How to Pay Zero Taxes TRADING Crypto (Legally) | Best Bitcoin Advice For Beginners | Use Choice IRA
we're trying to meet people where they're at we're trying to meet people where they're at and make this again better than what they're in like and admittedly it's a very low bar which is actually hilarious about it is that just just again retirement accounts as they are don't inspire confidence okay and we're going to continue doing more and more things more and more things to make choice than just so obvious slam dunk choice in the retirement category for bitcoiners welcome back everybody to altcoin daily today we are joined with friend of the channel product market lead and bitcoin lead at choice a retirement and ira company brian harrington today is going to tell us all about why save for your in your retirement account ynra and specifically wide choice it's one of the best in the game a lot of people you know don't know that they can take advantage of this so this is what we're talking about today smash the like button brian how are you doing today what's up guys good to be here good to be here um yeah so iras iras 401ks the whole point of them is to like not have to pay taxes on all of the like labor that you um you know do at your job so there's an american hero his name is william roth he was a senator and he's the one that originally came up with this whole concept of the roth ira okay and it it's for six thousand dollars a year you put it in after taxes and then that money is able to just grow tax-free and you can take it out when you turn 59 and a half there's no taxes on it okay and his whole mission was to just like help americans keep more of what they make because we all go to work every day we all do our proof of work we get paid and then we store our labor into the future and so these accounts i we talked about this a lot internally at choice about saying like tax advantaged accounts instead of retirement accounts because as i think we'll get into and as i want to just be really transparent about like the words retirement accounts honestly don't make very many people feel very good like they're they have a giant problem like they're just not they're not interesting they don't inspire confidence and it just like is a very ambiguous thing that like old people like i feel frustrated by them young people feel frustrated by them so i think we should just be super honest about that and talk about you know what the problems are and how we're fixing it i think it's intimidating for people especially people who are younger that they don't know how easy it is to set up an ira or a retirement account through choice they don't understand the benefits you know one of many and we'll get into all the benefits of choice and what choice specializes in i mean one of many is that you can you know trade altcoins or crypto currencies with no capital gains you can you know you can have them in your ira you can trade them for bitcoin not paying any of those taxes right right no exactly and people need to understand this that like i so i like iras bitcoin crypto inside iras are not replacing anything you're already doing it's an addition to everything you're already doing like if you're already sitting here like at altcoin daily when you watch these guys every day as i do and i hit the thumbs up every day as you're already doing that you're already out there crushing it so we're not trying to replace anything you're already doing we're trying to add on to it and make you more robust moving into the future like when i really think about this like i have i have kyc bitcoin i have non kyc bitcoin i have lightning channel bitcoin i have liquid network bitcoin i have bitcoin in my ira i have bitcoin on a cold card i have bitcoin like i think about different stacks for different things and i think about trying everything across the entire spectrum and so that's exactly it like we're trying to to me this is very is super obvious to everyone i've talked to i'm very like bitcoin versus fiat like that is just i think that the just like thing of our time okay just the most giant thing to think about and talk about and so i don't want to see underutilized like fiat stuck in these accounts not doing things that more productive things that people have found out about with cryptocurrency with bitcoin and so that's what we're solving you can transfer and roll over from these accounts so if you have money stuck at schwab second td ameritrade second fidelity second xyz bank and you don't even know what kind of fund that it's in you can transfer these over and then exactly um as i said like you can get into bitcoin get into all coins and not be paying taxes on it right right if you have uh different retirement iras from different jobs or different 408 401ks rather just a bunch of different ones from different jobs you can easily roll them over to choice you guys make it easy i do want to just say for the folks at home as we get into the kind of differentiators you know why we like choice anybody's welcome to find out more information and use uh the link in the description to find out more about choice and set up your account um choice is a bitcoin centric company built for bitcoiners by bitcoiners and from bitcoiners which is pretty cool um but also they have some of the you know most digital assets most cryptocurrencies that you can uh you know add to your choice account and you know hold or trade like just for instance i mean there's a whole list there's ave cardano cosmos uh dogecoin polkadot ethereum chain link uh z cash you're in finance i mean like would you want to hold dogecoin in your uh in your retirement account i don't think so i think you