Bitcoin.com Partners with Kucoin for Liquidity Boost
Bitcoin.com, a leading cryptocurrency platform, has announced a campaign to enhance liquidity and trading volume for its ecosystem token VERSE. The platform is offering $15,000 in rewards to incentivize individuals to provide market-making services for the VERSE/USDT trading pair on Kucoin, a top-tier centralized cryptocurrency exchange.
Hummingbot's Liquidity Miner Platform
The campaign is structured around Hummingbot's Liquidity Miner platform, which facilitates a decentralized market-making process. By utilizing open-source software, individuals can participate in market-making and earn rewards. Jason Tomlinson, CEO of CoinAlpha, the creators of Hummingbot, highlighted the uniqueness of the platform, stating that anyone can now be a market maker using the open-source Hummingbot client.
The Details of the Campaign
The campaign began on January 16 at 00:00 UTC and will run for 12 weeks. Participants will have the opportunity to earn rewards in Bitcoin.com's ecosystem token VERSE and Hummingbot's governance token HBOT. The rewards, totaling $1,250 per week, will be allocated to participants over the course of the program.
Democratizing Access to Market-Making
This is the second campaign of its kind offered by Bitcoin.com in partnership with Hummingbot. The previous campaign, which ran for 12 weeks starting in October 2023, attracted 47 unique liquidity providers, significantly enhancing market depth for the VERSE/USDT pair.
Bitcoin.com is dedicated to democratizing access to market-making and high-frequency trading, which have traditionally been limited to affluent individuals or companies. By offering this rewarded campaign, Bitcoin.com aims to provide more opportunities for individuals to participate in these activities. Additionally, the campaign promotes the growth of liquidity and trading volume for the VERSE token, further enhancing its utility within the Bitcoin.com ecosystem.
About Bitcoin.com
Bitcoin.com is a global leader in introducing newcomers to cryptocurrency. Since 2015, the platform has been providing accessible educational materials, timely news, and user-friendly products for buying, spending, trading, investing, and earning with crypto. Bitcoin.com's mission is to give everyday people access to a world of opportunities for personal prosperity without limits.
About Verse
VERSE is the rewards and utility token for users who contribute to and participate in the Bitcoin.com ecosystem. Launched in December 2022, the VERSE token aims to expand access to decentralized finance and unlock economic freedom. It has rapidly integrated into web3 platforms, showcasing its growing popularity and adoption.
About Hummingbot
Hummingbot, an open-source market-making bot, is known for championing accessibility and inclusivity in liquidity provisions. Since its open-sourcing in 2019, Hummingbot has become a go-to platform for token projects, small trading firms, and individual traders. It offers a suite of tools for creating, backtesting, deploying, and managing automated trading strategies.
In conclusion, Bitcoin.com's partnership with Kucoin and Hummingbot aims to boost liquidity and trading volume for the VERSE token. By incentivizing individuals to provide market-making services, Bitcoin.com is democratizing access to high-frequency trading and promoting economic freedom within the cryptocurrency ecosystem.
Frequently Asked Questions
What are the pros & cons of a Gold IRA?
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don't have to pay taxes on any interest earned. An IRA is a good choice for those who want a way to save some money but don’t want the tax. However, there are also disadvantages to this type of investment.
You could lose all of your accumulated money if you take out too much from your IRA. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. A penalty fee will be charged if you decide to withdraw funds.
You will also need to pay fees for managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers may charge monthly management fees, ranging between $10 and $50.
Insurance is necessary if you wish to keep your money safe from the banks. In order to make a claim, most insurers will require that you have a minimum amount in gold. You might be required to buy insurance that covers losses up to $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. Some providers limit the number of ounces of gold that you can own. Others allow you to pick your weight.
You will also have to decide whether to purchase futures or physical gold. Futures contracts for gold are less expensive than physical gold. Futures contracts offer flexibility for buying gold. They enable you to establish a contract with an expiration date.
