investment Archives

Guide to Cryptocurrencies in a Roth IRA | Bitcoin IRA

Posted on April 20, 2022 | by [email protected]

New investors are often curious about the benefits of a Roth IRA vs. a traditional IRA. The most significant difference between the two is how each is taxed.

Investors may make pre-tax contributions to a traditional IRA, and then the money is taxed when it is withdrawn. With a Roth IRA, the money contributed may not be tax-deductible in the contribution year, but it might also not be taxed when it is withdrawn at retirement age. For investors considering long-term cryptocurrency investments, the potential tax benefits make the Roth IRA an attractive option.

So why might investors consider a self-directed Roth IRA?

Overall, Roth IRAs potentially remove or mitigate the risk of a future increase in retirement income taxes. Additionally, assuming that the account grows over time, a Roth IRA holds the possibility of paying fewer taxes on the resulting amount when an investor enters retirement.

Cryptocurrencies in a Roth IRA

To achieve portfolio diversity, you may invest in alternative assets, such as cryptocurrencies within both a Roth or traditional IRA. An option for investors seeking to add digital currency to an IRA would be to consider seeking out an IRA custodian offering alternative investments.

Having a separate account for alternative asset investing may help to diversify a retirement portfolio as a whole. Diversifyingaway from traditional assets, like stocks and bonds, can be important for investors who are looking to prepare for future market adjustments. Investors can use self-directed Roth IRA accounts for many alternative assets, including cryptocurrencies, real estate, and much more.

Investors may choose to roll over portions of existing or entire accounts to an IRA custodian in order to fund a self-directed Roth IRA for cryptocurrency investing. Meanwhile, those without an existing Roth IRA account may also open a self-directed IRA for cryptocurrency with the same custodian and make contributions.

Investing a Roth IRA in Cryptocurrencies

Like any other type of investing, it’s typical for investors to begin by educating themselves about the assortment of cryptocurrency options available. One thing to note would be finding a platform with offerings that cater to the interests of the investor. Bitcoin IRA offers investors more than 60 types of cryptocurrencies to choose from. The more choices available, the easier it is for investors to diversify their portfolio with crypto holdings.

Another route for eager investors to consider could be to divide funds between three of the more popular cryptocurrencies to diversify their entire retirement portfolio. That said, some investors may prefer to deeply research (crypto) projects based on their fundamentals by reading whitepapers, online articles and using social media to learn how other investors rank their prospects.

There is no right or wrong way to go about investing, but it is best to have a strategy that works for you.

Opening a Cryptocurrency Roth IRA

Bitcoin IRA¹ offers investors a tax-advantaged² way to invest in various cryptocurrency assets directly in their self-directed IRAs. Investors can take advantage of the simple process of opening an account. The 24/7 platform can be accessed from mobile devices, allowing for easy trading and management of your Roth IRA.

²Some taxes may apply. We recommend you consult your tax, legal, and investment advisor.

Questions on getting started with cryptocurrency investing in your Bitcoin IRA account? Our specialists are here to help! Call us at 877-936-7175 or email us today.

Bitcoin IRA | Bitcoin vs Social Security

Why Investors Bank on Bitcoin Instead of Social Security | Bitcoin IRA

Posted on April 13, 2022 | by [email protected]

Whether you are 30 years away from retirement or three, planning for your senior years was something that the U.S. government thought it could help with.

The Social Security (insurance program) was brought forth by the Social Security Act of 1935 as a general welfare effort to help provide economic security to retired workers and their families. It was in 1940 when Americans began to receive these benefits and the social security system provided retirees with the fixed monthly income that we know of today.

Since then, multiple administrations have engaged in talks about altering or removing the system altogether. Because the future of the social security system is not written in stone, many American workers have taken matters about their retirement income into their own hands by investing in self-directed IRA accounts, managing their own stocks, as well as by contributing to 401(k) and alternative retirement plans.

