Coinkite has recently unveiled its newest offering, Satslink. This in-progress gadget occupies a distinct spot at the crossroads of various communication and mobile hardware sectors, offering developers a powerful tool for creating a diverse range of applications.
The Flexibility and Versatility of Satslink
Instead of being confined by a rigid framework, Satslink utilizes open and adaptable hardware, housed within the Coldcard Q1’s casing, providing developers with a myriad of options. Those who own this device have the freedom to decide its function, and are encouraged to let their creative abilities explore the multitude of possibilities the hardware can provide.
Satslink: A Revolutionary Multi-Purpose Device
At its heart, Satslink is a revolutionary, hackable multi-purpose gadget. A signature feature of Coinkite products, a secure element, is included, enabling users to safely store private keys within the device. Although it shares the external design with the Coldcard Q1, the internal components of Satslink differ significantly from the company’s most recent hardware wallet. Satslink aims to bring secure communications to everyday use in ways previously considered unimaginable, rather than focusing on air-gapped security.
Technical Specifications and Features of Satslink
Satslink employs the ESP32-S3, a low-power MCU-based system on a chip (SoC) with integrated 2.4 GHz Wi-Fi and Bluetooth Low Energy (Bluetooth LE). This includes a high-performance dual-core microprocessor (Xtensa® 32-bit LX7), a low-power coprocessor, Wi-Fi baseband, Bluetooth LE baseband, RF module, and a plethora of peripherals. Programmed in micropython, Satslink's source is fully accessible, and the device can be upgraded in the field without any locked-down ROM areas. A MicroSD slot for data transfer is another notable feature of Coinkite's product.
Potential Use Cases for Satslink
While primarily targeted at developers and enthusiasts, Satslink's consumer-friendly design makes it accessible to a wider audience. The device is capable of supporting a range of applications developed by the community. A prime example is Nostr, the open communication protocol that gained popularity after endorsements from Block CEO and Twitter founder Jack Dorsey. Satslink's peer-to-peer communication abilities make it a suitable Nostr client. Imagine a localized Nostr composed of multiple Satslink devices communicating via a mesh network instead of the open web – this could be a reality with this device.
More Than Just a Device: Satslink as a Sovereign Controller
Many Bitcoin users could see Satslink as a sovereign controller for their home-based Bitcoin stack. Users who run Bitcoin nodes or even self-hosted servers at home could program Satslink to connect to their home stack as needed and execute desired actions remotely and securely, given its networking capabilities. Satslink could function as a transaction coordinator or even a complete wallet.
Expanding Communication Capabilities with Satslink
Satslink's communication features also include NFC and a QR code reader, enabling even more use cases for its users. This combination, along with Satslink's versatility and programmability, could even allow it to be transformed into a hardware wallet from another manufacturer. The potential applications are limitless, and it's intriguing to see what users will create with this product. Satslink is currently available for preorder on Coinkite’s website for $189. The shipping date, however, remains undetermined.
Frequently Asked Questions
How much gold should your portfolio contain?
The amount of capital required will affect the amount you make. You can start small by investing $5k-10k. You could then rent out desks and office space as your business grows. This will allow you to pay rent monthly, and not worry about it all at once. It's only one monthly payment.
Consider what type of business your company will be running. In my case, I am running a website creation company, so we charge clients around $1000-2000/month depending on what they order. If you are doing this type of thing, it is important to think about how much you can expect from each client.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. This means that you may only be paid once every six months.
So you need to decide what kind of income you want to generate before you know how much gold you will need.
I recommend starting with $1k-$2k in gold and working my way up.
How can I withdraw from a Precious metal IRA?
First, determine if you would like to withdraw money directly from an IRA. 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. This option will require you to pay taxes on the amount that you withdraw.
Next, you'll need to figure out how much money you will take out of 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 have an idea of the amount of your total savings you wish to convert into cash you will need to decide what type of IRA you want. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
Finally, you'll need to open a brokerage account once these calculations are completed. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
When it's time to make withdrawals from your precious-metal IRA, you'll need a place to keep your coins safe. While some storage facilities accept bullion bars and others require that you purchase individual coins, others will allow you to store your coins in their own safe. Before choosing one, consider the pros and disadvantages of each.
