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Never Too Old to Be Hip

In these modern times, bitcoin appears to be the vogue. But what exactly is it? Is it safe to use? Is it a legitimate method of accumulating wealth? Even its name indicates a certain level of secrecy: crypto, enigmatic, and locked off.

As a result, Bitcoin is never brought up in the same discourse as retirement savings accounts. First and foremost, it is a very volatile commodity, rising one day and falling the next, with little apparent reason for these dramatic swings in price. Second, there aren’t many IRA providers who offer the option of investing in cryptocurrencies, which is unfortunate.

That’s a shame, because there’s actual money to be earned in this fairly trendy new coin, so it’s a shame. We believe that IRA providers should at the very least give you with the option to experiment with cryptocurrency, which is where BitIRA comes in. BitIRA creates an IRA custodian to assist you in trading cryptocurrency through a tax-sheltered account – a rare occurrence in today’s world of IRA providers – and then manages the account for you.

See, crypto still has a certain stigma with it – perhaps it’s the word, which is likely to conjure up pictures of devastated landscapes from speculative fictions best left forgotten – but it’s not just that (at least when it comes to your retirement). However, the truth is that diversification is beneficial. We believe that any financial guru would tell you the exact same thing.

And cryptocurrencies such as bitcoin and ripple can be used to add to that diversification strategy. Take it or leave it, it’s never a smart idea to put all your eggs in one basket, especially when it comes to cryptocurrency, because it has the potential to crash and leave you with virtually nothing. But what if it soars to unprecedented heights, like it did over the past five years? Then you’ll want to include a small amount of it in your portfolio.

BitIRA was established in 2017 by the Birch Gold Group, a precious metals IRA and bullion trader in the United Kingdom. To find out more about the company and its roots, read Modest Money’s BitIRA review on their website.

BitIRA also allows investors to use any normal IRA to invest in cryptocurrencies, including the classic stalwarts SEP and Roth. The way BitIRA operates is distinct from the way a cryptocurrency exchange such as Coinbase operates.

Notable Features of BitIRA

BitIRA’s most notable features are as follows: Multiple Currencies: BitIRA allows investors to trade in a variety of prominent cryptocurrencies. While Bitcoin is unquestionably the most well-known of the bunch, as numerous reviews of the site confirm, it is important to note that BitIRA also accepts Ethereum, Litecoin, and Stellar Lumens as payment methods. Because of the possibility of even bigger expansion in the near future, BitIRA offers the type of currency diversity and freedom that all investors desire on their side.

Service that includes everything: this seems like we’ve stumbled into the territory of the vehicle salesperson, doesn’t it? Turnkey service is exactly what it sounds like: you simply turn the key and walk away. BitIRA is designed with the novice in mind, and it requires no technical knowledge on your part — the platform just establishes an account on your behalf on your behalf. And what exactly is the “key”? — well, to put it frankly, the initial $5,000 deposit, to be precise.

Tax-Free Investing: One of the best parts about incorporating cryptocurrency into your retirement fund is that, like any other “moves” done inside your IRA, trading is tax-free as long as the proceeds are reinvested. You will not be required to pay any federal taxes on your funds as long as they remain in your IRA account. As a result, BitIRA is one of the most efficient and cost-effective platforms for cryptocurrency trading.

Other Investment Assets: Despite the fact that BitIRA is primarily focused on cryptocurrency, it also allows users to diversify their portfolios into other undervalued assets such as real estate and precious metals. In a word, BitIRA helps you to diversify and boost your financial position by presenting potential investments. When combined with more traditional choices such as equities, bonds, and exchange-traded funds (ETFs), we believe this is the most effective method to protect yourself against what appears to be a bizarre and unpredictable future.

BitIRA Pricing

Even if BitIRA’s price is a little on the expensive side, if you are serious about using their platform as a long-term solution for your investments and life, their rates are not out of the ordinary.

Having said that, you will be required to pay for the setup of your account, as well as annual maintenance costs, storage fees, and trading expenses. All of these factors can add up, so keep this in mind when you manage your BitIRA account.

Installation costs $50, annual maintenance costs $195, and storage costs 0.05 percent of the total cost of the order per month. If you have any questions about trading fees, you should always consult with a BitIRA representative before making any significant decisions.

At the absolute least, you could expect to pay approximately $250 every year.

The Bottom Line

Even if BitIRA is associated with high fees and charges, it is an innovative and refreshing approach to think about your retirement and long-term financials. When it comes to retirement savings, most people only think in terms of stocks and bonds. However, cryptocurrency, at least in modest doses, can be a terrific way to diversify your portfolio and reduce risk.

We still don’t understand much about cryptocurrency. For example, no one can predict what a piece of property will be worth in 20 or 30 years. In all seriousness, a single Bitcoin could be worth $1 or it could be worth $500,000. We wish we had a magic glass through which we could see into the future, but unfortunately, we do not own such a device – but we do possess BitIRA.

We don’t recommend investing your entire money in cryptocurrencies, but putting a tiny percentage of your wealth into this currency is a wonderful strategy to cover all of your bases and ensure that you get a “piece of the pie.”

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Evangeline Christina is a Cyber Security Enthusiast, Security Blogger, Technical Editor, Certified Ethical Hacker, Author at Previously, he worked as a security news reporter in a reputed news agency.