CoinIRA Blog

Scam Prevention Tips

Let’s be honest, scammers are constantly looking for ways to steal your money and cryptocurrency. With the recent rise in cryptocurrency investing, opportunities for online fraud and theft have increased as well. Surveys show that crypto scammers stole a total of $14 billion in 2021, almost doubling the amount stolen from the year before. Experts predict these statistics will only worsen moving forward unless users take active steps to protect their information and accounts online. Coin IRA is fully committed to safeguarding the security and privacy not only of our account holders but of cryptocurrency investors everywhere. We believe raising awareness of the common scams is the best defense against fraudsters and hackers. The following information outlines some of the top scams to watch out for and tips to avoid falling victim to these scams.

Fabricated Websites and Apps of Legitimate Companies

Fraudsters have been known to duplicate legitimate websites or applications to trick innocent investors into using their platforms. Fortunately, there are some simple signs that can help point out a fake website or app. For instance, fake cryptocurrency trading websites and downloadable apps might use a URL that closely resembles the legitimate one. This makes it easier for innocent users to mistake the fake website or app for the real one. Keep an eye out for inconsistencies such as misspellings in the website’s domain name and for spelling or grammatical errors on the site. Taking a minute to verify the URL for accuracy could prevent you from becoming the victim of a scam. And finally, when in doubt, use the domain lookup tool, Always pay attention to the address bar, and be extra cautious about entering your personal information into a site beginning with http instead of https.  The “s” indicates that the website uses a security protocol that protects your data while it is in transit between your computer and the website you are visiting.  And make sure the contact information on any site asking you to send money or cryptocurrency is reliable. Be especially suspicious of apps that are not downloaded from the Apple or Google Play stores but instead are downloadable links sent to you via social media apps such as LinkedIn and Facebook.  Scammers may target you using something you have in common as an icebreaker, and eventually befriend you, building your trust and then drawing you in with promises of huge returns.  If it sounds too good to be true, be wary of engaging with that person and do not download the app. There are entire websites devoted to identifying fraud, such as, which contain invaluable free information on protecting yourself.  It is well worth your time to put their recommendations into practice.

Phishing Scams

Phishing scams are often used to trick you into giving up vital personal and financial details, such as your Social Security number, account number, or login details. Scammers who are phishing will send you fabricated emails or text messages containing deceitful messages or updates. For instance, they may send you an email informing you about an issue with your account and ask you to click on a link to enter and reconfirm your login details. Clicking on the link will send you to a fake website where the scammer can then proceed to steal your information without you even knowing. There’s another variation of phishing called smishing that you need to watch out for. Smishing scams or SMS phishing are conducted through text messages and contain the same dishonest intent as phishing scams. To spot a phishing or smishing scam, you should watch out for the following warning signs:
  • Text or email contains misspellings.
  • Text or email has grammatical errors.
  • Text or email makes unrealistic promises of substantial returns on your investment.
  • Text or email creates a false sense of urgency in the user.
  • Text or email requires you to disclose sensitive information, such as birth dates, passwords, and user IDs.
  • Text or email threatens you with negative consequences.
  • Text or email is demanding or nagging.
If you receive a suspicious text message or email, here are some precautions to consider:
  • Confirm that the message is trustworthy by running it through a URL scanner such as Norton Safe Web or Google Transparency Report
  • Avoid immediately responding to the suspicious text message or email.
  • Don’t click on any attachment links or documents.
  • Avoid disclosing sensitive information in emails, like your Social Security Number, login credentials, and banking information.
  • Avoid calling any numbers contained in a suspected phish.
  • Examine the sender’s email address for subtle differences in the spelling (i.e., vs.

Upgrade Scams

Most people have grown accustomed to applications and software that need constant updates to fix vulnerabilities and flaws. As cryptocurrency platforms are also a type of software, people easily get tricked into thinking that they also need updates. Scammers can plant deceitful upgrade notifications in your email and social media inboxes. During this “upgrade,” they trick you into giving up your private keys and other account information.  Before falling victim to this type of scam, call the company who you believe sent it to verify it was real.

Social Media and Romance Scams

Scammers attack vulnerable victims anytime and anywhere they find opportunity, even on dating apps like Tinder and Bumble. Scams conducted on these platforms are often referred to as “romance scams.”  Often these scams are strictly online and long-distance. The scammer tries to win over the trust and affection of the victim. They’ll have a very convincing story or too-good-to-be-true opportunity enticing the victim to send money or cryptocurrency and disappearing when it’s time for you to withdraw your funds. Some even just pose as a person with whom you might bond over a common interest, background, or ethnicity. Some may have a money laundering scheme using cryptocurrency they’ll pull you into. Listen to your intuition. If it sounds too good to be true, you’ve never met the person, can’t verify they don’t live in the U.S., and you can’t verify what they’re telling you through a reliable source, proceed with extreme caution or not at all. Fortunately, users aren’t completely defenseless against cryptocurrency scams. Here are some suggestions on how to avoid becoming the victim of fraud:

Use Multi-Factor Authentication in Your Accounts

Multi-factor authentication (MFA) is a verification method that asks a user to provide two or more verification factors to access a particular resource like an application, trading platform, online account, or VPN. Using MFA decreases the likelihood of scammers accessing your account.  (All Coin IRA accountholders are required to use multi-factor authentication.)

Regularly Change Passwords

Most people use a single password or slight variation thereof for every account they have. This makes it easy for scammers and cybercriminals to guess your passwords. Cybersecurity experts from McAfee recommend changing your passwords once every three months. If you find that your account has been hacked or is part of a data breach, change your password immediately.

Don’t Respond to Requests Asking You to Send Cryptocurrency

If you receive an email, a phone call, or a text with a link to download an app to your phone or computer that requires you to send Bitcoin or any other crypto to fund your account, don’t respond, and definitely do not send any cryptocurrency or money. Before sending money or crypto to anyone online, confirm that you know the person you’re sending it to. If you send cryptocurrency to the wrong wallet or to a scammer’s wallet, there’s no way for you to retrieve your crypto unless the other person sends it back to you. Double-check the recipient’s information before you hit send. For your information, all Coin IRA accounts must be funded with US dollars, not cryptocurrency, and we have two secure websites you can trust. Our main site is and  If you receive a link to a site similar to one of these but not exactly the same, report it immediately to our customer support team at

Don’t Share Your Trading Platform Details

If you call Coin IRA regarding information about your account, we will text a six-digit verification code to your cell phone to verify your identity. You never have to provide us with any other information – not your email address, password, phone number or account number. If someone purporting to be an employee of Coin IRA calls you asking for any of your login details, don’t respond.  Report the call to our Customer Support Team via The easiest way to record suspicious calls or fraudulent text messages, emails, or websites that appear to be from Coin IRA is to take a screenshot and email it to Coin IRA Customer Support.

