Bitcoin is a name we are familiar with nowadays. It is a cryptocurrency and the world’s first decentralized digital currency. The platform enables its users to carry out transactions directly without any intermediary like a bank or any single administrator.
Cryptocurrencies have witnessed a major boom over the past one year. There are a number of these cryptocurrency platforms like Bitcoin, Litecoin, Ethereum Ripple and others.
Bitcoin IRA is a company that combines various cryptocurrencies with individual retirement accounts. It takes the help of self-directed IRAs and enables its customers to securely invest in different cryptocurrencies like Bitcoin, Ethereum, Litecoin and Ripple.
Interested users can go through the following steps to know how the service works:
- The users should first download the service and complete a Customer Agreement with IRA bitcoin.
- Next, the customers should lock in the price of the cryptocurrency on the day they are availing its services. This is because of the values of these change quite frequently and this step is necessary for the users to protect their investments
- The third step for the users to follow is to establish and fund an account with the approved custodians of the service
- Finally, the users can purchase the currency of their choice and store that in a hardware wallet providing them with an offline cold storage solution backed up with a 24-word mnemonic code.
The transfer and storage of cryptocurrencies take place in unique ways. This service use Bitgo as ithe digital wallet. If one holds Bitcoin, then they are provided with a password and key. Bitcoin IRA, therefore, addresses the security issues and thus has become very important to the users and cryptocurrencies.
There has been an upward surge in the values of cryptocurrencies in recent times; and this service by addressing the key security issues in crytocurrencies has certainly carved a niche for itself on the market.