Investors who were managing their portfolio of stocks and bonds between 2009 and 2019 found that, for the most part, most assets increased in value. Once the economy hit a period of higher inflation, some investors of all ages began considering other asset classes as alternative investments, like cryptocurrency.

Who is Investing in Cryptocurrency

Younger investors (within the Gen Z category) have started seeing long-term benefits when investing in cryptocurrency, expecting to hold it in their portfolio for five or more years. For millennials, 46% surveyed by 2021 Engine Insights report that they believe they can become millionaires by investing in crypto.

And, while Gen Z’ers and millennials are out-buying other generations in crypto investments, Gen X is out-spending by almost $1,000 per year.

While the risks of investing in cryptocurrency include competition, cyberattacks and changing regulations, the potential long-term benefits have, so far, shown promising potential growth for investors.

Using Cryptocurrency in a Retirement Program

By taking advantage of self-directed accounts, some investors may opt into a program that allows them to buy, sell or trade cryptocurrency.

Utilizing a self-directed IRA for your cryptocurrency investment strategy may offer some tax advantages, such as helping you to avoid capital gains taxes by deferring taxes on your crypto investments held in your IRA. For instance, when the price of a cryptocurrency increases by large percentages in a short period, you may be less likely to pay a tax rate of more than 20% on the gains you’ve earned.

Among other benefits of holding and trading cryptocurrency in an IRA account is that it has the predisposition to hedge against inflation, like gold. This is due to the finite or limited supply of Bitcoin and other cryptocurrencies in addition to the fact that crypto isn’t tied to one country’s economy.

When you’re ready to give cryptocurrency investing within your IRA a shot, the key is finding a custodian that offers you alternative investments in addition to that of traditional asset classes that are accessible directly within your IRA.

Adding Bitcoin Investments to your IRA Portfolio

Innovative investment platforms, like Bitcoin IRA, offer users alternative investments as a solution to augment their potential, future social security income.

Bitcoin IRA makes the process simple for one to open a new IRA account and roll over funds from an existing one. Bitcoin IRA helps you to open a tax-advantaged* IRA account that allows you to invest in alternative assets, like cryptocurrencies. The platform can also be accessed on mobile devices, allowing for 24/7 trading and easy access to your IRA dashboard.

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

Questions on getting started with cryptocurrency investing in your Bitcoin IRA account? Our specialists are here to help! Call us at 877-936-7175 or email us today.

Recommended article: Crypto: To Invest or Not to Invest

Using Crypto to Diversify for Retirement | Bitcoin IRA

Posted on March 23, 2022 | by [email protected]

Diversifying a retirement portfolio is essential for investors at any age and stage of their investment journey. It’s typical for younger investors tend to take on more risk, while those closer to retirement age are more likely to pare back risks to ensure capital preservation.

Managing that risk includes evaluating retirement account investment structures. One traditional option is to hold 60% in stocks and 40% in bonds, but when bond rates are at historic lows, some investment managers may suggest that the ratio be closer to 70/30. This allocation leaves openings for alternative investments as one of the best ways to diversify for retirement.

New Ways to Diversify for Retirement

So, where should you start looking for that extra bang that will help you reach your goals by the time you are ready to retire?

Consider alternative investments beyond stocks and bonds that often include real estate, precious metals, and private equity. In addition to these alternative options are cryptocurrencies, which are also quickly gaining ground as investors seek more asset classes to diversify investments for retirement.

As an asset class, cryptocurrencies offer investors new transaction options. They also provide levels of transaction transparency that might be unachievable with cash and other current digital methods. These qualities make cryptocurrencies viable for mass adoption by governments, central banks, and institutions, as well as private investors.

In all, cryptocurrencies are a great way to diversify an IRA portfolio because the IRS views them as asse ts. To add these to your portfolio, it’s best to find an investing platform that supports crypto investments in your IRA.

How to Diversify for Retirement with Crypto

When beginning to diversify your investments with crypto, an option one can take is to start with the due diligence and fundamental analysis that you would do with any other investment product.

