Generation Bitcoin recently announced the launch of the Bitcoin Students Network (BSN), a project aimed at uniting student groups globally in the Bitcoin space. This initiative, presented by Generation Bitcoin, serves as a comprehensive platform offering logistical, educational, and financial support to students interested in Bitcoin.
Connecting Students Globally
BSN's primary objective is to establish connections among students worldwide, encouraging collaboration and knowledge-sharing among young individuals passionate about Bitcoin. The network facilitates the establishment and growth of student clubs focused on Bitcoin, providing assistance and funding to affiliated clubs.
Empowering Students in the Bitcoin Space
Ella Hough, Co-founder and Project Lead at Generation Bitcoin, emphasized the significance of networking in the Bitcoin whitepaper. She stated, "The word 'network' appears 21 times in the bitcoin whitepaper. Satoshi's intentionality behind this repetition is evident. The Bitcoin Students Network was created to empower students with knowledge and networking opportunities, inviting them to engage in crucial conversations. BSN aims to break down barriers to forming student Bitcoin communities and reinforce Bitcoin's social layer, known as Layer 0."
Bridging Students and the Bitcoin Industry
BSN serves as a bridge between students and the broader Bitcoin sector, facilitating interaction and collaboration between educational institutions and industry stakeholders. By offering access to resources, employment prospects, and mentorship, BSN seeks to enhance the social cohesion of Bitcoin's human layer, Layer 0.
Core Values and Organizational Structure
The network is guided by core values such as knowledge empowerment, open-source principles, proof of work, and first principles thinking. These values form the foundation of BSN's structured yet decentralized setup, with a founding team, an industry advisory board, and a student advisory board overseeing its activities.
Opportunities for Students
BSN provides students with various opportunities, including establishing or expanding university Bitcoin clubs, accessing educational resources and job prospects, and connecting with like-minded individuals in the Bitcoin community.
Supporting the Next Generation
Arsh Molu, Generation Bitcoin Growth Lead and Co-founder, highlighted the importance of educating the next generation about Bitcoin. He mentioned, "The Bitcoin Students Network is dedicated to assisting university clubs and equipping students with knowledge, resources, and global job opportunities."
Engagement of Industry Players
Industry stakeholders are encouraged to engage with BSN by hosting events, offering financial aid, contributing resources, providing mentorship, and sharing internship and job openings.
Frequently Asked Questions
What is the best precious-metal to invest?
This question depends on how risky you are willing to take, and what return you want. While gold is considered a safe investment option, it can also be a risky choice. For example, if you need a quick profit, gold may not be for you. If patience and time are your priorities, silver is the best investment.
If you're not looking to make quick money, gold is probably your best choice. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
How does a Gold IRA account work?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase physical bullion gold coins at any point in time. To invest in gold, you don't need to wait for retirement.
An IRA lets you keep your gold for life. 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. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.
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 established your gold IRA, you'll be able to purchase gold bullion coins. The minimum deposit required to purchase gold bullion coins is $1,000 If you make more, however, you will get a higher interest rate.
You will pay taxes when you withdraw your gold from your IRA. You will be liable for income taxes and penalties if you take the entire amount.
You may not be required to pay taxes if you take out only a small amount. There are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. If you do, you could face severe financial consequences.
Can I own a gold ETF inside a Roth IRA
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
Traditional IRAs allow for contributions from both employees and employers. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
A Individual Retirement Annuity is also possible. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions made to IRAs are not taxable.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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 take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.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)
External Links
finance.yahoo.com
- Yahoo Finance: Barrick Gold Corporation (GOLD), Stock Price, News, Quote, & History
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Do you want to keep your IRA gold at home? It's not legal – WSJ
investopedia.com
irs.gov
How To
The History of Gold as an Asset
From the ancient days to the early 20th Century, gold was a common currency. It was universally accepted and loved for its beauty, durability, purity and divisibility. Because of its intrinsic value, it was also widely traded. Different weights and measurements existed around the world, however, because there were not international standards to measure gold. One pound sterling, for example, was equivalent in England to 24 carats, and one livre tournois, in France, to 25 carats. A mark, on the other hand, was equivalent in Germany to 28 carats.
In the 1860s, the United States began issuing American coins made up of 90% copper, 10% zinc, and 0.942 fine gold. This caused a drop in foreign currency demand which resulted in an increase of their prices. At this point, the United States minted large amounts of gold coins, causing the price of gold to drop. The U.S. government was unable to pay its debts due to too much money being in circulation. To do this, they decided that some of their excess gold would be sold back to Europe.
Because most European countries did not trust the U.S. dollar, they started accepting gold as payment. After World War I, however, many European countries started using paper money to replace gold. Since then, the price of gold has increased significantly. Even though the price fluctuates, gold is still one of best investments.
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By: Nik Hoffman
Title: Empowering Students Worldwide: Generation Bitcoin Launches Bitcoin Students Network
Sourced From: bitcoinmagazine.com/business/generation-bitcoin-to-unite-student-groups-in-worldwide-network
Published Date: Mon, 04 Mar 2024 16:21:25 GMT
