Hello and welcome to my ‘Coins To Have In A Cryptocurrency IRA’ article.
Currently, the world is gushing over the prospect of owning crypto. Well, if you are one of these folks, then this ‘Coins To Have In A Cryptocurrency IRA’ article is for you.
With this, you will be given essential information on what crypto to include in your self-directed IRAs.
Fortunately, these crypto suggestions will be based upon several factors. For example, its trade value growth potential and risk associations. Additionally, I will be listing my recommended crypto IRA company for the investors out there.
Without further ado, let us start this ‘Coins To Have In A Cryptocurrency IRA’ article.
What Are Crypto IRAs?
To start, let us first define what a crypto IRA is. For starters, crypto IRA acts as a self-directed IRA that allows one to invest in crypto as an asset.
Usually, these IRAs use traditional and non-traditional ones. For example, stocks and bonds for the former, and precious metals for the latter.
With that in mind, crypto IRA also fulfills the role a standard IRA offers. In a way, it serves as a way to diversify one’s portfolio. But, this is in exchange for a considerably high risk and often requires additional costings.
Furthermore, since a crypto IRA deals with a digital currency, it entails a much higher risk. Many factors contribute to price swings, which is either a steady rise or incremental decrease. Hence, your account may not have the same value as yesterday.
As mentioned, crypto IRA works significantly different from standard IRAs. The most defining difference is the usage of digital currency known as cryptocurrency. In its simplest form, it is a decentralized virtual coin that works on a blockchain technology.
Also, most crypto IRAs have the term ‘bitcoin’ on them. Interestingly, ‘Bitcoin’ is one of the most popular cryptocurrency’s out there. Nevertheless, you can still invest in several other such as Ethereum, Ripple, Dogecoin, etc.
Now, is investing in crypto for everyone? Frankly speaking, dealing with these type of things can be bothersome for many. As such, I recommend to conduct business with a reputable crypto IRA firm. Big names such as Regal Wallet must be on the top of your list!
Is It Worth Investing?
Presently, the hype behind crypto is steadily rising. Perhaps, this is due to the younger populace being invested in their financial security. Which, in its very essence, is a great thing to cultivate.
However, there are some things that must be put into perspective first. First and foremost, crypto IRA are riskier since your custodian will have zero fiducial responsibility to the investor.
In addition, I have already mentioned about highs and lows. Imagine a situation wherein you put your money on a crypto and its value on the succeeding days dips at an all time low. Now, that is something that might halt your optimism.
To add, a major drawback of these crypto IRA is the associated costs and fees. Typically, gold IRAs and other types of retirement accounts have justifiably low fees. In this case, crypto IRAs may incur fees such as holding and trading costs.
Lastly, it has its own limitations, as with everything else. To put it bluntly, there are some rules and regulations set by the IRS to facilitate the buy and sell process. On top of that, it must be said that there are some tax fees for Bitcoin.
By this point, you might be wondering if it is better to stick to the traditional way of investing. If so, there are a lot of self-directed IRA firms out there to help. But, if you are still eager to open your own crypto IRA, I suggest consulting with Regal Wallet.
Top Coins To Have!
With all said and done, here you are, trying to understand more about crypto IRA. For that, I give you my sincerest commendations. As per the title of the article, here are some of the top coins to have in your cryptocurrency IRA.
1. Bitcoin (BTC)
Arguably, this cryptocurrency might have been the starting point of this industry. In 2009, Satoshi Nakamoto created what could possibly be the best thing in the digital market.
At present times, it has already evolved from its humble beginnings to having well over $383 billion market cap value.
Interestingly, your $100 investment in 2009 would net you 1,000 Bitcoins. In our times, that would be well over $48 million! Now, that is an amount you want to see on your bank account.
For some of its advantages, it must be noted that this is a large-cap crypto. In a way, this assures Bitcoin investors that their crypto will not lose its value due to over-supply issues.
Also, financial institutions are allowing business and transactions using Bitcoin.
2. Ethereum (ETH)
At its core, Ethereum is designed for use in the blockchain network technology. Nevertheless, its real-world value is nothing short of commendable. By employing a certain security measures, an investor can sleep soundly at night knowing that their ETH will never be stolen.
