Bitcoin IRA

Bitcoin was “discovered” in 2008 in the middle of one of the worst financial crises in recent memory. Largely due to irresponsible practices within the United States housing market, this economic downturn shook not only the United States, but rippled throughout the world economy and is often considered a major factor in the subsequent European debt crisis.

The centralized authorities that issues these currencies had ultimate control over the supply, and therefore distribution, of the currencies. This essentially granted the ability to rapidly, and without cause or warning, bring about significant inflation, devaluing the currency held by individuals in the process.

A major problem with previous attempts at purely digital currency is what’s known as the ‘double spend problem.’ Essentially, there was no way to create digital scarcity, an innate quality that imparts rarity to an asset and contributes to its perceived value. Digital objects, such as documents, emails, images, and any other file type imaginable, are easily duplicated.

Bitcoin, more user-friendly services have been created, allowing for a more seamless entry into the world of cryptocurrency. Anyone with access to a smartphone or computer can create a wallet with organizations such as Coinbase, one of the largest digital asset wallet providers in the world.