Report Cryptocurrency Scams

If you’ve been a victim of a cryptocurrency scam, you can report the incident to the following authorities: Coin IRA strives to protect all our users from malicious online scams and theft. If you believe you may have responded to a fraudulent text or email and disclosed personal or account-related information, change your trading account details immediately. After you’ve changed your account details, contact us immediately at 888-998-COIN or 866-924-5421.

Why is Crypto Dropping? The Ongoing Saga of FTX

There seems to be unrelenting downward pressure on cryptos across the board, and that has many investors searching for answers.

What Happened?

One indisputable cause is the collapse of FTX, one of the major cryptocurrency exchanges. The match that lit the fire was a November 2nd scoop by CoinDesk revealing that Alameda Research, a quantitative cryptocurrency trading firm run by Sam Bankman-Fried, the founder and now former CEO of FTX, was experiencing a solvency crisis, which led to a collapse in FTX’s native cryptocurrency, FTT.  FTX's largest asset was billions of dollars’ worth of FTT, the native token of FTX.  Alameda’s investment foundation was also in FTT, the token that its sister company had invented, not in fiat currency or another cryptocurrency. That prompted concern across the cryptocurrency industry regarding Bankman-Fried’s companies’ undisclosed leverage and solvency. Next, Changpeng Zhao, the CEO of popular crypto exchange Binance, tweeted that his company was selling off all of its holdings in FTT.  The reason?  Zhao claimed it was because of "recent revelations that have come to light", referring to the Coin Desk article, and making matters worse for FTX, he compared FTX's situation to the crash of TerraUSD and LUNA that tanked the crypto market earlier this year. Following this public declaration, FTX suffered a staggering influx of customers and investors withdrawing their funds from the company. Bankman-Fried attempted to dissuade his customers by assuring them that their money was safe and that FTX was not in any financial trouble, but his words fell on deaf ears. Following the aftermath of the FTT sell-off, FTT’s value plunged over 80%, an unprecedented drop that sent shockwaves through the crypto world. FTX saw $5 billion in withdrawals on November 6th, and from there FTT rapidly declined, having a ripple effect that is likely the sole factor behind the recent decline in cryptocurrencies.

And then . . .

The Binance CEO Zhao next briefly considered bailing out the non-US branch of FTX, but after Binance completed its corporate due diligence, he said Binance would not be acquiring FTX.  Then Zhao went back to Twitter with news reports of “mishandled customer funds”, which drove another nail into the FTX coffin.  With a nod to Zhao’s role in FTX’s fall, Bankman-Fried tweeted “Well played; you won.” The withdrawals continued, and the value of FTT crashed as a result, taking Bitcoin, Ethereum, and a host of other cryptos down with it.

FTX Files Bankruptcy

It’s not an understatement to say investors are furious that FTX filed for Chapter 11 Bankruptcy in the US on November 11, 2022, and it’s now a race to try and recover at least some of what was lost. Add to that, it’s looking like FTX was hacked by a high-level insider to the tune of $600 million, who had access to the customers cold storage wallets.  The thief made a fatal error in transferring the crypto revealing his identity, which is now known by an analyst at the Kraken exchange.  With that knowledge, hopefully some of the stolen crypto can be recovered to help compensate the victims. The road to recovery will be long and difficult for FTX. After the resignation of Bankman-Fried, new FTX CEO, John J. Ray III, who also stepped in to clean up after the Enron financial scandal, issued a scathing assessment of “unprecedented” poor management practices by his predecessor, Sam Bankman-Fried, in a series of filings in a Delaware court. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray said in a court document filed on Thursday.  “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”  Ray went on to say that FTX had scant regard for corporate norms, and “did not keep appropriate books and records or security controls” for its digital assets, used unsecured shared email accounts to access private keys, and to this day cannot provide a list of those working for the company as of November 11th. So, what does all this mean? Sources say that FTX is officially insolvent. If that’s the case, it would mean that the company is unable to pay its debts, and cryptos could continue to experience volatility and downward pressure. It’s important to note that Bankman-Fried hasn’t been officially charged and remains innocent. If proven guilty, however, he could face a lengthy prison term and fines.

There is Good News

Maybe there will be some good that results from all of this.  Some experts believe that although the depths of the quake caused by FTX will shake even the strongest believers in crypto, it is the wake-up call needed to force exchanges into a more transparent proof-of-reserves balance sheet model, which may be exactly what is needed to ensure the operational integrity of exchanges going forward.  And, we can probably also expect some regulatory moves by the SEC, which will most likely not affect Bitcoin, since just this past summer, the SEC said that Bitcoin is not a security. Since the FTX crash, Bitcoin has been rangebound between $15,800 and $17,500, and while the fearful are exiting the market, the hodlers are snatching up the bargains.  Since there is absolutely no indication that Bitcoin had any role in the collapse, it was less affected than other cryptos and had been trending at about $21,000 just days before the FTX collapse.  Could it be that the fear-driven panic selling that occurred over the past week is not a true indication of Bitcoin’s true value?  If that is the case, maybe Bitcoin under $20,000 is a sale too good to pass up. As the days go by, it will be interesting to see what other news surfaces.  In the meantime, what can you do to protect yourself? The best way to protect yourself is to diversify your portfolio. Invest in a variety of assets so that you’re not putting all your eggs in one basket. And it’s always important to stay up-to-date on the latest news and information, which Coin IRA will help you do.  Armed with the latest information, you’ll be better prepared to weather any sudden market shifts. Coin IRA will provide important updates to this unfolding story.

What Are Stablecoins?

At Coin IRA, we want to provide our customers with as much information as possible about cryptocurrency in your IRA or Individual Trading Account, and how it works. Today, we’re going to talk about stablecoins. As crypto investors, we’re always looking for ways to mitigate risk. And one way to do that is by investing in stablecoins. So, what are stablecoins exactly, and how do they work? Let’s find out.

What Are Stablecoins?

