Can I put my retirement money in XRP through an IRA?

Ripple: King of Relations, Regulations and Remittance


Yes, you can. In fact Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Monero, Stellar and Zcash are also available for your IRA investment. Other coins are available on request. Now the question arises, in which coin should you invest? Compared to other prominent cryptocurrencies, Ripple's XRP does seem to be quite different. Biggest differences? Ripple always collaborated friendly with regulatory bodies, has an extremely impressive list of business partners in the financial industry and... payments through XRP are extremely fast and low-cost.


Ripple relations


Putting some of your IRA money in cryptocurrency sounds quite risky. How likely is it that Bitcoin will be widely adopted as currency, with the current transaction speed and regulatory pressure it experiences. And are there actually any serious financial institutions considering using Bitcoin? The thing that stands out the most about XRP, is that Ripple the company has some impressive relationships and partnerships within the industry. Among a lot of industry giants we see for examle The Bank of England, MoneyGram, Santander, BBVA and American Express. XRP, unlike other cryptocurrencies was never created with the goal to 'overthrow traditional banking', in fact its main purpose is making it more efficient.


"Signed up more than 100 banks and signing up a bank a week" - Brad Garlinghouse, CEO Ripple


What is the use of XRP?


The number one application of the XRP currency is doing low latency, low cost payments (cross-border & domestic). Two other uses are web monetization (Coil micropayment settlement) and derivatives (by the Codius smart contracts).
The Royal Bank of Canada published a report that calculated the cost reduction for bank payments to be around 46% by using Ripple/XRP.
Now, to be more precise two of Ripple's solution are widely tested. Xcurrent is the answer to Swift's archaic messaging system, allowing for quick settlement for cross border payments but still requires nostro-vostro accounts to be held by participating banks. Xrapid utilizes XRP as a bridge asset between currencies hence eliminating the need for nostro/vostro accounts. Creates additional cost-saving up to 40% for the banks. It is widely cited that a whopping amount of $27 Trillion dollars is currently locked up in nostro/vostro accounts. Companies that publicly announced that they are testing or already using Xrapid and thus XRP:


XRP versus other cryptocurrencies

The following table shows clearly why XRP is so popular among banks:


Currency Speed per transaction Cost per transaction Scalability, Transaction per second
XRP 3.3 sec
$0.0004 1500 TPS
BTC 45 mins $1.88 16 TPS
ETH 4.49 mins $0.46 16 TPS
BCC 60 mins $0.21 24 TPS
DASH 15 mins $0.39 10 TPS
LTC 12 mins $0.1 56 TPS

Start owning Ripple XRP for your retirement

To get your hands on XRP, while avoiding hefty capital gains taxes, there is a simple solution. It is called a cryptocurrency IRA, or sometimes called a Bitcoin IRA .





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