Established in 1930, Tooting Market in South London stands as an iconic indoor market and holds the distinction of being the UK's first food market.
Recognition and Acclaim
Tooting Market has received prestigious accolades, including being named the Best Small Indoor Market at the 2017 Great British Market Awards. Additionally, Tooting has been featured in Lonely Planet's list of 'Favorite Lesser-Known Neighborhoods In The World's Greatest Cities.'
Bitcoin Integration at Tooting Market
Recently, a group of local Bitcoin enthusiasts, spearheaded by a figure known as Hashley Giles, successfully introduced bitcoin payments at Tooting Market. This initiative was made possible with the support of Bridge 2 Bitcoin, a UK-based Bitcoin circular economy builder. As of June 18, 2024, eight merchants at the market, comprising restaurants, bars, and a vinyl record store, have started accepting Bitcoin as a form of payment.
Community Support and Collaboration
The integration of Bitcoin at Tooting Market garnered significant support from various sectors of the Bitcoin community. Notable members and organizations such as CommerceBlock, Mercury Layer, CoinShares, Civkit, Bitcoin Core developers, Pleb Underground, and Lightning Network developers actively participated in this milestone event.
Impact and Future Implications
The introduction of Bitcoin payments at Tooting Market is seen as a crucial step towards wider Bitcoin adoption in the UK. Local traders appreciate the ease and decentralized nature of Lightning payments, offering a viable solution to banking obstacles encountered by cash-based businesses. Nicholas Gregory, a key figure at Mercury Layer & Civkit, emphasized the potential implications of this development in advancing Bitcoin acceptance and recognition in the UK.
UK's Potential 'Bitcoin Beach' Moment
This transformative shift could potentially mark the UK's own 'Bitcoin Beach' moment, reminiscent of the success witnessed in El Zonte, El Salvador. The evolution of Bitcoin Beach in El Zonte led to Bitcoin being acknowledged as legal tender in El Salvador. Tooting Market has the potential to emerge as a focal point for Bitcoin adoption in the UK, fostering widespread acceptance and utilization of Bitcoin throughout the country.
Tradition Meets Innovation
Tooting Market symbolizes the convergence of historical heritage and modern financial innovation, showcasing how local communities can drive the adoption of groundbreaking technologies like Bitcoin. This unique blend of traditional charm and cutting-edge finance at Tooting Market could pave the way for similar transformations in markets across different regions.
Frequently Asked Questions
How much money can a gold IRA earn?
The answer is yes, but not as much as you think. It all depends on how risky you are willing to take. It’s possible to retire with $1 million if your retirement age is reached if you are able to put aside $10,000 per year for 20 consecutive years. You’ll end up losing everything if you place all your eggs in the same basket.
Diversifying your investments is essential. Inflation can make gold perform well. You want to invest in an asset class that rises along with inflation. Stocks do this well because they rise when companies increase profits. Bonds are also able to do this. They pay interest each and every year. So they’re great during times of economic growth.
But what happens if inflation is not present? When there is no inflation, stocks and bonds will lose even more value. This is why investors should not invest all of their savings in one investment, such a bond mutual fund or stock mutual fund.
Instead, they should invest in a mix of different funds. For example, they could invest in both stocks and bonds. They could also invest both in bonds and cash.
This way, they have exposure to both sides of the coin. They can see both the inflation and the deflation sides of the coin. They will see a return over time.
Can I get physical ownership of gold in my IRA
Many people want to know if gold can be physically owned in an IRA. This is a valid question as there is no legal route to it.
But if you carefully examine the law, there’s nothing stopping you from owning gold in your IRA.
Most people don’t realize just how much they could save by putting your gold in an IRA, rather than keeping it at home.
It’s very easy to dispose of gold coins, but much harder to make an IRA. You’ll have to pay twice taxes if you keep your gold in your home. One for the IRS, and one for your state.
You can also lose your gold and have to pay twice the taxes. Why would you want it to stay in your home?
You might argue that you need the security of knowing that your gold is safe in your home. You can protect your gold from theft by storing it somewhere more secure.
You shouldn’t even leave your gold in your home unless you plan to visit often. If you leave your precious gold unattended thieves will easily steal it.
A better option is to store your gold in an insured vault. This will ensure that your gold is protected against fire, flood, earthquake and robbery.
Another benefit to keeping your gold in vaults is that you won’t have to pay any property taxes. You will have to pay income taxes on any gains from the sale of your gold.
An IRA is a way to avoid paying taxes on gold. An IRA will allow you to avoid income tax while earning interest on your gold.
Capital gains tax is not required on gold. If you decide to cash it out, you will have full access to its value.
Because IRAs have federal regulation, it won’t be difficult to transfer your gold to another bank if there is a move.
Bottom line: An IRA can allow you to own gold. Only thing stopping you from owning gold in an IRA is your fear of getting it stolen.
