When Binance announced its exit from Nigeria, shockwaves reverberated through the crypto community. The move raised questions about the challenges faced by entrepreneurs in the Global South amid a currency war that is reshaping the financial landscape. As the CEO of NoOnes, a peer-to-peer Bitcoin trading platform that operates in the Global South, I anticipated these issues years ago.
Anticipating the Shift
Three years ago, while heading a Bitcoin company in the United States, I witnessed firsthand the financial barriers and regulatory hurdles that hindered services to Africans. The bias of American regulators towards Western interests made it clear that a shift was necessary. Thus, NoOnes was born out of the need to create a platform that caters to the unique challenges faced by entrepreneurs in the Global South.
Forging a New Path
Amidst the escalating challenges, blaming governments alone is not the solution. Understanding the pressures on leaders is crucial to fostering collaboration and charting a new course forward. Instead of divisive rhetoric, we need constructive dialogue to navigate the complexities of the financial system and empower entrepreneurs.
Empowering Entrepreneurs
Entrepreneurs in the Global South are hindered by market restrictions that limit cross-border transactions and expansion opportunities. To unleash their full potential, we must advocate for free trade and a fluid monetary system. This requires bold decisions, like relocating operations and starting anew in the Global South, as I did with NoOnes.
Boots on the Ground
Running a crypto business serving Africa from another continent is impractical. To address local challenges and provide tailored solutions, a physical presence in the Global South is essential. NoOnes' commitment to on-the-ground operations ensures a deeper understanding of the market and enables us to better serve our users.
Partnership and Empowerment
At NoOnes, we view Africans as partners, not targets for exploitation. By involving local talent in our operations and profit-sharing initiatives, we prioritize community empowerment and mutual growth. Our goal is to create a level playing field where entrepreneurs can thrive and contribute to their local economies.
Seizing Opportunities
Despite the challenges posed by Binance's exit, opportunities abound for forward-thinking entrepreneurs in Nigeria and beyond. NoOnes stands ready to support dynamic individuals who recognize the potential of Bitcoin and seek to participate in the economic transformation of the Global South. The journey may be arduous, but the rewards of engaging with the fastest-growing continent are immeasurable.
Ray Youssef's insights shed light on the transformative power of Bitcoin and the role of platforms like NoOnes in empowering entrepreneurs in the Global South. As we navigate the evolving financial landscape, collaboration and innovation will pave the way for a more inclusive and prosperous future.
Frequently Asked Questions
Are precious metal IRAs a smart investment?
It all depends on your willingness to take the risk of an IRA account losing its value. If you have $10,000 cash, they make sense as long as you don’t expect your IRA account to grow rapidly. 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. They can also come with fees that could cut into any gains.
How to Open a Precious Metal IRA
A self-directed Roth Individual Retirement Account is the best way to open a IRA for precious metals.
This account is more advantageous than other types of IRAs, because you don’t have to pay taxes on any interest earned from your investments until they are withdrawn.
It is attractive for people who want to save money, but need a tax break.
There are many other options than investing in gold and silver. You can invest in anything you want if it fits the IRS guidelines.
While most people associate precious metals with silver and gold, there are many types of precious metals.
Some examples include palladium, platinum, rhodium, osmium, iridium, and ruthenium.
You have many options to invest in precious metals. These include purchasing bullion coins and bars, as well as shares in mining companies.
Bullion Coins and Bars
The easiest way to invest in precious materials is to buy bullion coins or bars. Bullion is a generic term that refers only to physical ounces in gold or silver.
When you buy bullion coins and bars, you receive actual pieces of the metal itself.
You might not notice any changes in your pocket when you buy bullion coins or bars from a store but you will see some benefits over the long-term.
You'll be able to see a piece tangible of history. Each coin and each bar have a story.
When you look at face value of the coin, you'll often find that it's worth far less than its nominal value. When it was first introduced in 1986, the American Eagle Silver Coin cost only $1.00 per troy ounce. However, today, an American Eagle Silver Coin is more than $40.00 per Ounce.
Bullion has seen a dramatic rise in value since its introduction. Many investors would rather buy bullion coins or bullion bars than futures contracts.