know better to be conservative and stick with bitcoin maybe a few others but you can trade them and that's a huge differentiator just fyi that if you're in these cryptocurrencies already you can start trading them tax-free and you know holding them in a retirement account i just wanted to say that yeah no thank you like thanks for um yeah shooting off the list like we have a very active um discord channel too and so you can come and like talk to people about like whatever um crypto that we have on the list that you're interested in or if there's ones that um you know you want to see like we're trying to meet people where they're at we're trying to meet people where they're at and make this again better than what they're in like and admittedly it's a very low bar which is actually hilarious about it is that just just again retirement accounts as they are don't inspire confidence okay and we're going to continue doing more and more things more and more things to make choice that just so obvious slam dunk choice in the retirement category for bitcoiners and so other ways we're doing that like we came out with wrath links like i know that's just standard for like all like crypto apps and all bitcoin apps and so we're doing that 50 bucks you get paid 50 bucks your friend gets paid 50 bucks for making their retirement account for pulling them out of the legacy system this is uh okay all coin daily like exclusive i don't know exactly how fast we'll get this posted okay but like choice is coming out with daily sats rewards like for interacting with choice app okay and so that's just that by just making the decision to have a choice account instead of a legacy ira 401k account you're getting paid daily sats daily rewards and that's again the way that we're just trying to meet people where they're at and make this such a more positive experience than they're used to we have um three different ways to custody bitcoin we can talk about each of those ways and again it's like very accustomed to whatever kind of bitcoiner you are going further on that could you kind of talk about like what makes a bad crypto ira and why choice and there's a few others that are good ones because my research there's a lot of crypto iras out there that charge outrageous fees that are just taking advantage of the nascent space could you talk about the bad ones versus the good ones and more choices yeah so i like we're not just sprinkling crypto on okay we're not just like an ira 401k company and we're just like sprinkling it on and we all know that again if we're here on this channel like we're very hyper online like we're very doing great research you know you you know and can spot providers that are just like sprinkling on and kind of just trying to ride the crypto wit like that's not what we're interested in like i talk a lot about the just circular economy and like i'm like thinking 20 years down the line like 30 years down the line i want to see like retirees rolling off these accounts and then like rolling stats through like btc pay server in el salvador okay like that's very where my brain goes all the time or i've said on the channel last time too like if if i'm doing my job right like my son never opens a bank account okay we're plugging all the holes on each of these things this is not like we're not like just the legacy company that's like pivoting to you know go ahead and do this and so that is just kind of the main thing i would say of like really check on that and then the i think the cus i think the custody options the wrestlings and the like daily stats rewards are the biggest ways we just put our you know sats where our mouth is on like being the best place for people to make use of their retirement accounts and so the custody for sure so you look we have a no annual fee plan okay so if you want to hold your bitcoin inside our like lending product that'll subsidize your custody fee and you won't pay any custody all crypto trades are always one percent so all crypto trades are just always one percent across the whole board but on the custody side we have a no no fee custody plan okay and we're working on tweaking that to pass along um a little bit of the money earned to the customer also and so that is like very much an active development so it's gonna go from no annual fee to like paying you also on that um we then have an up stepped up custody of fidelity digital asset custody so if you want the like uh main way the like institutions and just kind of like beefed up um security you can pay for that and that comes out to 0.083 per month of your like last 30 day balance so it comes out to one percent of your annual balance but it's billed monthly which is why i like saying that 0.083 um and then finally we also have hold your own keys and we have self custody okay and so this is like very important like i agree with all the bitcoiners that talk about like the you know holding bitcoin in your own wallet is super powerful and it's a lot like and name of the game and game and so we do allow people to do that that comes with a um it's a 500 one-time setup and it's 10 bucks a month so that's the cost for hold your own keys and you currently what you do is as you make your account we're on iphone and we're on web right now so we have android coming in beginning of next year but if you sign up through the iphone app or through the web app you're you're greeted with like hey what kind of ira do you want to set up traditional or roth and then you're greeted with hey what kind of custody plan do you want and that's where you can select the no annual fee the fidelity digital asset or the hold your own keys um pro tip pro tip for people you can switch