How does an IRA for gold and/or silver work?
You can make investments in precious metals (such as gold or silver) without having to pay tax. People who want to diversify portfolios will find them attractive investments.
If you’re over 59 1/2, you don’t have to pay income taxes on interest earned through these accounts. Capital gains tax is not required for any appreciation in account value. The maximum amount that you can invest in this type of account is $10,000. The minimum amount permitted is $10,000 Under 59 1/2 years old, you can’t make any investments. Maximum annual contribution is $5,000.
If you die prior to retirement, your beneficiaries may not receive the full amount. After paying all expenses, your assets must be sufficient to cover the remaining balance in your account.
Some banks offer gold and silver IRA options, while others require you to open a regular brokerage account through which you buy shares or certificates.
Are gold IRAs a good option for investment?
You should buy shares in companies that produce gold. These companies can make you money by investing in precious metals and gold.
Two drawbacks exist when you own shares directly.
You can lose money if you hold onto your stock too long. Stocks can fall more than their underlying asset (like, gold) when they decline. It could lead to you losing your money, instead of making 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.
You can still enjoy the benefits of physical gold if your investments are separate from your finances. An IRA in gold can diversify your portfolio and protect you against inflation.
Visit our website for more information on gold investing.
Which type or type of IRA would be best?
It is essential to find an IRA that matches your needs and lifestyle when you are choosing one. You must consider whether you want to maximize tax-deferred growth on your contributions, minimize taxes now and pay penalties later, or just avoid taxes altogether.
If you have little money to invest, the Roth option might make sense. It is also an option if you are still working after age 59 1/2. You can expect to pay income taxes for any accounts that are withdrawn.
If you plan to retire early, the traditional IRA might make more sense because you’ll likely owe taxes on the earnings of those funds. If you are going to be working beyond 65 years old, the traditional IRA may make more sense because you can withdraw all or part of your earnings without having to pay taxes.
Can I store my gold IRA in my home?
An online brokerage account can be a great way to save your money. Online brokerage accounts offer all the same investment options and you do not need any special licenses. You won’t pay fees to invest.
Online brokers often offer free tools to help manage your portfolio. You can even download charts to view the performance of your investments.
Statistics
- 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)
- The maximum yearly contribution to an individual’s IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.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)
- Silver must be 99.9% pure • (forbes.com)
External Links
wsj.com
takemetothesite.com
regalassets.com
en.wikipedia.org
How To
How To Buy Gold For Your Gold IRA
A term that describes precious metals is gold, silver and palladium. It’s any element naturally occurring with atomic numbers 79 to 110 (excluding helium), that is valued for its rarity or beauty. Precious metals include gold and silver. Precious metals are often used as money, jewelry, industrial goods, and art objects.
Due to supply and demand, the price of gold fluctuates every day. As investors seek safety from unstable economies, there has been an increase in demand for precious metals in the last decade. This has resulted in a substantial rise in the prices. Some are concerned about the increased cost of production and have resisted investing in precious materials.
Gold is a good investment because it’s rare and durable. The value of gold is never lost, which is unlike many other investments. Gold can be bought and sold without tax. There are two ways to invest in gold. You have two options: you can buy gold bars and coins, or you can invest in futures contracts.
Instant liquidity is provided by physical gold coins and bars. They’re easy to trade and store. They aren’t very effective in protecting against inflation. To protect yourself from rising gold prices, you can consider buying gold bullion. Bullion can be defined as physical gold. It comes in different sizes. One-ounce pieces are available for billions, while larger quantities such as kilobars and tens of thousands can be purchased. Bullion is stored in vaults that are protected against theft and fire.
If you prefer owning shares of gold rather than holding actual gold, you should consider buying gold futures. Futures let you speculate about how gold’s price might change. You can purchase gold futures to get exposure to the gold price, but not the actual commodity.
A gold contract could be purchased if you wanted to speculate on the future price of gold. My position after the contract expires will be either “long” (or “short”) If I have a long contract, it means that I believe gold’s price will rise. In exchange, I’ll give money now and promise to get more when the contract ends. A shorter contract will mean that I expect the price to fall. I’m willing now to accept the money in exchange for the promise of making less later.
I’ll get the contract’s specified amount of gold plus interest when it expires. By doing this, I can get exposure to the market price for gold without actually owning it.
Precious metals are great investments because they’re extremely hard to counterfeit. Precious metals are more difficult to counterfeit than paper currency. This is why precious metals have always held their value well over time.
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By: Nicholas Gregory
Title: Bitcoin Integration at Tooting Market: A Landmark for UK Bitcoin Adoption
Sourced From: bitcoinmagazine.com/culture/bitcoin-now-accepted-at-south-londons-tooting-market
Published Date: Wed, 19 Jun 2024 16:48:00 GMT
