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What is Algorand?

Algorand is a decentralized blockchain protocol specializing in the future of finance and known for features such as scalability and security. Developers build products on the Algorand blockchain across popular market segments like decentralized finance (DeFi) and non-fungible tokens (NFTs). Algorand’s mission centers on “powering economic models of the future.”

Algorand was founded and co-created by Silvio Micali, an electrical engineer and MIT professor who helped to build the platform from the ground up in 2017. The Algorand mainnet blockchain launched in 2019.  Micali, a Turing Award recipient, is considered a top mind in cryptography, techniques used in blockchain technology, which is the basis for cryptocurrencies, like Algorand. Beyond Micali, the Algorand project extends to over 11,000 developers.

You may be wondering, ‘Is Algorand a good investment?’ In this article, we will break it down for you, exploring themes like the Algorand price and potential Algorand price predictions. In addition, we’ll compare Algorand vs. Cardano so that you can decide for yourself if it’s a good investment for you and your self-directed IRA. 

The Basics of Algorand

Algorand is behind a vast ecosystem with several products and applications. The Algorand coin(ALGO) is the native cryptocurrency of the Algorand platform. In 2019, the Algorand price  traded at an all-time high of $3.56 and then, it reached a record low of $0.105336 in 2020 when cryptocurrencies were in a bear market.

Algorand stands apart due to its consensus mechanism, which is how new coins are minted and the network is secured so that nobody spends the same coin twice. Algorand is behind the Pure-Proof-of-Stake (PPoS) model, an upgraded version of Proof-of-Stake (PoS), which the Ethereum blockchain is currently transitioning toward. PoS is known for being more scalable and efficient, not to mention having a smaller carbon footprint vs. the proof-of-work (PoW) approach, which the Bitcoin network uses.


Key Concepts of Algorand

  • Pure-Proof-of-Stake (PPoS): Algorand’s PPoS technology is the consensus mechanism that makes the blockchain decentralized in nature so that it does not require a third party, like a central bank, to complete transactions. With PPoS, Algorand coin holders can potentially become validators of transactions to secure the network by staking their ALGO tokens. With PPoS, validators are chosen randomly and privately to support an “egalitarian concept” as completed blocks are added to the decentralized ledger.
  • Greenest Blockchain: Algorand has vowed to become the “greenest blockchain” of all the networks and is working toward a goal of a carbon-negative network for a small carbon footprint.
  • Speed: Algorand is known for its speedy transactions and can process more than 1,200 transactions per second (TPS), with a view to 3,000 TPS eventually. Ultimately, Algorand targets 45,000 TPS, positioning it ahead of credit card giant, Visa.
  • Low Fees: Algorand’s PPoS model paves the way for the project’s “very low fees” .One of the areas where cheap fees are apparent is in NFTs, digital collectibles minted on the blockchain. Creators can mint an NFT on Algorand for as little as $0.001 ALGO compared to $40-$100 per NFT on other blockchains.

Algorand vs. Cardano

In this Algorand vs. Cardano comparison, we’ll explore some of the critical features of these blockchains. It is not uncommon for cryptocurrency investors to choose between these two coins. Cardano was created in 2015 by Ethereum Co-Founder, Charles Hoskinson. The Cardano blockchain made its debut in 2017. Cardano is a PoS blockchain, giving it an edge over PoW networks in scalability, transaction costs, and carbon footprint. Cardano is the No. 7 cryptocurrency, as of March 2022, with a market cap of $36.4 billion compared to Algorand’s $5.9 billion value at the same time.

Both Algorand and Cardano are active in the most popular blockchain market segments, including DeFi and NFTs. Both Algorand and Cardano serve as alternatives to their larger peer, Ethereum, whose fees are higher and transaction times slower than both networks.

Cardano boasts millions of wallet addresses, a feature of user adoption. More than 3 million active Cardano wallets are used, up from roughly 200,000 in early 2021. Algorand is said to have 10 million accounts on the network.

In the Algorand vs. Cardano illustration (below) by crypto compare site CoinExams, Alogrand scores higher than its rival across multiple features. In terms of overall utility, Algorand scores a 9.25 vs. Cardano’s 8.5. Algorand also outperforms Cardano on fees per transfer, delay speed, DeFi yields/annual APY for staking, and inflation dynamics from the supply.

Bitcoin IRA | Algorand Coin Exams Chart

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How to Buy Algorand

There is no shortage of ways to buy Algorand coin, and a popular option is to buy it in a self-directed IRA through Bitcoin IRA . There are tax advantages to investing in crypto directly in an IRA, which is why many investors are turning to platforms like Bitcoin IRA. ALGO is also widely traded on some of the largest cryptocurrency exchanges, including Coinbase, Binance, and Kraken, to name a few.

