I am anxious to invest in some crypto currencies. (Bitcoin and Ethereum) I have 3 separate business accounts, 3 checking accounts, and 2 IRAs (one Roth one traditional) and I’d like to put some Bitcoin and some Ethereum in each of these, but I need to keep the accounts separate so as not to comingle the funds. I am driving myself nuts setting up 8 different email addresses and 8 different Coinbase accounts… I hope you can tell me there is a better way to simply and effectively handle multiple spearate accounts… Or, should I just use one account and do my own bookkeeping?
Keeping Bitcoins on exchanges like Coinbase it is not the safest solution to store bitcoins. You could store the Bitcoin is one hardware wallet which can handle multiple accounts and only transfer the coins to the exchange when you want to make transactions. Otherwise you have to register multiple times on the exchange.
Would be very careful putting crypto into an IRA unless you’ve set up the proper structure like an IRA LLC or are going through a commercial setup like Bitcoin IRA. The IRS is unforgiving.
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Hi Zsofia, thanks for your reply. I am planning on getting a good hardware wallet to store cryptocurrency and this website and the reviews you have posted here have helped a lot with that decision. Perhaps my concern wasn’t clear … My frustration was with setting up 6 new email addresses to open 7 Coinbase accounts to keep accounts/funds separate from each other while investing in cryptocurrency. However, I think (hope) I have answered my own question. It dawned on me after I posted this question that the Blockchain is the answer. As long as I keep the accounts organized in my own mind (and on paper) the blockchain itself will keep a permanent record of which funds were purchased from a business account and which were part of an IRA. Does this make sense to you?