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RE: Day 11: Steemit Is The Gateway Drug To Crypto (30 Days Of Steemit Success)

in #steemit7 years ago (edited)

@walkingkeys: I do enjoy your posts - as well as your helpful tips.
A friend, @worldclassplayer, talked about Steemit for months before I checked it out and finally joined. I knew absolutely nothing about cryptocurrencies so, Steem was my introduction, and catalyst for me to investigate cryptos more in depth. Next step was to learn about wallets and such. I had some money in a traditional IRA, so I pulled a bit out and purchased a little Bitcoin, then used that to purchase a little of a couple of other alt coins, and some Steem... I didn't die as a result of that process, and I was pleased with the results, so I did it again...
Intrigued even more, and paying attention to the crypto market and seeing it was a good time to buy, I wanted to pull more money out of my IRA. Now, my IRA wasn't/isn't what I'd call a whole lot, as I had to pull a lot of money out of it the last year of my wife's life, (I was her primary caregiver and had no other source of income, in addition to medical expenses.) Anyway, I kept looking at my IRA, which hadn't performed very well in recent years, and I wanted to pull money out to invest in crypto, but I didn't want the tax liability. So, I began looking to see if I could find where I could have cryptocoins IN an IRA.
That's when I found Bitcoin IRA https://bitcoinira.com/ Looked into it, liked the fact that I could invest in both Bitcoin and Etherium (they now also offer Ripple, Litecoin, Bitcoin Cash and Etherium Classic), and transferred ALL of the rest of my traditional IRA over to Bitcoin IRA, investing 70% in Bitcoin and 30% in Etherium. Unfortunately didn't complete transaction until Aug 2nd, but caught Bitcoin at 2716 and Etherium at 198...
So, thanks to @worldclassplayer, and people like you @walkingkeys here on Steemit, I took the crypto plunge - from knowing nothing to going All In - and am happy to say that, at today's price, I'm looking at a 52% rate of return on my investment in my Bitcoin IRA... in 6 weeks...
Only downside is IRA rules - it's viewed as foreign currency purchased with dollars IN the IRA so, it has to come out as dollars... I can't exchange alt coins outside of my own IRA wallet. I'll have to sell to pull cash out of IRA, which is taxable income at that point, if I want to buy/invest in something else. But, I can live with that...

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