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Tom
March 6, 2018

​Investing in IRA is an extremely important part of the investment process. You want to make sure that you’re prepared for retirement, whenever the time comes for you. But understanding how IRA works and even more, what you should be doing about it, can be complicated.

Many people don’t really understand, so let’s take a look at the basics to start out and then build into ripple IRA and what that (somewhat newer) option is going to mean for your investment plans.

What is IRA?

Let’s start with something a little more basic. We’ll start with just what an IRA is and how it’s going to affect you.

IRAs, which is short for Individual Retirement Accounts are a great way for you to start stocking away some money for that day, somewhere in the future when you decide to retire. You get to choose from several different types of IRA, like traditional or Roth.

In the more standard arrangements, you would transfer money from your bank account or paycheck into an IRA account at specified times (or whenever you want). With a Ripple IRA, you’re going to be looking at something a little different.

What is Ripple?

Ripple is actually a payment network that uses XRP (a form of digital currency) in order to send money around the world.

It’s a database of sorts, that lets you pay money, exchange money or even remit money, completely electronically. This system is actually designed to streamline the traditional financial system, rather than trying to completely work around the system. It’s able to conduct foreign exchanges and uses blockchain technology to help improve the process of passing money back and forth.

Where generally you have a lot of effort involved in transferring money from one payment system to another, Ripple doesn’t have a problem with the process and will actually help you to connect the systems together and create, what appears to be, one single system that connects seamlessly.

With this system, you can simplify a great deal of the money transfer process, especially if you’re transferring money between entities or locations that usually don’t communicate or that usually have to deal with a lot of headaches and red tape. Ripple helps to ease some of those difficulties to make the process much simpler in the long run.

XRP is the currency that the company uses in order to do this. There are only so many ‘units’ of XRP that can be used, but once you have them you’ll be able to do a whole lot of really neat things with them. That includes a whole lot more than just creating an IRA. It actually includes transferring money to friends and family (or anyone else for that matter) or simply having a digital method of security.

Think about it, how can someone fraudulently replicate and pass off coins that don’t exist in the physical sense? These digital coins are far better protected.

BitcoinIRA

Ripple IRA

If you haven’t heard of Bitcoin, it is cryptocurrency (or digital currency) that you can use in the same ways as we’ve just described Ripple and XRP above. But BitcoinIRA is something a little more specific and it’s something that you’ll want to take notice of because that’s where you’re going to invest in your goal is retirement savings. This system allows you to use your cryptocurrency to help save for your retirement and continue building up your savings so that you’re ready when the time comes.

BitcoinIRA has been branching into a range of different retirement currencies. They started with their own currency (as expected), but have since branched into ethereum as a second cryptocurrency you can use within their retirement systems.

XRP, from Ripple, is a relatively new advancement for them; however, the company has said some great things about this new currency. They believe it’s a great asset and that it’s definitely important within market capitalization.

As a result, it could be an excellent source for your investments. The key is to make sure that you are setting up the account so that it’s going to do the best for you and your goals over the long-term.

Using Your Ripple IRA

So, you’ve started purchasing some XRP and maybe you’ve even purchased some currency from some of the other cryptocurrency options out there. And now you’re thinking it’s time to start investing them. Maybe you’ve already started your IRA account and maybe you haven’t.

Even if you have a more traditional form of IRA you can actually transfer the funds into a cryptocurrency form and you’ll be able to continue saving this way. You can also continue to purchase additional funds and continue to invest them as well. What’s great is that they’re actually stored in a type of ‘offline storage’ so you’re definitely getting security as well.

No matter what your plans are for retirement, it’s important that you continue to look at your options and look for newer, bigger, and better ways that you can continue to invest. Before you know it, you’re going to be right on track with your investment and retirement goals and you’ll be able to start relaxing a little about your future.

No investment is guaranteed, of course, but cryptocurrency is definitely something new and interesting that you should check out for yourself, so you can see how it fits into your strategy.

If you’re not entirely sure about online currencies in the first place, you should take a look back at what we’ve had to say about Bitcoin in general. It’s a good place to start if you’re trying to understand what this type of currency really means and just how it’s going to help you accomplish your goals for the future.

There’s no telling what could happen in the market, after all, and you want an IRA that’s ready to go. So, why not investigate what cryptocurrency could be doing for you and just what you’re missing by not even checking it out for yourself?

About the author 

Tom

Tom is a former accountant turned entrepreneur. He is not a financial adviser but does tend to give a lot of financial advice to his friends and colleagues. He currently runs a small online venture and blogs about his research and experiences.

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