Empowering Gamers Beyond the Screen
The GameSwift team is proud to introduce GS Pay, a revolutionary payment system and bank card that seamlessly converts in-game treasures into real money, unlocking a world where gaming fuels real-life purchases. As the gaming sector continues its exponential growth, the lines between reality and virtual worlds are becoming increasingly blurred. Gaming is transcending mere entertainment, and GameSwift is at the forefront of this evolution.
With GS Pay, the aim is to bridge the gap between the gaming universe and the physical world, empowering gamers to utilize their hard-earned digital items as currency for everyday expenses such as shopping, food, and bills. GS Pay, coupled with the virtual currency ‘G-BUCKS’, is designed for seamless integration within games, applications, and online stores. This unified system, powered by G-BUCKS, facilitates a transformative experience for Web3 gamers.
Unveiling The Technology Behind GS Pay
At the core of GS Pay lies the exclusive technology that enables gamers to monetize and cash out their in-game assets seamlessly. The intuitive dashboard showcases in-game digital assets, complete with information about each item's value. In the Mainnet stage, with just a single click, gamers can also convert their assets into actual money on their GS Pay bank card.
The GS Pay system comprises two key components, namely the GameSwift Wallet and the GameSwift Card. Furthermore, GameSwift’s technology covers all technical aspects, including handling gas fees and bridging assets to exchanges or marketplaces for conversion. The off-ramping process also employs zero-knowledge proof technology, ensuring the privacy and security of converting crypto assets to fiat.
A Comprehensive Payment System
GS Pay, integrated into the GameSwift Platform, streamlines fund placement and withdrawal for users. This versatile system supports various services, including ordering a payment card, making in-game purchases, and utilizing both off-ramp and on-ramp gateways. Users can conveniently place funds on their accounts using traditional methods or blockchain technology through crypto wallets.
There are some important dates to note, as December 20th is when access for whitelisted users will be given, December 21st is the Open Phase, December 22nd is the return to 7 days of unbounding, and December 23rd will mark the end of the first phase. The number of places available in Phase 1 are 888, and the lock conditions are 3 months plus 7 days unbounding.
GameSwift is a leading innovator in the gaming industry, dedicated to providing high-quality solutions that redefine the gaming experience. The platform was founded on the convergence of blockchain innovation, a passion for gaming, a strong technological foundation, and decentralized financial technologies. By seamlessly integrating these enabling technologies, the team presents the future of Web3 gaming.
GS Pay has the potential to revolutionize how gamers engage with and monetize their hobby. GameSwift is excited to introduce this innovative product to the market, simplifying the monetization of in-game assets in the real world without requiring blockchain expertise. The team firmly believes in empowering users, and GS Pay is a testament to that commitment.
For more information, visit GameSwift’s official website as well as the X, Discord, YouTube, LinkedIn, Medium, and Telegram channels for regular updates.
Frequently Asked Questions
What kind of IRA can you use to hold precious metals in?
An Individual Retirement Account (IRA) is an investment vehicle most employers and financial institutions offer. Through an IRA, you may contribute money to an account that grows tax-deferred until withdrawn.
An IRA allows you to save taxes and pay them later when you retire. This allows you to save more money today and pay less taxes tomorrow.
An IRA has the advantage of allowing contributions and earnings to grow tax-free until you withdraw your funds. There are penalties for early withdrawal if you do.
You can also contribute to your IRA beyond age 50 without penalty. You'll owe income tax and a 10% federal penalty if you withdraw from your IRA in retirement.
Withdrawals made before age 59 1/2 are subject to a 5% IRS penalty. Withdrawals between ages 59 1/2 and 70 1/2 are subject to a 3.4% IRS penalty.
There is a 6.2% penalty for withdrawals over $10,000 per calendar year.
What are the three types?
There are three main types of IRAs. Each type of IRA has its pros and cons. Each one will be discussed below.
Traditional Individual Retirement Account (IRA)
A traditional IRA allows pre-tax money to be contributed to an account. This allows you to earn interest and defer taxes. When you retire, your withdrawals are not subject to tax.
Roth IRAs allow for you to make after-tax deposits into an account. The earnings are tax-free. When you withdraw funds from the account for retirement purposes, withdrawals are also exempted from tax.
Similar to a Roth IRA except that employees must make additional contributions. These additional contributions can be taxed. However, any earnings are now tax-deferred. If you leave the company, you can convert the entire amount to a Roth IRA.
What precious metals are permitted in an IRA
Gold is the most widely used precious metal for IRA account accounts. Gold bullion coins and bars are also available as investments.
Precious Metals are safe investments since they don’t lose value over the long-term. They can also be used to diversify investment portfolios.