One of the easiest ways to perform basic research on cryptocurrencies is by reading through the whitepaper distributed at each coin’s initial offering. You should be able to find this information—and more—about each individual cryptocurrency on its project website. Read through each paper to see whether it has a viable use case and which problem(s) are solved by that specific cryptocurrency.

Also, consider how the trading volume has changed over time. You may want to look for cryptos that have historically increased interest and trading volume. To really dig into the details, you can search online forums to view conversations about what current investors think about the coin.

Another way to analyze crypto charts is by technical analysis. To do this, start by opening a chart in your trading platform and applying your favorite indicators to help you decide your best opportunity to start trading.

Where to Diversify Your Retirement with Crypto

Not all self-directed IRA platforms are designed to help you diversify your retirement portfolio with cryptocurrencies. If you’d like to add crypto to your IRA portfolio, be sure to find an investing platform, like Bitcoin IRA that can serve you and your needs as you diversify with alternative investments.

Bitcoin IRA* is an industry-leading Crypto IRA platform that offers a variety of cryptocurrency investment choices (60+ coins) to account holders. With a substantial base of over 100,000 users, our easy-to-use platform can be accessed both online and via our mobile app (available for iOS and Android). Bitcoin IRA is a solution designed for investors who are ready to take control of their retirement and build the best diversified portfolio to suit their needs Visit Bitcoin IRA to get started so you can diversify your investment portfolio with cryptocurrency today.

*Alternative 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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Crypto Investing Myths Debunked

Bitcoin IRA | Growing Your Nest Egg with Cryptocurrency Investing

Growing Your Nest Egg with Crypto | Bitcoin IRA

Posted on March 18, 2022 | by [email protected]

With the stock market in a stage that many refer to as a bubble, it can be tough to identify the best ways to diversify your portfolio so that you can grow your nest egg (also known as your retirement account or retirement savings).

When considering to diversify a portfolio with cryptocurrencies, investors may wonder about these types of assets and how they can impact or possibly even benefit an IRA. The good news is that because the IRS views cryptocurrencies as property, crypto investments are available as assets for an IRA, which means that you can easily use crypto to grow your nest egg. The important thing is to find a reliable self-directed IRA custodian that offers cryptocurrency investing. If you’re looking to diversify your IRA portfolio with alternative assets, like cryptocurrencies, this article is for you. Learn more on how to do this below.

How to Invest in Cryptocurrencies

When growing your nest egg, your investment choices may often revolve around the amount of risk you are willing to take. Investors may mitigate risk to maintain a financial plan in several ways, including portfolio diversification. For example, in your current IRA platform, you may be able to purchase Bitcoin or Ether futures. Still, with the wide variety of offerings on the market, you may want to maximize your opportunity to diversify your cryptocurrency holdings between different types of assets.

In some cases, certain cryptocurrencies were developed to solve specific problems. For example, Bitcoin can help people who don’t have access to banks while Litecoin was created to make crypto transactions faster than they were with Bitcoin.

Bitcoin (BTC) is the first established and most well-known cryptocurrency. It engineered the use of blockchain technology that has been adopted as the backbone of new industries. Many other offerings, including Bitcoin Cash, Litecoin, and Dogecoin, use similar but lighter-weight technology, to accomplish similar things as Bitcoin.

Digital coins vary from one another, as they aim to accomplish different objectives. For instance, Internet Computer was designed to improve the internet architecture, and Filecoin seeks to provide a secure web-based data storage solution. So, when investing in cryptocurrencies, it’s wise to research the coins you’re looking to invest in and learn each coin’s objective toward improving specific systems currently in place or current gaps in their space.

You can conduct your technical analysis by reviewing this coin research alongside historical price charts to view how different cryptocurrencies have performed in the past. Then, once you have decided which projects you want to support, investing in cryptocurrency seems likely to be your next step. If you’re ready to get started, find a digital IRA platform that is right for you, open a wallet for your digital currencies and choose the cryptocurrencies you’d like to buy.