A stablecoin is a digital asset that’s pegged to a fiat currency or other asset. This means that a stablecoin’s value will remain relatively stable compared to other cryptocurrencies. There are several different types of stablecoin, but the most common ones are pegged to a fiat currency like the US dollar. This means that each stablecoin is worth one US dollar. Other types are pegged to assets like gold or oil. The main advantage of stablecoins is that they can be used to store value in a way that is less volatile than traditional cryptocurrencies like Bitcoin. For example, if you’re holding Bitcoin and the price of Bitcoin falls by 10%, then your investment is also worth 10% less. However, if you’re holding a stablecoin pegged to the US dollar, then the value of your investment will remain the same even if the price of Bitcoin falls. There are several different projects working on stablecoins, but the most popular one is Tether. Tether is a cryptocurrency that’s pegged to the US dollar. Each Tether is worth one US dollar, and the value of Tether doesn’t fluctuate very much. Tether is currently the most popular stablecoin, but there are several others that offer similar benefits. Some of the other popular and most trusted stablecoins include USD Coin, Binance USD, and Paxos Standard. If you’re looking for a way to store value in a cryptocurrency that is less volatile than Bitcoin, then stablecoins are a good option.

How Do Stablecoins Work?

The key to stablecoins is stability. To achieve this stability, stablecoins use a variety of mechanisms. Some use collateralized debt obligations, while others use a basket of currencies or even real assets. It’s important to note that how a stablecoin is backed can affect its level of risk. For example, a stablecoin backed by a single asset, such as the US dollar, is less risky than a stablecoin backed by a basket of assets. When it comes to stability, there are primary main kinds of stablecoins. One is centralized, and the other is decentralized. A centralized stablecoin is that which is backed by a single entity, such as a government or a company. A decentralized stablecoin, on the other hand, is backed by a network of computers, which makes it more resistant to price fluctuations.

What Are Stablecoins Used For?

Stablecoins are often used as a way to store value or as a hedge against volatility. For example, if you’re worried about the price of Bitcoin crashing, you could convert your Bitcoin into a stablecoin. This would allow you to hold onto your money without having to worry about the price fluctuating. Stablecoins can also be used to make purchases. For instance, if you wanted to buy a cup of coffee with Bitcoin, but the price of Bitcoin was fluctuating too much, you could convert your Bitcoin into a stablecoin, make the purchase, and then convert the stablecoin back into Bitcoin. This stability makes stablecoins an attractive option for businesses and individuals who want to avoid the volatility of the cryptocurrency markets.

What Are Their Purpose and Function?

The purpose of a stablecoin is to provide a digital currency that is stable in price. As noted, this stability is achieved by pegging the stablecoin’s value to another asset, such as the US dollar or gold. The function of a stablecoin is to act as a digital currency that can be used to purchase goods and services or to store value. Because they are pegged to an asset, stablecoins typically do not fluctuate in price as much as other cryptocurrencies.

Examples of Stablecoins

The stablecoin market has exploded in recent years, with dozens of different projects launching their own version of a digital currency pegged to the US dollar or other assets. Some of the most popular offerings include: Tether: Tether is perhaps the best-known stablecoin. It’s pegged to the US dollar. USD Coin: USDC is a US dollar-backed stablecoin issued by Circle and Coinbase. Gemini Dollar: The Gemini dollar is another US dollar-backed stablecoin and is issued by the Winklevoss twins. Paxos Standard: Paxos Standard is also pegged to the US dollar and is one of the newer offerings on the market. TrueUSD: TrueUSD is another popular stablecoin backed by the US dollar. It’s also one of the most liquid stablecoins, with a large number of exchanges listing it. Binance USD: Binance USD is a stablecoin pegged to the US dollar that is issued by the well-known cryptocurrency exchange Binance. Origin Dollar: Origin Dollar is a newer stablecoin that has a basket of assets as its backing, including the US dollar, gold, and Ethereum. As you can see, there are many different stablecoins on the market that are pegged to different assets. Some are even backed by multiple assets, which can help to further stabilize the price.

Why Add a Stablecoin to Your Crypto Investment Portfolio?

If you’re like most people, when you think of investing in cryptocurrency, you probably think of Bitcoin. But there are actually many different types of cryptocurrencies, and each offers its own set of benefits and risks. With stablecoin, many of the risks that come with investing in cryptocurrency are greatly reduced. As a result, stablecoins are becoming an increasingly popular investment option for those looking to get involved in the cryptocurrency market.  We’re pleased to announce that we’ve added USD Coin to our current offering of 20 different coins for your IRA, which may add greater stability for your investment. If you’re interested in adding cryptocurrency to your investment portfolio, we invite you to contact Coin IRA today at 88-998-COIN to learn more about how we can help you invest in this exciting new asset class in your Crypto IRA or individual trading account.

Amazing! Perfect! Fantastic! Successful Ethereum Merge Activated

Read What Happened as 41,000 Watched

Well, it happened!  The Ethereum Merge has happened, and it was a seamless, complete success, much to the relief of the entire Ethereum development team. On a live feed watched by 41,000 people on YouTube, over 100 members of the Ethereum team and Ethereum’s co-founder, Vitalik Buterin, held their collective breath as they watched the network transition from the final Proof of Work block and the words “POS Activated” flashed across the screen, flanked by two symbolic Pandas, signaling the transition to Proof of Stake was complete. Cheers erupted as the live audience watched the merge occur without a hiccup, the culmination of 4 years of work, and 3 years of discussion prior to that. As block after block on the visualizer on screen was completed without interruption, the new Proof of Stake model marched to the completion of its second step, which one Ethereum team member called “Amazing, perfect, fantastic!” It was an incredible accomplishment, considering that the live transition has been described by Justin Drake, a researcher at the Ethereum Foundation, as “… switching out an engine from a running car.” In the subsequent 15 minutes, all appeared to be going according to plan as the team continued to intently watch, and a collective sigh of relief could be felt after several members of the team described the result as “optimal” and agreed it was all they could have hoped for. One developer excitedly stated that a 99.98% power reduction would result from the new Proof of Stake model, promising massive environmental benefits. Buterin came on screen and commented on the live feed, “This is the first step in Ethereum’s big journey toward being a very mature system … we all just need to work hard and do our part to make all of those other things happen.  To me the merge just symbolizes probably the difference between early-stage Ethereum and the Ethereum we always wanted early-stage Ethereum to become.” Ethereum now enters a new age of development, making it the world’s second biggest blockchain, and even more secure and sustainable. If you're "crypto-curious", we'd love to help.  Visit our website or call at 888-998-COIN to learn more!

