Wallet of Satoshi, a provider of Lightning Network payment services, has announced its departure from the U.S. market. The company, based in Australia and founded by Daniel Alexiuc in 2018, allows users to manage bitcoin (BTC) and Lightning Network transactions through its application available on iOS and Android.
Wallet of Satoshi Halts U.S. Operations
The decision to remove the Wallet of Satoshi app from the U.S. Apple and Google app stores and cease serving U.S. customers was not taken lightly. The company expressed its commitment to providing a secure, user-friendly, and compliant platform globally, with the safety and interests of its customers and the company as its top priority.
We understand that this news may be disappointing for our U.S. customers, and we share your frustration. We hope that future developments will allow us to revisit and possibly resume our operations in the U.S.
Interestingly, this decision comes at a time when Wallet of Satoshi was experiencing a record-breaking month. Kevin Rooke observed that the company was on track to process over 1.1 million Lightning payments in November, largely due to effective Lightning advertising.
As Wallet of Satoshi exits the U.S. market and removes its apps from the Google Play and Apple App Store, customers will need to explore alternative wallet options. If you have any thoughts or opinions on this topic, please share them in the comments section below.
Frequently Asked Questions
How much should precious metals be included in your portfolio?
To answer this question we need to first define precious metals. Precious elements are those elements which have a high price relative to other commodities. This makes them highly valuable for both investment and trading. Gold is today the most popular precious metal.
However, many other types of precious metals exist, including silver and platinum. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It is also not affected by inflation and depression.
In general, all precious metals have a tendency to go up with the market. That said, they do not always move in lockstep with each other. For instance, gold's price will rise when the economy is weak, while precious metals prices will fall. This is because investors expect lower interest rates, making bonds less attractive investments.
Contrary to this, when the economy performs well, the opposite happens. Investors choose safe assets such Treasury Bonds over precious metals. Since these are scarce, they become more expensive and decrease in value.
Diversifying across precious metals is a great way to maximize your investment returns. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
How to Open a Precious Metal IRA
First, you must decide if your Individual Retirement Account (IRA) is what you want. Open the account by filling out Form 8606. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form should be completed within 60 days after opening the account. Once you have completed this form, it is possible to begin investing. 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, it will be the same process as an ordinary IRA.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS states that you must be at least 18 and have earned income. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Contributions must be made on a regular basis. These rules are applicable whether you contribute through your employer or directly from the paychecks.
You can invest in precious metals IRAs to buy gold, palladium and platinum. However, physical bullion will not be available for purchase. You won't have the ability to trade stocks or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. Some IRA providers offer this option.
There are two main drawbacks to investing through an IRA in precious metallics. They aren't as liquid as bonds or stocks. They are therefore more difficult to sell when necessary. Second, they don’t produce dividends like stocks or bonds. You'll lose your money over time, rather than making it.
How much should you have of gold in your portfolio
The amount that you want to invest will dictate how much money it takes. For a small start, $5k to $10k is a good range. You could then rent out desks and office space as your business grows. This will allow you to pay rent monthly, and not worry about it all at once. It's only one monthly payment.
Also, you need to think about the type of business that you are going to run. My website design company charges clients $1000-2000 per month depending on the order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
Freelance work is not likely to pay a monthly salary. The project pays freelancers. Therefore, you might only get paid one time every six months.
You need to determine what kind or income you want before you decide how much of it you will need.
I recommend starting with $1k-$2k in gold and working my way up.
How do you withdraw from an IRA that holds precious metals?
First, decide if it is possible to withdraw funds from an IRA. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, calculate how much money your IRA will allow you to withdraw. This calculation will depend on many factors including your age at the time of withdrawal, how long the account has been in your possession, and whether you plan to continue contributing towards your retirement plan.
Once you determine the percentage of your total saved money you want to convert into cash, then you need to choose which type IRA you will use. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
Once you have completed these calculations, you need to open your brokerage account. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. To avoid unnecessary fees, however, try opening an account using a debit card rather than a credit card.
When you do finally decide to withdraw from your precious metallic IRA, you will need a safe space where you can safely store your coins. Some storage facilities will accept bullion bars, others require you to buy individual coins. Before choosing one, consider the pros and disadvantages of each.
For example, storing bullion bars requires less space because you aren't dealing with individual coins. But, each coin must be counted separately. However, individual coins can be stored to make it easy to track their value.
Some people prefer to keep coins safe in a vault. Some prefer to keep them in a vault. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
What are the pros and disadvantages of a gold IRA
An Individual Retirement Account (IRA), unlike regular savings accounts, doesn't require you to pay tax on interest earned. This makes an IRA a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. However, there are disadvantages to this type investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. You might also not be able to withdraw from your IRA until the IRS deems you to be 59 1/2. If you do decide to withdraw funds from your IRA, you'll likely need to pay a penalty fee.
You will also need to pay fees for managing your IRA. Most banks charge 0.5% to 2.0% per annum. Other providers may charge monthly management fees, ranging between $10 and $50.
Insurance will be required if you would like to keep your cash out of banks. A majority of insurance companies require that you possess a minimum amount gold to be eligible for a claim. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
If you choose to go with a gold IRA, you'll need to determine how much gold you want to use. Some providers limit the number of ounces of gold that you can own. Others allow you to pick your weight.
It's also important to decide whether or not to buy gold futures contracts. Physical gold is more expensive than gold futures contracts. Futures contracts provide flexibility for purchasing gold. You can set up futures contracts with a fixed expiration date.
You will also have to decide which type of insurance coverage is best for you. The standard policy doesn’t provide theft protection or loss due fire, flood, or earthquake. It does provide coverage for damage from natural disasters, however. You might consider purchasing additional coverage if your area is at high risk.
Insurance is not enough. You also need to think about the cost of gold storage. Insurance doesn't cover storage costs. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
Before you can open a gold IRA you need to contact a qualified Custodian. Custodians keep track of your investments and ensure compliance with federal regulations. Custodians can't sell assets. Instead, they must retain them for as long and as you require.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. You should also specify how much you want to invest each month.
After filling in the forms, please send them to the provider. Once the company has received your application, they will review it and send you a confirmation email.
You should consult a financial planner before opening a Gold IRA. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
What are the fees associated with an IRA for gold?
The Individual Retirement Account (IRA), fee is $6 per monthly. This fee includes account maintenance fees as well as any investment costs related to your selected investments.
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 can range from 0% up to 1%. The average rate is.25% annually. These rates are often waived if a broker like TD Ameritrade is used.
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- 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)
- Fraud Advisory: Precious Metals Fraud
By: Jamie Redman
Title: Wallet of Satoshi Exits US Market Amidst Record-Breaking Month, Leaving Customers to Seek Alternatives
Sourced From: news.bitcoin.com/wallet-of-satoshi-exits-us-market-amidst-record-breaking-month-leaving-customers-to-seek-alternatives/
Published Date: Fri, 24 Nov 2023 17:30:14 +0000