Were you excited when we waived monthly fees for all our IRA customers?
Did you get pumped when we rolled out the easy-to-use My BitIRA platform?
Strap yourself in, because now we have even bigger news…
BitIRA now supports 8 new cryptocurrencies
If you’re already a customer and you haven’t accessed My BitIRA for a while, you might want to log in now and take a look at your options — because we just added 8 new cryptocurrencies to the platform.
- BAT: Basic Attention Token, a cryptocurrency which powers a blockchain-based digital advertising program (the first of its kind)
- GRT: The Graph, an indexing protocol for querying network data (in other words, the Google of blockchain)
- LPT: Livepeer, the decentralized video streaming network protocol, which solves the massive problem of transcoding live-streamed video
- MKR: Maker, the governance token of the MakerDAO and Maker Protocol that manages the Maker DeFi platform and the DAI stablecoin
- YFI: yearn.finance, the native cryptocurrency of the titular DeFi aggregator service that gathers lending options from across many DeFi platforms
- COMP: the governance token of Compound, a DeFi lending protocol that incentivizes cryptocurrency investors to lend their assets to others
- DAI: Dai, an Ethereum-based stablecoin managed by the MakerDAO
- UNI: Uniswap, the governance token of the Uniswap decentralized crypto exchange (DEX) and automated market maker (AMM)
There’s a link in each description so you can learn more about these new options.
Keep in mind these new cryptocurrencies are now available in addition to BitIRA’s previous crypto line-up:
- Bitcoin Cash
- Ethereum Classic
- Stellar Lumens
What’s with all these new cryptocurrencies?
The cryptocurrency marketplace and its underlying blockchain infrastructure are still growing. Developers around the world are still discovering new applications for blockchain functionality, and new organizations are relying on cryptocurrency economics for their decision-making.
In fact, the cryptocurrency ecosystem is growing and evolving so rapidly it’s almost useless to generalize cryptocurrencies. We’ll try anyway:
Store-of-value cryptocurrencies used as digital money (BTC, LTC, ZEC)
Governance tokens which give voting rights for DAO decision-making (MKR, YFI, COMP, AAVE)
Utility cryptocurrencies that have either general applications (ETH, GRT, LINK) or very specific applications (BAT, LPT)
Stablecoins, which maintain a value pegged to a specific, non-blockchain asset (usually, U.S. dollars)
However, even in this generalization, there’s overlap! By their very nature, all cryptocurrencies are useful as a store of value. Sometimes, governance tokens are also utility tokens (and vice versa). The only category that’s truly easy to explain is the stablecoin, which is also a store of value type of asset.
Many cryptos including bitcoin, litecoin, LINK and BAT is capped. All BAT are currently in circulation, however, while the others are still capable of being newly mined.
Less commonly, cryptocurrencies are uncapped and have no maximum issue (for example, ether and DOGE). An uncapped cryptocurrency must have disinflation mechanisms built in lest it lose value to inflation. Ether solves this problem by burning a portion of transaction fees, removing some ETH from circulation every day.
That’s a lot of information to take in all at once! The big takeaway here, is, the cryptocurrency ecosystem is huge. It’s always changing. There’s always something new and different going on.
We doubled the number of cryptocurrencies available via your BitIRA digital IRA to help our customers capture a larger portion of the incredible diversity we’re seeing in the world of cryptocurrencies.
Want to get started?
If you’re excited to get started diversifying your retirement savings with cryptocurrencies, there are a few things you should know:
- Opening a self-directed bitcoin IRA with us lets you combine cryptocurrencies with other asset classes. (You’re not limited to crypto investing.) With your self-directed IRA, you can buy all the traditional asset classes like mutual funds, ETF, stocks, bonds and CDS. You can also choose to invest in so-called “alternative” asset classes like physical precious metals (or even livestock!)
- You’re in control of your investments. It’s your money — we believe you should decide how to invest it! You’ll never be alone, though — your custodian will always have your back, managing the paperwork and reporting details for you.
- Your self-directed IRA gives you many new diversification options. Diversification is proven to reduce volatility and risk, often without diminishing returns. It might not surprise you to learn that 79% of institutional investors have some part of their investments in “alternative” assets, with 58% invested in more than one “alternative” asset. We believe you should have the same access to these alternative assets as hedge fund managers, pension funds and billionaires.
Ready to learn whether a self-directed cryptocurrency IRA (and the choices and control it gives you) is right for you? Request a free info guide to learn more.
Already have your My BitIRA account? Log in here and start exploring your new choices!