The Impact of the Ethereum Merge

Ethereum (ETH) is the second largest cryptocurrency on the market, surpassed in market capitalization only by Bitcoin (BTC), the coin that started it all. Lately, however, Ethereum is the one making the headlines, thanks to the infamous Ethereum merge.  The merge is regarded as the biggest crypto event to this date, because it’s going to shift Ethereum from its current blockchain architecture to a much more energy-efficient operational mechanism. This huge change might be a great potential investment opportunity for people looking to profit from holding ETH. The final hurdle has finally been cleared, and the date for this long-awaited event is currently scheduled for September 15th or 16th. Realizing that does not seem definitive, let’s briefly review the reason why, while trying not to get too technical. To put it as simply as possible, developers determined when the Total Terminal Difficulty (TTD) they set is reached, the last proof-of-work block will be mined, and all future blocks will be produced with proof-of-stake. At the current mining rate, estimates are that the TTD will be reached on September 15th or 16th, and possibly sooner if the mining rate speeds up, or possibly later if the mining rate slows down. Let’s take a closer look at the Ethereum merge, and how it might impact the price of Ethereum.

What Does the Ethereum Merge Mean?

The Ethereum merge, or Ethereum 2.0, has shaken up the crypto world because it signals a shift in Ethereum’s blockchain architecture. Namely, the Ethereum network will change its Proof-of-Work (PoW) consensus mechanism to a completely different mechanism called Proof-of-Stake (PoS). On the day it happens, the Ethereum blockchain’s main chain, known as the Ethereum Mainnet, will merge with the Ethereum Beacon chain and effectively shift Ethereum into a new operational era. The new mechanism will use validator nodes with staked ETH to approve transactions on the Ethereum blockchain. Anyone will be able to become a validator as long as they deposit 32 ETH to start running a node. In the last couple of years, the price of Ether has been fluctuating between 1,500 and 2,500 USD per coin, according to CoinMarketCap, which means that depositing 32 ETH is a considerable amount of money. No one would want to risk losing their 32 ETH by validating a fraudulent transaction, which means that the network can rely on validating nodes for its security.

How the Merge Will Impact the Environment

The Ethereum merge is expected to lower Ethereum energy consumption by 99.9%. Currently, Ethereum and Bitcoin are the largest polluters on the crypto market, because both currencies use the highly energy-consuming PoW consensus mechanism. Instead of heavy mining hardware that consumes enormous amounts of electricity to process the network traffic, with the PoS blockchain mechanism, only network nodes will do the heavy lifting, eliminating the miners altogether.

How the Merge Will Influence the Price of ETH

The merge is a complex technical procedure that involves a lot of computational work on upgrading the Ethereum blockchain. Here’s how the merge might influence the price of ETH.

The Ethereum Development Roadmap

A key factor that influences the price of Ethereum is the project’s development roadmap, a plan that outlines the future development of Ethereum and its short-term and long-term goals. A crypto project’s roadmap can attract a huge number of investors and developers if the core development team manages to deliver on their promises. In the case of Ethereum, Vitalik Buterin, the network’s founder, and his team have updated the network numerous times during the years. As a result, investors feel they can trust the Ethereum ecosystem, knowing there’s an experienced team behind the project with a clear idea about its future development. Ethereum aims to become a super-fast and scalable blockchain network with a high transaction per second capacity and the ability to accommodate tens of thousands of decentralized apps. The merge is just one of Ethereum’s development phases, and judging by the hype surrounding the ETH roadmap, it could result in a price boost.

Technical Consequences

The merge will have huge technical consequences on the way Ethereum works. The whole network will shift to a more efficient operational mechanism, which adds more reliability and stability to the network. This basically means that the Ethereum blockchain will gain more operational quality, which will attract more users, developers, and investors. With an influx of new users, the network’s value will grow over time. A high amount of network traffic and a variety of new projects being developed on the Ethereum blockchain will certainly result in a higher market capitalization for ETH overall. Thus, the merge will give Ethereum a competitive edge over other, smaller crypto projects that also use a similar PoS mechanism, because Ethereum simply has a much larger ecosystem and user base.

Media Coverage

The Ethereum Merge is considered the biggest event ever in the crypto world, and numerous mainstream media outlets are carefully covering the event. The largest players on the media scene such as Fortune, Bloomberg, and the New York Times, are all covering the merge with regular updates about the event. Media coverage (both good and bad press) can considerably affect the value of crypto projects by playing on the public sentiment regarding a specific crypto. So far, the merge is covered with a mixed tone, giving space to both merge enthusiasts who think it’s the best thing that can happen to ETH, and to critics who state that the merge might bring more harm than good. The merge critics fear that the Ethereum network will become heavily centralized if a small number of large-scale investors get to control most of the validator nodes, while merge advocates state that the network is safe from such a scenario. The direction in which the media coverage of the merge will go after the event might contribute to the rise or fall of Ethereum’s price.

The Crypto Community

Last but not least, the crypto community is another factor that can contribute to the price change of ETH after the merge. The community is currently divided between merge enthusiasts and opponents. However, only time will tell who was really right and whose position will prevail in the crypto market. If the merge goes as planned, the merge enthusiasts will probably give a price boost to Ethereum 2.0, but if the merge opponents end up being right, Ethereum might see a downwards price pressure, as well as a boost in the price of Ethereum Classic (ETC).

Ethereum Merge Price Prediction

The price impact of the Ethereum merge is the most important aspect for traders and investors who want to include Ethereum in their Crypto IRAs. The crypto market is known to have a bear market phase where prices considerably drop, as opposed to positive, bull market cycles. However, this doesn’t mean that the price of cryptos such as Ethereum won’t recover. In fact, considering the Ethereum merge news, ETH is probably going to witness new highs during the next bull market cycle. Currently, the ETH merge might provide a price boost to Ethereum, but the real price increase will happen after the current bear market. It’s best to pay attention to Ethereum’s CoinMarketCap page, and closely follow the ETH price action after the merge. As far as Ethereum Classic (ETC) is concerned, the price of ETC might also increase if the current Ethereum miners shift to mining ETC after the merge.

A Few Ending Words…

Ethereum is going through an important development period with the upcoming merge event, which will have a huge impact on the future of ETH and its price. Hopefully, this guide will help you decide whether investing in Ethereum in your Crypto IRA is suitable for you. If you wish to learn more about Crypto IRAs and their benefits, don’t hesitate to contact Coin IRA to speak with an expert who can answer all your questions.

