Wallet of Satoshi Halts U.S. Operations
Wallet of Satoshi (WoS), a provider of Lightning Network payment services, has announced its departure from the U.S. market. The Australian-based company, founded by Daniel Alexiuc in 2018, offers an iOS and Android application for managing bitcoin (BTC) and Lightning Network transactions.
The decision to remove the WoS app from the U.S. Apple and Google app stores and to stop serving U.S. customers was not taken lightly. The company's commitment to providing a secure, user-friendly, and compliant platform globally remains unwavering, with the safety and interests of its customers and the company being the top priority.
While this news may be disappointing to some, the company expresses hope that future developments will allow them to revisit and possibly resume operations in the U.S.
Record-Breaking Month for Wallet of Satoshi
Wallet of Satoshi was on track to process over 1.1 million Lightning payments in November, according to Kevin Rooke. This surge in transactions can be largely attributed to effective Lightning advertising.
Share Your Thoughts
What are your thoughts on Wallet of Satoshi's decision to leave the U.S. market and remove its apps from the Google Play and Apple App Store? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
Which is more powerful: sterling silver or 14k gold?
Although gold and silver can be strong metals, sterling silver is far less expensive as it contains 92% silver instead of 24%.
Sterling silver, also known as fine or sterling silver, is made of a combination of silver and other metals like copper and zinc.
It is generally believed that gold is very strong. It takes a lot of pressure to break it down. If you dropped an object on top to a gold piece, it would shatter into thousands rather than breaking into two halves.
However, silver doesn't have the same strength as gold. If you dropped an object onto a sheet silver, it would bend and fold with no damage.
Silver is usually used in jewelry and coins. Its value fluctuates based on demand and supply.
What is a Precious Metal IRA (IRA)?
Precious and precious metals are excellent investments for retirement accounts. They have held their value since biblical times. You can diversify your portfolio by investing in precious metals, such as gold, platinum, and silver.
Certain countries permit citizens to hold their money in foreign currencies. You can buy Canadian gold bars and keep them at home. Then, when you travel to Canada, you can make the same gold bars and sell them for Canadian Dollars.
This is a great way to invest in precious metals. This is especially helpful if you don't live in North America.
Are silver and gold IRAs a good idea for you?
This could be a great way to simultaneously invest in gold and silver. There are also many other options. We are happy to answer any questions you may have about these types of investments. We're always glad to help!
Is it a good idea to open a Precious Metal IRA
Answers will depend on whether you have an investment goal or how high you are willing and able to tolerate risk.
Open an account today if your retirement plan calls for you to withdraw the funds.
The reason is that precious metals are likely to appreciate over time. They offer diversification advantages.
In addition, gold and silver prices tend to move together. This makes them a better choice when investing in both assets.
Do not invest in precious metals IRAs if your goal is to save money or take on any risk.
What precious metals are allowed in IRA?
The most commonly used precious metal in IRA accounts is, of course, gold. Investments in gold bullion coins or bars can be made as well.
Precious metals can be considered safe investments as they don't lose their value over time. They can also be used to diversify investment portfolios.
Precious metals include palladium and platinum. These metals all share similar properties. Each one has its own uses.
Platinum is used to make jewelry, for example. The catalysts are made from palladium. To produce coins, silver can be used.
Think about how much you can afford to purchase your gold, before you make a decision on the precious metal. A lower-cost ounce of gold might be a better option.
You need to decide if you want your investment to remain private. If you do, you should choose palladium.
Palladium is more expensive than gold. But it's also less common. It's likely that you will have to pay more.
Another important factor when choosing between gold and silver is their storage fees. The weight of gold is what you store. You will pay more if you store larger amounts.
Silver can be stored by volume. So you'll pay less for storing smaller amounts of silver.
Follow all IRS rules regarding silver and gold if you are storing precious metals within an IRA. You must keep track of all transactions and report them to the IRS.
Can I add gold to my IRA?
Yes! You can include gold in your retirement plan. Gold is a great investment as it doesn't lose money over time. It also protects you against inflation. And you don't have to pay taxes on it either.
Before investing in gold, you need to know that it's not like other investments. Unlike stocks or bonds, you can't buy shares of gold companies. You cannot also sell them.
Instead, convert your precious metals to cash. This means that you'll have to get rid of it. You cannot keep it.
This makes gold an investment that is different from other investments. Similar to other investments, gold can be sold at any time. This is not true for gold.
The worst part is that you cannot use your gold to secure loans. For example, if a mortgage is taken out, you may have to sell some of your gold in order for the loan to be paid.
What does this all mean? You can't keep your gold indefinitely. It will eventually have to be converted into cash.
There's no need to be concerned about this right now. You only need to open an IRA account. Then, you are able to invest in gold.
How do you withdraw from an IRA that holds precious metals?