You will also have to decide which type of insurance coverage is best for you. The standard policy does NOT include theft protection and loss due to fire or flood. It does offer coverage for natural disasters. You may consider adding additional coverage if you live in an area at high risk.
You should also consider the cost of storage for your gold. Storage costs are not covered by insurance. Safekeeping costs can be as high as $25-40 per month at most banks.
A qualified custodian is required to help you open a Gold IRA. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians don't have the right to sell assets. They must instead keep them for as long as you ask.
After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. You must include information about what investments you would like to make (e.g. stocks, bonds and mutual funds). You should also specify how much you want to invest each month.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. After receiving your application, the company will review it and mail you a confirmation letter.
When opening a gold IRA, you should consider using a financial planner. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
How can you withdraw from an IRA of Precious Metals?
You first need to decide if you want to withdraw money from an IRA account. You should also ensure that you have enough money to cover any fees and penalties associated with withdrawing funds.
An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. This option will require you to pay taxes on the amount that you withdraw.
Next, you need to determine how much money is going to be taken out from your IRA. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you know how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs let you withdraw money tax-free after you turn 59 1/2, while Roth IRAs require you to pay income taxes upfront but allow you access the earnings later without paying any additional taxes.
Once the calculations have been completed, it's time to open a brokerage accounts. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. It is better to open an account with a debit than a creditcard in order to avoid any unnecessary fees.
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 accept bullion bars, others require you to buy individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars require less space, as they don't contain individual coins. However, each coin will need to be counted individually. You can track their value by keeping individual coins.
Some people like to keep their coins in vaults. Others prefer to place them in safe deposit boxes. You can still enjoy the benefits of bullion for many years, regardless of which method you choose.
Can I purchase gold with my self directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. If you have an existing retirement account, you can transfer funds to another one.
The IRS allows individuals up to $5.500 annually ($6,500 if you are married and filing jointly). This can be contributed to a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts can be described as financial instruments that are determined by the gold price. They allow you to speculate on future prices without owning the metal itself. You can only hold physical bullion, which is real silver and gold bars.
Should You Open a Precious Metal IRA?
You should be aware that precious metals cannot be covered by insurance. It is impossible to get back money if you lose your investment. All your investments can be lost due to theft, fire or flood.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items have been around thousands of years and are irreplaceable. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. 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. Do not forget about the future!
How is gold taxed by Roth IRA?
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
The money can be withdrawn tax-free if it's deposited in a traditional IRA (or 401(k)). Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
These rules vary from one state to another. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. In Massachusetts, you can wait until April 1st. And in New York, you have until age 70 1/2 . To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
Statistics
- 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)
- 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)
- 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)
- 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
finance.yahoo.com
bbb.org
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads, Example, and Risk Metrics
How To
Three Ways to Invest In Gold For Retirement
It's crucial to understand where gold fits in your retirement strategy. There are many ways to invest in gold if you have a 401k account at work. You might also consider investing in gold outside your workplace. You could, for example, open a custodial bank account at Fidelity Investments if your IRA (Individual Retirement Account) is open. You may also want to purchase precious metals from a reputable dealer if you don’t already have them.
These are three simple rules to help you make an investment in gold.
- Buy Gold with Cash – Avoid using credit cards or borrowing money to fund investments. Instead, invest in cash. This will help protect you against inflation and keep your purchasing power high.
- Own Physical Gold Coins – You should buy physical gold coins rather than just owning a paper certificate. Physical gold coins can be sold much faster than paper certificates. Also, there are no storage fees associated with physical gold coins.
- Diversify Your Portfolio. Never place all your eggs in the same basket. This means that you should diversify your wealth by investing in different assets. This helps reduce risk and gives you more flexibility during market volatility.
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By: Bitcoin.com
Title: Bitcoin.com Offers $15,000 in Rewards To Boost VERSE Token Liquidity
Sourced From: news.bitcoin.com/bitcoin-com-offers-15000-in-rewards-to-boost-verse-token-liquidity/
Published Date: Fri, 19 Jan 2024 12:00:55 +0000
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