Top Cryptos for IRA Investment

Bitcoin v. Ethereum or Both

The cryptocurrency market has been rapidly growing since the launch of Bitcoin as the first digital currency back in 2009. And even though there are more than 20,000 active crypto projects on the market, according to CoinMarketCap, a huge portion of the total market capitalization goes to Bitcoin (BTC) and Ethereum (ETH), the two undisputed market leaders. Bitcoin is often called “digital gold,” while Ethereum is considered the main altcoin on the market thanks to its firmly established position, second only to BTC. Let’s have a closer look at these two leading cryptos and find out all the details you need to know about them before deciding whether to invest in a BTC or ETH in your IRA.

Bitcoin (BTC)

Bitcoin was the first digital currency in the world. The project was launched back in 2009 by an anonymous developer only known by the pseudonym, Satoshi Nakamoto. Nakamoto first published the Bitcoin whitepaper, where the fundamentals of Bitcoin were laid out -- a peer-to-peer, electronic cash system that allows users to conduct transactions between users with virtual blockchain-based addresses. The idea of virtual cash transactions was so innovative at the time that many financial experts were skeptical regarding Bitcoin’s security, and many people struggled to wrap their minds around the concept. However, with a simple understanding of the blockchain mechanism behind Bitcoin, users quickly started to embrace Bitcoin when they realized how safe it was to conduct BTC transactions. Bitcoin uses a Proof-of-Work (PoW) blockchain mechanism, which relies on independent BTC miners and their powerful computers to check transactions, approve network traffic, and create new blocks on the BTC blockchain. Transactions are visible on the immutable blockchain within minutes, providing proof that the transaction is complete.

Ethereum (ETH)

Ethereum is the second-largest cryptocurrency both by trading volume and market capitalization. The Ethereum project was launched in 2015 by a team of dedicated crypto enthusiasts led by a programmer named Vitalik Buterin. At the time of Ethereum’s launch, existing altcoins such as Litecoin (LTC) were mostly copies of Bitcoin, also used as digital cash, but with some updates and occasional improvements.  Ethereum was a totally different story, because it wasn’t primarily designed as digital money, although it certainly deserves its status as an investment asset.  The success of Ethereum is based in the fact that it is responsible for the creation of smart contracts, which power some of the most important crypto initiatives to date, such as non-fungible tokens (NFTs), decentralized finance (DeFi), and decentralized apps (dApps). In addition, Ethereum provides individuals and developers with a blockchain-based framework for launching decentralized applications (dApps), platforms, and crypto projects, without the need for using computing solutions developed by big data companies.  By using Ethereum’s open-source, native programming language, Solidity,  users can create any type of online platform while hosting it on the blockchain in a decentralized manner.

Key Characteristics of Bitcoin

Digital Cash Transactions

Bitcoin was mainly designed to serve as a digital currency for virtual cash transactions between users across the BTC blockchain. Bitcoin transactions, which are secured with PoW blockchain mechanics, make it virtually impossible for someone to hack your transaction. All you need is a crypto wallet, and you’re ready to send BTC to other Bitcoin addresses and receive BTC from an exchange or other BTC wallet holder.

Store of Value

Bitcoin is a great store of value thanks to its high value per coin and its leading market position. BTC is a highly volatile asset, just like any other digital currency, but with BTC, you can rest assured that it isn’t going to crumble and crash like some lesser-known altcoins. Bitcoin has a history of huge price swings, but thus far, each market cycle reaches a higher low than the previous market cycle’s low. This means that overall, BTC is trending up, even when the price consolidates and retracts for a couple of weeks or months.

Widespread Adoption

Bitcoin is the most widely accepted digital currency in the world. Crypto is still far from full adoption, but the number of businesses, industries, and financial institutions that use or accept Bitcoin is constantly on the rise, which contributes to it value. With its limited supply and increasing demand, Bitcoin’s widespread adoption is another key advantage it has over existing altcoins.

Key Characteristics of Ethereum

Smart Contracts

Ethereum has introduced a revolutionary concept to the world of crypto called smart contracts. A smart contract is a self-executing piece of programming code designed to automate procedures within online apps and platforms. With the help of smart contracts, developers can create fully automated platforms that would usually require human supervision and extensive maintenance. These contracts are a key component of decentralized apps.

Decentralized Apps

Smart contracts are the building blocks of decentralized apps. Instead of using programming resources developed by large, centralized companies, Ethereum introduced the possibility of designing dApps, which are hosted on the ETH blockchain and fully controlled by developers and the crypto community. DApps have numerous use cases and have become a must-have for all contemporary blockchains. The decentralized finance (DeFi) industry, NFT markets, decentralized crypto exchanges, crypto social apps, and gaming platforms are all using dApps and ETH smart contracts.

Ethereum Tokens

Ethereum also enables developers to launch their own digital currencies on the ETH blockchain. There’s no need to launch separate blockchains, as this requires a lot of funds and programming resources. With ETH, users can create their own crypto tokens according to the ERC-20 token standard for launching cryptos. Also, ETH was the first blockchain to introduce non-fungible tokens (NFTs) on the market with their ERC-721 token standard, and we are constantly hearing about NFTs and their unique uses in the news.

Similarities and Differences

  • Both BTC and ETH run on Proof-of-Work blockchains, but Ethereum is transitioning toward a Proof-of-Stake blockchain architecture, making it far more efficient than BTC in terms of transaction volume and processing time.
  • Bitcoin transactions take between 5 and 10 minutes, while ETH transfers usually take up to 5 minutes.
  • Bitcoin has a much larger market cap and price per coin than ETH.
  • Bitcoin is great for crypto payments since thousands of merchants and businesses worldwide already accept BTC payments.
  • Ethereum is more than just digital cash because it’s used as a blockchain development platform, adding more value to ETH. It is Ethereum’s “utility” that has launched it into the #2 spot.
  • Both digital currencies represent a more reliable investment than other altcoins.

BTC and ETH Price

Both BTC and ETH are known for their drastic price fluctuations. BTC started out in 2009 with a value of about a fraction of a US dollar and gradually reached an all-time high of nearly 70,000 USD per coin in late 2021. BTC has since gone through a market correction and dropped down to 20,000 USD, which is still much more than the price bottom of its previous market cycle. Ethereum also started out with a value of less than 1 USD and built its way up to an all-time high of more than 4,500 USD, but since then went through a market correction down to a value closer to 1,600 USD per coin. One of our favorite sites to track the price of both BTC and ETH is through, but there are others like CoinMarketCap.

A Few Ending Words…

Knowing the basics about BTC and ETH can help you decide whether you should invest your IRA funds into Bitcoin or Ethereum or maybe both. With a self-directed IRA, it's all up to you. If you want to learn more about why you should open a Crypto IRA, the tax benefits, and how your retirement plan can benefit, let Coin IRA, offering Cryptocurrency IRAs since 2017, show you how it works. Visit to chat with an IRA expert today, or call us at 888-998-COIN.

