What If Pensions Were Paid In Crypto?

[Dark Shadow 295]

Hey everyone 🖐️. I just wanted to ask this question that what would happen if pensions to the elderly were paid in cryptocurrencies?

 

• Would this be beneficial for them or not?
• What would be the pros and cons of this?
• If this happens how would this affect the economy of that country?

 

I just want to hear your thoughts on this subject 😄

[Oyetoyy 1444]

I don't think this is advisable. I believe majority of them don't understand what cryptocurrency is all about. And then, the process of trading and converting your earnings to cash is a bit cumbersome for them. It'll be like punishment to recieve pension in cryptocurrency at this time.

[Cryptonas 1550]

13 minutes ago, Dark Shadow said:

Hey everyone 🖐️. I just wanted to ask this question that what would happen if pensions to the elderly were paid in cryptocurrencies?

 

• Would this be beneficial for them or not?
• What would be the pros and cons of this?
• If this happens how would this affect the economy of that country?

 

I just want to hear your thoughts on this subject 😄

It is a good ideas, I guess 99% of the world population will join Cryptocurrency, I think the only effect it will have on the economy of any country it will be a positive effect because it will reduce the rate of poverty in that country, it will create job opportunities and reduce rate of crime in that country...

[Zamani1 17]

13 minutes ago, Oyetoyy said:

I don't think this is advisable. I believe majority of them don't understand what cryptocurrency is all about. And then, the process of trading and converting your earnings to cash is a bit cumbersome for them. It'll be like punishment to recieve pension in cryptocurrency at this time.

@Oyetoyy you are really on point mate as i totally agree with you on this. Most of the pensioners are old and don't have the idea of cryptocurrency talkless of having the idea on how to trade with it nor know how to withdraw it to their wallet. So it is not just advisable except they requested for their pension to be with cryptocurrency themselves.

[Husnyjaf 1784]

7 minutes ago, Cryptonas said:

It is a good ideas, I guess 99% of the world population will join Cryptocurrency, I think the only effect it will have on the economy of any country it will be a positive effect because it will reduce the rate of poverty in that country, it will create job opportunities and reduce rate of crime in that country...

If pensioners where to be paid in cryptocurrency it will have a lots of benefits to them. Pensioners in most countries get difficulties in receiving their pension. The benefits attached to cryto will make them have no difficulty. For example no tax and middle man in cryptocurrency. 

[minisrt_black 1112]

I think that the elderly of our time this makes no sense because it will not be in demand among them, because it makes sense to pay in the crypt if they do not understand it , but in 10-15 years I think this idea will be good

[entrepreneur 634]

I think that it would make for a better world and less crime, because elderly people are easily being robbed, and they are a target for thieves, so a crypto pension would be amazing.

[Mwangi 5611]

I think it has not come to that yet beucause before we fully venture into that we need to understand what would be the value to it the right idea would be to work as hard and put together everything in the right perspective the right idea would be to first integrate the traditional fiat system to the right now , the crypto system that is important it goes that way in that we are able to build in the perspective that is easy to buy or sell or even pay with but right now we are not ready but heading there and very fast

[Dark Shadow 295]

1 hour ago, Oyetoyy said:

I don't think this is advisable. I believe majority of them don't understand what cryptocurrency is all about. And then, the process of trading and converting your earnings to cash is a bit cumbersome for them. It'll be like punishment to recieve pension in cryptocurrency at this time.

 

1 hour ago, sarahyes said:

@OyetoyyYou are absolutely right my friend ... with the fame that cryptocurrencies have received so far .... However, there are a large number of people still do not know what the meaning of the cryptocurrency is ... especially the third countries of the world ... and thus receive wages in the form of cryptocurrency Difficult if not impossible now ....

@Oyetoyy @sarahyes I think you are right that a majority of the people living in the 3rd world countries especially those who are in their old ages don't know about about crypto at all. On top of that it will be very difficult for them to convert their crypto pension into Fiat. However, this could be an opportunity for them to learn and further increase the popularity of crypto. If this happened their children and grandchildren will also learn about crypto which would further help crypto in many ways.

[Dark Shadow 295]

1 hour ago, Cryptonas said:

It is a good ideas, I guess 99% of the world population will join Cryptocurrency, I think the only effect it will have on the economy of any country it will be a positive effect because it will reduce the rate of poverty in that country, it will create job opportunities and reduce rate of crime in that country...

I agree with you @Cryptonas. This will have a big effect on cryptocurrencies. It's adoption rate will increase exponentially. Many countries especially the poor and developing ones will benefit a lot form this. I just hope that this happens in the future.

[Rabbi5599 0]

On top of that it will be very difficult for them to convert their crypto pension into Fiat. Most of the pensioners are old and don't have the idea of cryptocurrency talkless of having the idea on how to trade with it nor know how to withdraw it to their wallet. Pensioners in most countries get difficulties in receiving their pension. 

[Dark Shadow 295]

36 minutes ago, Kenan12 said:

@Dark Shadow

I totally agree with you my friend, even in fact there are other countries other than the third world countries that have never heard of the world of cryptography, and these countries really lose a lot, we hope that all countries will know about these cryptocurrencies because they help in the rise of their economy

Exactly @Kenan12 .This step would indeed be helpful fro those countries which are currently developing or are economically weak. So, I believe that this step should be taken.

37 minutes ago, Gamma said:

@Dark Shadow

1- yes it would surely help them because they would have the option to use them for trading if they wanted to.

2- the thing is that it is kind of hard to achieve because not all banks consider crypto as a method for payment and some of them haven't adopted it yet.