If you have a precious IRA company such Goldco International Inc. account, you may be tempted to withdraw your funds. This way, when you decide to sell your metals, they will still be worth much more than if you had left them inside the account.
Here's how to withdraw your precious metal IRA money.
First, you need to find out if the provider of your precious metal IRA 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. Most IRA providers offer this benefit. Some IRA providers offer this benefit, but others don't.
Third, check with your precious metal IRA provider to see if any fees are associated with taking these steps. It is possible that the withdrawal will be more expensive.
Fourth, keep track of your precious metal IRA investments for at least three years after you sell them. To put it another way, you should wait until January 1st every year to calculate capital gains from your investment portfolio. Follow the instructions on Form 8949 to calculate the gain.
You must file Form 8949 and also report any sale of precious metals to IRS. This will ensure that you pay taxes on any profit earned from your sale.
A trusted attorney or accountant should be consulted before you sell your precious metals. These professionals can ensure that you adhere to all procedures and avoid costly errors.
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)
- 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)
- 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)
External Links
kitco.com
investopedia.com
en.wikipedia.org
takemetothesite.com
How To
Precious metals approved by the IRA
IRA-approved valuable metals can be great investments. You have many options to diversify your portfolio, protect yourself against inflation, and from silver coins to gold bars, there are many.
There are two types of precious metal investment products. Physical assets such as coins and bars are called physical bullion because they can be physically accessed. Exchange-traded funds (ETFs), on the other side, are financial instruments which track the price movements for an underlying asset like gold. ETFs can be purchased directly from the company issuing them, and trade in the same way as stocks on stock exchanges.
There are various types of precious metals available for purchase. While gold and silver are used in jewelry making and decoration, platinum and palladium are most commonly associated with luxury products. Palladium is more stable than platinum and therefore better suited for industrial purposes. While silver can be used for industrial purposes, it is more commonly preferred for decorative purposes.
Physical bullion products tend to be more expensive due to the cost of mining and refining raw materials. These products are generally safer and more secure than paper currencies. One example is that consumers could lose trust in the currency, and may look for other currencies if the U.S. Dollar loses its purchasing power. In contrast, physical bullion products do not rely on trust between countries or companies. They are instead backed by central banks and governments, which gives customers security.
According to supply and demand, gold prices can fluctuate. If demand rises, the price will increase. Conversely, if supply exceeds demands, the price will drop. Investors have the opportunity to profit by fluctuations in gold's price. Because they are able to receive higher returns on their investments, physical bullion product owners benefit from fluctuations in the price of gold.
Contrary to traditional investments, precious metals can not be affected by economic recessions and interest rate changes. The price of gold is likely to continue rising as long the demand for it remains strong. Precious metals, which are safe havens for times of uncertainty, are therefore considered to be safe havens.
The most widely used precious metals include:
- Gold – This is the oldest kind of precious metal. It is often called “yellow gold”. Gold is a common name, but it's a rare element that can be found underground. Most of the world's gold reserves are in South Africa, Australia, Peru, Canada, Russia, and China.
- Silver – After gold, silver ranks second in precious metals. Silver can be mined from naturally occurring deposits, much like gold. Unlike gold, however, silver is typically extracted from ore rather than from rock formations. Silver is widely used in industry and commerce because of its durability, conductivity, malleability, and resistance to tarnishing. The United States produces over 98% of all global silver production.
- Platinum – Platinum ranks third in the most valuable precious metals. It is used in many industries, such as fuel cells, catalytic converters and high-end medical equipment. You can also use platinum in dentistry to make dental crowns and bridges.
- Palladium – Palladium is the fourth most valuable precious metal. Because of its strength, stability and popularity, Palladium is rapidly gaining in value among manufacturers. Palladium is also used in electronics, automobiles, aerospace, and military technology.
- Rhodium- Rhodium, the fifth most precious precious metal, is also known as Rhodium. Rhodium is an extremely rare metal. However, its use for automotive catalysts makes it highly desirable.
- Ruthenium: Ruthenium is sixth most valuable precious metallic. Although palladium is scarce and platinum is rare, there are plenty of ruthenium. It is used in steelmaking, chemical manufacturing, and engine design.
- Iridium: Iridium (the seventh most valuable precious metallic) is the seventh. Iridium is an essential component of satellite technology. It is used in the construction of orbiting satellites that transmit TV signals and telephone calls.
- Osmium: Osmium is eighth most valuable precious metallic. Osmium has a high resistance to extreme temperatures, which is why it is used frequently in nuclear reactors. It is also used in cutting tools, jewelry, and medicine.
- Rhenium: Rhenium ranks as the ninth-most valuable precious metal. Rhenium is used for refining oil, gas, semiconductors, rocketry, and other purposes.
- Iodine – Iodine is the tenth most valuable precious metal. Iodine is used for photography, radiography and pharmaceuticals.
—————————————————————————————————————————————————————————————-
Based on [POSTTITLE]
by [POSTAUTHOR]