Best Cryptocurrency to Invest In

It’s been a wild spring for all investors caught by the bearish storm on the crypto market. At least, this downturn inspired a renewed awareness of the cryptocurrency realm and taught us a valuable lesson — only the strongest survive the storm. As it stands already, cryptocurrencies will bounce back sooner than expected, but not all of them. Dubious ventures, pumped market caps, and over-enthusiastic projects will probably never recover from this crisis. At the same time, those who overcome the storm will emerge stronger than ever. But, how can we be sure about this? We can’t. When it comes to the future of cryptocurrency, we can’t be sure about anything. That’s the charm of the fast-changing blockchain game. Nobody could even imagine that Bitcoin would hit $68,000 in November 2021, just as nobody could predict the painful collapse of the top-performing Terra (LUNA). However, based on recent events, we can rely on the universal factor of resilience, something that we blindly neglected while putting trust in every new blockchain project. Interestingly enough, at this point, resilience seems to be the deciding factor when choosing the best options for crypto investments.

What to Consider When Choosing a Cryptocurrency

If the background story of a certain crypto feels unjustified or too good to be true, you should immediately remove it from the list of possible investments. At the same time, you must know your personal purpose for entering the cryptocurrency arena since different types of crypto attract different user styles. In general, crypto assets have achieved the greatest success in the role of a store of value. Yet, there is a growing DeFi world that offers a myriad of trading opportunities and colorful NFT collections on ultimately decentralized platforms. They throw out new crypto tokens every minute, only a few of which live long enough to see the light of day. Also, you can find plenty of sophisticated platforms for trading crypto derivatives and CFDs on high margins. However, if you don’t see yourself as a day trader reading Bollinger Bands with your morning coffee, you don’t need a crypto that serves only as a dynamic speculative asset. Instead, focus on mainstream cryptocurrencies whose value we expect to flourish and stabilize in the years to come.

What Are the Best Cryptocurrencies to Invest In?

Even if we know in what direction we’re moving on our crypto path, it can be tough to narrow down the list of most promising investments because of the coin diversity. Based on their proven track record and other market signals, we singled out the following cryptocurrencies as the best “investment deals.''

Bitcoin (BTC)

Bitcoin has earned the highest credibility stamp for being the first cryptocurrency that heralded the development of decentralized finance. It was introduced back in 2009 when a pseudonymous developer, Satoshi Nakamoto, published a white paper explaining the principles of a trustless cash system where users can interact financially in a peer-to-peer (P2P) manner. Interestingly, despite the revolutionary narrative, nobody seemed to be interested in intangible money at the beginning. Bitcoin itself was making a way to public recognition, opening room for a $3-trillion-worth industry. However, Bitcoin went a rocky road fixing its teething pains — it faced cyber attacks, dark market scandals, and sharp price ups and downs, only to become a cultural phenomenon in less than a decade after its inception. Today you can buy, sell, and trade Bitcoin in a rather regulated landscape. Its price hasn’t reached considerable stability, but Bitcoin has earned the status of digital gold. Despite the price inconsistency, Bitcoin has never lost its scarcity. Added to the fact that BTC supply is limited to 21 million units, we can expect nothing but a bright future for the most valuable digital asset.

Ethereum (ETH)

Ethereum is the second-largest cryptocurrency, standing right next to Bitcoin on all relevant crypto charts. However, while you always see these two cryptocurrencies together on nearly all crypto platforms, Ethereum has different core values from Bitcoin. Namely, Ethereum is designed to be more than just digital money. Its blockchain supports self-executing programs called smart contracts that can be used for building other tokens, NFTs, and decentralized apps (dApps) on top of the Ethereum network. DApps can find applications in many other industries apart from trading cryptocurrency, and because of that, we say that Ethereum’s success lies behind its high utility. To make this decentralized machinery move, the Ethereum blockchain uses its native Ether coin. Unlike Bitcoin, Ether doesn’t have a limited supply to maintain such a level of scarcity, but it can be quite a lucrative investment in the long run. If the world turns decentralized in terms of digital communication, Ether, as the “fueling” asset, will play a crucial role and hence, skyrocket in value. Finally, it’s worth mentioning that the Ethereum blockchain is transitioning to a more efficient and environmentally sustainable consensus algorithm called Proof-of-Stake (PoS), which is expected to have a positive impact on its future development.

Stellar Lumens (XLM)

Stellar is a decentralized infrastructure and one of the oldest players on the crypto scene. It was launched in 2014 with a clearly defined purpose — to process cross-border payments fast and efficiently, without excessive costs and delays. The network has its own built-in asset known as Lumens (XLM) that serves a special function in the network. Over time, the XML usability has diversified, and now you can also see the token outside the Stellar network. The holders can use it for global on-chain and off-chain payments, as well as for trading on professional crypto platforms. The real-world utility combined with the years of experience makes XLM promising crypto in the long run. The XLM exchange rate has ranged between $0.1 to $0.7 in its years of existence. Almost all algorithmic price projections signal that the Lumens token will grow in the future. For example, estimates that the XML price will reach $1.81 by 2027.

Litecoin (LTC)

Released at the dawn of the crypto era, Litecoin was one of the first Bitcoin competitors. The altcoin was created in 2011 in an effort to provide an improved Bitcoin version by upgrading the system with faster and cheaper transactions. As time went on, Litecoin somehow lost its luster because of the plenty of new crypto projects designed with the same goal — to serve as a flexible payment method. However, Litecoin has something the mass of upstarts don’t — longevity. After several meltdowns that shook the crypto investment ground, investors seem to return to a well-familiar blockchain product that has passed all the tests of time. Finally, Litecoin has always been open to technical upgrades to enhance its overall performance and security.

A Few Ending Words…

As you can see, the cryptocurrency industry doesn’t allow us to make an assertive response to all market trends. The list of top-ranked cryptocurrencies has been changing quickly, and therefore, requires caution when devising a long-term investment strategy. Bitcoin is perhaps the only exception to the “rule of inconsistency” in the crypto ecosystem. However, you should take note that its anchored position still doesn’t protect BTC from price fluctuations, and patience may be required for the long term. Despite the risks associated with crypto investments, they’ve demonstrated incredible power to reshape the financial world. Decentralization is definitely here to stay — we just need to carefully choose the right assets to take advantage of it with a winning move.  Coin IRA's team is always here to help you on your crypto journey, whether you elect a tax-advantaged Cryptocurrency IRA or an Individual Non-IRA Trading account (or both!).  With Coin IRA, you get an experienced company you can trust to provide you with the winning assets at the right price, and the ultimate in security.