Mining Companies
For those who want to purchase precious metals, another option is investing in shares of mining companies. When you invest in mining businesses, you are investing in their ability to produce silver and gold.
You will then receive dividends, which are calculated based upon the company's profit. These dividends can then be used to pay out shareholders.
Additionally, you will be able to take advantage of the company's potential growth. As demand for the product increases, so should the share prices of your company.
You should diversify because these stocks have a tendency to fluctuate in their prices. This means spreading your risk across multiple companies.
It's important to remember, however, that mining companies can still be subject to financial losses, just as any other stock market investment.
If gold prices drop dramatically, your ownership share could be worthless.
The Bottom Line
Precious metals like gold and silver can provide safety during economic uncertainty.
Silver and gold, however, can experience wild swings in their prices. You might be interested in long-term investments in precious metals. Consider opening a precious metals IRA with a reputable company.
By doing this, you can reap the tax benefits and still have physical assets.
How do you withdraw from an IRA that holds precious metals?
If you have a precious metal IRA account such as Goldco International Inc., it may be worth considering withdrawing your funds. If you decide to sell your metals this way, they will be much more valuable than if they were inside the account.
This article will help you understand how to withdraw funds from an IRA that holds precious metals.
First, find out whether your precious metal IRA provider allows withdrawals. Some companies permit this, while some don't.
Second, find out if you are eligible for tax-deferred gains from selling your metals. This benefit is available from most IRA providers. But, not all IRA providers offer this benefit.
Third, verify with your precious Metal IRA provider if you are charged any fees for taking these steps. The withdrawal may cost extra.
Fourth, make sure you keep track for at least three consecutive years of the precious metal IRA investments after you have sold them. You should therefore wait until January each year to calculate capital losses on your investment portfolio. You will then need to file Form 8949 which contains instructions on how to calculate the amount of gain that you have realized.
In addition to filing Form 8949, you must also report the sale of your precious metals to the IRS. This ensures you pay tax on any profits from your sales.
A trusted attorney or accountant should be consulted before you sell your precious metals. They will ensure you are following all the procedures and avoid making costly mistakes.
Statistics
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.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)
- Silver must be 99.9% pure • (forbes.com)
External Links
investopedia.com
wsj.com
kitco.com
forbes.com
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
How to start buying silver with your IRA
How to start buying Silver with Your IRA – The best method to invest directly in silver or gold is through the direct ownership of physical bullion. Bars and silver coins are the most common form of investment. They offer liquidity, diversification, and convenience.
There are several options to purchase precious metals, like gold or silver. You can purchase them directly from their producers, such as mining companies and refiners. You can also buy bullion products from dealers, but this will not save you the trouble of dealing with producers directly.
This article will tell you how to start investing with your IRA in silver.
- 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 prefer to keep their bullion inside their homes, others choose to store it in a storage facility that is insured and protected. Protect your precious metal by storing it correctly. Many storage facilities offer insurance against fire, theft and damage. But even with insurance, you risk losing your investments due to natural disasters or human error. It is always a good idea to store precious metals in safe deposit boxes at banks or credit unions.
- Online Precious Metals Buying – If you prefer not to transport heavy boxes of precious metal around, then buying bullion online is an option. Bullion dealers sell bullion online in many forms, including coins or bars. You can find coins in many sizes, shapes, or designs. Coins are generally more convenient to carry than bars. Bars come in a variety of sizes and weights. Some bars are heavy and weigh hundreds of pounds while others only weigh a few grams. The best rule of thumb for choosing the right type of bar is to consider your intended use. If you plan to use it as a gift, you might want to consider something smaller. It might not be the best choice if you're looking to add it in your collection or display it proudly.
- Precious Metals From Dealers – A third option to buying bullion is from a dealer. Dealers usually specialize in one market area, such as silver or gold. Some dealers specialize only in bullion of certain types, such as rounds or minted coin. Others may specialize in specific areas. Some specialize in bulk purchasing. No matter what dealer you choose you will find that they offer great prices and flexible 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. Since these accounts are set up specifically to help you save for retirement, they often offer higher returns than many other investment vehicles. Many of these accounts let you diversify your holdings across multiple types of metals. The problem? You can't invest in retirement accounts. Only people who work for employers that sponsor them can invest in these accounts.
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