Precious metals are silver, palladium, and platinum. These three metals all have similar properties. Each has its own purpose.
For example, platinum is used in making jewelry. To create catalysts, palladium is used. It is used for producing coins.
You should consider the amount you will spend on your gold before you decide which precious metal. It might be cheaper to buy gold at a lower price per ounce.
It is also important to consider whether you would like to keep your investment confidential. Palladium is the best option if you want to keep your investment private.
Palladium can be more valuable than gold. It's also more rare than gold. This means you might have to spend more.
When choosing between gold or silver, another important aspect is the storage fees. The weight of gold is what you store. For larger quantities of gold, you will be charged a higher storage fee.
Silver is best stored in volumes. You'll pay less if you store smaller quantities of silver.
Follow all IRS rules regarding silver and gold if you are storing precious metals within an IRA. This includes keeping track and reporting transactions to the IRS.
How much should your IRA include precious metals
Protect yourself from inflation by investing in precious metallics like silver and gold. It's not just for retirement. It can also be used to prepare for economic downturns.
While silver and gold have seen significant increases in the last few years, they are still safe investments since they don’t fluctuate as often as stocks. Plus, there's always a demand for these materials.
The prices of gold and silver are generally predictable and stable. They tend to rise during economic growth and drop during recessions. This makes them great money-savers and long-term investments.
Your total portfolio should be 10 percent in precious metals. If you want to diversify even further your portfolio, that percentage could rise.
How does an IRA for gold and/or silver work?
You can invest in precious metals like gold and silver without having to pay taxes. This makes them an attractive investment for people who want to diversify their portfolios.
If you're over 59 1/2, you don't have to pay income taxes on interest earned through these accounts. The appreciation of the account's value does not trigger capital gains tax. The maximum amount that you can invest in this type of account is $10,000. The minimum amount permitted is $10,000 If you are less than 59 1/2, you cannot invest. The maximum annual contribution is $5,500.
If you die prior to retirement, your beneficiaries may not receive the full amount. Your estate should contain sufficient assets to cover your account's remaining balance after paying any other expenses.
While some banks offer gold and/or silver IRA options to their customers, others require them to open a regular brokerage bank account that allows you to purchase certificates or shares.
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- 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)
- Silver must be 99.9% pure • (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)
How to start buying silver with your IRA
How to start buying silver with your IRA – The best way to invest in gold and silver is through direct ownership of physical bullion. Silver coins and bars are the most popular form of investment because they offer diversification, liquidity, and convenience.However, many prefer owning physical bullion over paper certificates or electronic currency.
There are many options available if you wish to purchase precious metals such as gold and silver. You can purchase them directly through their producers, which include mining companies or refiners. You can buy them directly from the producer or a dealer who purchases and sells bullion.
This article will discuss how to start investing in silver with your IRA.
- Investing In Gold & Silver Directly – This is the best option to buy precious metals. This involves getting the bullion and having it delivered to your doorstep. While some investors prefer to keep their bullion inside their homes, others choose to store it in a storage facility that is insured and protected. When you hold onto your precious metal, ensure you're storing it properly. Many storage facilities provide insurance coverage against fire, theft, and damage. But even with insurance, you risk losing your investments due to natural disasters or human error. You should always store your precious metals safely in a bank safe deposit box or 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 can sell bullion in various forms, including bars or coins. You can find coins in many sizes, shapes, or designs. Coins are usually easier to carry than bars, and they tend to be less expensive. Bars come in different weights and sizes. Some bars weigh hundreds of pounds, while others only weigh a few ounces. The best rule of thumb for choosing the right type of bar is to consider your intended use. A smaller size bar might work well if you are giving it away as a present. However, if it's something you intend to use as a gift, it might be a smaller model. If you wish to add it to a collection and proudly display it, it may be worth spending fewer dollars.
- Buying Precious Metal From Dealers – A third option is to buy bullion from a dealer. Most dealers specialize in one area of the market, whether gold or silver. Some dealers specialize only in bullion of certain types, such as rounds or minted coin. Others may specialize in specific areas. Others specialize in bulk sales. No matter which dealer you choose to work with, you will likely find they offer affordable prices and easy payment options.
- Buy Precious Metals Through Retirement Accounts. Although it is not considered an “investment”, investing in retirement accounts can provide exposure to precious metals. Investments in precious metals must be made through a qualified retirement plan to receive tax benefits as per Section 219 of IRS Code. These accounts include IRAs. These accounts are designed to help you save for retirement and often provide higher returns than other investment vehicles. Most accounts allow you the ability to diversify between different metals. The problem? Investments in retirement accounts aren't available to everyone. Only employees who have been sponsored by an employer can invest in retirement accounts.
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