Algorand Crypto IRA and Taxes 

While there’s no shortage of reasons to invest in the Algorand coin in your crypto IRA, tax savings should be near the top of your list. Get the most out of your retirement savings by investing in a tax-free1 Roth IRA. By investing in cryptocurrencies, like Algorand and Bitcoin, in your crypto IRA, you have the potential to generate outsized returns while avoiding capital gains taxes. These tax advantages are not offered on crypto investments made on traditional coin exchanges.

Why Should I Invest in Algorand with Bitcoin IRA?

If you are looking to diversify your retirement portfolio in your Bitcoin IRA, Algorand is a cryptocurrency that could potentially help you address this need. The Algorand market cap is close to $6 billion as of March 2022 and therefore is not viewed as a fly-by-night altcoin.

By its inherent design, the Algorand cryptocurrency is built for the long-term with a model that the Algorand Foundation oversees. The foundation has developed a plan through which the total Algorand supply of 10 billion ALGO will be distributed into circulation over the rest of the current decade, through 2030.  This approach is meant to keep inflation from creeping into the cryptocurrency due to too much supply and should support the Algorand price.

Algorand’s long-term view fits Bitcoin IRA like a glove, given the long-term nature of retirement investing. By investing through Bitcoin IRA, you’ll capture all the benefits that a crypto IRA offers, including tax advantages, so your capital gains won’t slip away.

At Bitcoin IRA, your investments are in good hands because your digital assets are secured for up to $7002 million in custody insurance. Plus, the safety and security of your digital assets is a priority to us, that’s why we employ military-grade security3 through leading wallet solutions and we use cold storage to prevent security leaks. In addition, Bitcoin IRA has partnered with industry leading wallet providers, including BitGo Trust. 

Algorand Price Predictions 

Overall, the cryptocurrency market is bullish on the short- and long-term potential for the Algorand price.

  • According to the Changelly blog, the Algorand price could be trading in the range of $2.84-$3.51 by the end of 2022. For the long term, the Algorand price could cross $8.71 in 2025 and rise as high as $10.55, based on Changelly’s technical analysis.
  • ADDAS Investment Magazine points out that several analysts expect an uptrend in the Algorand price. ADDAS has attached an average price forecast of $3 for 2022, $.4.45 for 2023, $5.60 for 2024, and $9.42 for 2025.
  • YouTube host Crypto With James, who boasts over 17,000 subscribers, predicts that realistically, the Algorand coin “should 5x in price” in 2022. He spots a market potential for significant gains.
  • A BanklessTimes financial analyst predicts that in light of the coin’s November 2021 high of $3 and low of $0.67, it is headed for $1 in the short term based on technical signals.

Cryptopolitan points out that most estimates are for the Algorand price to trade between $3 and $5, though it could go as high as $6 per coin. The catalysts include tech updates, partnerships, decentralization, and social media sentiment. Cryptopolitan provided the following long-term price outlook for Algorand based on PricePrediction.net data.

Invest in Algorand in your Bitcoin IRA

Source: Cryptopolitan

How to Create a Bitcoin IRA with Algorand 

Cryptocurrencies have transformed how people invest and how they save for retirement. If you want to join over 100,000 investors who are using BitcoinIRA.com and purchase Algorand for your long-term retirement goals, the process is quite simple:

  • Create an account on our platform. This can be completed in just three minutes.
  • Fund your account. Transfer funds from your personal bank account or another retirement account, such as an IRA. You should be ready to trade in three-to-five business days.
  • Let us know the amount you want to invest and begin trading.
  • Access your customized dashboard and digital wallet to self-trade 24/7 in real-time, thanks to our proprietary platform. Use your dashboard as a one-stop-shop for price tracking, portfolio performance, videos, learning, etc.

So… Is Algorand a good investment for you and your crypto IRA? If your answer is “yes”, then Get Started Today with Bitcoin IRA4.


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1Some taxes may apply. We recommend you consult your tax, legal, and investment advisor.

2Insurance rates may vary based on asset chosen and custody solution available.

3Security may vary based on asset chosen and custody solution available.

4Alternative IRA Services, LLC dba Bitcoin IRA is a platform that connects consumers to qualified custodians, digital wallets, and cryptocurrency exchanges. The company is not a custodian, is not a digital wallet and is not an exchange. Self-directed purchases processed through Bitcoin IRA have not been endorsed by the IRS or any government or regulatory agency. Bitcoin IRA is not an adviser. Information contained on this website is for educational purposes only. We encourage you to consult an adviser or professional to determine whether Bitcoin IRA makes sense for you. Cryptocurrencies are very speculative and involve a high degree of risk. By using the website, you understand the information being presented is provided for informational purposes only and agree to comply with our Terms of Use and Privacy Policy.

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