Bitcoin Retirement: Is it any Better than the Current Retirement Systems?

Mar 27, 2017 at 13:27 // Business
Author
Jacob Okonya

Lots of Bitcoin сompanies now have packages which allow people to save money, in most cases, in an investment model. With the constant fluctuation of Bitcoin price, lots of people are still not confident with investing their retirement in Bitcoin.

With a wide range of diversification, bitcoin is seen by many as one of the most classic Financial Assets to invest in. This, however, is not what everybody thinks. Some financial elites are still against huge investment in Bitcoin. Coinidol.com investigates the potential of risks of Bitcoin investment to guide the middle working class on how best they can handle a possible investment in Bitcoin.

Available Bitcoin Retirement Investment Portfolios

A couple of people are already investing their retirement packages in Bitcoin. With the ever-increasing price of Bitcoin, a possible increase in the value of your savings can not be ruled out. However, some critics think Bitcoin’s price might flop again, causing a loss in investment monetary value. Coinidol.com spoke to Tatiana Moroz, founder of Tatiana Coin (the 1st artist cryptocurrency) and Crypto Media Hub, about the available platforms and means of investing Retirement savings in Bitcoin. She commented:

“Bitcoin is a currency for the people and by the people. If you are unhappy with how your government is using tax money or with the banking system, don't protest, use Bitcoin. Control over money is a key step to long-term freedom. The performance of it as speculative currency is, of course, compelling, but I think of it as an evolution of money that serves us and not "them"​.”

The Difference to Traditional Retirement Savings Platforms

The emergence of Bitcoin and the blockchain network led to the creation of a multitude of diversified financial services. The traditional retirement investment portfolio, which is still favoured by many investors, uses banks and fiat currency. Meanwhile, Bitcoin is used in the Bitcoin retirement investment system. We spoke to Ganesan Murugan, a financial systems developer with GGS, an Indian software firm, about the difference between the traditional retirement investment system and the Bitcoin one. He replied saying:

“The average consumption of a person per is year for most of the world is $500 to $1000, the value of bitcoin is equal to that, that means your basic food purchase is equal to "medium of exchange (money)"​ that can be anything, but still it's worth it, fiat currency worth is zero, it going to be worth zero very soon www.bit.ly/gvc2018

Does Bitcoin Provide any Advantage compared to Traditional Retirement Investments

One would need a solid reason to shift from the already known investment system to a new system powered by a digital currency. It’s known that digital currency offers a flexible means of depositing, withdrawing, and using funds online, but that might not be reason enough to draw people into it. We asked Sead Muftic, CEO at Blockchain Information Exchange Security Corp, Bix security, a technology company that provides Blockchain security solutions and applications, what he thinks the advantages of using Bitcoin investment to save for retirement are. He said: 

“The only advantage is high risk and volatility, so people bet on a significant increase in price, greater than standard real currencies or securities.”