Stablecoin Meltdown: What Happened?

It’s been a blistering spring for the 300-million community of crypto investors. Bitcoin (BTC) has gone underneath $31,000, the popular stablecoin UST has plummeted much lower than its peg of $1, and its sister token Luna has sunk to a sad number of three decimal places against the U.S Dollar. So, how’s everyone dealing with the current crypto breakdown? Not my first rodeo, you’ll hear veteran HODLers say and try to keep their cool. Experts in the business field, on the other hand, are somewhat frustrated but hardly surprised — they predicted this crisis as a direct side effect of the unfavorable macroeconomic environment. But new investors might get discouraged thinking that Bitcoin’s heyday is over. However, Bitcoin and its fellow crypto coins have demonstrated a Phoenix-like power throughout the years and have risen from their ashes time and time again, so this time it shouldn't be any different, right? Well, before jumping to any conclusion on the next crypto pitch — upwards or downwards, let's go through the main reasons for this crisis in the global crypto market. Starting with stablecoins!

What Are Stablecoins?

Stablecoins are a separate class of digital assets that came along with a clearly defined purpose to soften the volatility in the crypto trading arena. Similar to Bitcoin and other cryptocurrencies, stablecoins reside on the blockchain, but their supply isn’t controlled by any consensus mechanism. Instead, stablecoins work with a centralized company in the back, which doesn’t limit their supply but must sustain the production of each newly-minted coin by adding another asset to a specific fund reserve. The backup asset is usually a fiat currency, such as USD, but it can also be a commodity like gold or even another cryptocurrency For that reason, we say that stablecoins are pegged to a single unit of another asset in a 1:1 ratio. So, the stablecoins’ price can’t explode and plummet as a result of the public mood. If they’re tethered to USD, their market value is 1 USD sharp or an amount around 1 USD. Being a border case between fiat and crypto, stablecoins are raising governments' scrutiny since the company running the stablecoin doesn’t usually let the backup fund rest in a bank account but invests it in other dynamic businesses for profit. Technically, this isn’t illegal, but it means that the company doesn’t maintain the necessary liquidity at all times, and hence, stablecoins have no value at all. However, they have turned out to be the moving force in the crypto trading industry. Stablecoins have made the crypto scene a more flexible ecosystem, which wasn’t possible with fiat currencies because of the slow and expensive crypto-to-fiat transfers. For example, the most popular stablecoin, Tether (USDT), is the third crypto by market cap and, believe it or not, the first in trading volume according to CoinMarketCap. However, remember that stablecoins aren’t a suitable investment material for HODLers and crypto-saving accounts since price booms aren’t on their agenda. Now let’s find out how Luna and UST made a plot twist in this stablecoin story.

The Collapse of Terra (Luna) and TerraUSD (UST)

The volatility of crypto-assets hasn’t been uncommon in the short but eventful crypto history. However, much of 2022 had been oddly quiet for the cryptocurrency market, and it stayed like that until one of the best-ranked stablecoins lost its stability. Out of the 100 circulating stablecoins, very few use algorithms as a backup instead of a tangible asset. Run by Terraform Labs company, UST is one of these algorithmic stablecoins that utilizes complex code combinations and LUNA to maintain continuous stability. More precisely, every time a UST token is generated, LUNA tokens of the amount of $1 are burnt and vice versa. This allowed UST holders to sell their coins in exchange for $1 of Luna, with a slight profit every time there was a threat for UST deppeging — going below the $1 standard. Since its launch in 2019, Luna has been a well-performing token with a steady rise and high rank on all relevant crypto charts. However, once the bearish climate started discouraging investors on a global scale, they started massively selling out their UST coins, which caused lethal inflation and devaluation of Luna. For illustration, at the beginning of 2022, there were 345 million units of existing LUNA tokens, and this number drastically jumped to 3.47 billion on May 12, only to hit an unbelievable 6.5 trillion units of Luna the very next day. Ironically, LFG (Luna Foundation Guard), the company responsible for adding collateral supply to maintain the UST peg, presented a recovery package whereby the foundation purchased a huge amount of bitcoins to be added to the treasury reserve, thus keeping UST alive. However,  this was only a short-term plan executed at the wrong time — in May 2022, BTC wasn’t doing well on global markets, which led to additional negative outcomes for LFG. Eventually, major cryptocurrencies like Bitcoin and Ethereum are bouncing back, leaving Luna as collateral damage in this market mess. Three days after the black May 12 (1 BTC = 28,000 USD), Bitcoin’s price rose by nearly 10%, while Luna ended up delisted from all dominant crypto exchanges.

Macroeconomic Factors

In the spring of 2022, the world faced interest rate rambles, rising inflation, and political instability due to the Russian-Ukraine war. This series of events triggered critical alerts among some investors that inflation in the post-pandemic era could impact global business development, including virtual assets. Interestingly, Bitcoin was designed to serve as a hedge against inflation on the market, but figures show that it didn’t stay immune to the painful shafts happening right now. From a psychological point of view, the general atmosphere tends to discourage investors from expanding their virtual portfolios amid insatiable times. However, experts didn’t change their estimations for Bitcoin’s future because of the momentary crisis. For example, Caleb Franzen, a market analyst for the world-renowned Cubic Analytics, asserts that Bitcoin will keep serving as an inflationary hedge in the years to come, despite the very close correlation between crypto and the traditional stock market.

The Bottom Line

There is no straightforward answer to explain the current crypto plunge — all listed factors contribute to building the public image as a driving force in establishing the prices of the circulating cryptocurrencies. The latest LUNA/UST debacle shows that we need a tighter framework for regulating stablecoins. Otherwise, they can easily take the Ponzi route without regular checkups and hence, negatively impact the upward growth of established cryptocurrencies like Bitcoin, Ethereum, Litecoin (LTC), ZCash (ZEC), and Stellar (XML). As for macroeconomic factors, we can’t control them, but we can definitely use them to our advantage. Bearish spells are the optimal time for buying stocks or cryptos as attractive financial instruments at a low price. For all other crypto-related questions, you can reach out directly to our Coin IRA team. They may be able to offer you some insight on current market conditions so you can decide what your best options are based on your risk tolerance and personal financial goals.

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Ethereum cryptocurrency

How Many Ethereum Are There?