It’s important to note that cryptocurrency does not have to be an all-in investment product. Know that you can also purchase portions of coins versus a whole coin. For example, one Bitcoin is trading at around $40,000, but you can buy any amount of your desired crypto that works best for you and your portfolio.

Find an Investment Platform

There are numerous ways to invest in cryptocurrencies. In addition to a regular exchange, many investors are seeking out the potential tax advantages associated with crypto investing in an IRA or even a 401(k). While there are various custodians available, not all of them are structured for users to open IRA accounts to buy or sell crypto. So, if crypto is something you’d be interested in exploring, be sure to look for a custodian that offers this option when preparing to invest your IRA in cryptocurrencies.

For example, Bitcoin IRA offers investors options to open a new retirement account or transfer funds from an existing retirement account, like an IRA, to invest in cryptocurrencies. In addition, our platform can be conveniently accessed via a mobile app as well as through a web experience. In fact, our platform allows you to buy, sell or swap crypto directly in your IRA anytime, wherever it suits you, 24/7. Plus, Bitcoin IRA offers users access to over 60 different types of cryptocurrencies.

Growing Your Nest Egg with Cryptocurrencies

To grow your nest egg by investing your IRA in cryptocurrencies, first, choose and research a credible and secure platform with features that best serve you. Then, educate yourself about the different types of cryptocurrencies available to you and determine which fit best into your risk assessment mix. Next, it’s time to begin investing and once you do, it’s suggested that you assess the performance of your investments as you would any other account.

Bitcoin IRA is an industry-leading Crypto IRA Platform that allows you to invest in tax-sheltered IRA* accounts in assets like cryptocurrencies; check them out today.

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

Questions on getting started with cryptocurrency investing in your Bitcoin IRA account? Our specialists are here to help! Call us at 877-947-4125 or email us today.

Recommended article: Crypto: To Invest or Not to Invest

Bitcoin IRA | Crypto: To Invest or Not to Invest

Crypto: To Invest or Not to Invest | Bitcoin IRA

Posted on March 11, 2022 | by [email protected]

Cryptocurrency investing has become a hot topic over the last five years, and because of how its popularity has risen, long-term investors could worry that cryptocurrency investing may seem like the wild west of finance. One thing we can say is that it’s starting to appear that crypto is here to stay.

What Makes Cryptocurrencies a Good Investment?

First and foremost, cryptocurrencies are starting to gain recognition and acceptance from more people, businesses, and institutions. In addition, central banks (worldwide) are also working on digital coins of their own. So, the digitization of everything money-related is on the horizon.

Consider this: investing in cryptocurrencies is a great way to diversify your currentfiat-based portfolio—especially your retirement portfolio—as you become an early adopter ofcrypto trading, relative to the rest of the world.

The recent attention drawn to cryptocurrencies has piqued the interest of regulators, and there are legal off-the-blockchain products available in which to invest. For example, there are CME hosts bitcoin futures products, and there are also many cryptocurrency ETFs for investment as well. In addition to these investment platforms, people are also looking into their retirement accounts, including their IRA and 401(k) accounts, for cryptocurrency investing due to potential associated tax advantages.

Pros of cryptocurrency investing:

It can help you diversify your retirement portfolio
Crypto is becoming more widely accepted
Potential for high scale with long-term investments

Are Cryptocurrencies Risky?

The most widely talked about risk associated with well-known cryptocurrency names is its volatility. While the broader market is experiencing a good amount of unpredictability at the moment, cryptocurrencies tend to have wider price swings (on a daily basis) than some of the more popular stocks and ETFs.

Additional concerns of cryptocurrency investing tend to vary upon each individual investor. It’s important to note that not every coin will yield 1000% returns, as many are coming to realize. Like the threat of any stock, cryptocurrencies may experience hype before becoming vaporized when a significant player sells at the top, regardless of the project’s validity behind the coin.

