be a greater initiative and will be more beneficial for retired persons.

This is hard to implement as we are talking about government initiatives.
As much as possible, they would stick to their fiat. Some may offer, but the possibility here is just small percentage in btc.
I don't think they will go for 100% pension in btc. And besides, not all these pensioners would want to get their share in btc.
Most of them would like a secure payment method, which is in fiat. But we can't totally discard the idea for futuristic goals.

[oktana]

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.

I think it’ll be a great idea. They may have a hard time using it at first but they’ll get used to it. Nothing is easy on the first try even when you learnt about Bitcoin, you must have asked a lot of questions and needed guides too. They may be aged people but they could learn it anyway. If this happened, that’s a double plus for Bitcoin cause that’s some crazy adoption. Who knows, another country could consider doing the same afterwards. But let’s not live so much in our imagination, the probability of such happening at this time is very very low.

[wallet4bitcoin]

It'll be a great step towards adoption. Just as we had El Salvador adopted Bitcoin as its currency of state.

If a workforce population is paid its pension in Bitcoin, it'll be a good way to safeguard their future and also the adoption of Bitcoin will get one more step towards being materialised.

[Viscore]

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 ?

Probably a lot of pensioners will not agree to accept bitcoin as their pension because we all know that until now, only few of the population are aware about how to use bitcoin and use it for their own convenience, while majority would still want to prefer to receive fiat most especially that the older and the more traditional people are involved here. But if its the only option, then they will accept it and force to learn on it.

But on the other hand, bitcoin can always be taught and learned. It might be hard on the start but eventually, people will learn to use it and protect its private keys because its a must in order to keep their coins sound and safe. And maybe we don't know in the end, these pensioners will appreciate bitcoin at the end of the day.