Discover how Vik Sharma, the CEO of Liberty Steel, is revolutionizing the use of Bitcoin and other cryptocurrencies through Cake Wallet, focusing on user-friendliness and transactional privacy.
Usability at the Core of Cake Wallet's Mission
Sharma believes that for a product to gain widespread adoption, it must be user-friendly. Cake Wallet's mission revolves around enabling easy and seamless cryptocurrency transactions, akin to popular payment platforms like Venmo or PayPal.
Prioritizing Privacy in Cryptocurrency Transactions
Sharma's journey into the world of Bitcoin began in 2013, leading him to realize the transparency of Bitcoin transactions. This prompted him to emphasize transactional privacy, eventually leading to the creation of Cake Wallet.
From Bitcoin to Monero: A Shift Towards Privacy
Sharma's experience with Bitcoin's transparent ledger led him to explore Monero, a privacy-focused cryptocurrency. This exploration culminated in the launch of Cake Wallet initially dedicated to Monero transactions.
Introducing Silent Payments for Bitcoin Privacy
In September 2024, Cake Wallet became the first Bitcoin wallet to implement Silent Payments, allowing users to receive Bitcoin payments without revealing their public address. This feature enhances privacy, particularly beneficial for public fundraising or payments.
Bird Pay: Simplifying Bitcoin Transactions
Cake Wallet introduced Bird Pay, enabling users to send Bitcoin to contacts using an X handle. By leveraging Silent Payments addresses, users can securely receive Bitcoin without compromising their privacy.
Legal Concerns and Moving Forward
Despite concerns about potential legal implications, Sharma remains committed to Cake Wallet's mission of ensuring easy and private Bitcoin transactions. The team prioritizes user privacy and navigates legal complexities to stay aligned with regulatory requirements.
By maintaining independence from external investors, Cake Wallet can focus on user needs and community feedback, driving innovation in the cryptocurrency space.
Frequently Asked Questions
How much are gold IRA fees?
A monthly fee of $6 for an Individual Retirement Account is charged. This includes account maintenance and any investment costs.
If you want to diversify, you may be required to pay extra fees. These fees vary depending on what type of IRA you choose. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
In addition, most providers charge annual management fees. These fees are usually between 0% and 1%. The average rate for a year is.25%. However, these rates are typically waived if you use a broker like TD Ameritrade.
How is gold taxed by Roth IRA?
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
You don't pay tax if you have the money in a traditional IRA/401k. Taxes are only charged on capital gains or dividends earned, which only apply to investments longer than one calendar year.
These accounts are subject to different rules depending on where you live. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. Massachusetts allows you to wait until April 1. New York allows you to wait until age 70 1/2. To avoid penalties, plan ahead so you can take distributions at the right time.
How does a gold IRA work?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
Physical gold bullion coin can be purchased at any time. You don't have a retirement date to invest in gold.
An IRA allows you to keep your gold forever. When you die, your gold assets won't be subjected to taxes.
Your heirs will inherit your gold, and not pay capital gains taxes. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.
First, an individual retirement account will be set up to allow you to open a golden IRA. Once you've done so, you'll be given an IRA custodian. This company acts as an intermediary between you and IRS.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual returns.
Once you've established your gold IRA, you'll be able to purchase gold bullion coins. The minimum deposit is $1,000. You'll get a higher rate of interest if you deposit more.
Taxes will apply to gold that you take out of an IRA. If you're withdrawing the entire balance, you'll owe income taxes plus a 10 percent penalty.
A small percentage may mean that you don't have to pay taxes. There are exceptions. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
You shouldn't take out more then 50% of your total IRA assets annually. You'll be facing severe financial consequences if you do.
Should You Invest in Gold for Retirement?
How much money you have saved, and whether or not gold was an option when you first started saving will determine the answer. If you are unsure of which option to invest in, consider both.
Gold is a safe investment and can also offer potential returns. Retirees will find it an attractive investment.
Gold is more volatile than most other investments. As a result, its value changes over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit to gold? It's a tangible asset. Gold can be stored more easily than stocks and bonds. It's also portable.
Your gold will always be accessible as long you keep it in a safe place. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. It's a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold rises in the face of a falling stock market.
Another advantage to investing in gold is the ability to sell it whenever you wish. You can easily liquidate your investment, just as with stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Don't place all your eggs in the same basket.
Don't purchase too much at once. Start by purchasing a few ounces. You can add more as you need.
The goal is not to become rich quick. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Statistics
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
irs.gov
finance.yahoo.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not legal – WSJ
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Online buying gold and silver is the best way to purchase it.
You must first understand the workings of gold before you can purchase it. Gold is a precious metallic similar to Platinum. It's rare and often used to make money due its resistance and durability to corrosion. It's hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.
Today, there are two types available in gold coins: one is legal tender and the other is bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins are only minted to be used for investment purposes. Their value increases over time because of inflation.
They aren't circulated in any currency exchange systems. One example is that if someone buys $100 worth gold, they get 100 grams with a $100 value. Every dollar spent on gold purchases, the buyer receives one gram of gold.
The next thing you should know when looking to buy gold is where to do it from. There are many options for buying gold directly from dealers. First, you can visit your local coin store. You might also consider going through a reputable online seller like eBay. You might also consider buying gold from an online private seller.
Individuals who sell gold at wholesale and retail prices are called private sellers. When selling gold through private sellers, you pay a commission fee of 10% to 15% per transaction. That means you would get back less money from a private seller than from a coin shop or eBay. This is a great option for gold investing because you have more control over the item’s price.
An alternative option to buying gold is to buy physical gold. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
A bank or pawnshop can help you buy gold. A bank can provide you with a loan to cover the amount you wish to invest in gold. These are small businesses that let customers borrow money against the items they bring to them. Banks tend to charge higher interest rates, while pawnshops are typically lower.
Another way to purchase gold is to ask another person to do it. Selling gold is simple too. You can contact a company like GoldMoney.com to set up an account and receive payments right away.
—————————————————————————————————————————————————————————————-
By: Frank Corva
Title: Enhancing Bitcoin Usability and Privacy with Cake Wallet
Sourced From: bitcoinmagazine.com/business/use-bitcoin-easily-and-privately-with-cake-wallet
Published Date: Tue, 26 Nov 2024 17:03:29 GMT
