This is indeed really funny on how the naira has been speedily crashing against the Dollar.
Your experience just reminds me of a video I came across on Facebook of a young man who narrated his painful experience of how his father bought shares so many years ago in his name when he was way much younger.

This young man stated that his father bought a whooping 1 million Nigeria Naira Share in a well known company. Of course you'd feel very relaxed knowing that you have a share worth that much money in your name, I believe he said this happened over 30 to 40 years ago.

So in this recent video, the young man lamented on how the so called 1 million naira share has magically turned into an 11,000 Naira share.

It was funny and at the same time a food for thought, made me ask myself what direction is Nigeria really taking with all of these. It's actually really frustrating.

Stop being sarcastic,  you want to become a millionaire with that amount in pension, any way you could have covered your entire pension pay to Bitcoin since your company may not consider that option of paying your pension with Bitcoin because of government regulations in line with pension payments.


I don't think the company will want to go through the stress of having everything changed because of a single staff who wants to get paid with Bitcoin,  s9 is The only option open to you is to have the payment converted manually at some point.

I don't really know how op want it or expected his own pension to be paid looking at some of the problems the pension company might face trying to covert the actual payment into Bitcoin couples with the network fee that would be involved. I don't see any need for this. If we really want to receive our pension in Bitcoin, while not get the pension and use part of it to purchase Bitcoin. The market is somehow shaking and the way prices moves is like a trajectory. Anybody that want to invest in Bitcoin can as well use part of the pension money to invest in Bitcoin for as long as possible.

It would be literally a hassle for the company to convert the fiat money amount to Bitcoin, which can be done by the pensioner if he/she wants to invest in Bitcoin for future purposes. Not only that the transaction fee would be an issue since sometimes there's traffic in the transaction plus the high gas fee for just a single transaction, so I think it wouldn't be a good idea to use Bitcoin for this kind of business.

Plus if they try this method for one customer wanting to be paid in Bitcoin, for sure they would need to be knowledgeable and understand the crypto industry, cause they might click-click not knowing anything that causes the money to be lost. I also find pension money to be risky to use in terms of investment cause it might just provide all your essential needs so you might not have the spare money (based on experience), but it really depends cause we all have different pension amounts that might be managed for investment.

This is the tragedy of fiat. Not only is it going to lose value through the years as designed, it also loses value due to incompetence, greed, perhaps necessity as well, and all kinds of abuses by the government. All in all, the speed at which our money loses value makes savings worthless.

And this kind of problem prevalent in fiat can be traced back to the very day this soft money has taken over. Another problem that this fiat standard caused is the discrepancy of worth between different fiat currencies, as illustrated by the ratio of your Naira to USD which changed from 150-300 Naira per USD to more than 1000 Naira to USD after just a few years.

I think it's better to have some in bitcoin and some in fiat . The percentage really depends on how much pension fund I'll receive. While it's true that there's a certain thrill in owning bitcoin , life in my country still requires fiat to get by. I can't make purchases with bitcoin here, so fiat still plays a central role in transactions.

I like having Bitcoin because when there's a Bitcoin balance in my wallet, the temptation to sell is quite low. I prefer to hodl it until my fiat runs out, waiting for its price to rise... owning Bitcoin but also being financially stable with fiat to avoid messing with my psychology and prevent rushing to sell Bitcoin is something I dream of.

Bitcoin is a volatile asset and investing in it is just like your existing business, it can bring you profits but also has the risk of losing you money and going bankrupt. Congratulations that your business is bringing you a steady stream of income, but that doesn't mean it will stay that way if you don't know how to maintain it. Bitcoin is the same, the future is unpredictable, it can bring you profits of thousands of percent, but it can also make you bankrupt overnight. So the idea of putting your entire pension into bitcoin is actually an unwise idea. Instead, why don't you diversify into assets other than bitcoin? When we talk about the future, don't assert or be certain about anything.

I'll start from the very end. How naive you are. No one will give you your pension savings, no one will pay your salary in full, no one will pay your pension in bitcoin. But you can create a pension for yourself in bitcoin. Yourself. Just buying with free money.

The system is designed in such a way that people have no choice whether to pay part of the money from their salary to the pension fund or to form their own pension themselves. This is a worldwide practice. We are simply obliged to do this, whether we want it or not. In fact, contributions to a pension fund are another form of taxes (functionally very similar to a tax on fools). This money is collected from all employed people for the entire period of their active work, but only a portion of it is paid. That is, the majority of people who paid pension contributions don't live to see retirement or don't live in retirement for a long time. Roughly speaking, the pension fund has collected 100% of contributions, but pays out only 20%. Profit.

Next point. This is inflation. Inflation hits these pension contributions stored in the pension fund. In 20 years, the money that will be paid to you in retirement will be negligible. In some countries (if I'm not mistaken, in Scandinavian countries), pension funds invest money in securities and even cryptocurrencies. But there are very few such countries. In most countries, your money in the pension fund will either be greatly depreciated, or you simply will not receive it or will only receive part of it (try to live and then live a long time in retirement).

I repeat. No one in any country has the opportunity to refuse to pay pension contributions. Consider this your free forced gift to the state system. But there is an alternative. You yourself can create pension savings for yourself, which will increase every year (more precisely, every 4 years).

Bitcoin will never die and that is the eternal belief of every Bitcoin investor, including me. But we need to acknowledge the fact that we have no evidence for that, it's just our beliefs and hopes about bitcoin. Even you or I, we cannot know how many years we will live, so we should never make any assertions about the future of bitcoin or anything in this world. The future is impossible to predict.

In the future, if bitcoin's volatility gradually decreases and gradually becomes more stable, will there be any difference between receiving a pension in bitcoin or fiat? Because as I see it, people are hoping that if they get their pension in bitcoin, they will have a chance to double their pension when the price of bitcoin increases. But if you think bitcoin will stabilize, will everyone's hopes be dashed?