So, simply opening a wallet and buying coins at random may not be a viable strategy. That said, smart investors wouldn’t necessarily do that with stocks, real estate or other types of investments either.

Risks of investing in cryptocurrencies:

Cryptocurrencies, on average, tend to be driven by speculation
Going into cryptocurrency investing with outlandish expectations may not always result in outlandish gains
Many invest in projects without doing their due diligence nor the proper research

Is Cryptocurrency a Good Investment?

Yes, it can be if the right strategy and due diligence are employed. It’s highly recommended for cryptocurrency investors to take the time and make the effort to educate themselves and do their research. This way, they can be better equipped to make thoroughly thought-out investment decisions to diversify their portfolio. Doing this gives them the potential to fare well with cryptocurrency investing.

As always, the use of risk parameters that are appropriate for your portfolio while taking advantage of these technologically innovative high-growth assets is highly recommended. BitcoinIRA offers a range of self-directed IRA options along with easy solutions for converting your fiat into crypto, all with just a few clicks via their mobile app or on their website.

Questions on getting started with cryptocurrency investing in your Bitcoin IRA account? Our specialists are here to help! Call us at 877-947-4125 or email us today.

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Bitcoin IRA | Using Crypto to Diversify for Retirement

Crypto Investing Myths Debunked | Bitcoin IRA

Posted on March 2, 2022 | by [email protected]

Bitcoin, Ethereum, Cryptocurrency, Investing Myths Debunked

What started as an underground asset class for the computer savvy has turned into a household name. Interest in cryptocurrencies has exploded, and with it, some myths and misconceptions about the space.

If you have ventured beyond Yahoo News or the Wall Street Journal to learn how to invest in cryptocurrency, information within the universe can appear off-the-wall and disingenuous—making it look like a poor investment choice. But, with gains in the 1000% percentile, it’s hard to ignore completely. So here are some of the top cryptocurrency myths debunked.

Cryptocurrencies are a Scam – FALSE

Financial fraud dates back to the creation of money. Here is a fun fact, in 193 A.D., the Praetorian Guard auctioned off the Roman Empire (which they didn’t own), to Julianus for 250 gold pieces for each member of the army (equivalent to approximately more than $1 billion today). Julianus was never recognized as emperor and the new sitting emperor executed the guards.

First of all, crypto (when invested using a credible platform) is generally not a scam—despite the many naysayers across various social media channels. While cryptocurrency investing doesn’t have the heavy regulations of other investment types, it is believed that federal regulations for crypto are in the works. Like any other investment, it is always recommended for investors to do their due diligence and research to protect themselves from bad players and other dishonest entities.

Obtaining meaningful research from the cryptocurrency universe can be challenging at first, but it is not impossible. It’s recommended to keep things simple by starting with credible sources, such as relevant online publications from notable names within the segment, including Bitcoin Magazine, Crypto Briefing, and Blockchain Magazine. Another way to prevent a bad or fraudulent situation is to invest through a trusted platform, such as BitcoinIRA, which offers over 60 types of cryptos via both a web experience and convenient mobile app.

Too Much Anonymity – Mostly FALSE

Over the years, cryptocurrencies have been touted as a way for people to launder money because of their anonymity. However, this is false for most cryptocurrencies, including $BTC and $ETH. Simply put, cryptocurrencies are built on a linked public ledger. For example, the information in block B contains some information from block A, and information from block B is inserted into block C as it is formed—creating the digital blockchain.

If any information in any block is disturbed, the chain is no longer in agreement with the information present, and the chain becomes invalid. Of course, there is much more to this, but the linked ledger makes it impossible to alter the sequence of transaction information to hide one’s activities. The means that authorities can more easily track and identify fraud through blockchain.

Meanwhile, IT programmers are working on stealth addresses and new ledger protocols to achieve better anonymity for many reasons. Some credible reasons include trade secrets and personal information protection. So, it is possible to achieve some level of anonymity with cryptocurrencies, but most available coins do not operate this way.