Because you don't have to store individual coins, bullion bars take up less space than other items. However, each coin will need to be counted individually. However, you can easily track the value of individual coins by storing them in separate containers.
Some people like to keep their coins in vaults. Others prefer to store their coins in a vault. No matter what method you use, it is important to keep your bullion safe so that you can reap its benefits for many more years.
How much should precious metals make up your portfolio?
To answer this question we need to first define precious metals. Precious elements are those elements which have a high price relative to other commodities. This makes them highly valuable for both investment and trading. Gold is currently the most widely traded precious metal.
There are many other precious metals, such as silver and platinum. While gold's price fluctuates during economic turmoil, it tends to remain relatively stable. It is not affected by inflation or deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. That said, they do not always move in lockstep with each other. The price of gold tends to rise when the economy is not doing well, but the prices of the other precious metals tends downwards. Investors expect lower interest rates which makes bonds less appealing investments.
When the economy is healthy, however, the opposite effect occurs. Investors are more inclined to invest in safe assets, such as Treasury Bonds, and they will not demand precious metals. Because they are rare, they become more pricey and lose value.
Diversifying across precious metals is a great way to maximize your investment returns. Additionally, since the prices of precious metals tend to rise and fall together, it's best to invest in several different types of precious metals rather than just focusing on one type.
Which precious metal is best to invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. While gold is considered a safe investment option, it can also be a risky choice. For example, if your goal is to make quick money, gold may not suit you. Silver is a better investment if you have patience and the time to do it.
If you don’t want to be rich fast, gold might be the right choice. Silver might be a better investment option if steady returns are desired over a long period of time.
What are the pros and disadvantages 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 great option for those who want to save money, but don't want tax on any interest earned. However, there are disadvantages to this type investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. The IRS may prohibit you from withdrawing funds from your IRA before you are 59 1/2 years of age. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
Another problem is the cost of managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management charges ranging anywhere from $10 to $50.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. Most insurers require you to own a minimum amount of gold before making a claim. You might be required to buy insurance that covers losses up to $500,000.
You will need to decide how much gold you wish to use if you opt for a gold IRA. Some providers restrict the amount you can own in gold. Others let you choose your weight.
It's also important to decide whether or not to buy gold futures contracts. Physical gold is more expensive than gold futures contracts. Futures contracts, however, allow for greater flexibility in buying gold. They allow you to set up a contract with a specific expiration date.
It is also important to choose the type of insurance coverage that you need. The standard policy doesn't include theft protection or loss due to fire, flood, or earthquake. It does offer coverage for natural disasters. You might consider purchasing additional coverage if your area is at high risk.
In addition to insurance, you'll need to consider the cost of storing your gold. Storage costs are not covered by insurance. Additionally, safekeeping is usually charged by banks at around $25-$40 per monthly.
To open a IRA in gold, you will need to first speak with a qualified custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians aren't allowed to sell your assets. Instead, they must retain them for as long and as you require.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. The plan should contain information about the types of investments you wish to make such as stocks, bonds or mutual funds. Your monthly investment goal should be stated.
After completing the forms, send them along with a check or a small deposit to your chosen provider. The company will then review your application and mail you a letter of confirmation.
When opening a gold IRA, you should consider using a financial planner. A financial planner can help you decide the type of IRA that is right for your needs. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (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)
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
The growing trend of gold IRAs
Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.
Gold IRA owners can now invest in physical gold bullion or bars. It can be used as a tax-free way to grow and it is an alternative investment option for people who are not comfortable with stocks or bonds.
Investors can have confidence in their investments and avoid market volatility with a gold IRA. They can also use the gold IRA as a protection against potential problems like inflation.
Investors also have the benefit of physical gold, which has unique properties such durability, portability and divisibility.
A gold IRA provides many additional benefits. One is the ability for heirs to quickly transfer ownership of gold. Another is the fact that gold is not considered a currency or a commodities by the IRS.
Investors who seek financial stability and a safe haven are finding the gold IRA increasingly attractive.
Title: Introducing Satslink: A Breakthrough Multi-Purpose Device from Coinkite
Sourced From: bitcoinmagazine.com/business/coinkites-newest-bitcoin-device-can-serve-as-a-lightning-wallet-and-nostr-client
Published Date: Sat, 14 Oct 2023 15:39:43 GMT
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