okay and so like obviously do your own risk research pick whichever one you want what i like to tell people is you can switch and so if you want to be in that no annual fee like while you're getting set up and then like switch to a different one later um it's not like that is definitely something you can do so i just want people to be aware of that um those options so that's that's like a blah of the secret sauce so just to review real quick some of those things we've gone over in no particular order um choice has way more cryptocurrency options than a lot of the competition choices fees are a lot cheaper than the competition and there's no annual fee option cheaper standard i'd say one percent is yeah standard decision i mean because some people overcharge a lot of people overcharge a few different custody options including holding your own keys um of course you get the fifty dollars if you use the uh link in the description and you can start referring people um and then just as we're listing them what else did we go over and the daily stats rewards and that's like very very fresh like that's super fresh the people watching this right now um it's so we're coming out with a new if people have seen uh the price is right you're gonna like really um see the feature and really enjoy the feature and so it's it's saks rewards sats rewards every day for just interacting with your savings and hopefully this just makes you think more about it like something what i love the most about just bitcoiners and bitcoin youtube and just bitcoin twitter is the amount of just high agency people that are thinking about the future and thinking about tomorrow and making it better like making their personal life better and then making society life better and so in a small small way we are paying you to like open this app and think about the future think about the future tell your friends about the future and that's i think really really powerful so what is that process like for somebody who's interested and you know obviously they click the link in the in below they want to get that 50 bonus but after that you know what's like the process like for for somebody you know signing up for this yeah so that link um that link should be a smart link if you open it on your iphone it should take you right to the app store and you should be right into the flow if you're on a desktop then it'll take you right to our web app um and then you're discreet with the application and the whole the whole goal of the iphone app is for it to be as easy to open up a like regular exchange as it is again to open up an ira account like in these things and then and then what you do is we have in-app transfers so you scroll to the bot once you're through the account setup process which again you just choose your type of ira choose which custody option you want but then once you're to that plan you can hook up your bank account this is another pro tip just because transfers can take a little bit of a time because you're dealing with the legacy world like you're how we're having to plug into the legacy world and literally pull your money out of there okay and so so that you're not like staring at a zero i would hook up your plaid and i would throw in 50 bucks throw in 100 bucks like do whatever like do whatever you want to do 10 bucks and just get that process going um so that you can like feel momentum in your account but then you just scroll to the bottom you click on start rollover or transfer and that'll take you right to the transfer rollover form where you put in all of your information from your old provider and that lets our team be off the races you know saving saving your money like all of october didn't even hit this yet all of october we're just doing the zombie theme and we're capping it off with a um halloween party out at the phoenix meetup but that's this whole thing like you want people to have this in their head of like the like don't be a zombie like don't let your retirement accounts be a zombie and this actually is very serious because there's like there's missing 401k funds like there's people that are so disenfranchised with their other providers that when they switch jobs they don't even take it anywhere and don't take it anywhere and it just sits it just sits and sits and sits and gets like the annual fee just like we'll draw down the account and you just like watch your like balance from your like old company you don't even like don't even remember it because these these like that's how bad the retirement crisis crisis is and how many people just are not inspired and so that um that makes me angry actually like actually and it just uh because it shouldn't be like that like that that was money that you decided to take out of your paycheck and put into these 401k plans you know again trying to like do the right thing like your mom and dad totally doing all this stuff and then uh for it to just sit there um because there's no better options for it and because you don't know about like like choice app yet honestly uh it's sad you know what's crazy it's like 401k there's cash in there people forget about it if there was bitcoin in there i don't think people would be forgetting about that no no hey talk to me about these meetups like lay it out as if i've never heard it before what are the deets yeah so um meetups in general i just want to really encourage people to meet with bitcoiners in real life because you like your brain is different like you see the future like differently now and for me personally i've experienced like meeting a lot of great friends and really honestly being more optimistic about the future when i meet up and talk to bitcoiners in