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Author Topic: Bitcoin as a Retirement Account  (Read 22117 times)
DhaniBoy
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November 01, 2014, 03:47:49 AM
 #21

I believe that bitcoin could be used as a fund when we retire, bitcoin exchange rates are becoming increasingly large, making my hope with the greater bitcoin, bitcoin more we collect, the better for us on the day the old fund, there is no guarantee we can still work until old age ...  Grin

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November 01, 2014, 03:54:49 AM
 #22

Putting 1% of your retirement contributions in Bitcoins wouldn't be a bad idea.
This may be true, but not in the way the OP is describing. I would say that investing in the second market bitcoin fund of the COIN (BTC EFT) would be a very productive investment for your overall retirement strategy, however you need to be able to sell in the event that bitcoin no longer appears to be something appropriate for your retirement strategy.
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November 01, 2014, 07:45:18 AM
 #23

Putting 1% of your retirement contributions in Bitcoins wouldn't be a bad idea.
This may be true, but not in the way the OP is describing. I would say that investing in the second market bitcoin fund of the COIN (BTC EFT) would be a very productive investment for your overall retirement strategy, however you need to be able to sell in the event that bitcoin no longer appears to be something appropriate for your retirement strategy.
Hello,
an alternative is also put aside your bitcoin for 1-5 years see what is happening with the market,then if u have a nice profit from btc, cash them out and the amount u can put in retirement fonds, after that u can only chillax about your retirement Cool
This something more easy to do for the normal btc user Smiley

And remember   always have a small lot of btc cause well we all know that this is the future Smiley
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November 01, 2014, 08:42:15 AM
 #24

Not when the price is fluctuating like what we are seeing right now. I mean your points are valid, nothing wrong with it, no middleman, safe but what if it loses its value? At that time you might be too old to work and you realize the value is not enough  to cover your daily spending.

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November 01, 2014, 07:49:41 PM
 #25

This is my current take:
30% crypto
50% metals
20% fiat
10% other (bonds, whatever)

Diversifying without going nuts is still king. And don't understimate fiat as if it's going to dissapear anytime soon like some people do around here.
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November 02, 2014, 03:00:28 AM
 #26

Let's hope for this to be a reality when people view bitcoin as a safe storage of value. That is only possible when price stabilized

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November 02, 2014, 03:06:00 AM
 #27

Bitcoin is a serious risk, putting your retirement in BTC is inviting disaster. A small portion, though, wouldn't be that crazy.
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April 27, 2015, 12:54:27 AM
 #28

i have followed the rabbit in 2014 ... and i have, too, convert my bank account for retirement to many littles wallet in bitcoin.

simple ... i check regulary old wallet to see if problem appear but, for now, it's prefect (an old one take 15min to be recreate in bitcoin core).

i use a dedicated PC that it have only bitcoin core and OS (without any updates).
I switch ON every 1 day in a month to keep the blockchain updated.

well, Bitcoin is a perfect network, you can't loose money ... not like the bank (and regulary fees without ask the deposit permission).
you can't have freezed account for negative operation (you can't miss something).
you can't restrict the amount wired to an other party (like my friends or familly).
you don't have fees (except the dedicated PC ... well, not a big deal with refurbished PC).

---

At this time, i have 5% in bank (bills for the month), 5% in cash (food and regularies things) ... and 90% in bitcoin.
The first thing that it have noticed is that "bankster" don't call me every month ... no AD from the bank !  Cheesy
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April 27, 2015, 07:57:16 AM
 #29

This is my current take:
30% crypto
50% metals
20% fiat
10% other (bonds, whatever)

Diversifying without going nuts is still king. And don't understimate fiat as if it's going to dissapear anytime soon like some people do around here.

i think too much differentiation in investments, could be dangerous, ok to not put all your eggs in one basket, but seeing the current situation, where only few assets will rise, you chance of not doing well will be higher with many different investments

Bitcoin is a serious risk, putting your retirement in BTC is inviting disaster. A small portion, though, wouldn't be that crazy.

you should not put your retirement in anything to be honest, if the money you have could permit you to retire without working anymore then you don't need  new money in your portfolio
AtheistAKASaneBrain
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April 27, 2015, 10:02:27 AM
 #30

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age.  You have the key to the address.  You can verify the transfer on the blockchain.

No middle-men.  No funny business.  No brokers with pyramid/eyeball shaped logos.  No "oops we went bankrupt and lost your retirement."  No bail-ins.  No raising the age of retirement.

Just Bitcoin.
Actually im doing something similar: I keep a % of the BTC I get into cold storage, in a really offline and difficult way to extract coins. I don't want to open that wallet until 40 years from now.
Bitcoin Explorer
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April 27, 2015, 10:03:54 AM
 #31

Putting 1% of your retirement contributions in Bitcoins wouldn't be a bad idea.
yes, otherwise, you'd become poor if you blindly make that assumption that the price will go only upwards

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April 27, 2015, 10:07:04 AM
 #32

Bitcoin is a serious risk, putting your retirement in BTC is inviting disaster. A small portion, though, wouldn't be that crazy.

Diversification is the key.
And the same applies to currencies.

You don't want to have your savings in one currency neither ... not implying that the "Euro" is the currency to choose from (I think it's the worst option) but you could diversify and use GBP, AUD, CNY, and not only USD. Add BTC as well into your portfolio and that is how you could get your savings to grow (e.g. on the AUD you would get high interest %).

