Thanksgiving is the perfect time to gather around the table with loved ones and catch up on life. However, if you're someone who has Bitcoin on the brain due to recent price movements, discussing it can be a bit tricky. Here are some tips on how to navigate the topic of Bitcoin during your Thanksgiving celebration:
Avoid Pushing Bitcoin on Family Members
While it may be tempting to try and convince your family members to invest in Bitcoin, it's essential to remember that Bitcoin's volatility makes it a risky investment. Not everyone is comfortable with the level of risk involved in owning Bitcoin, so it's best not to pressure anyone into buying it.
Provide Resources Instead of Advice
If a family member expresses interest in Bitcoin, offer them educational resources to learn more about it. Here are some resources you can recommend:
Simple Bitcoin
Simple Bitcoin is an educational app that provides easy-to-understand information about Bitcoin. Users can earn rewards for completing quizzes, making it a fun way to learn about the cryptocurrency.
Yzer
Yzer is another educational app that delves deeper into the technology and philosophy behind Bitcoin. It rewards users for completing quizzes and offers a comprehensive curriculum on the subject.
THNDR Games
THNDR allows users to earn Bitcoin by playing games like Solitaire and Snake. It's a fun way to accumulate Bitcoin while enjoying gaming on your phone.
Gemini Credit Card
The Gemini credit card allows users to earn Bitcoin rewards on everyday purchases. With perks like cashback on EV charging and dining out, it's a great way to passively accumulate Bitcoin.
Fold
Fold offers a checking account that rewards users with Bitcoin for making monthly payments. It's a simple way to earn Bitcoin while managing your regular expenses.
Remember, the key is to provide information and let your family members explore Bitcoin at their own pace. Avoid getting into heated debates or offering unsolicited financial advice. Enjoy your Thanksgiving and happy educating!
Frequently Asked Questions
Can the government steal your gold?
You own your gold and therefore the government cannot seize it. You worked hard to earn it. It belongs to your. However, there may be some exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. You can also lose precious metals if you owe taxes. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
Who is the owner of the gold in a gold IRA
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
Owning gold can also help protect against inflation and price volatility, but it doesn’t make sense to hold gold if you’re not going to use it.
If you plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
To find out what options you have, consult an accountant or financial planner.
What is the Performance of Gold as an Investment?
The price of gold fluctuates based on supply and demand. Interest rates are also a factor.
Due to the limited supply of gold, prices for gold are highly volatile. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
What does a gold IRA look like?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can purchase gold bullion coins in physical form at any moment. You don’t have a retirement date to invest in gold.
An IRA allows you to keep your gold forever. You won’t have to pay taxes on your gold investments when you die.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
You’ll first have to set up an individual retirement account (IRA) to open a gold IRA. After you have done this, an IRA custodian will be assigned to you. This company acts as a mediator between you, the IRS.
Your gold IRA Custodian will manage the paperwork and submit all necessary forms to IRS. This includes filing annual reports.
Once you’ve set up your gold IRA, it’s possible to buy gold bullion. Minimum deposit required is $1,000 A higher interest rate will be offered if you invest more.
Taxes will apply to gold that you take out of an IRA. If you take out the whole amount, you’ll be subject to income taxes as well as a 10 percent penalty.
Even if your contribution is small, you might not have to pay any taxes. There are exceptions. If you take out 30% of your total IRA assets or more, you will owe federal income taxes and a 20 percent penalty.
Avoid taking out more that 50% of your total IRA assets each year. You’ll be facing severe financial consequences if you do.
What proportion of your portfolio should you have in precious metals
First, let’s define precious metals to answer the question. Precious metals are those elements that have an extremely high value relative to other commodities. This makes them extremely valuable for trading and investing. Gold is by far the most common precious metal traded today.
There are however many other types, including silver, and platinum. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It is also unaffected significantly by inflation and Deflation.
All precious metals prices tend to rise with the overall market. However, the prices of precious metals do not always move in sync with one another. For instance, gold’s price will rise when the economy is weak, while precious metals prices will fall. Investors are more likely to expect lower interest rates making bonds less attractive investments.
When the economy is healthy, however, the opposite effect occurs. Investors want safe assets such Treasury Bonds and are less inclined to demand precious metals. Since these are scarce, they become more expensive and decrease in value.
To maximize your profits when investing in precious metals, diversify across different precious metals. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- 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)
External Links
bbb.org
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
cftc.gov
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
How To
The best way to buy gold (or silver) online
First, understand the basics of gold. It is a precious metal that is very similar to platinum. Because of its resistance to corrosion and durability, it is very rare. It’s hard to use, so most people prefer buying jewelry made out of it to actual bars of gold.
There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins are those that are intended for circulation in a country. They typically have denominations of $1, $5 or $10.
Bullion coins are only minted to be used for investment purposes. Their value increases over time because of 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. Each dollar spent by the buyer is worth 1 gram.
The next thing you should know when looking to buy gold is where to do it from. There are several options available if your goal is to purchase gold from a dealer. You can start by visiting your local coin shop. You can also try going through a reputable website like eBay. You can also look into buying gold online from private sellers.
Private sellers are individuals who offer to sell gold at retail or wholesale prices. You pay a commission fee between 10% and 15% for each transaction when you sell gold through private sellers. That means you would get back less money from a private seller than from a coin shop or eBay. This option is often a great one for investors in gold, as it gives you greater control over the item’s value.
The other option is to purchase physical gold. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
You can either visit a bank, pawnshop or bank to buy gold. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. Customers can borrow money from pawnshops to purchase items. Banks charge higher interest rates than those offered by pawn shops.
You can also ask for help to purchase gold. Selling gold is also easy. 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: How to Talk About Bitcoin This Thanksgiving
Sourced From: bitcoinmagazine.com/takes/heres-how-to-talk-about-bitcoin-at-the-thanksgiving-table
Published Date: Wed, 27 Nov 2024 14:23:40 GMT