Cryptocurrency Individual Retirement Accounts (IRAs) are becoming increasingly popular thanks to the rapidly rising adoption rate of top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). As the world’s first cryptocurrency, BTC has so far been the primary choice for crypto IRAs, but this is gradually starting to change. While BTC is strictly used as digital cash, Ethereum offers more versatility from a development perspective because it is a multipurpose cryptocurrency. The Ethereum blockchain is one of the largest crypto ecosystems on the market, with thousands of decentralized apps, DeFi platforms, and crypto tokens based on the ETH network. Crypto enthusiasts exploring crypto IRAs should definitely pay attention to Ethereum as a viable option to include in their IRA. Let’s take a detailed look at Ethereum to help you understand all the key characteristics of one of the most valuable cryptocurrencies on the market.

A Brief History of Ethereum

The Ethereum blockchain was launched back in 2015 by a team of crypto veterans and blockchain developers led by programmer Vitalik Buterin. The idea behind Ethereum was to create an open-source, nonprofit blockchain that provides users with much more than just digital cash services like Bitcoin and Litecoin (LTC). Instead, the Ethereum blockchain aims to provide developers with programming tools and resources for launching different kinds of tokens and platforms, such as DeFi apps, exchange platforms, staking protocols, crypto games, NFTs, and virtual marketplaces. The ecosystem was powered by the Ether token, which is used to facilitate all transactions on the ETH blockchain. The project was an immediate hit, as there weren’t any similar crypto projects on the market at the time of its launch. Other altcoins were mostly copying Bitcoin by providing virtual cash functionalities. Ethereum went much further by giving real problem-solving features to cryptocurrency and providing developers with free tech tools for developing platforms.

How Does the Ethereum Blockchain Work?

The ETH blockchain is a Proof of Work (PoW) blockchain, similar to Bitcoin in its basics. This means that the blockchain is fully decentralized, without any single authority or central server responsible for validating network traffic. Instead, all transactions are checked and validated by independent network nodes, i.e. Ethereum miners and their computers. Every transaction needs to undergo a rigorous validation process that requires miners to use their rigs’ hashing power to find the right hash for each transaction. When miners find the right hash, they present it to the whole network as proof of work and wait for additional confirmations before they add it to the next block of the ETH blockchain. This process consumes a lot of time and computing power, which is why miners earn a block reward of freshly mined ETH coins.

Ethereum’s Main Features

Smart Contracts

One of the revolutionary features of the ETH blockchain is the smart contract, self-executing, automated pieces of computing code that are created in order to perform certain tasks without the need for human supervision or participation. For example, a company can use smart contracts to automate the salary payout procedure for their employees, or a crypto exchange can use these contracts to enable trustless transactions between complete strangers. A smart contract operates on the basis of safe locks that make sure both parties need to fulfill their end of the deal before they can get the agreed-upon results. This way, when two strangers agree on an exchange of assets, both sides need to deposit the agreed amount of funds before they can get their share of the deal.

Decentralized Applications

Decentralized applications are the main utility of the Ethereum blockchain; however, without smart contracts, developers wouldn’t be able to create and launch dApps. These applications don’t use developer resources from centralized big tech companies that control all apps and platforms launched with their programming tools. Instead, Ethereum-based dApps are built with the help of the Ethereum programming language called Solidity and the Ethereum Virtual Machine (EVM). DApps can be launched for all types of businesses and entertainment purposes, from decentralized exchange platforms like Uniswap (UNI) and DeFi protocols like Curve to NFT marketplaces like OpenSea and crypto games such as Axie Infinity (AXS).

Ethereum Tokens

Developer teams that want to quickly launch their own cryptocurrency as part of their dApp or DeFi ecosystem don’t need to create a whole blockchain from scratch. They can always use the Ethereum chain to launch a crypto token, thanks to the ERC-20 token standard. This token standard includes a set of rules and parameters for launching cryptocurrencies based on the ETH network, and it’s totally free. Anyone with some programming knowledge and a solid project can launch their crypto as an ERC-20 token. This was one of the most innovative features of the ETH blockchain when it was launched because before Ethereum developers had to either create a whole blockchain from scratch or fork an existing chain like the BTC network. Another very important Ethereum token standard is the ERC-721 standard, which is the token standard for non-fungible tokens (NFTs) built on the Ethereum chain. The ERC-721 standard paved the way for key NFT marketplaces like OpenSea and played a key role in the popularization of NFTs, which are exponentially growing in terms of popularity and adoption rate.

So, How Many Ethereum Are There?

Now that we’ve laid out the key characteristics of the Ethereum blockchain, let’s take a look at the numbers behind the Ethereum ecosystem.

Ethereum Supply

Ethereum is PoW-based crypto that’s going through a transition process to a Proof of Stake model where mining won’t be possible anymore. Until then, the Ethereum supply is constantly on the rise thanks to miners. The easiest way to monitor the current supply of ETH coins, along with the Ether price and market capitalization, is through the Ethereum page on Coinmarketcap. The circulating supply of Ethereum is well over 100 million coins, and the number is constantly increasing. There isn’t any ETH hard cap that regulates the maximum amount of coins, unlike Bitcoin, which is capped at 21 million coins.

Ethereum’s Performance in 2021

Ethereum’s GAS fees are known to be some of the highest on the crypto market, and this didn’t change for the better in 2021. In fact, Ethereum fees have only gone up thanks to the high influx of new ETH chain users. The fees are especially high during periods of high traffic when users compete with each other in so-called gas wars by setting exponentially higher transaction fees to get their transfer processed as fast as possible. The trend of sky-high gas fees is especially visible on the NFT market, which is dominated by Ethereum and received a huge increase in market cap during 2021. Around 41 billion USD worth of ETH was transferred in NFT related transactions. In terms of price action, 2021 was the best year so far for Ethereum since the coin managed to reach a new all-time high of 4,891 US dollars per coin. Although new dApp and smart contract centered blockchains like Solana (SOL) and Avalanche (AVAX) are becoming increasingly popular, Ethereum is still firmly dominating the market when it comes to smart blockchain networks with high interoperability features. Ethereum managed to constantly hold over 15% of the total crypto market cap throughout 2021, while the Ethereum mining figures remained within the optimal 18 million Ether annual amount.

A Few Ending Words…

The information about Ethereum presented in this post aims to provide you with relevant knowledge about the second-largest crypto on the market in order to enable you to make your own decisions on whether you want to include ETH in your IRA or not. If this article peaks your interest in exploring Ethereum IRA options, feel free to contact one of our Coin IRA crypto specialists at 888-998-COIN.
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