person so um the next one if you're in well number one they're across the whole country so they're almost in any state so my dms are open on twitter if you don't aren't sure where yours is you can message me and i can probably find one in your state um the one one's most of top of mind for me today is we're throwing a halloween party in um in phoenix at the phoenix meetup so if you just google phoenix bitcoiners um or phoenix bitcoin network uh arizona bitcoin network that will come up arizona bitcoin network halloween party and i'll tweet this out again too um but yeah just come we just hang out um you know drinks are on us for the night and it's a great time and then i would really and then suffer all of the kind of like west coast people we this is the second year in a row we're doing this but we're throwing a christmas party that's for all the meetups in all of california arizona um and nevada and the goal of that is because i want people to feel like they're part of something bigger so in the same way we're talking about choice app and wanting people to feel like they're a part of something bigger and feel like they can have optimism for the future and just be putting you know previously you know dead fiat to work i want people to feel this at a grassroots level that they're like bitcoin is taking ground um you guys cover the news every day like every day and it's it's almost funny that when you see it every day you become um just used to it like all the headlines all the headlines but i really want to use the christmas party for like real people in a real room to be like there's a lot of people from across california that are like really thinking about this um and it's materially changing their lives like i've seen i've seen there's another thing that meetups help couples like if one partner is like into bitcoin one isn't yet showing up and talking to other real people that are doing this um and and double bonus if you're like at a bar or a restaurant or something like takes bitcoin because showing that in real life that there's other people and then showing the transaction honestly really like makes it click home for a lot of people i uh i agree with you you know regarding the news every day you know it's easy to not realize you know how much momentum is just being built and how different it is you know today compared to a year ago compared to four years ago but just uh real quick regarding those two specific meetups you mentioned if people want to get the information they can always go to your twitter links in the description yes but um there's one in arizona um near halloween and there's one where near hold on it's taking me a second to get my calendar but i have it now okay uh october 26th october 26th it's called linger longer lounge um in phoenix and that one is where the halloween party is and then the christmas party is december 9th and that's in costa mesa and everyone is invited from from anywhere like if you're across the country and you want to come to this we absolutely want you to come but it's hyper hyper specific on california arizona and nevada because i really want that region to um just really feel and like know each other and so december 9th costa mesa october 26th phoenix and you must be a fan of bitcoin don't show up if you don't like bitcoin these are you know bitcoin people excited about bitcoin that's why i like to go anyway let's keep going with choice but we like but we like maximal issues too i just want to put that there like there's a very maximum maximal ish right is that still a thing do people say that sure sure so it's like people like bitcoin but also yeah yeah yeah very inclusive but yeah anyways gotta be focused gotta be focused on bitcoin anyways um let's bring it back to choice what else can we talk about did we want to touch on the zombie accounts a little bit more because that's a big promotion yeah yeah so in the month of october we had a goal to get 21 million dollars out of the legacy world out of these accounts that are being underutilized and we're already over halfway there so we're on target for that and so that feels good like that feels good to be making like a material impact um on the issue and the the wrestlings are helping the 50 dollar bonus is helping the like daily stats rewards are helping and so that's like let me say a few so that's where if even if retirement accounts don't excite you like the reason why it should excite you is because again it's like plugging this whole of these underutilized accounts and so bitcoin has already like it's fixing checking accounts like lightning network is fixing checking accounts like hardware wallets are fixing savings accounts like we're solving all these issues like bitcoin fixes this is so real and so you should dis desire and like want to see this like retirement crisis fixed and because we're purpose built to force outflows out of the legacy custodians something that super frustrates me is that these legacy custodians you know they come out their press releases and you guys cover it in the news where it's like oh they're like coming out with bitcoin access and then you just like read read read it all the way down and it's like for private wealth clients and i'm like dude that again like makes me very angry that is super frustrating because like i'm like dude right here on the wall like this is why i'm in bitcoin this is why i'm in bitcoin and so when they've released these press releases that are like oh if you're a private wealth client you can buy bitcoin but i don't understand why you're not turning this on for your regular clients and to be super like so i knew about choice for a full year before i joined um and