BitIRA

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This article was considered for deletion at Wikipedia on June 14 2018. This is a backup of Wikipedia:BitIRA. All of its AfDs can be found at Wikipedia:Special:PrefixIndex/Wikipedia:Articles_for_deletion/BitIRA, the first at Wikipedia:Wikipedia:Articles_for_deletion/BitIRA. Purge

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company

BitIRA (formerly First Digital IRA or FDIRA)[1] is an American company that helps investors place cryptocurrencies into self-directed IRAs.[2] BitIRA partners with Preferred Trust Company, a licensed trust custodian that specializes in self-directed IRAs, to provide this service to its customers.[3]

History

Based out of Burbank, California,[4] BitIRA is a privately held company that was founded in 2017. In 2014, an IRS ruling[5] characterized Bitcoin and other digital assets as personal property, making it acceptable to place digital assets into IRAs.[6] As a result, BitIRA became one of the first companies to provide this service to investors.[7]

In 2017, the company exclusively offered Bitcoin to customers as a digital asset for placement in an IRA retirement account.[8] In March 2018, BitIRA added altcoins Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), and Litecoin (LTC) as investment options for its customers.[9]

Security

Prior to 2018, BitIRA had its customers' currencies stored solely with Xapo, a digital wallet provider that The Wall Street Journal once referenced as "the Fort Knox of the bitcoin community."[10][11] In March 2018, BitIRA released a series of new insurance and security protocols that made it the world's only insured cold storage solution for Digital Currency IRAs, with protection against fraud and theft during transaction through an insurance policy from Lloyds of London and separate insurance policies for any assets held in storage.[12][13] BitIRA customer assets are stored offline inside Class III vaults that are protected by armed security guards.[14]

BitIRA's solution is compliant with the Cryptocurrency Security Standard,[15] a globally recognized set of techniques and methodologies for securing cryptocurrency systems.[16] Additionally, the company has voluntarily registered as a Money services business with the Financial Crimes Enforcement Network, a bureau of the United States Department of Treasury.[17]

References

  1. "Should You Add Bitcoin to Your IRA?". TheStreet.com. https://www.thestreet.com/story/14322594/1/bitcoin-in-ira.html. Retrieved 22 February 2018. 
  2. "5 Surprising Things You Can Buy in a Self-Directed IRA". The Motley Fool. https://www.fool.com/retirement/2017/11/06/5-surprising-things-you-can-buy-in-a-self-directed.aspx. Retrieved 22 February 2018. 
  3. "Retirement investment options for bitcoin fans: IRAs and island ownership?". siliconAngle. https://siliconangle.com/blog/2017/12/05/island-ownership-ira-fund-now-retirement-savings-options-bitcoin-investors/. Retrieved 26 March 2018. 
  4. "BitIRA". crunchbase.com. https://www.crunchbase.com/organization/bitira. Retrieved 22 February 2018. 
  5. "IRS Virtual Currency Guidance: Virtual Currency Is Treated as Property for U.S. Federal Tax Purposes; General Rules for Property Transactions Apply". IRS.gov. https://www.irs.gov/newsroom/irs-virtual-currency-guidance. Retrieved 22 February 2018. 
  6. "Bitcoin to be treated as property instead of currency by IRS". TheGuardian.com. https://www.theguardian.com/technology/2014/mar/25/bitcoin-property-currency-irs-rules. Retrieved 22 February 2018. 
  7. "How Bitcoin Is Going Mainstream". Nasdaq.com. https://www.nasdaq.com/article/how-bitcoin-is-going-mainstream-cm875308. Retrieved 22 February 2018. 
  8. "Is a Bitcoin IRA Right for You?". The Motley Fool. https://www.fool.com/retirement/2017/10/01/is-a-bitcoin-ira-right-for-you.aspx. Retrieved 22 February 2018. 
  9. "Retirement Account Solution Bitira Offers Insured Multi-Cryptocurrency IRAs". Bitcoin.com. https://news.bitcoin.com/retirement-custodian-bitira-offers-insured-multi-cryptocurrency-iras/. Retrieved 8 March 2018. 
  10. "Latest Bitcoin Craze? Actual Bank Vaults". The Wall Street Journal. https://www.wsj.com/articles/building-the-fort-knox-for-bitcoin-1394740732. Retrieved 22 February 2018. 
  11. "BitIRA to offer fully-insured digital currency IRA". BanklessTimes.com. https://www.banklesstimes.com/2018/03/06/bitira-offer-fully-insured-digital-currency-ira/. Retrieved 8 March 2018. 
  12. "Setting up a Crypto IRA fund: Getting the most bit for your buck". Brave New Coin. https://bravenewcoin.com/news/setting-up-a-crypto-ira-fund-getting-the-most-bit-for-your-buck/. Retrieved 12 March 2018. 
  13. "Cryptocurrency leaves investors vulnerable to hacking". New York Post. https://nypost.com/2018/03/18/cryptocurrency-leaves-investors-vulnerable-to-hacking/. Retrieved 20 March 2018. 
  14. "BitIRA to offer fully-insured digital currency IRA". BanklessTimes.com. https://www.banklesstimes.com/2018/03/06/bitira-offer-fully-insured-digital-currency-ira/. Retrieved 8 March 2018. 
  15. "IRA Firm BitIRA Launches Fully-Insured Cold Storage Accounts and New Cryptocurrency Options". CoinWire. https://www.coinwire.com/ira-firm-bitira-launches-fully-insured-cold-storage-accounts-and-new-cryptocurrency-options. Retrieved 8 March 2018. 
  16. "CryptoCurrency Security Standard (CCSS)". CryptoCurrency Security Standard. https://cryptoconsortium.org/standards/CCSS. Retrieved 22 February 2018. 
  17. "Bitcoin Retirement Funds See 'Explosive' Growth". International Business Times. http://www.ibtimes.com/bitcoin-retirement-funds-see-explosive-growth-2641157. Retrieved 22 February 2018. 

External links