Discover how Vik Sharma, CEO of Liberty Steel, is revolutionizing the accessibility and privacy of Bitcoin and other cryptocurrencies through Cake Wallet.
Emphasizing User-Friendly Experience
Vik Sharma, the mastermind behind Cake Wallet, believes in the power of user-friendliness to drive widespread adoption of products. He envisions Cake Wallet as a platform that simplifies sending, receiving, holding, swapping, on-ramping, and off-ramping cryptocurrencies, much like popular payment apps Venmo and PayPal.
Commitment to Privacy
Transactional privacy is a cornerstone of the Cake Wallet mission. Sharma's journey into the world of Bitcoin began in 2013, where he quickly realized the transparency of Bitcoin transactions. This realization prompted him to prioritize privacy in his cryptocurrency endeavors.
Origins of Cake Wallet
Sharma's quest for privacy led him to create Cake Wallet, initially dedicated to Monero transactions. Over time, Cake Wallet expanded its services to include Bitcoin functionality, catering to a wider audience of crypto enthusiasts.
Introduction of Silent Payments
In September 2024, Cake Wallet made a significant stride by introducing Silent Payments for Bitcoin transactions. This innovative feature allows users to receive payments without disclosing their public Bitcoin address, enhancing privacy and security for users engaging in public transactions.
Addressing Privacy Concerns
Despite the positive reception from the Bitcoin and Monero communities, Sharma remains wary of potential regulatory hurdles. The shifting landscape of cryptocurrency regulations in the US has prompted Sharma to relocate Cake Wallet's headquarters and engage legal counsel to navigate potential legal challenges.
Staying True to the Mission
Sharma and the Cake Wallet team remain steadfast in their commitment to empowering users with easy and private Bitcoin transactions. By prioritizing user feedback and staying independent from external investors, Cake Wallet continues to evolve with the needs of its community.
Frequently Asked Questions
What is a Precious Metal IRA (IRA)?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are called “precious” metals because they're very hard to find and very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Precious metals are sometimes called “bullion.” Bullion is the physical metal.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. This allows you to receive dividends every year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, your gains are subject to a small tax. Additionally, you have access to your funds at no cost whenever you need them.
Is physical gold allowed in an IRA.
Not just paper money or coins, gold is money. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. It's not guaranteed that you'll make any money investing gold, but there are several reasons it might be worthwhile to add gold to retirement funds.
One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During turbulent market conditions gold was one of few assets that outperformed stock prices.
The best thing about gold investing is the fact that there's virtually no counterparty risk. You still have your shares even if your stock portfolio falls. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold provides liquidity. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. You can buy gold in small amounts because it is so liquid. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
How much is gold taxed under a Roth IRA
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
Each state has its own rules regarding these accounts. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. In Massachusetts, you can wait until April 1st. New York offers a waiting period of up to 70 1/2 years. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
How much are gold IRA fees?
An Individual Retirement Account (IRA) fee is $6 per month. This includes the account maintenance fees and any investment costs associated with your chosen investments.
To diversify your portfolio you might need to pay additional charges. These fees vary depending on what type of IRA you choose. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
Many providers also charge annual management fees. These fees vary from 0% to 11%. The average rate for a year is.25%. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- 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)
- 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
cftc.gov
finance.yahoo.com
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 exactly legal – WSJ
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement account
How To
Three ways to invest in gold for retirement
It is important to understand the role of gold in your retirement plan. There are several options to invest in precious metals if your employer has a 401k. 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. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
These are the rules for gold investing:
- Buy Gold with Your Cash – Don't use credit cards or borrow money to fund your investments. Instead, instead, transfer cash to your accounts. This will help you to protect yourself against inflation while also preserving your purchasing power.
- Physical Gold Coins – Physical gold coins are better than a paper certificate. Physical gold coins can be sold much faster than paper certificates. Physical gold coins don't require storage fees.
- Diversify Your Portfolio – Never put all of your eggs in one basket. This is how you spread your wealth. You can invest in different assets. This will reduce your risk and give you more flexibility in times of market volatility.
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By: Frank Corva
Title: Enhancing Bitcoin Usability and Privacy with Cake Wallet
Sourced From: bitcoinmagazine.com/business/use-bitcoin-easily-and-privately-with-cake-wallet
Published Date: Tue, 26 Nov 2024 17:03:29 GMT