Presently, Ethereum is under a major re-haul and conversion. Apparently, it is transitioning to an operational concord to give inducements to its investors.
By 2014, Ethereum founder Vitalik Buterin launched the said crypto. Admirably, since its launching, it maintained its firm hold as being the second most popular crypto around the world. With a market cap of $192 billion, only Bitcoin tops it.
3. Binance Coin (BNB)
Hailing as a digital coin by the trading giant, Binance Exchange, Binance Coin is gaining traction at a steady pace. By the second quarter of 2022, it became the largest cryptocurrency exchange in the world.
Initially, it was meant to be utilized on the Ethereum network. However, after some time, it became the native currency of Binance’s blockchain, Binance chain. In its earliest days, it was used as a utility token meant to apply discounted fees.
At the time of this writing, Binance Exchange engages in a very interesting method. Every quarter, Binance uses a fifth of their profit to destroy Binance coins that is stored in its treasury. This is done to avoid over-supply.
By September 2022, it has a market cap value of $52 billion.
4. XRP (XRP)
Next, is your budget limited but still want your own crypto IRA? Don't worry, XRP has your back! Created by a technology and payment processing company, this coin must be the one for you.
To explain, this coin runs on the XRP ledger, its own blockchain technology. Another thing to note, XRP is created Ripple, which boasts to have the most seamless transaction process.
Continuing, they also have a big difference when it comes to trading. For example, Bitcoin transactions generally consume a lot of time. Not to mention, their fees are at the top of the list.
In comparison, XRP transactions are processed in mere seconds. In addition, their fees are among the lowest in the industry. Conceivably, this is the best coin for those who wants to test the waters.
Start investing now! The market cap value of XRP is at $16 billion as of this writing.
5. Solana (SOL)
Launched in 2020, this crypto coin is rapidly growing in terms of value and potential. Commendably, it is the fastest blockchain in the world.
Moreover, it houses the fastest growing ecosystem in the cryptocurrency world. Needless to say, its potential is something you must look out for.
For savvy investors, or even those that are currently handling crypto IRAs, this one can be a good coin to have. To start, 1 SOL is equivalent to $34.87. A good starting price for those who wants to invest!
Fortunately, they treat their security measures with the highest regard. Since it aids in platforms such as decentralized finance and apps, security must be its priority.
As such, SOL employs a unique way to record transactions and deals done by the holder. So, now may the best time to invest in this crypto. Its market cap value is at $10 billion.
6. Dogecoin (DOGE)
Last, but definitely not the least, we have Dogecoin. Quite frankly, not many people will like this 'joke' coin, but do hear me out.
During 2013, cryptocurrency has started to gain traction in the industry. Thus, a lot of people are thinking of ways on how they can create their own crypto.
Things went by and various factors gave birth to Dogecoin. At this moment, it is valued at 1 DOGE for $0.064.
Nevertheless, you should still be wary since it has no unique founder and stabilized blockchain technology. Moreover, it can be created endlessly, which means that it is susceptible to devaluation.
To conclude, this 'Coins To Have In A Cryptocurrency IRA' article has a conclusive list of the best coins today. To be honest, investing on these coins that have great value and potential is the best thing you could do today!
First, we have the big names such as Bitcoin and Ethereum. For those of you who are already acquainted with these coins, I suggest to use these in a crypto IRA.
Next, we have XRP and Binance Coin. These coins are stable and has shown growth potential. If, by any chance, you want to invest on these, you can directly suggest them to your IRA firm.
Lastly, we have Solana and Dogecoin. For new investors, or those that just wants to do an 'investing test', these coins are perfect for you! Low risks, low fees, and low starting values.
Do note, however, that investing on crypto IRA still has its risks. On top of that, there are some rules and regulations set by numerous organizations regarding crypto.
Overall, investing on crypto is a thing that I would suggest to anybody. But, one can only do so much. That is why, consult with Regal Wallet, the best crypto IRA firm, for any concerns that you have.
As usual, I extend my thanks for reading this 'Coins To Have In A Cryptocurrency IRA' article of mine. For any comments and suggestions, do leave them in the comment section below.