Accumulating Bitcoin In Your IRA

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Thinking about the future is inevitable, we are always trying to organize, to save, and to ‘make a plan’ so that hopefully as we enter into our third trimester, our golden years as we like to say, that we have some form of financial safety net.

It may be in the form of a separate bank account where you have a direct debit set up to send funds into, or bonds that you’ve purchased that are ready to be paid out, either way, we need to be proactive. The old saying of ‘it is better to be safe than sorry,’ rings too true in this case.

We need to think about how best to ‘save for a rainy day’ and a great way, one that is increasing in popularity is investing and purchasing cryptocurrency. There are talks on social media and various platforms that predict this is the currency of the future, and it may well be, so having your foot in the door is not such a bad idea.  But how to get begin or where to look can be daunting, let’s take a look at how best to get your cryptocurrency journey started.

What are crypto and IRA?

For a more detailed explanation about IRAs, you can take a look here https://www.investopedia.com/terms/i/ira.asp but essentially a BitIRA is a bank account similar to that of a savings account but you are depositing and saving cryptocurrency. You can transact and manage it from your phone and online and you can add or withdraw as you need.

When we talk about cryptocurrency we are talking about virtual money which is protected by cryptography and thus makes it difficult and in essence impossible to counterfeit. The great feature about using this type of currency is that once you spend it you cannot re-spend it, so in the event, your card or account was stolen or hacked you could not have duplicate transactions, so you are secured.

To open an IRA account it gives you the financial helping hand to foresee a better future for when you retire, or if something were to happen and you passed away then your named beneficiary would be given the funds (unless they were under the required age and then the same rules and policies would be passed down onto them).

Which account is best?

Now that you have decided to purchase cryptocurrency and begin saving, albeit a small amount to start with (something is better than nothing right?), how do you choose which company or brand is the best?

Do you look at reputation, pricing, or simply go off a friend or family member’s recommendation? Another big question we have been asked during the conversation Is BitIRA legit and what are the key factors to consider when choosing the right account for you.  Without a doubt, and like with any new product, service, or venture your research and homework is vital to the success of getting it off the ground.

Top 5 traits to look for when choosing a Bitcoin account provider.

  • How long has the company been operating, is your data secure and what insurance do they have in place? Is your private information stored correctly and safely, have they had hacking incidents? Be sure to look into these questions or ask the agent you are dealing with during your application.
  • Can your account hold and transact with multiple currency variations. As you see fit or as and when needed you can purchase various crypto at a price you deem appropriate and add to your balances, is this a feature your account would have available.
  • The bane of everyone’s banking life, what are the conversion fees and rates, are their interest rates calculated on larger sums, or is a set percentage created for a period and then reevaluated later on? Ideally, you want the most bang for your buck, this way your currency holds as much of its value as possible.

An interesting article on the topic can be read in this link and you can hear what others have to say about their currency experiences and this way you have a well-rounded idea of what to expect and you can make a calculated decision from there.

  • Do you have access to or contact a customer care representative whenever you need it, is there an emergency contact number if something happens to your account and funds. You want to feel confident that someone will be available to assist as soon as possible, this will give you peace of mind knowing you are in the safe and capable hands of industry experts.
  • When speaking to the agent are they well-versed in the most suitable options that not only fit your budget and needs but that are manageable on a long-term basis.

Why consider an IRA?

Speaking to many happy customers the main point that kept popping up in conversation was that the setup and opening of the IRA account were easier than they had expected, they not only appreciated the efficacy of the system but the efficiency in which their questions and queries were dealt with.

Of course, there are plenty of positives when it comes to considering opening an IRA account, read about some of them here https://www.fool.com/retirement/plans/ira/benefits/ and when you are ready to take action to invest in your cryptocurrency future you will have the necessary information.

A final thought.

The world is evolving, medically, technologically, and financially and we don’t want to be left behind. We have moved from bartering to trading, purchasing with supply and demand, and if spending in the future is considered to be with crypto, then it is time to evolve as well.

We are always looking for new and secure ways to transact with our funds, and as much as we enjoy the walks to the banks or to suppliers that need paying with our grown son that spends his life at the gym, there are more convenient means. And if it involves a BitIRA account then all the better.

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