Cryptocurrency Investing and Trading is Easy – FALSE

Cryptocurrency investing is like any other market; people buy when they think prices will increase. When any asset class is in a bull market, buying low and selling high is no longer an art. The problem with bull markets is that they come to an end.

For example, the stock and housing markets have been in a long-term uptrend since the Great Financial crisis bottom in 2009. Since then, people have generally taken the BTD (buy the dip) approach and been successful. But when the winds change, this strategy will no longer work for any market.

Since the US Federal Reserve announced in late 2021 that they would bepulling back financial accommodations interest-rate sensitive products have moved in sympathy to the news—with the technology sector being hit the hardest.

While the Fed has very little to do with cryptocurrencies, the idea is the same. For instance$ETH prices are showing an optimistic pattern now that large corporations are interested in selling NFTs (non-fungible tokens) and their metaverse applications.

So, cryptocurrency prices are also susceptible to political news and moves in international equity markets. Suppose you are the type to invest in new ICOs. In that case, it’s recommended to gain a better understanding of the protocol used, what significant news events could potentially affect pricing, the underlying project, how well it is being marketed, and which problems it may solve for probable future success.

Understanding Crypto

Overall, like many asset classes, cryptocurrency investing has its strengths and weaknesses, which is why it’s wise to do your due diligence and research before making any investment decisions. That way, regardless of what is being said on various public forums, your viable investment opportunities may not be swayed by opinions of sources that may lack credibility or expertise. Additionally, it’s generally a good idea to understand the mechanics behind how your money is being put to work. So, take the time to learn how to invest in cryptocurrencies and invest through trusted platforms, like Bitcoin IRA.

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How can I invest in Bitcoin Profitably? – Part 1

Posted on February 20, 2017 | by [email protected]

Bitcoin has showed great character during 2016 and the start of 2017 as an investable asset providing good returns to its investors. Its high non-correlation with other commodities made it a very important portfolio diversifier which found its place in the portfolios of even institutional investors. With growing adoption levels, predicted potential and rising prices people have moved on over the question on whether they should be investing in Bitcoin. Rather, they are now exploring for ways to invest in Bitcoin and reap the benefits of steady increase in value and short term volatility. People have indeed stumped me with questions on how the investing procedure is different from currency trading or about its similarities with commodity trading. Given Bitcoin’s analogousness to Gold and its defined characteristics of mimicking a currency, it often becomes difficult to understand how to treat the digital asset in terms of investment. To clear out the uncertainty and let know people of various investment methods in Bitcoin, I decided to chalk out few means that might help everyone to the best of my knowledge. I broadly classified them into long term and short term basing on the time frame to expect returns.

Direct Investment – Long Term (Buy and Hold):

As stated already, Bitcoin acts both as commodity and currency. You can own Bitcoin as an asset or spend it as any other currency. This means that Bitcoin would be influenced by a unique set of fundamentals that might affect currency and commodity markets respectively. But more importantly, Bitcoin fundamentals relate to the increase in the adoption of the digital asset, venture capital movements, implementation of disruptive technology and Chinese market dynamics.

A long term investment in any market would involve investment of heavy capital with heavy reward expectations. In Bitcoin market, with the prices moving more than 150% in an year, a long term investment for good returns might range somewhere between just a few weeks to an year depending on the market momentum. For taking a long term position in the market, it’s always imperative to get a clear idea of the existing market trend. Since Bitcoin market is bullish in the long run and with the adoption levels always on the rise, it is wise to only go for buy side investments in the market. Shorting wouldn’t reap long term profits and might backfire if the market becomes heavily bullish. Therefore, with a good entry position having strong support and good risk to reward ratio, one can reap good amount of profits from the trade. More often than not, price targets would be a better judge of exit positions than the time period in volatile markets.

