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Bitcoin IRA cofounder Chris Kline sees growth positives during cryptocurrency bear run

Tony Zerucha

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Bitcoin IRA has made good use of the current cryptocurrency bear market, co-founder and COO Chris Kline said.

A unique opportunity for self-directed IRA holders, Bitcoin IRA is a full service platform ensuring the safe transfer of retirement funds into an account for Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Ethereum Classic, Stellar Lumens and Zcash.

The current downturn provided an opportunity for Bitcoin IRA to revisit the overall platform performance to date, a process which yielded valuable lessons, Mr. Kline said. The bombardment of interest during the boom reinforced the importance of scalability, which has two components. Part of that scalability is making sure existing technology can handle growth while adding features that growing base will want.

Chris Kline

A new feature is a self-trading option that allows clients to transact whenever they want, 365 days per year. The Bitcoin IRA Self-Trader enables clients to buy, sell and trade cryptocurrencies directly from their accounts.

That’s the new, but the existing has been improved out of necessity after several sites, including Bitcoin IRA, had to close for several days late last year to clear a backlog of settlements.

“We never want to feel that pain again,” Mr. Kline said.

Onboarding new clients during a surge in interest. Ensuring smooth transactions at all hours on all days. Moving money . None of that has been easy and it should all be easier. Mr. Kline is confident it is now.

Bitcoin IRA’s clientele is increasingly diverse, Mr. Kline said. Some are all in and spend their days focused on the sector. Others are contributing on a schedule. Had you started with $250 per month in 2014, your $15,000 outlay could be worth in the neighborhood of $100,000, he added.

Another positive sign is the average investor is better educated than they were one year ago, Mr. Kline said. Thanks to added publicity, more have heard about the sector and are beginning to ask questions. More experienced participants have ore resources and have learned from the volatility.

Recent market movement hasn’t helped facilitate widespread adoption, Mr. Kline explained. The Bitcoin Cash fork will confuse people, much like how derivatives and stock splits complicate things for the average day trader. Arguments between protocol adherents on technical issues are another deterrent, he added.

“They detract from the energy and positivity,” Mr. Kline said. “Systems like Ethereum and Stellar Lumens are great things for the world but they are getting bogged down by infighting.”

For now at least cryptocurrencies are not impacted by government intervention. An open canvas can be scary, but that is what makes the environment disruptive and revolutionary, Mr. Kline said.  When it comes to new cryptocurrencies, there are plenty of factors for investors to consider before purchasing, he said.

Look at the supply component to learn who controls large amounts. How is the cryptocurrency earned? What is their distribution frequency?

And question their actual purpose, Mr. Kline said. One thing the ICO craze taught us was not every company needs a coin, and many created one just to generate cash. There simply was no business case for it, much like some early Internet era companies not making use of a website.

Stay with more proven cryptocurrencies, Mr. Kline suggested. Many different indexes work with the top 10 or 20 while other instruments may go as far down as the top 40.

And once again, know their purpose and be able to weigh it against the price, Mr. Kline said. Ripple was once billed as the poor man’s Bitcoin and was touted as a replacement for SWIFT, but if its value grows to $500, is it worth the cost for that purpose?

“It won’t be competitive with wire fees,” Mr. Kline said.

 

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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