Generation Bitcoin recently launched the Bitcoin Students Network (BSN) through its non-profit organization, aiming to unite student groups worldwide in a collaborative network dedicated to all things Bitcoin. BSN serves as a comprehensive platform that offers logistical, educational, and financial support to students who are passionate about Bitcoin and eager to contribute to this innovative space.
Fostering Global Connections
The primary objective of BSN is to establish connections among students on a global scale, encouraging collaboration and knowledge-sharing among young individuals who share a common interest in Bitcoin. By facilitating the formation and expansion of student clubs focused on Bitcoin, BSN provides assistance and resources to affiliated clubs, fostering a sense of community and support.
Empowering Students through Knowledge and Networking
Ella Hough, Co-founder and Project Lead at Generation Bitcoin, emphasized the significance of networking in the Bitcoin whitepaper by mentioning the word 'network' 21 times. This deliberate choice underscores the importance of empowering students with knowledge and networking opportunities. BSN aims to break down barriers to creating student Bitcoin communities and reinforce the social fabric of Bitcoin’s human layer, known as Layer 0.
Building Bridges between Students and Industry
BSN acts as a vital link between students and the broader Bitcoin industry, facilitating communication and collaboration between educational institutions and industry stakeholders. By offering access to resources, job prospects, mentorship programs, and networking opportunities, BSN aims to strengthen the social foundation of Bitcoin’s human layer, promoting values such as freedom through knowledge and open-source principles.
Core Values and Organizational Structure
BSN operates based on core values such as proof of work, first principles thinking, and open-source principles. These values form the foundation of BSN's structured yet decentralized setup, with a dedicated founding team, industry advisors, and student advisors overseeing its operations.
Opportunities for Students
For students involved in BSN, there is a wide array of opportunities available, including establishing or expanding university Bitcoin clubs, accessing educational resources, exploring job prospects, and connecting with like-minded individuals within the Bitcoin community. Arsh Molu, Growth Lead and Co-founder at Generation Bitcoin, highlights the network's goal of educating and empowering the next generation of Bitcoin enthusiasts.
Engagement of Industry Players
BSN encourages industry players to actively engage by organizing events, providing financial backing, donating resources, offering mentorship, and sharing internship and job openings. By fostering collaboration between students and industry professionals, BSN aims to create a vibrant and supportive ecosystem within the Bitcoin community.
Frequently Asked Questions
Can I keep a Gold ETF in a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
Traditional IRAs allow for contributions from both employees and employers. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
An Individual Retirement Annuity (IRA) is also available. An IRA allows for you to make regular income payments during your life. Contributions to IRAs do not have to be taxable
How does a gold IRA work?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can purchase physical bullion gold coins at any point in time. To start investing in gold, it doesn't matter if you are retired.
Owning gold as an IRA has the advantage of allowing you to keep it forever. Your gold holdings won't be subject to taxes when you pass away.
Your heirs can inherit your gold and avoid capital gains taxes. Your gold is not part of your estate and you don't have to include it in the final estate report.
To open a Gold IRA, you'll need to first set up an Individual Retirement Account (IRA). After you do this, you will be granted an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual reporting.
Once you've established your gold IRA, you'll be able to purchase gold bullion coins. Minimum deposit is $1,000 If you make more, however, you will get a higher interest rate.
You will pay taxes when you withdraw your gold from your IRA. If you're withdrawing the entire balance, you'll owe income taxes plus a 10 percent penalty.
If you only take out a very small percentage of your income, you may not need to pay tax. However, there are some exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. Otherwise, you'll face steep financial consequences.
Should you open a Precious Metal IRA
Before opening an IRA, it is important to understand that precious metals aren't covered by insurance. It is impossible to get back money if you lose your investment. This includes investments that have been damaged by fire, flooding, theft, and so on.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items have been around for thousands of years and represent real value that cannot be lost. These items are worth more today than they were when first produced.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. A third-party custodian is a good option. They will protect your assets while giving you easy access whenever you need them.
If you decide to open an account, remember that you won't see any returns until after you retire. Don't forget the future!
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
