Amph
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April 27, 2015, 07:47:53 PM Last edit: April 28, 2015, 06:19:48 AM by Amph |
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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? by dedicated wallet he mean local wallet and transfer your funds on a cold storage supposedly, this is safe and fully under your control i don't think there is anyone regulating it also with bitcoin(if succeed) you will not need to lock it like regular fiat, to gain interest, the interest will come naturally when the price will rise this is the beauty of a safe heaven, and even if it is not 100% safe, i find it still safer than any bank account, with the current crisis...
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sdmathis
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April 27, 2015, 08:10:20 PM |
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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.
I'm sorry, but that's a terrible idea. Bitcoin is much too volatile to be used as a retirement investment. Don't get me wrong, I love Bitcoin. But it's not the right vehicle for a retirement account.
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Solange
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April 27, 2015, 08:12:24 PM |
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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.
I'm sorry, but that's a terrible idea. Bitcoin is much too volatile to be used as a retirement investment. Don't get me wrong, I love Bitcoin. But it's not the right vehicle for a retirement account. But just because it is too volatile now doesn't mean it wont be stable in the future. If bitcoin is the worlds first international currency adopted by billions by the time people are ready for retirement it could be a great plan.
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pereira4
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April 27, 2015, 09:31:32 PM |
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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.
I'm sorry, but that's a terrible idea. Bitcoin is much too volatile to be used as a retirement investment. Don't get me wrong, I love Bitcoin. But it's not the right vehicle for a retirement account. What you see now as stable may not be as stable in the future. What's your alternative, fiat, gold? what else? The future is too uncertain for anything to be worth calling "safe retirement plan". Might as well risk becoming a millionaire with BTC.
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techgeek
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April 27, 2015, 09:46:31 PM |
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I dont think the employer would be okay with paying premiums for bitcoin, if there was a price spike during your employment.
It would be a huge risk for that business to pay you, cause it would be possible more pay on their part to pay you out.
Outside from the obvious price decline as well, but that fact it would consume their time to monitor prices isnt worth it to them.
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bitbunnny
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April 28, 2015, 09:29:18 AM |
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Very risky, no one would accept that
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sgk
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April 28, 2015, 10:18:26 AM |
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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.
Won't be feasible for a couple of reasons: - How do you 'lock' the address if you have the key? You will eventually get tempted to withdraw sometime before retirement. - How do you know BTC will be worth something to support your retirement? It might happen that when you need these funds most (when you are old), Bitcoin may be worth nothing and you lose your life support.
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BTCevo
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April 28, 2015, 10:56:14 AM |
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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.
Won't be feasible for a couple of reasons: - How do you 'lock' the address if you have the key? You will eventually get tempted to withdraw sometime before retirement. - How do you know BTC will be worth something to support your retirement? It might happen that when you need these funds most (when you are old), Bitcoin may be worth nothing and you lose your life support. If the price stable it will be worth to be our retirement fund and I guess people will save their retirement fund not only in this bitcoin but some others too because they wont be just hope this bitcoin in skyrocketing, they need other fund to support them too
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sgk
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April 28, 2015, 11:10:48 AM |
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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.
Won't be feasible for a couple of reasons: - How do you 'lock' the address if you have the key? You will eventually get tempted to withdraw sometime before retirement. - How do you know BTC will be worth something to support your retirement? It might happen that when you need these funds most (when you are old), Bitcoin may be worth nothing and you lose your life support. If the price stable it will be worth to be our retirement fund and I guess people will save their retirement fund not only in this bitcoin but some others too because they wont be just hope this bitcoin in skyrocketing, they need other fund to support them too To call Bitcoin a 'stable' investment will also be a form of gamble. With fiat you at least have something, even with inflation hitting. With Bitcoin, you may have zero value - no one can say. It might be good idea to put very small Bitcoins to cold storage every month, just enough the amount you can afford to lose. If the price stays stable: you gain what you invested If the price rises: you get good profit If the price falls: you never invested more than you could lose
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gripflierGO
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April 28, 2015, 12:13:09 PM |
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I think its an individual decision to whether invest in bitcoin as a retirement account or not and it also depends upon the age of the person. Bitcoin seems to be attractive today but the same case might not be in future as it is becuase of its volatile nature. So its better to play safe.
