/ Translation, may be inaccurate. /
Among the many economic problems, the pension is one of the most important for the individual. For thousands of years, the state and society have not really respected the principles of humanity and the importance of providing for people in their old age. And now many countries deal with this issue in different ways. Consumer restrictions for retirees are present even in highly developed economies.
One of the first tasks in pension provision in a developed economy is to ensure an average level of consumption after a person stops working.
The modern means of accumulation that governments most often rely on include accumulation based on state-recognized elements of labor: time spent, income earned, and merit of some kind. Your work that is not recognized by the state is not reflected in future earnings. You can volunteer, write books, do science, do community service, or do other worthwhile work, all of which have no impact on your future pension.
But technology does not stand still, and your work, which is of little interest to the state, but interesting and useful to a small circle of people, part of the economy, the environment and some social tasks, will be entitled to remuneration and partial accumulation, regardless of the country of your residence.
It is not difficult to guess that this will be possible with digital money - cryptocurrencies created on the basis of encryption technologies and incorporating a lot of parameters different from conventional state money.
In addition to the fact that cryptocurrencies allow receiving income from "unrecognized" by the state, they fundamentally change the quality of savings.
Classic savings require, at the very least, an agreement with a bank or fund. And the risk of losing such savings is so high that, more often than not, people simply save their extra money, if they have it, without much confidence that it will be safe in the future. A bank or fund, once they have your money, engages in economic activity in a narrow segment of the economy and usually in a single country. A fund lends to a limited range of consumers and depends on both government policies and random events.
Digital money is another matter. Although cryptocurrency is currently in its developmental stage, it is safe to say that the future money is digital.
What speculative advantages of cryptocurrencies for savings are worth noting:
- the first is the absence of a material carrier;
- the ability to "work" in a short period of time in a multitude of economic transactions: the money "tracks" itself, each transaction will carry a potential income;
- you do not need to move money from fund to fund to make different investments;
- On the same day, your contribution can "work in a hundred funds in different countries, on different continents.
We can assume that digital money will eventually acquire the properties of all existing financial instruments, will generate new ones, will include all taxes, will be able to change its "collective" value depending on current economic conditions.
"I don't understand any of this," is a common reaction to new technology.
.... I am your employee... I am your servant...
Modern technology will give us not only new opportunities, but also the need to "tame" them. And robots (digital) will play an important role in this. The future, in which pensions, and not only pensions, will be generated for us by financial robots - programs and technologies that automatically perform the task at hand, is not far off. Trading robots have long existed in the market of stock trading and they are busy analyzing, predicting and making transactions with a certain risk of loss. But this is still a "firewood cart" against the possibilities of digital money, which will give a fundamentally new way for the economy to work.
Modern systems of automatic financial management, of course, require certain knowledge and skills. But, in time, participation in robotic funds will be no more difficult than a friendly correspondence in social networks. With a certain level of government development, robotic funds will enter the realm of government support and guarantees.
And to never run out...
Multitasking - each coin or set has a set of adjustable parameters:
- Weight - a coin that has been in multiple economic exchanges acquires weight. You can make a coin cheaper to be purchased for investment purposes, but add a "gain" function with each transaction. Once in circulation, the coin will increase in its "weight" and the accumulated income, a kind of "fat", can be extracted from your coin without even getting it back into your purse.
Mobility - If your investment coin makes little income in any country, you'll be able to set its other direction from your computer. For example, from China, the coin will move to Indonesia, where agriculture is expected to rise.
We can say that digital money over time will acquire the properties of all existing financial instruments, generate new ones, include all taxes, change its value according to government conditions, etc.
We can assume that the concepts of credit, tax will disappear. Money, as some economists have suggested, will become the supporting fabric of the economy, its labor and technological equivalent.
And to never run out...
Digital "wealth" will be everyone's possession. Virtual income from investment and circulation will grow with the individual. Digital money will become multitasking, acquiring new functions and modes of its circulation. The digital coin is able to include stocks, deposits, pensions and benefits.
Food for thought
- Opinion of a former Governor of the Bank of England
- Legacy Trust, a cryptocurrency provider (Hong Kong), is launching one of the first digital asset-based pension plans.
https://www.coindesk.com/ledger-legacy-trust-to-offer-institutional-custody-of-erc-20-tokens