3- it would affect the government by not getting extra money from the taxes issued on the pention salaries because it is a huge asset to the country's economy.

@Gamma Thanks for mentioning these great points 👍. You have given great answers to my questions. Thanks ❤️.

[Neolance123 228]

1 hour ago, Dark Shadow said:

Hey everyone 🖐️. I just wanted to ask this question that what would happen if pensions to the elderly were paid in cryptocurrencies?

 

• Would this be beneficial for them or not?
• What would be the pros and cons of this?
• If this happens how would this affect the economy of that country?

 

I just want to hear your thoughts on this subject 😄

Good topic, but given the current circumstances of technology - in which not everyone is still technologically-inclined and not everyone knows or even understands what cryptocurrencies are - then, no. I don't think it is beneficial for them right now. I could say 'yes', if there are technologically-inclined people than can assist them or when they are already understand digital cryptocurrencies (which I was saying is not yet, not in a long time). If it would ever come to this, the pros would definitely conquer the cons, since cryptocurrencies would ease life by avoiding face-to-face transactions, everything in just a click. The con that I could think of is that there could be additional charges for easy transactions. Well it could have a good and bad effect to the economy. The good is that the cost of living would substantially decrease because there will be no need to use public transport in order to do transactions, which would lead to the negative in which people would lose jobs or at least have decreased income because of less people using public transports.

[Tannah 1228]

I think it isn’t a good decision for a economic country which isn’t familiar to crypto currency. Most of the countries don’t accept crypto currency as their payment method for illegal action using by crypto currency. That’s why there are about 75% people don’t know what is digital currency. So if the pensions    will be paid at crypto then it will be a great loss                   

[Ezra 630]

That's impossible even it's just what if. Because pensioner people are create by the law they have the right to receive allowance from government funds and cryptocurrency is different from that matters. Cryptocurrency is about trading, mining, investing this is the platform that we can earn as users, members or investors not a employees after retirement we have a pension. And this is not a source for pension funds.

[Dark Shadow 295]

@Neolance123 Thanks for the detailed answer. You have really cleared a lot of the questions that I had. I am sure that many others have also benefited from your post like I have.

21 hours ago, sarahyes said:

@Dark ShadowCertainly ... I think that large proportions of the population of the third world are ignorant ... but do not know anything about cryptocurrencies ... I believe that there is still a long way for cryptocurrencies until they become known currencies in all parts of the world ...

@sarahyes Exactly. This step could  help crypto a lot. In order for it to move forward and become an equivalent to Fiat this step is necessary. But this will most likely take a lot of time to actually happen.

Edited November 28, 2020 by Dark Shadow

[Noghran 0]

I believe that this will greatly increase the popularity of cryptocurrencies among people.
It will be considered a quantum leap in the world of cryptocurrencies, as it will be considered an acknowledgment of their importance.
In my opinion, this will confirm the size of the role it may play in the future.

[Barbarellah 2225]

Very good topic that you have brought up for discussion my friend! For that to happen, several factors would have to be studied that mainly lie in the price of Bitcoin and its great volatility. If payments start to be processed in cryptocurrencies, this would be an advance in the adoption of cryptocurrency, which can positively influence the increase in Bitcoin prices. If all pensioners start to sell en masse, the impact would be the opposite. If at a certain moment a pension calculated at a specific price is paid and Bitcoin falls, then the pensioner would be harmed. In general, I think that the best thing is not to rush and wait until the process of adoption and globalization of cryptocurrencies is mature enough to be able to implement it as a payment system for pensioners.

[Impressive 316]

You are right my friend what an incredible topic what if pension will be paid in crypto currency yes with the reputations cryto has received so far it will be an increased of reputation and development for the crypto world 

[Abuhassan 89]

10 hours ago, Dark Shadow said:

Hey everyone 🖐️. I just wanted to ask this question that what would happen if pensions to the elderly were paid in cryptocurrencies?

 

• Would this be beneficial for them or not?
• What would be the pros and cons of this?
• If this happens how would this affect the economy of that country?

 

I just want to hear your thoughts on this subject 😄

If a country has already win fully adoption of crypto currency and they decide to pay their pensioners using crypto currency I think it is good but you know elders are not exposed using technology and it will be a burden oto them but the best way is to pay salaries earners using crypto currency while pensioners with normal Fiat currency.

[Whizdon 441]

 I think the only effect it will have on the economy of any country it will be a positive effect because it will reduce the rate of poverty in that country, it will create job opportunities and reduce rate of crime in that country...

[Mark wood 2970]

I think it is difficult because most of the people don't understand cryptocurrency and also they will not accept cryptocurrency in pension and here one question also arising that most of the countries don't accept cryptocurrency so what they will do I think the same situation is better for all because they will change everything for this matter..

[Am bi 788]

I don't think that this is a good idea because many members especially beginners don't know the meaning of crypto currency, so I will say that it is not a good idea.

[Msh9 84]

No, my friend, I don't think it is advisable for everyone to pay pensions through cryptocurrencies because most people do not know about this encryption something and how to use it for that

[cryptoman22 1026]

20 hours ago, Husnyjaf said:

If pensioners where to be paid in cryptocurrency it will have a lots of benefits to them. Pensioners in most countries get difficulties in receiving their pension. The benefits attached to cryto will make them have no difficulty. For example no tax and middle man in cryptocurrency. 

Hello dear colleague, I am totally in favor of your proposal since, as well as you say, pensioners that it contravenes many advantages since they could receive their payment in any country in the world

A big greeting to the whole community