something that made me drag my feet of getting my roth stack started was because i thought that the other custodians would just turn this on i just thought like oh like they're you know they've you know been doing this been toying around toying around like they're just gonna turn this on you know maybe i don't have to go through the work you know of doing my transfer that's wrong like i was naive on that i was naive on that i didn't i didn't see the trend yet of only turning it on for the private wealth clients and so um that is what we're fixing our purpose built to cause outflows um from these things um so i have the do you want to hear some retirement stats it'll inspire anything okay so like 38 of americans 18 to 29 have zero saved for retirement and these are stats from the federal reserve like our actual federal reserve like okay and then the median savings for an american 55 to 64. so heading into retirement heading into retirement 120 000 that's not good on either end of those spectrums okay and so choice accounts currently we see a bump in two categories and those are both the categories it's kind of like the like stereotypical like crypto crowd you know like late 20s early 30s or whatever um and then this other crowd of the like you know getting close to retirement getting very serious like about these things and it's either you're stuck on zero in retirement because again i think we all have a bad taste in our mouth from like the 08 crisis and just like things like this and not wanting to tie our money up because the world is changing so fast and then you have people that are behind in their um retirement account because the you know and do running those like real retirement numbers of hey if i'm drawing x amount per year this is like not this runway does not look good and so those that's um that's two like those are two issues and other custodians are not solving that like you can't you can't solve that um without the tools that like we're building um into into choice app it's like like when i got into bitcoin like it changes the way you think about money you know delayed gratification you know savings account our arrays were specifically created by the government to encourage people to save so there's a lot of like middle ground in that venn diagram of all right how do we get people to save for the retirement well i'd rather do it in a you know an asset that's hard capped um that i can self-custody so i think there's a lot of you know middle ground for both parties there totally no totally and i think um we all like we all get orange filled at a different time and so if you got orange felt after you had worked at a few different jobs and you had one of these zombie accounts that you may have forgotten about that's like totally normal but now you know that there's tools available that can make that um like be more productive cool so as we're wrapping up this interview i feel like we answered a lot of you know big questions around choice and ras i hope you know people are getting value from this video comment below your thoughts uh you know visit choice yourself with the link or follow brian harrington on twitter um you know what else what else we want to talk about brian as we're you know finishing this out i think that just continue the conversation like that's that's what i love most about like what i love most about your guys channel and i'm thankful to be here like every time is i think you are i think you are leaders and i think the people that watch this um are just in the right place and so like talk to me talk to my i'm brain harrington on twitter and yeah you can ask me any questions about it we have a discord channel i might try to get you a link to our discord channel also because that's a really good place to hang out um and there's a random thought to end on but i just was thinking about this this weekend oh because i so i started the tick tock account i started the tick tock account and i was thinking about this this weekend like influencers i think can be kind of cheesy sometimes like we can kind of start to roll our eyes at it just like just the day to day of like um thinking about it and watching people on the internet but i was like watching these gardening channels and i was like really like learning like real information it was like really changing the way my brain was working and i was like this person taking the time to put this on the internet like matters like that matters no matter how cheesy that is to like maybe their friends or whatever or how cheesy they felt while they were doing at the same time but i was like i'm getting like i'm a real human getting real value out of that and so i like just want to acknowledge that like i think there's like real i'm i just want to acknowledge that to people here like i'm there's real humans on the other side of the internet and i'm there like in so many other niches and so it feels cool to be able to just talk in depth about like bitcoin in this like one specific thing and i hope this can help you like i hope this can help you this isn't like it's not about me like it you know it's a little bit about choice app but it's not even about choice app like this is about like physically you and if you're all the way to the end of this video right now like that matters okay so you know talk to me talk to these guys and like let's like continue to like make the world a better place as like sometimes funny and cheesy as that is gardening talk i'll have to check that out yeah you have to you have to yo but i love the final thoughts let's continue the conversation down below in the comment section brian thanks for joining us man yeah cool guys
2021-10-26 21:26
