Sriram Bhargav Karnati believes that top-notch security and usability are not mutually exclusive when it comes to managing your bitcoin. So, he and his co-founders at Theya have built a multsig bitcoin vault — a mechanism that requires multiple participants to sign off on a Bitcoin transaction — that users can conveniently manage from their mobile devices.
Revolutionizing Self-Custody
"Our mission is to make self-custody easy for everybody," said Karnati. He emphasized the need for a user-friendly Bitcoin product accessible to everyday people without requiring them to be security experts. Karnati envisions simplifying the onboarding process and enhancing long-term storage convenience for all users.
A Silicon Valley Journey
With a background in developing consumer products for tech giants like Google and Robinhood, Karnati is well-equipped to introduce multisig Bitcoin vaults to a broader audience. His experience at Google exposed him to scaling products for billions of users, while his tenure at Robinhood taught him the art of simplifying complex financial tools for mass adoption.
The Birth of Theya
Theya's vaults operate on a 2-of-3 multsig setup, requiring two private key holders to authorize Bitcoin transactions. Unlike traditional hardware wallets, Theya's solution is mobile-based, catering to users seeking self-custody without the intimidation factor. The company charges an annual fee of $199 for its services but also offers a free non-custodial mobile wallet option.
Backing from Y Combinator
Y Combinator, a renowned venture capital firm in the crypto and tech space, recognized Theya's mission and the impressive backgrounds of its founders — Karnati, Smeet Bhatt, and Vikas Choudary. They valued Theya's unique approach to self-custody and its potential to fill a gap in the market.
Bitcoin Advocacy
Karnati's conviction in Bitcoin stems from his firsthand experience with the cryptocurrency's capabilities. His belief in Bitcoin's potential as a global currency was solidified by his transactions and remittances using the network. He acknowledges Bitcoin's value as a store of wealth and aims to simplify the process of managing private keys for users.
Future Outlook
Besides enhancing the multisig vault experience, Theya aims to delve into the payments sector, making it easier for merchants to accept Bitcoin payments. While not prioritizing Lightning integration, the team plans to introduce an in-app exchange for seamless Bitcoin purchases and direct transfers to cold storage. Karnati envisions a platform that combines convenience and top-tier security for all users.
Frequently Asked Questions
Which is better: sterling silver or 14k-gold?
While gold and silver are both strong metals but sterling silver is less expensive than silver because it contains 92% pure Silver rather than 24%.
Sterling silver, also known as fine or sterling silver, is made of a combination of silver and other metals like copper and zinc.
Gold is considered very strong. It is very difficult to separate it from its metal counterpart. If you dropped an object onto a piece or gold, it would break into thousands instead of two halves.
But silver isn’t nearly as sturdy as gold. If you dropped an item onto a sheet of silver, it would probably bend and fold without shattering.
Silver is used in jewelry and coins. The price of silver can fluctuate according to supply and demande.
What precious metal should I invest in?
The investment of gold is high-returning and has high capital appreciation. It protects against inflation as well as other risks. People become more concerned about inflation and the gold price tends to go up.
It is a smart move to purchase gold futures. These contracts guarantee you will receive a certain amount of gold at a fixed price.
However, gold futures aren't suitable for everyone. Some prefer physical gold.
They can easily trade their gold with others. They can also trade it anytime they like.
Some people also prefer to avoid paying taxes on their gold. They purchase gold directly from governments to achieve this.
This process requires you to make several trips to your local post office. You will first need to convert any existing gold in coins or bars.
You will then need to obtain a stamp for the coins and bars. Finally, send them off to the US Mint. There they will melt the coins or bars into new ones.
These bars and coins are stamped with the original stamps. This means they are legal tender.
But if you buy gold directly from the US Mint, you won't have to pay taxes.
Which precious metal would you prefer to invest in?
Are precious-metal IRAs a good option?
The answer depends on how much you are willing to risk an IRA account losing value. They make sense if you have $10,000 in cash as long as you don't expect them to grow very quickly. These are not the best investments if there is a long-term plan for saving money (like gold) or if you want to invest more in assets that will rise in value over time. These investments can also be subject to fees that could reduce any gains.
Can you keep precious metals inside an IRA
The answer depends on whether or not the IRA owner is looking to diversify his holdings in gold and silver, or to keep them for safekeeping.
He can choose to diversify if he so desires. He could purchase physical bars of gold or silver from a dealer and then sell these items to him at the end. But, what if he doesn't want to sell his precious metal investments? In this case, he should hold onto the investments as they are perfect for storing inside an IRA account.
Statistics
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
External Links
regalassets.com
takemetothesite.com
wsj.com
kitco.com
How To
How to get started buying silver with an IRA
How to purchase silver with your IRA – The best way of investing in silver and gold is to directly own physical bullion. Bars and silver coins are the most common form of investment. They offer liquidity, diversification, and convenience.
If you want to buy precious metals like gold and silver, several options are available. You can buy them directly from their producers such as refiners and mining companies. You can also buy bullion products from dealers, but this will not save you the trouble of dealing with producers directly.
This article will show you how to get started investing in silver using your IRA.
- Investing Directly in Gold & Silver – This is the first way to get precious metals directly from their source. This means that you can get the bullion straight from the source, and it will be delivered directly to your front door. While some investors choose to keep their bullion in their homes, others opt to store it at a storage facility where it's insured and protected. Make sure you properly store your precious metal when you keep it. Many storage facilities provide insurance coverage against fire, theft, and damage. You could lose your investments due either to natural disasters, human error, or even insurance. This is why it is a good idea for precious metals to be stored in a safe deposit container at a bank/credit union.
- Buying Precious Metals Online – If you'd rather avoid carrying around heavy boxes of precious metal, then one alternative is to buy bullion online. Bullion dealers sell bullion online in many forms, including coins or bars. There are many options for coins, including different shapes and sizes. Coins are usually easier to carry than bars, and they tend to be less expensive. Bars come with a range of weights and sizes. Bars come in a variety of sizes and weights. Some bars weigh hundreds while others weigh just a few pounds. You should consider the purpose of the bar before you decide on which one to get. It might be a good idea to choose something smaller if it is intended to be given as a gift. If you are looking to add it as a gift, or to proudly display it, you may want to spend a bit more and buy something larger.
- Buy Precious Metals from Dealers – Another option is to purchase bullion directly from a dealer. Most dealers only specialize in one type of market, either silver or gold. Some dealers specialize in particular types of bullion like rounds or minted currency. Some specialize in particular regions. Others specialize in bulk buying. You'll find them all to be competitive in price and offer convenient payment methods.
- Buy Precious Metallics from Retirement Accounts. While technically not an “investment”, it's possible to invest in retirement accounts to gain exposure. For Section 219 to receive tax benefits, you must have a qualified retirement fund that invests in precious metallics. These include IRAs, 401(k)s, and 403(b) plans. These accounts can offer better returns than other investment options because they are specifically designed to help you save money for retirement. These accounts also allow you to diversify across multiple metals. The problem? There are limitations to retirement account investments. These accounts can only, however, be accessed by those who work for an employer that sponsors them.
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