One thing to note, there are important current and future tax implications for your choice between trad-IRA and Roth. This one is a trad- because I wanted to convert 401k to bitcoin without losing spending power, but I get taxed OI rate at withdrawal. Speak to an accountant

I’d probably won’t make ongoing deposits into this one, since those deposits will be taxed at ordinary income rate (35ish%) at withdrawal. But a Roth there is no tax. I just didn’t want to take a 35% hit & 🆙 my tax bracket for a Roth conversion this year, when coin is so cheap

I’m fiat poor right now, the only way for me to to cover the taxes would be to withhold from the conversion (same way IRS withholds from paycheck). That is considered a withdrawal and subject to a 10% penalty. ≈35% in future>45% today, since btc is my unit of account

I’ll say it again, but I don’t for, nor have I been paid by @unchainedcap I just like their product

@birdsrnotreal2 @unchainedcap - Do you have any apprehensions about the process? - Did you look at other services to compare offerings? - What features would you want in that IRA account?

@jevidon @unchainedcap -Yes. But they are all undefined and broad. -Yes. But.. -…they are a Bitcoin-only company that allows self-custody and multisig

@birdsrnotreal2 @unchainedcap Did this at 40k. It hurts right now but gotta look long term. Can’t think of a better time to do this than the bottom of the bear. Nice choice.

@UngovernableBro @unchainedcap Yeah, that’s my thought. I thought about doing a Roth conversion, but paying that much tax now when coin is so cheap didn’t seem like a good idea. In this case, I think it’s better to pay tax on the backend and up coin count. More fiat tax in future, but more coin now. We’ll see

@birdsrnotreal2 @unchainedcap do you have to pay the $995 to open the IRA up fee with them? or what is the opening up the acc fee?

@soulturnaround @unchainedcap Yes I paid the fee like any pleb. I wasn’t compensated (but I’d take a tshirt or hat if you wanna @unchainedcap )

@birdsrnotreal2 @unchainedcap This will age well.

@denverbitcoin @unchainedcap

@birdsrnotreal2 @unchainedcap How long does the process take?

@oldroughready @unchainedcap Honestly, Unchained was faster at setup than Fidelity has been at the roll over

@birdsrnotreal2 @unchainedcap For those w a Bitcoin Trad IRA that is down 50%-65% check into converting to a Roth as the tax hit would be much lower. This means tho that any distributions from this Roth covert are NOT tax free until held for 5 yrs or are taxable + a 10% penalty.

@CorporateBronco @unchainedcap Yeah, I may convert this to a Roth in the future. Right now I would have to sell coin to pay those taxes or take a early distribution. That’s a no for me. I picked trad, but I’ll be setting up a Roth soon either way

@birdsrnotreal2 @unchainedcap If BTC does what you think it'll do, you're better off paying the taxes now to convert to a Roth IRA. With a Trad IRA, you're going to grow a tax liability monster. Pay now and cry a little or pay in 20+ years and bawl. Also, why not SDIRA & keep custody of your own coin?

@Matt_Nomis @unchainedcap We discussed the the trad v Roth IRA in a diff sub thread. But I’ll point out this is a SDIRA and I do hold 2 of the 3 keys in a 2/3 multi sig… unchained hold the other

@birdsrnotreal2 @CorbinBTC @unchainedcap How do you carry around those giant nuts?

@GhostofWhitman @CorbinBTC @unchainedcap