Are you ready to begin investing in Bitcoin? At this stage of the game, it’s hard to ignore this incredibly popular and lucrative investment. In fact, this digital currency has grown by thousands of percent since its inception. And many early adopters have become Bitcoin millionaires.
As any serious investor would tell you, there’s a right and wrong way to take advantage of this unbelievable opportunity. Are you willing to rush into this investment, buy it the wrong way, and potentially lose big money? Or are you smart enough to slow down, learn about Bitcoin IRA investing, and make killing over the long term?
Right now, there are a number of different potential ways to invest in cryptocurrency. But as you are about to learn, not every option is created equally. Most of these choices do not provide a tax shelter like a cryptocurrency IRA. In our humble opinion, this is the easiest way to buy Bitcoin, and it’s the most financially lucrative too.
Keep reading to discover a few potential ways to never, ever buy Bitcoin. And while you’re at it, learn the easiest way to buy Bitcoin to set yourself up for success.
5 Ways You Should Never Buy Bitcoin
Cryptocurrency trading is very popular right now. It’s the right choice since it’s a unique investment opportunity that keeps you isolated from tumultuous financial markets. But it’s also the easiest investment to mess up if you do it the wrong way.
In fact, we’ve discovered five ways that you should always avoid when investing in this or any other cryptocurrency. They include:
- Bitcoin ATMs – this investment strategy is similar to using a regular ATM, but while you’re there you can purchase or sell Bitcoin. This may seem easy and convenient, but it really isn’t. In the United States there are only 3000 Bitcoin ATMs, which isn’t that many. So logistically speaking, they aren’t very easy to get to or find in your community. But from an efficiency standpoint, you’ll lose out on the major tax advantages offered by a crypto IRA. So you lose the convenience factor and the tax benefits of a Bitcoin IRA. That makes this a very foolish investment, and not the easiest way to buy Bitcoin.
- PayPal Bitcoin Purchasing Hack – although PayPal doesn’t allow you to directly use their service to buy Bitcoin, there is a workaround that people discovered. It’s not a very good workaround. And it’s kind of expensive when you think about it. But if you’re absolutely desperate and you have no choice you might consider it. Ultimately, you’ll have to buy items using your PayPal account. After those items are purchased, you can turn around and sell them for Bitcoin. All in all, you’ll end up spending about 12% of your money on fees. This is outrageous and should be avoided at all costs. It’s a hack alright, but you have to be nuts to throw 12% of your money away.
- Open a Robinhood Trading Account – on the surface this might seem like a good idea since Robinhood is a free brokerage account. Even more important, they recently started selling Bitcoin and other digital currencies. While you can get away with buying Bitcoin without paying fees, it’s far from the most superior way to invest. You’ll basically trade Bitcoin like a stock and miss out on all of the exciting tax advantages of an IRA. Plus, Robinhood is only available in 16 states to trade crypto. So it’s highly likely that your state is unqualified right now.
- Open a Square Cash Account – similar to Robinhood, you can use the Square Cash app to buy and sell Bitcoin. But it isn’t just a stock brokerage account, so you can do more than trade shares of Microsoft or Google. It also doubles as a banking app, and you can use it to receive tax return payments and your paycheck. And it even provides a free cash card. But most important of all, it doesn’t allow you to invest in Bitcoin in the most tax efficient way. So you’ll lose out on the wonderful advantages provided by a cryptocurrency IRA.
- Coinbase Pro – active traders like to purchase Bitcoin from this platform because it was designed for back-and-forth day trading. While some people are lucky enough to time the market just right, most people end up losing money this way. You are hopefully smart enough to look at Bitcoin as a long-term strategy for retirement. Because if you treat this investment this way, you can safely begin accumulating Bitcoin within your cryptocurrency IRA. And by the time you’re ready to retire, you’ll have grown a huge nest egg. Do not sacrifice your future by day trading your nest egg away? You’ll regret it when you’re old and living on food stamps and Social Security wishing you’d done things differently.
5 Reasons to Open a Bitcoin IRA
We told you the reasons to avoid certain styles of Bitcoin investing. Now it’s time to learn the reasons why cryptocurrency IRA investing is the best way to go. Our reasons for choosing this investment vehicle are as follows:
- Portfolio Diversification – having a diversified portfolio is absolutely critical in today’s tumultuous financial environment. Ignoring this sensational investment would also be a foolish mistake at the same time. You cannot expect to make consistent gains investing in the stock market, treasuries, and bond funds. You have to diversify your portfolio by investing in alternative options. Bitcoin and other forms of cryptocurrency are really hot right now. And over the long term, you could potentially make enormous percentage gains and massive compounding interest throughout the years. If you continue to turn a blind eye to Bitcoin IRA investments, you’re only hurting yourself. And you’re hurting your chances at achieving true financial wealth in retirement.
- Low fees – it’s relatively inexpensive to set up a cryptocurrency IRA as long as you’re dealing with a trusted broker. We recommend Regal Wallet as your digital coin dealer of choice. They are the leader in alternative IRAs and they have more than a decade of happy customers to prove it. But more important, they can set up your IRA for minimal fees. Compare this to some of the other brokers that charge an arm and a leg for the same services.
- Currency Decentralization – blockchain technology is an exhilarating and incredibly unique invention. Why? It protects the global Bitcoin community from manipulation from outside forces. This currency isn’t under the purview of the Federal Reserve, the banking conglomerates, or anyone else for that matter. This currency stands on its own and is managed across databases that keep each Bitcoin transaction recorded and properly filed.
