Theya, the maker of multisig bitcoin vaults, announced a groundbreaking development yesterday by enabling US users to purchase bitcoin directly through their app. Users can now have their bitcoin sent directly to self-custody via hardware wallets such as Ledger, Trezor, Foundation, and ColdCard, or through Theya's multisig vaults.
Introducing Buy Bitcoin Launch
Theya is excited to introduce a highly requested feature that allows users based in the US to buy Bitcoin directly into self-custodial vaults. This feature aims to revolutionize the process by offering low fees and eliminating the complexities associated with transferring funds from exchanges.
Say goodbye to high fees and complex transfers from exchanges with this innovative solution!
This unique feature not only provides instant funding and low fees but also simplifies the process of moving bitcoin from exchanges to self-custody.
"We’re thrilled to introduce this much-requested feature," said Sriram Bhargav Karnati, co-founder of Theya, in a press release shared with Bitcoin Magazine. "By enabling direct bitcoin purchases into self-custodial storage, we’re eliminating the need for complex transfers from exchanges and providing our users with unparalleled flexibility in how they acquire and store their Bitcoin."
Key Benefits of the New Feature
Aside from low fees and direct transfers, this new feature offers a quick identity verification process to ensure fast and secure bitcoin purchases. Additionally, it eliminates the need for address whitelisting, streamlining the transaction process.
The feature currently utilizes the ACH payment system for bitcoin purchases, with plans to introduce a wire transfer option for larger transactions in the future.
To facilitate ACH transfers, Theya has partnered with Cybrid, a regulated payment platform registered as a Money Service Business (MSB) in the US. Cybrid oversees the Know Your Customer (KYC) process, enhancing security and privacy for users.
"It’s a significant step forward in making Bitcoin acquisition both accessible and secure," added Karnati. "We believe in empowering users with choices in how they manage their Bitcoin, and we’re dedicated to developing tools that make self-custody straightforward, powerful, and user-friendly."
For more information on Theya and Sriram Bhargav Karnati, explore our Founders piece on the company and its co-founder.
Frequently Asked Questions
What precious metal should I invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. While gold is considered a safe investment option, it can also be a risky choice. For example, if you need a quick profit, gold may not be for you. Silver is a better investment if you have patience and the time to do it.
Gold is the best investment if you aren’t looking to get rich quick. Silver might be a better investment option if steady returns are desired over a long period of time.
Should You Invest in gold for Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. Consider investing in both.
Gold offers potential returns and is therefore a safe investment. This makes it a worthwhile choice for retirees.
Most investments have fixed returns, but gold’s volatility is what makes it unique. Therefore, its value is subject to change over time.
But this doesn’t mean you shouldn’t invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another advantage of gold is its tangible nature. Unlike stocks and bonds, gold is easier to store. It’s also portable.
As long as you keep your gold in a secure location, you can always access it. You don’t have to pay storage fees for 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.
Also, you’ll reap the benefits of having some savings invested in something with a stable 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. Just like stocks, you can liquidate your position whenever you need cash. 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 with a few ounces. Next, add more as required.
Keep in mind that the goal is not to quickly become wealthy. Instead, the goal is to accumulate enough wealth that you don’t have to rely on Social Security.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
What Precious Metals Can You Invest in for Retirement?
Silver and gold are two of the most valuable precious metals. Both are easy to sell and can be bought easily. You should add them to your portfolio if you are looking to diversify.
Gold: The oldest form of currency known to man is gold. It’s also very safe and stable. It’s a great way to protect wealth in times of uncertainty.
Silver: Silver has been a favorite among investors for years. It’s a good choice for those who want to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Another form of precious metal is platinum, which is becoming more popular. Like gold and silver, it’s very durable and resistant to corrosion. However, it’s much more expensive than either of its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used in jewelry-making. It’s also relatively inexpensive compared to other precious metals.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It’s also more affordable. It’s a popular choice for investors who want to add precious metals into their portfolios.
How do I open a Precious Metal IRA
It is important to decide if you would like an Individual Retirement Account (IRA). If you do, you must open the account by completing Form 8606. To determine which type of IRA you qualify for, you will need to fill out Form 5204. This form should not be completed more than 60 days after the account is opened. You can then start investing once you have this completed. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. Otherwise, the process is identical to an ordinary IRA.
You’ll need to meet specific requirements to qualify for a precious metals IRA. The IRS stipulates that you must have earned income and be at least 18-years old. For any tax year, your earnings must not exceed $110,000 ($220,000 for married filing jointly). You must also contribute regularly. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
You can use a precious metals IRA to invest in gold, silver, palladium, platinum, rhodium, or even platinum. However, you won’t be able purchase physical bullion. This means you can’t trade shares of stock and bonds.
Your precious metals IRA can be used to directly invest in precious metals-related companies. Some IRA providers offer this option.
There are two main drawbacks to investing through an IRA in precious metallics. First, they don’t have the same liquidity as stocks or bonds. It is therefore harder to sell them when required. Second, they don’t produce dividends like stocks or bonds. You’ll lose your money over time, rather than making it.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement account
wsj.com
- Saddam Hussein’s Invasion Helped Uncage a Bear In 1990 – WSJ
- How do you keep your IRA Gold at Home? It’s Not Exactly Legal – WSJ
investopedia.com
irs.gov
How To
The growing trend of gold IRAs
As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.
The gold IRA allows owners to invest in physical gold bullion and bars. It is tax-free and can be used by investors who aren’t concerned about stocks and bond.
A gold IRA allows investors to manage their assets without worrying about market volatility. Investors can protect themselves from inflation and other possible problems by using the gold IRA.
Investors also have the benefit of physical gold, which has unique properties such durability, portability and divisibility.
A gold IRA provides many additional benefits. One is the ability for heirs to quickly transfer ownership of gold. Another is the fact that gold is not considered a currency or a commodities by the IRS.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
—————————————————————————————————————————————————————————————-
By: Frank Corva
Title: Theya Introduces Direct-To-Wallet Bitcoin Purchases
Sourced From: bitcoinmagazine.com/business/theya-introduces-direct-to-wallet-bitcoin-purchases-
Published Date: Wed, 21 Aug 2024 14:32:43 GMT