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April 27, 2015, 11:00:38 AM
 #33

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age.  You have the key to the address.  You can verify the transfer on the blockchain.

No middle-men.  No funny business.  No brokers with pyramid/eyeball shaped logos.  No "oops we went bankrupt and lost your retirement."  No bail-ins.  No raising the age of retirement.

Just Bitcoin.

Actually, you don't even need an employer. You can do it all by yourself on a dedicated wallet.

Read more from me and follow me on Steemit: https://steemit.com/@countryfree
Get-Paid.com
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April 27, 2015, 11:34:10 AM
 #34

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age.  You have the key to the address.  You can verify the transfer on the blockchain.

No middle-men.  No funny business.  No brokers with pyramid/eyeball shaped logos.  No "oops we went bankrupt and lost your retirement."  No bail-ins.  No raising the age of retirement.

Just Bitcoin.

Actually, you don't even need an employer. You can do it all by yourself on a dedicated wallet.


What makes that dedicated wallet to be safe?
For instance, what prevents BlockChain.info website from closing its doors tomorrow?
Is it subject to any regulation?

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April 27, 2015, 11:45:41 AM
 #35

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age.  You have the key to the address.  You can verify the transfer on the blockchain.

No middle-men.  No funny business.  No brokers with pyramid/eyeball shaped logos.  No "oops we went bankrupt and lost your retirement."  No bail-ins.  No raising the age of retirement.

Just Bitcoin.

Actually, you don't even need an employer. You can do it all by yourself on a dedicated wallet.


What makes that dedicated wallet to be safe?
For instance, what prevents BlockChain.info website from closing its doors tomorrow?
Is it subject to any regulation?


It's true that blockchain has no future and can shut down anytime. I have seen people saving thousands of dollars in the wallet and waiting for the price to rise. What if that website shuts down? They will lose such a huge amount.

Similarly, Liberty Reserve as well shut down and I along with other people lost so many dollars. It's risky to keep an account locked in any wallet and it's no safe even to store amount in just 1 bank account. My family members have lost lacs due to their mistake as the 2 banks just shut down due to bankruptcy.


If anyone feels that bitcoin wallets/blockchain can be used as a saving account, don't forget that the currency isn't regulated and if the website itself shuts down, you can lose everything in a second. Blockchain doesn't even have any verification process nor any other wallet has any kind of verification like PayPal/Payza and hence they aren't reliable. It's better to convert it into fiat when you receive it.

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April 27, 2015, 11:55:00 AM
 #36

Asking about investing in Bitcoin won't help you decide because most people here have a positive attitude. Roughly 60-70% of people who spent at least a couple hours learning about Bitcoin will see it as a good thing. The problem is lack of knowledge and ignorance, and these two things can slow down or even stop the expansion of Bitcoin. So in other words people are worrying that blockchain may fail, but what if it's ignored and forgotten?

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April 27, 2015, 01:54:46 PM
 #37

Similarly, Liberty Reserve as well shut down and I along with other people lost so many dollars. It's risky to keep an account locked in any wallet and it's no safe even to store amount in just 1 bank account. My family members have lost lacs due to their mistake as the 2 banks just shut down due to bankruptcy.

Yes, our business also got a hit from the fall of LibertyReserve but we lost probably a few hundred dollars. We never keep a large amount with any provider. We use PerfectMoney for instance but keep reserves of no more than $200 with that site. We learned from such incidents to never trust the website you're dealing with, since anyday it can just turn away and disappear (unlike our site where the user has virtually nothing to lose but much more to gain).

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April 27, 2015, 02:22:57 PM
 #38

Asking about investing in Bitcoin won't help you decide because most people here have a positive attitude. Roughly 60-70% of people who spent at least a couple hours learning about Bitcoin will see it as a good thing. The problem is lack of knowledge and ignorance, and these two things can slow down or even stop the expansion of Bitcoin. So in other words people are worrying that blockchain may fail, but what if it's ignored and forgotten?
Bitcoin will never be "forgotten". Look at other p2p or projects that need nodes like Tor or even Freenet, there is always people willing to deliver resources to keep it alive.
The difference is with Bitcoin people will see a necessity to use it bigger than ever before, as economical control keeps increasing..
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April 27, 2015, 04:41:32 PM
 #39

Let's hope for this to be a reality when people view bitcoin as a safe storage of value. That is only possible when price stabilized

Let say it will not stable until your retirement if you really got so much bitcoin I think it will be enough for your retirement asset. Lets say that someone safe it for 1k or may be 10k of bitcoin and they sell it when their retire time. It will be enough for them with this current price

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April 27, 2015, 05:05:03 PM
 #40

Every month, your employer transfers Bitcoins into a time-locked address that can't be transferred out before you reach retirement age.  You have the key to the address.  You can verify the transfer on the blockchain.

No middle-men.  No funny business.  No brokers with pyramid/eyeball shaped logos.  No "oops we went bankrupt and lost your retirement."  No bail-ins.  No raising the age of retirement.

Just Bitcoin.

Why would any rational business person employer do such a crazy thing?  The whole purpose of a retirement fund is so that you can dip into it in times of need and/or siphon off the interest and/or play funny accounting games with the money in it?  Tongue  Certainly the employees retirement is not first on the list.

Dont see any porblem with allocating a very small amount towards a bitcoin fund for retirement.  I'm aiming for housing/land, precious metals, bitcoin + functioning businesses for retirement fund.
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