Imagine a world where earning Bitcoin is as easy as swiping a card at your favorite store. Well, that world is about to become a reality thanks to Fold, a pioneering Bitcoin-centric financial company. In an exciting collaboration, Fold has joined forces with industry giants Stripe and Visa to unveil the Fold Bitcoin Credit Card.
The Future of Rewards Cards: Exclusively Bitcoin
Set to debut soon, this innovative card offers an impressive 3.5% Bitcoin back on all purchases. You get a flat 2% back instantly, and an extra 1.5% if you settle your balance through a Fold Checking Account. But here's the cherry on top – users can earn up to 10% back at major brands like Amazon, Target, and Starbucks through the Fold rewards network.
Bitcoin Simplicity at Your Fingertips
Forget the complexities of exchanges and private keys. With the Fold card, accumulating Bitcoin is effortless and stress-free. It's like earning rewards effortlessly while you shop for your everyday needs. This seamless approach not only simplifies Bitcoin for beginners but also encourages wider adoption among enthusiasts.
A Visionary Journey Towards Bitcoin Adoption
For Fold, this milestone is the culmination of years dedicated to integrating Bitcoin into everyday financial transactions. Starting with Bitcoin rewards debit cards, gift cards, and a shopping app, Fold has been a trailblazer. Now, with the backing of Stripe and Visa, Fold is set to revolutionize Bitcoin rewards on a larger scale.
Innovative Partnerships for a Brighter Future
Stripe and Visa are equally enthusiastic about this collaboration. Sateesh Kumar Srinivasan from Stripe emphasizes how their consumer Issuing product simplifies new product launches, enabling companies like Fold to introduce innovative offerings effortlessly. Visa's Cuy Sheffield sees this as part of a growing trend where consumers can earn Bitcoin securely and conveniently through partnerships like this.
Unlocking a New Era of Bitcoin Adoption
With Fold's Bitcoin Credit Card, the opportunity to accumulate Bitcoin seamlessly is within reach. If successful, this card could redefine how we view Bitcoin, making earning and saving it as routine as any daily expense. Embrace the future of finance with Fold, where Bitcoin rewards are just a swipe away!
Ready to dive into the world of Bitcoin rewards? Discover more about Fold's groundbreaking partnership with Stripe and Visa here.
Frequently Asked Questions
Who holds the gold in a gold IRA?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
It is a good idea to consult an accountant or financial planner to learn more about your options.
What amount should I invest in my Roth IRA?
Roth IRAs allow you to deposit your money tax-free. These accounts are not allowed to be withdrawn before the age of 59 1/2. You must adhere to certain rules if you are going to withdraw any of your contributions prior. First, you cannot touch your principal (the original amount deposited). You cannot withdraw more than the original amount you contributed. You must pay taxes on the difference if you want to take out more than what you initially contributed.
The second rule is that your earnings cannot be withheld without income tax. Withdrawing your earnings will result in you paying taxes. For example, let's say that you contribute $5,000 to your Roth IRA every year. Let's say you earn $10,000 each year after contributing. The federal income tax on your earnings would amount to $3,500. You would have $6,500 less. Because you can only withdraw what you have initially contributed, this is all you can take out.
Therefore, even if you take $4,000 out of your earnings you still owe taxes on $1,500. You would also lose half of your earnings because they are subject to another 50% tax (half off 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
There are two types if Roth IRAs, Roth and Traditional. A traditional IRA allows for you to deduct pretax contributions of your taxable income. Your traditional IRA allows you to withdraw your entire contribution plus any interest. A traditional IRA can be withdrawn up to the maximum amount allowed.
A Roth IRA doesn't allow you to deduct your contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. Unlike a traditional IRA, there is no minimum withdrawal requirement. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
How is gold taxed in an IRA?
The fair market value of gold sold is the basis for tax. If you buy gold, there are no taxes. It's not considered income. If you sell it later you will have a taxable profit if the price goes down.
Loans can be secured with gold. When you borrow against your assets, lenders try to find the highest return possible. This often means selling gold. The lender might not do this. They may just keep it. They might decide to sell it. The bottom line is that you could lose potential profit in any case.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. Otherwise, it's better to leave it alone.
How to open a Precious Metal IRA
It is important to decide if you would like an Individual Retirement Account (IRA). If you do, you must open the account by completing Form 8606. For you to determine the type and eligibility for which IRA, you need Form 5204. This form should not be completed more than 60 days after the account is opened. Once this is done, you can start investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. Otherwise, the process is identical to an ordinary IRA.
To qualify for a precious-metals IRA, you'll need to meet some requirements. The IRS says you must be 18 years old and have earned income. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Contributions must be made regularly. These rules apply whether you're contributing through an employer or directly from your paychecks.
You can use a precious metals IRA to invest in gold, silver, palladium, platinum, rhodium, or even platinum. However, physical bullion will not be available for purchase. You won't have the ability to trade stocks or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option is available from some IRA providers.
There are two major drawbacks to investing via an IRA in precious metals. First, they don't have the same liquidity as stocks or bonds. This makes them harder to sell when needed. They don't yield dividends like bonds and stocks. You'll lose your money over time, rather than making it.
Should You Open a Precious Metal IRA?
Precious metals are not insured. This is the most important fact to know before you open an IRA account. There is no way to recover money that you have invested in precious metals. This includes all investments that are lost to theft, fire, flood, or other causes.
You can protect yourself against such losses by purchasing physical gold and silver coins. These items have been around for thousands of years and represent real value that cannot be lost. They are likely to fetch more today than the price you paid for them in their original form.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
Do not open an account unless you're ready to retire. Keep your eyes open for the future.
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)
- 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)
- (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)
- 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)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
finance.yahoo.com
bbb.org
How To
Three Ways to Invest In Gold For Retirement
It is crucial to understand how you can incorporate gold into your retirement plans. If you have a 401(k) account at work, there are several ways you can invest in gold. You may also be interested in investing in gold beyond your workplace. For example, if you own an IRA (Individual Retirement Account), you could open a custodial account at a brokerage firm such as Fidelity Investments. If you don't have any precious metals yet, you might want to buy them from a reputable dealer.
If you do invest in gold, follow these three simple rules:
- Buy Gold with Cash – Avoid using credit cards or borrowing money to fund investments. Instead, cash in your accounts. This will help protect you against inflation and keep your purchasing power high.
- Physical Gold Coins – Physical gold coins are better than a paper certificate. The reason is that it's much easier to sell physical gold coins than certificates. There are no storage fees for physical gold coins.
- Diversify your Portfolio – Don't put all your eggs in one basket. This means that you should diversify your wealth by investing in different assets. This reduces risk and allows you to be more flexible during market volatility.
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By: Micah Zimmerman
Title: Introducing the First Bitcoin-Only Credit Card: Fold Partners with Stripe and Visa
Sourced From: bitcoinmagazine.com/news/fold-taps-stripe-and-visa-in-launch-of-first-bitcoin-only-credit-card
Published Date: Tue, 23 Sep 2025 13:27:20 +0000
