Transforming Bitcoin Security with Theya’s Multisig Vault

Sriram Bhargav Karnati believes that top-notch security and usability are not mutually exclusive when it comes to managing your bitcoin. So, he and his co-founders at Theya have built a multsig bitcoin vault — a mechanism that requires multiple participants to sign off on a Bitcoin transaction — that users can conveniently manage from their mobile devices.

Empowering Self-Custody for All

“Our mission is to make self-custody easy for everybody,” said Karnati. He emphasized the need for a product that is user-friendly without requiring users to be security experts.

From Silicon Valley to Bitcoin

Karnati's journey from working at Google to Robinhood has equipped him with valuable insights into user experience and financial technology. Now, he is leveraging this knowledge to simplify Bitcoin self-custody.

Revolutionizing Bitcoin Storage

Theya’s vaults utilize a 2-of-3 multsig setup, enhancing security while ensuring usability. Unlike traditional hardware wallets, Theya’s solution is mobile-based, catering to users looking for a seamless self-custody experience.

Y Combinator Backing

Supported by Y Combinator, Theya's mission and team have garnered recognition in the crypto and tech space. The focus on user accessibility and security has resonated with investors.

Bitcoin Advocacy

Karnati’s belief in Bitcoin's potential for remittances and store of value drove his commitment to developing user-friendly solutions. His firsthand experience with Bitcoin transactions solidified his conviction.

Future Innovations

Looking ahead, Theya aims to expand into payment solutions for merchants and subscription services. While not prioritizing Lightning integration, the team is focused on streamlining the purchasing and storage of bitcoin within the app.

By prioritizing user experience and security, Theya is pioneering a new era of Bitcoin storage solutions that cater to both novices and experienced users alike.

Frequently Asked Questions

How much should I contribute to my Roth IRA account?

Roth IRAs can be used to save taxes on your retirement funds. These accounts cannot be withdrawn until you turn 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, your principal (the deposit amount originally made) is not transferable. This means that you can't take out more money than you originally contributed. If you decide to withdraw more money than what you contributed initially, you will need to pay taxes.

The second rule says that you cannot withdraw your earnings without paying income tax. Withdrawing your earnings will result in you paying taxes. Let's take, for example, $5,000 in annual Roth IRA contributions. Let's say you earn $10,000 each year after contributing. Federal income taxes would apply to the earnings. You would be responsible for $3500 The remaining $6,500 is yours. You can only take out what you originally contributed.

You would still owe tax on $1,500 if you took out $4,000 of your earnings. You would also lose half of your earnings because they are subject to another 50% tax (half off 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.

Two types of Roth IRAs are available: Roth and traditional. A traditional IRA allows for you to deduct pretax contributions of your taxable income. When you retire, you can use your traditional IRA to withdraw your contribution balance plus interest. You have the option to withdraw any amount from a traditional IRA.

Roth IRAs won't let you deduct your contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal required, unlike a traditional IRA. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.

Is buying gold a good way to save money for retirement?

Although it may not look appealing at first, buying gold for investment is worth considering when you consider the global average gold consumption per year.

Physical bullion bar is the best way to invest in precious metals. But there are many other options for investing in gold. You should research all options thoroughly before making a decision on which option you prefer.

If you don't want to keep your wealth safe, buying shares in companies that extract gold and mining equipment could be a better choice. If you are looking for cash flow from your investment, buying gold stocks will work well.

You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.

Is gold a good choice for an investment IRA?

Gold is an excellent investment for any person who wants to save money. It's also a great way to diversify your portfolio. But there is more to gold than meets the eye.

It has been used throughout the history of currency and remains a popular payment method. It's often referred to as “the world's oldest currency.”

But gold is mined from the earth, unlike paper currencies that governments create. That makes it very valuable because it's rare and hard to create.

The supply and demand for gold determine the price of gold. If the economy is strong, people will spend more money which means less people can mine gold. As a result, the value of gold goes up.

On the flipside, people may save cash rather than spend it when the economy slows. This means that more gold is produced, which reduces its value.

This is why investing in gold makes sense for individuals and businesses. You'll reap the benefits of investing in gold when the economy grows.

Your investments will also generate interest, which can help you increase your wealth. Additionally, you won't lose cash if the gold price falls.

Which precious metals are best to invest in retirement?

Gold and silver are the best precious metal investments. Both are easy to sell and can be bought easily. These are great options to diversify your portfolio.

Gold: This is the oldest form of currency that man has ever known. It is stable and very secure. It's a great way to protect wealth in times of uncertainty.

Silver: Investors have always loved silver. 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. It's resistant to corrosion and durable, similar to gold and silver. However, it's much more expensive than either of its counterparts.

Rhodium. Rhodium is used as a catalyst. It is also used as a jewelry material. It is also very affordable in comparison to other types.

Palladium – Palladium is an alternative to platinum that's more common but less scarce. It's also more accessible. This is why it has become a favourite among investors looking for precious metals.

What is a Precious Metal IRA (IRA)?

An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These precious metals are extremely rare and valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.

Precious metals are sometimes called “bullion.” Bullion refers actually to the metal.

Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.

A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This ensures that you will receive dividends each and every year.

Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, your gains are subject to a small tax. Plus, you can access your funds whenever you like.

Statistics

Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
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)
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)
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)
You can only purchase gold bars at least 99.5% purity. (forbes.com)

External Links

How To

The best way online to buy gold or silver

First, understand the basics of gold. Precious metals like gold are similar to platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It is difficult to use so people prefer to buy jewelry made from it to gold bars.

There are two types of gold coins available today – one type is legal tender, while the other is called bullion. The legal tender coins are issued for circulation in a country. They usually have denominations such as $1, $5, $10, and so on.

Bullion coins can only be used as investment currency. They increase in value due to 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. The buyer receives 1 gram of gold for every dollar spent.

When you are looking to purchase gold, the next thing to know is where to get it. There are many options for buying gold directly from dealers. First, go to your local coin shop. Another option is to go through a reputable site like eBay. You can also purchase gold through private online sellers.

Private sellers are individuals who offer to sell gold at retail or wholesale prices. Private sellers will charge you a 10% to 15% commission for every transaction. You would receive less money from a private buyer than you would from a coin store or eBay. This option is often a great one for investors in gold, as it gives you greater control over the item's value.

You can also invest in gold physical. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. Physical gold must be kept safe in an impassible container, such as a vault.

When buying gold on your own, you can visit a bank or a pawnshop. A bank can provide you with a loan to cover the amount you wish to invest in gold. Pawnshops are small establishments allowing customers to borrow money against items they bring. Banks usually charge higher interest rates that pawn shops.

Another way to purchase gold is to ask another person to do it. Selling gold is easy too. It is easy to sell gold by contacting a company like GoldMoney.com. You can create a simple account immediately and begin receiving payments.

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By: Frank Corva
Title: Transforming Bitcoin Security with Theya's Multisig Vault
Sourced From: bitcoinmagazine.com/business/google-robinhood-veteran-aims-to-bring-bitcoin-multsig-to-the-masses-with-theya
Published Date: Wed, 31 Jul 2024 13:58:42 GMT