Direct Investment – Short Term (Algorithmic Trading):

Bitcoin markets are blessed with volatility that will attract automated trading practices which contribute to the dense volumes observed in the digital currency recently. Short term trades that help in quickly scalping money from Bitcoin markets can be done algorithmically. While these trades are very effective in making money in quick time, strict safeguards have to be placed for quick shift in market dynamics that might lead to losing heavy money if caught in the opposite direction of the market.

These trading soft wares have to be updated regularly to adjust to the changing market dynamics and updated compliance regulations.

Further investment methods to be revealed in consequent parts of the posts.

Why 2017 can turn out to be very positive for Bitcoin

Posted on January 4, 2017 | by [email protected]

Bitcoin has had a strong start to 2017 with the trend looking strong enough to break the all-time high set in 2013. 2016 has been a positive year for the cryptocurrency with the currency showing an increase of $460 during the year. Most investors have resorted to use this digital asset as a portfolio diversifier and it has proved out to be a winning gamble. Fundamentally this was a well thought out move and it payed off with good dividends. But the question lingering in the minds of many Bitcoin enthusiasts and investors is how these strategies and Bitcoin would fare in 2017. Let’s look into few reasons why we believe Bitcoin would continue to weather the terrain to outperform assets:

China and the East step up the game:

China has always been a major price and volume driver for Bitcoin. The Yuan trading volumes observed a major uptick towards the year end owing to the Chinese Government’s announcement of imposing capital controls over Bitcoin. While this might happen sometime late this year, people are now actively moving funds out of the country at a very quick pace. This avalanche might last for a good amount of time into 2017.

With Japan abolishing sales tax on Bitcoin, South Korea encouraging Bitcoin and Blockchain accelerators and India’s demonization prompting for a cashless Indian society, the contributing prospects from the east only look stronger.

Eurozone’s loss would be Bitcoin’s gain:

The staggering effect of Brexit this year was evident when the European markets collapsed while Bitcoin soared mid-year to trigger a bull run. This quick transfer of funds into a digital unrelated asset has been the defining aspect of 2016’s Bitcoin Bull Run. In the face of Geo-Political crisis Bitcoin has replaced Gold as the safe hedge. With Eurozone still wobbly with impending debt and banking bail outs, cryptocurrencies seem to be a safer option for investing and hedging.

With Italian banking bail outs, Spain’s growing recession, ongoing crisis in Greece and post effects of Brexit, 2017 would see heavy activity in Bitcoin owing to the European continent.

USA’s growing adoption levels and the Trump factor:

The regulation of cryptocurrencies has been a hot topic in the US senate in 2016 and has seen some implementation in major states. With Trump’s policies aligned with major changes required to accelerate Fintech industry, adoption might reach higher levels in 2017. With thoughtful regulation and strong backing, mainstream adoption looks very viable in USA which would drive prices significantly in 2017.

Summing up, 2017 looks very positive for Bitcoin and Blockchain with the cryptocurrency all set to reach new levels of penetration.

‘Big 4’ step up the Bitcoin game, EY accepts Bitcoin in Switzerland

Posted on December 5, 2016 | by [email protected]

Ever since ‘Internet of Things’ has proved itself as a prudent innovation, Big four firms have their eyes set on these innovations. The consultancy divisions of these firms are closely monitoring IOT to evaluate the possible investment opportunities for their clients. This is evident from the PwC report on IOT, released in mid-2015 exploring the unlimited possibilities and open markets for application. After the advent of Bitcoin, Blockchain technology has received no different treatment. The cryptocurrency and its underlying technology have received the same amount of attention owing to its disruptive nature. Pretty recently after Deloitte, EY made a move in Bitcoin. Let’s look into the details of how this would impact Bitcoin:

Deloitte launched ATM in September:

On Wednesday, September 7^th this year, ‘Big Four’ accounting firm Deloitte has opened its first operational bitcoin ATM. The opening was quiet and took place in the downtown Toronto offices of Deloitte’s Rubix blockchain division. The bitcoin transaction machine, or BTM, is now all set to exchange digital currency for Canadian dollars. The move was intends to make Deloitte employees well acquainted with Bitcoin and Blockchain. Owing to the firm’s interest and belief in the cryptocurrency and its underlying technology, Deloitte has taken the first step towards it by this move.