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Slark
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April 28, 2015, 01:51:11 PM |
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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.
This is valid option only if take into consideration that bitcoin price at time of your retirement will be higher or the same as today. I personally wouldn't do it because bitcoin is too volatile for long time investment like that. You don't want to gamble with your future, fiat is still better for plans like that. Invest in real estate or gold instead.
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operrajunk74
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April 28, 2015, 02:03:11 PM |
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That's true even I would prefer to go for Gold investment or a Real Estate bcoz u ll be definitely having good returns on investment in future but not sure about bitcoins whether it can be trustworthy or not..at present its good good to invest but cant say anything about future.
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LazerSMS
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April 28, 2015, 07:51:42 PM |
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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.
You can do it for yourself but I don't see a non bitcoin related business doing it
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BTCevo
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April 29, 2015, 12:08:53 PM |
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To call Bitcoin a 'stable' investment will also be a form of gamble. With fiat you at least have something, even with inflation hitting. With Bitcoin, you may have zero value - no one can say.
It might be good idea to put very small Bitcoins to cold storage every month, just enough the amount you can afford to lose. If the price stays stable: you gain what you invested If the price rises: you get good profit If the price falls: you never invested more than you could lose
I dont think it call form of gamble. With this fiat of course is the best for now but soon or later bitcoin will change it. And bitcoin for now is highest currency in digital altough it drops you will still get profit so that doesnt make you gamble in this things. This is how to anticipated things in bitcoin
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manselr
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April 29, 2015, 03:21:33 PM |
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I suggest high grade notes (paper wallets) for retirement that use the private key method, this ensure by the time you retire it will still be accepted. (instead of a wallet.dat) make sure you have multiple in different locations in case of looting, fire or who knows. I would essentially treat it the same way as high end physical bullion.
For some reason I trust lots of electronic backups more than paper. Paper is prone to deteriorate with time. You would need to put it inside one of those plastic sealed bags or something. A combination of both is most likely the best way for long term storage.
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sdmathis
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April 29, 2015, 06:33:21 PM |
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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.
I'm sorry, but that's a terrible idea. Bitcoin is much too volatile to be used as a retirement investment. Don't get me wrong, I love Bitcoin. But it's not the right vehicle for a retirement account. But just because it is too volatile now doesn't mean it wont be stable in the future. If bitcoin is the worlds first international currency adopted by billions by the time people are ready for retirement it could be a great plan. If Bitcoin stabilizes (and not before), then it might be worth looking at but not until then. When it comes to retirement, safety and stability are of utmost importance. Speculative investments (like Bitcoin) are better suited for discretionary income investments. Don't get me wrong. I'm not against investing in Bitcoin. I just feel that it's much too risky for a retirement account.
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BitcoinFr34k
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April 29, 2015, 07:25:41 PM |
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I have a few BTC in cold wallet. I'll hide usb a dozen years ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) In 2030 bitcoin will not exist or exist like a main world currency. 100 000$/BTC ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) I will risk my bitcoins to have that good retirement ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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twiifm
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April 29, 2015, 07:46:46 PM |
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Stupid idea. Just do a SEP IRA and get tax deductions
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gripflierGO
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April 29, 2015, 09:37:41 PM |
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Sounds Great!!!! to have a bitcoin as a Retirement Account. Would definitely love to have it. Certain risk is involved as we don't know what's the future of Bitcoin but still can afford to have risk. Its like Stock Market Either Sky is the limit or else you would return empty handed.
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aso118
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April 30, 2015, 03:41:05 PM |
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Stupid idea. Just do a SEP IRA and get tax deductions
If you are on the cusp of retirement, it might be a bad idea. Otherwise, for true believers of Bitcoin, this would be an obvious thing to do. Irrespective of where the price fluctuates in the short term, you know that the long term trend is going to be upwards.
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