Wallet of Satoshi, a provider of Lightning Network payment services, has announced its departure from the U.S. market, leaving its customers to find alternative options. Although no specific reasons were provided, the company informed its U.S. clientele that they can withdraw and transfer their funds to a different wallet.
Wallet of Satoshi Halts U.S. Operations
According to a recent update on X (previously known as Twitter), Wallet of Satoshi (WoS), based in Australia, is ceasing its operations in the United States. WoS is a mobile application available on iOS and Android that allows users to manage bitcoin (BTC) and Lightning Network transactions. The company was founded by Daniel Alexiuc in 2018.
In an announcement, WoS stated, "We've made the difficult decision to remove our app from the U.S. Apple and Google app stores, and will not serve U.S. customers going forward." The statement emphasized their commitment to providing a secure, user-friendly, and compliant platform globally, with the safety and interests of their customers and company as their top priority.
WoS also mentioned that they understand the disappointment and frustration this decision may cause and expressed hope that future developments will allow them to revisit and possibly resume their operations in the U.S.
This move comes at a time when WoS was experiencing a record-breaking month. Kevin Rooke observed that Wallet of Satoshi is on track to process over 1.1 million Lightning payments in November. The surge in transactions this month is largely credited to effective Lightning advertising.
What are your thoughts on Wallet of Satoshi leaving the U.S. and removing its apps from the Google Play and Apple App Store? Share your opinions in the comments section below.
Frequently Asked Questions
Is buying gold a good way to save money for retirement?
While buying gold as an investment may seem unattractive at first glance it becomes worth the effort when you consider how much gold is consumed worldwide each year.
Physical bullion bars are the most popular way to invest in gold. But there are many other options for investing in gold. It is best to research all options and make informed decisions based on your goals.
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 require cash flow, gold stocks can work well.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs can include stocks of precious metals refiners and gold miners.
Should You Invest in Gold for Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. You can invest in both options if you aren't sure which option is best for you.
You can earn potential returns on your investment of gold. It's a great investment for retirees.
While many investments promise fixed returns, gold is subject to fluctuations. Because of this, gold's value can fluctuate over time.
However, this does not mean that gold should be avoided. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another benefit to gold is its tangible value. Unlike stocks and bonds, gold is easier to store. It is also easily portable.
You can always access your gold if it is stored in a secure 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.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold tends to rise when the stock markets fall.
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 need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
Do not buy too much at one time. Begin by buying a few grams. You can add more as you need.
Don't expect to be rich overnight. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
How is gold taxed by Roth IRA?
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. 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. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
The rules that govern these accounts differ from one state to the next. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. You can delay until April 1st in Massachusetts. New York offers a waiting period of up to 70 1/2 years. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
How do I Withdraw from an IRA with Precious Metals?
You first need to decide if you want to withdraw money from an IRA account. Make sure you have enough cash in your account to cover any fees, penalties, or charges that may be associated with withdrawing money from an IRA.
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. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, calculate how much money your IRA will allow you to withdraw. The calculation is influenced by several factors such as your age at withdrawal, the length of time you have owned the account and whether or not you plan to continue contributing to retirement plans.
Once you have determined the percentage of your total savings that you would like to convert to cash, you can then decide which type of IRA to use. Traditional IRAs allow you to withdraw funds tax-free when you turn 59 1/2 while Roth IRAs charge income taxes upfront but let you access those earnings later without paying additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. To avoid unnecessary fees, however, try opening an account using a debit card rather than a credit card.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. Some storage facilities will take bullion bars while others require you only to purchase individual coins. Either way, you'll need to weigh the pros and cons of each before choosing one.
Because you don't have to store individual coins, bullion bars take up less space than other items. But you will have to count each coin separately. However, you can easily track the value of individual coins by storing them in separate containers.
Some people prefer to keep coins safe in a vault. Some people prefer to store their coins safely in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
How does gold perform as an investment?
The price of gold fluctuates based on supply and demand. It is also affected by interest rates.
Due to their limited supply, gold prices fluctuate. Additionally, physical gold can be volatile because it must be stored somewhere.
What is the cost of gold IRA fees
Six dollars per month is the fee for an Individual Retirement Account (IRA). This includes the account maintenance fees and any investment costs associated with your chosen 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. Some companies offer free checking, but charge monthly fees for IRAs.
Many providers also charge annual management fees. These fees range from 0% to 1%. The average rate is.25% each year. However, these rates are typically waived if you use a broker like TD Ameritrade.
Do You Need to Open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. If you lose money in your investment, nothing can be done to recover it. This includes investments that have been damaged by fire, flooding, theft, and so on.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items can be lost because they have real value and have been around for thousands years. These items are worth more today than they were when first produced.
You should choose a reputable firm that offers competitive rates. You should also consider using a third party custodian to protect your assets and give you access at any time.
You won't get any returns until you retire if you open an account. So, don't forget about the future!
Statistics
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- 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 board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
cftc.gov
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads and Example. Risk Metrics
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not legal – WSJ
How To
How to Buy Physical Gold in An IRA
The most obvious way to invest in gold is by buying shares from companies producing gold. But this investment method has many risks as there is no guarantee of survival. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
The alternative is to buy physical gold. This requires you to either open up your account at a bank or an online bullion dealer or simply purchase gold from a reputable seller. This option offers the advantages of being able to purchase gold at low prices and easy access (you don’t need to deal directly with stock exchanges). It is also easier to check how much gold you have stored. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. There's also less chance of theft than investing in stocks.
However, there can be some downsides. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. The taxman might also ask you questions about where your gold is located.
BullionVault.com offers more information on buying gold for an IRA.
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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
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