Bitcoin IRA is bringing some new and advanced features to its platform to ensure every customer can trade and add to their IRAs without fear of having their money or their identities stolen.
Bitcoin IRA Seeks to Enhance Customer Security
Bitcoin IRA is the first IRA to devote itself entirely to cryptocurrency. Other IRAs focus largely on fiat or on precious metals like gold, but with Bitcoin IRA, you can see your wealth grow based on how well cryptocurrency does. Customers can purchase an array of different cybercurrencies for their retirement accounts. Thus far, it has processed well over $300 million in investments and garnered over 4,000 clients in just the last three years alone.
The company is now integrating what’s called an “ABS biometric security” process which utilizes facial recognition to ensure the person accessing the account is who they say they are. The new feature will be integrated today and will be extended to the company’s self-trading system later in the month.
Chris Kline, the COO of Bitcoin IRA, explains:
Security is of paramount importance to self-directed cryptocurrency investors. In addition to our world-class custody security offering with Bit Go Trust, our new feature elevates the standard in the industry by going beyond traditional security methods.
Bitcoin IRA joined hands with Bit Go earlier in June. The partnership offers new customers trading fees at a 30 percent discount. Bit Go also provides Bitcoin IRA with more than $100 million in custody insurance, along with “military-grade security” which includes top-level bank vaults.
While adding to one’s retirement is a necessity if one wants to remain stable in their later years, it’s important to be aware of the risks associated with retiring on crypto. Digital currency, as we all know, tends to be quite volatile. Bitcoin itself recently fell to about $9,400 despite trading well above $10,000 beforehand.
At the same time, it later rose to about $10,700 following news that the VanEck Solid X Bitcoin Trust was on the verge of offering shares to institutional traders following several delays and negative reception from the Securities and Exchange Commission (SEC). At press time, the coin has dropped a bit to around $10,400.
It’s Good to Be Cautious
The fact is that cryptocurrencies are still too vulnerable to price swings, and people need to remain careful if they’re going to build a retirement nest egg on something that remains extremely volatile. Their life savings could either go very high, or they could go very low, though in cryptocurrency’s defense, the same applies to stocks.
Most 401Ks, for example, are centered in the stock market, which can go up or down depending on the “emotions” of the country’s economy. If something positive happens or if sentiment is good, the market will go up, whereas it can fall backwards as soon as a politician or economist says something “nasty.”