Is Blocktrade IRA compliant with IRS regulations?
Yes. No matter what kind of retirement plan you have, it must follow IRS rules concerning prohibited transactions. Blocktrade IRA stores your digital currency using an independent, qualified provider – [provider name] – who ensure that your account is entirely compliant. [provider name] serves clients in all 50 states, holding billions in assets for hundreds of thousands of clients. For more information about [provider name], click here.
What coins can I invest in through a Digital Currency IRA?
Blocktrade IRA makes it easy to purchase [list of currencies]. You can purchase one or several currencies to create a robust digital currency portfolio.
What types of retirement accounts are eligible to be rolled over to a Digital Currency IRA?
Funds can be rolled over from an IRA, Roth IRA, SEP IRA, SIMPLE IRA, 401k, or 403b into your Digital Currency IRAaccount.
What do Blocktrade IRA fees pay for?
We charge a one-time fee to set up your account, roll over your funds, transferring your funds into digital currency, and securing your wallet. We make sure that your account is completely secure and in total compliance with IRS rules. We also charge a $100 fee for ongoing security and maintenance while we hold your funds.
How do I make an investment?
We make it easy by walking you through the investment process. We will set up your account, roll your funds over, make the currency exchange, and place your funds into a secured digital wallet. Click here to learn more.
What is Bitcoin?
Bitcoin is a peer-to-peer currency that allows users to make payments without any middleman or transaction fees. Click here to learn more.
What is the Blockchain?
A blockchain is a distributed ledger. In the blockchain, each new transaction and interaction is collected and verified in groups of blocks. They are cryptographically proven and verified every ten minutes across the ledger, which makes it possible for every user to see the blockchain transaction history. Click here to find out more.
Who uses or accepts Bitcoin and other currencies?
As of 2016, Bitcoins are bought and sold in tens of thousands of cities and over 249 countries. Digital currencies are ideal for large transactions, but retailers including Amazon, CVS, Whole Foods, and more accept Bitcoin as a form of payment – and more businesses will be accepting it in the near future.
Can I spend digital currency in my IRA?
If you spend or withdraw the money in your Digital Currency IRAbefore the age of 59 ½, you will face early withdrawal penalties. You can sell funds, but only if they’re being used to invest in another IRA or holding it in your BitGo wallet.
Can digital currency I already own be used to fund my IRA?
Right now, the IRS requires that any digital currency IRA be funded using US dollars, not other digital currency.
Will I be penalized for transferring my funds into a Blocktrade IRA?
No – all transactions will be 100% compliant with IRS rules and regulations.
Will I be taxed on my IRA?
The IRS has ruled that digital currencies can legally be held in a self-directed IRA account. Your Digital Currency IRA, like a traditional retirement account, is tax-deferred, meaning that its value can appreciate without creating an immediate tax liability. You will pay taxes as you withdraw funds after reaching retirement age of 59 1/2.
Important Terms You Should Know:
Bitcoin ATM – a machine that allows you to purchase Bitcoin (or other digital currencies) using cash.
Blockchain – A publicly viewable ledger that checks Bitcoin transactions and balances.
Cryptocurrency – Currency created through computing power. It is different from fiat currency, which has a value defined by a governing body.
Digital currency – Anonymously created currency – “virtual currency.”
Exchange – A place to convert one type of currency into another. Cryptocurrency exchanges allow users to trade fiat currency for cryptocurrency.
Fiat currency – Currency such as a dollar or euro, which has a government-assigned value, unlike gold. It is different from digital currencies, which have their value defined by peer-to-peer networks.
Mining –The act of creating new digital currency coins by using computer power to solve cryptographic problmes.
Peer-to-peer – Decentralized networks distribute computing workloads between peer systems, rather than relying on a central server, bank, or clearing house to verify stock or fiat currency transactions.
Virtual Currency – currency created by anonymous computing power.
Wallet – Where you store digital currencies. Your wallet contains coded keys associated with the addresses of your digital currencies, and the blockchain is the ledger that keeps record of these transactions and matches the addresses.
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