- Governments Are Getting in on the Act – how do you know when something is working financially? You know it when major governments and other superpowers are trying to get in on the fun. The biggest world governments including the United States, the United Kingdom, Spain, Switzerland, France, and others are all jumping on the Bitcoin bandwagon. They recognize the true power of this currency and the colossal potential financial windfall that it provides. Instead of fighting the current trends by opposing Bitcoin, they recognized the opportunity and have embraced it. And now they can make huge returns on their investments as well.
- Banks Have Fallen in Love with Cryptocurrency – the financial institutions didn’t want to let big government gobble up all of the profits. Large banking conglomerates like Citibank, USB, Société Generale, and BNP Paribas are all involved in the rapid growth of this currency. Now that these major players are involved, you can expect the value of Bitcoin to continue to rise. And it should do so for many years to come.
Crypto IRA Investing: The Easiest Way to Buy Bitcoin
People tend to ask me about investing in cryptocurrency on a pretty regular basis. They know how interested I am in alternative investments like gold, silver, Bitcoin, Ethereum, and others. So they trust my judgment because I spend a great deal of time reading about, writing about, and learning about these investments.
Guess what? I’ve learned that the smartest investment opportunities always involve compounding interest and tax-free investments. By harnessing the power of a self-directed IRA, you’ll have little trouble achieving long-term financial success.
How to Open a Bitcoin IRA
At this stage of the game, we want our readers to get their investing off on the right foot. That’s why we recommend Regal Wallet as our crypto IRA broker of choice. They have an excellent track record, an unimpeachable reputation, and all the tools you’ll need to get started.
Visit their website at your earliest convenience to find out about their process. If you feel comfortable dealing with a person in real time, you can call the phone number on their page. Even better, you should give them your email address in exchange for their knowledgeable and informative cryptocurrency investor’s kit.
Either way, just know that you’re putting yourself in the right hands. You’re putting yourself in the hands of a well-respected company with years of experience. It’s a company that has the highest ratings on the web and incredible reviews on Trustlink and other online review sites. And their reputation with the BBB and BCA is impeccable too. Trust us and get started investing with Regal Wallet right away.
Thanks for this very informative post. Most everyone I know uses Coinbase to by cryptocurrency, and so far they have had no problem.
But like you I think it’d best to diversify your portfolio, that way not all your “eggs” are in one basket.
When you buy cryptocurrency do you just hold on to it, or do you trade it every day or week to try and make a profit? Also which coins do you recommend?
Hello Michael! I would personally recommend that you hold on to your cryptocurrency rather than trade it on a regular basis. It is a long-term investment. I would recommend Bitcoin, definitely, Ethereum, Bitcoin Cash, Ripple, and all the cryptocurrencies that are currently available on Coinbase. Thank you for the feedback and the inquiries, Michael!
so thoughtful of you to share such an informative review on the easiest way to buy bitcoin I have for some time now being making out concrete information all before I go into bitcoin investment, and from what you’ve shared here on the best way to buy bitcoin I’m really happy because I have gained some knowledge from reading this article…. thanks for sharing..
Hello Evansese! I’m glad you were able to learn much from my article and that you found it helpful to you! Thank you for the feedback and compliments!
Thanks for sharing this great review on cryptocurrency, this is a great news. I really important as the stocks market continues to sour negative for past months, as all investors are advised to divisify the investment I believe invest in bitcoin is a better option. It’s flexible to undertake and does not need Morey technical skill to explore
Hello Peter George! You are right that investing in cryptocurrencies is a better option than the stock market – especially now! It’s great to know that you found my article helpful! Thank you for the feedback, Peter George!
A big thank you for this very wonderful and informative article….. This is exactly what I have been looking for…. I have always wanted to invest on Bitcoin but I have always hesitated… Because I I don’t really have much idea and was scared of getting cheated if I ask people about it…. I’m glad i stumbled on this today…. I really learnt alot… Thanks.
Hello Aboribo! Investing in a cryptocurrency IRA is the best way to buy Bitcoin and other cryptocurrencies as the article states. I’m glad you learned a lot from the article! Thank you for the compliments, Aboribo!
wow what a very informative article.these your article just mad me give me the courage to go into bitcoin again because i have been scammed very well on bitcoin because i always buy at the wrong side thinking it is the right side.
these your content has made me to know where to purchase my bitcoin and where i should not which is very helpful to me.
i appreciate you for swinging these content my way thanks a lot.
Hello loveremma! Yes, there is a right way and a wrong way too buy Bitcoin and the right way is to buy a Bitcoin IRA. I’m glad you appreciated the contents of the article, loveremma! Thank you for the feedback and the compliments!
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Hello Skuchmane! I’m glad this post was helpful to you and it seemed like you learned a lot! Thank you for the feedback and the compliments! They are always welcome!
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Hello Josep! I’m glad you learned much from my post and from my website. Thank you for the feedback and the compliments!
Thanks for sharing this highly informative and educative post. It really broadened my understanding on opening a bitcoin IRA. Before now I viewed the process will be very difficult. Thanks for simplifying this topic. I sure will recommend this website to friends and family members who are planning towards retirement.
Hello hillarydandy! I’m glad my article was informative to you and you now know how easy it is to open a Bitcoin IRA. Thank you in advance for recommending my articles to your friends and family!
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Hello roli25! I’m glad you found my article informative and now know that the easiest way to buy Bitcoin is through a Bitcoin IRA. Thank you for the feedback and the compliments!
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Hello Oscar! I’m glad you learned a lot from my article! Perhaps you can share my article with your friend as well. Thank you for dropping by with the feedback and the compliments!