Theya, a multisig bitcoin vault maker, made an announcement yesterday regarding the launch of a new feature that allows US users to purchase bitcoin directly through their app and have it sent straight to self-custody via hardware wallets such as Ledger, Trezor, Foundation, and ColdCard, or through its multisig vaults.
Instant Funding and Low Fees
This unique feature not only offers instant funding and low fees but also eliminates the hassle of transferring bitcoin from an exchange to self-custody.
Key Benefits of the New Feature
Sriram Bhargav Karnati, co-founder of Theya, expressed excitement about the new feature in a press release shared with Bitcoin Magazine. He mentioned that direct bitcoin purchases into self-custodial storage remove the complexity of transfers from exchanges, providing users with unparalleled flexibility in acquiring and storing their Bitcoin.
One of the key benefits of this feature is the quick identity verification process, ensuring fast and secure bitcoin purchases. Additionally, it eliminates the need for address whitelisting, which involves obtaining permission from an exchange to send bitcoin to a specific address.
Payment Options and Partnerships
The new feature currently utilizes the ACH payment system for bitcoin purchases. Theya also plans to introduce a wire transfer option for larger purchases. To enable ACH transfers, Theya has partnered with Cybrid, a regulated payment platform registered as a Money Service Business (MSB) in the US. Cybrid manages the Know Your Customer (KYC) process, relieving Theya from the need to collect, store, or process customers' personal information.
Empowering Users with Choices
Karnati emphasized that the integration of ACH transfers is a significant step towards making Bitcoin acquisition more accessible and secure. He stated that Theya is committed to empowering users with choices in managing their Bitcoin and developing tools that simplify self-custody, making it powerful and user-friendly.
For more insights on Theya and Sriram Bhargav Karnati, refer to our Founders piece on the company and its co-founder.
Frequently Asked Questions
Can I have gold in my IRA.
Yes, it is possible! It is possible to add gold to your retirement plans. Because it doesn’t lose value over the years, gold makes a good investment. It is also resistant to inflation. It also protects against inflation.
Before you decide to invest in gold, it is important to understand that it isn't like other investments. You cannot buy shares of companies that are gold, like stocks and bonds. These shares can also be not sold.
Instead, convert your precious metals to cash. This means that you must get rid of your gold. You can't just hold onto it.
This makes gold an investment that is different from other investments. Like other investments, you can always dispose of them later. But that's not the case with gold.
Even worse, you can't use the gold as collateral for loans. To cover a mortgage, you may need to give up some gold.
What does this translate to? It's not possible to keep your gold for ever. You'll eventually need to convert it into cash.
You don't need to worry. To open an IRA, all you need is to create one. After that, you can start investing in gold.
Are gold IRAs a good idea?
Purchase shares in mining companies to invest in precious metals like gold. To make money in investing in gold or other precious metals, such as silver, you should purchase shares in these companies.
However, there are two drawbacks to owning shares directly:
If you hold on to your stock for too much time, you risk losing money. Stocks fall faster than their underlying assets (like gold) when they are declining. You could lose your money, rather than make it.
Second, waiting until the market recovers before selling can result in missing potential profits. It is possible to wait until the market recovers before selling your gold.
But if you prefer to keep your investments separate from your finances, you can still benefit from owning physical gold. An IRA with gold can diversify and protect your portfolio against inflation.
Visit our website to find out more about investing in gold.
Are gold- and silver-IRAs a good idea.
This is a great option if you're looking for an easy way of investing in both silver and gold simultaneously. There are also many other options. If you have any questions regarding these types of investments, please feel free to contact us anytime. We're always happy to help!
Statistics
- 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)
- 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)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
External Links
takemetothesite.com
forbes.com
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
kitco.com
wsj.com
How To
How to Open a Precious Metal IRA
Precious metals are one of the most sought-after investment vehicles today. Precious metals are a popular investment option because they provide investors with higher returns than traditional bonds and stocks. It is worth your time to research and plan before you invest in precious metals. Here are the basics to help you open your precious metal IRA account.
There are two main types in precious metal accounts. These are physical precious metals and paper gold or silver certificates (GSCs). Each type has its advantages and disadvantages. GSCs can be traded and access physical precious metals accounts, which offer diversification benefits. To learn more about these options, keep reading below.
Physical precious metals accounts are comprised of bullion and bars as well as coins. This option offers diversification benefits but also has some drawbacks. For instance, the costs associated with buying, storing, and selling precious physical metals are quite expensive. Their large size makes it difficult to transport them between locations.
However, paper silver and gold certificates are relatively cheap. They are also easily available and can be traded online. They're a great choice for people who don’t want precious metals. But, they're not as well-diversified as physical counterparts. Also, since they're backed by government agencies such as the U.S. Mint, the value of these assets could decrease if inflation rates rise.
You should choose the account that best suits your financial needs before you open a precious-metal IRA. Before doing so, consider the following factors:
- Your risk tolerance level
- Your preferred asset allocation strategy
- How much time will you invest?
- Consider whether you will use the funds to trade short-term.
- Which type of tax treatment would you prefer
- Which precious metal(s), you would like to invest in
- How liquid do you need your portfolio to be
- Your retirement date
- Where to store precious metals
- Your income level
- Your current savings rate
- Your future goals
- Your net worth
- Any special circumstances that may affect your decision
- Your overall financial situation
- Your preference between paper and physical assets
- You are willing to take chances
- Your ability and willingness to accept losses
- Your budget constraints
- Financial independence is your goal
- Your investment experience
- Precious metals are familiar to you
- Your knowledge of precious Metals
- Your confidence and faith in the economy
- Your personal preferences
Once you've determined which type of precious metal IRA best suits your needs, you can proceed to open an account with a reputable dealer. These companies can also be found online, through word-of mouth or referrals.
Once you've opened your precious metal IRA, you'll need to determine how much money you want to put into it. Each precious metal IRA account requires a minimum initial deposit. Some accounts will only accept $100, others will allow for you to invest as high as $50,000.
As mentioned above, you can decide how much money you want to invest in your precious metal IRA. You might choose to make a larger initial investment if your goal is to build wealth over the long-term. On the other hand, if you're planning on investing smaller sums of money every month, a lower initial deposit might work better for you.
There are many types of investments that can be purchased, as well as precious metals you can use in your IRA. These are the most popular:
- Bullion bars. Rounds, and gold coins.
- Silver – Rounds and coins
- Platinum – Coins
- Palladium – Bar and round forms
- Mercury – Round and bar forms
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