EY joins the band wagon:

In a surprising move that will completely boost adoption, EY announced that their Swiss firm will soon begin accepting bitcoin. The firm also installed a Bitcoin ATM (BTM) in their main office building, next to the Hardbrücke train station in Zurich. The BTM is publicly accessible to exchange Swiss Francs for Bitcoins. The firm also gave away bitcoin wallets to all of their employees. The effort is in the direction of completely ‘digitizing’ their operations to suit the pace of the changing world.

Marcel Stalder, CEO of EY Switzerland said –

“It is important to us that everybody gets on board and prepares themselves for the revolution set to take place in the business world through blockchains, smart contracts and digital currencies.”

The impact on adoption:

Switzerland has a very amicable environment for the growth of cryptocurrency. With a well-developed bank and technological infrastructure, going cashless can definitely be the next objective for Swiss folk. KPMG has recently remarked about the same in their report “Shaping Switzerland’s digital future”. For Bitcoin, this would be a very impactful move as this would accelerate mainstream adoption. With auditing firms accepting the currency, the solution to the problem of auditing Bitcoin related transactions would become apparent.

Spells of Genesis: Bitcoin’s Entry to Online Gaming

Posted on September 16, 2016 | by [email protected]

Bitcoin and Gaming

The recent release of online game Spells of Genesis (SoG) signals a positive transition in the usage of Bitcoin for online games, even though Spells of Genesis uses another platform called Counterparty, which powers smart contract execution and has its own assets some of the game’s success will pour over into Bitcoin as well.

In its early years, Bitcoin was used for many illicit activities, including illegal online casinos. Recently, however, game developers have worked to integrate Bitcoin into conventional video games. This movement is part of a greater transition, legitimizing Bitcoin in the eyes of the public, in response to growing demand for a decentralized cryptocurrency. Recent games include Wargame, Night Becomes Butterflies but SoG is a little different in the sense that its tokens called BitCrystals which power the blockchain-based trading cards are much more representative of a free and more fair game economy where people actually owns the assets they purchase and are free to trade them in any way they want and nobody can take them from them.

Through these games, users can conduct in game purchases using Bitcoin. Bitcoin payment integration could expand the Bitcoin user base, remove barriers to entry, and help create a demand for Bitcoin in games where it is not yet present.

Spells of Genesis

EverdreamSoft, a Swiss based gaming company, created SoG as a mobile game that mixes trading card play with arcade gaming. The development team developed the game in close contact and with feedback from the developer community. This is not their first rode as EverdreamSoft experienced early success from the release of an earlier mobile game Moonga, which has had over a quarter million downloads since release. The SoG uses the same fantasy world as Moonga, although the structure of the SoG is different. In game play has a feel similar feel to online arcade games, much like those of miniclip.com. These arcade games are paired with a longer storyline for users to build up a profile and develop strategic ownership of different cards. By leveraging a loyal user base, EverdreamSoft could promote the growth of SoG and the associated blockchain gaming platform.

For Bitcoin investors, the payment methods SoG could open the doors to Bitcoin for the gaming world. Digital gaming sales reached $61 billion in 2015. Even a fraction of $61 billion in transactions would have serious consequences for Bitcoin, which has a market cap of $10 billion. Of the top earners, League of Legends secured the number one spot with $1.6 billion in revenue. League of legends follows the “freemium model,” which allows users to play freely and pay for premium features. SoG employs the same freemium model, featuring in game micro transactions. These microtransactions use BitCrystals, part of the blockchain gaming platform, which can be exchanged for Bitcoin. Blockchain technology’s decentralized nature enables the currency to move about, beyond the scope of the game. If SoG can successfully replicate the growth of other online gaming models, or if BitCrystals are integrated into other systems, this could seriously increase the value of Bitcoin.

Image sourced from Spells of Genesis.