Bitcoiners should make use of existing systems for enacting change in order to foster adoption.
This opinion editorial is by Mark Shut. Shut is a founder of a startup, an educator, and a content creator.
Conversations around economic policy, regulatory changes and outdated money standards are rooted in freedom through the new Bitcoin standard. Political involvement is necessary for freedom and essential for revolutions that demand fundamental changes in the monetary system.
Organizations that promote Bitcoin and positive policies that give citizens greater freedoms are at the forefront of this revolution. They seek to rectify the inefficiency and corruption of the obsolete monetary systems that currently dominate the United States.
Bitcoin was created to allow people to participate in a decentralized financial system. Responsible financial systems are the only way to create this new currency. This starts with responsible legislation.
Lee Bratcher, president and CEO of the Texas Blockchain Council, spoke with Bitcoin advocates Bruce Fenton, Dennis Porter, Jimmy Song, and Jimmy Song about their involvement in pro-Bitcoin legislation.
The Texas Blockchain Council is a regulatory body whose mission it is to foster innovation in Bitcoin.
Bratcher, author of "Bitcoin, the American Dream" stated that "Bitcoin miners (are trying) to influence policymakers to adopt Bitcoin mining to bring in the jobs and investment (and innovation).
Bruce Fenton is a Senate candidate in New Hampshire. He strongly supports Bitcoin and emphasizes the importance of seperating money from the state. Many people are suffering from high inflation rates due to the current fiat standard. "The root cause of many of the problems around the globe, very serious problems. Bad broken money is the root cause. You know what? I even go as far as to call it evil. Fenton said, "You know that I believe it's really bad."
Fenton believes that America can be transformed by new blood. This will bring power back to the people. Fenton asks the question "What makes good money?" Bitcoin refers to economic freedom, liberty, and growth. Everyday citizens have more control over their currency with this decentralized monetary system. Fenton claims that Bitcoin is a better alternative to corrupt fiat money.
Education is the first step towards a society in which Bitcoin is the dominant currency. The Satoshi Action Fund, a non-profit educational institution, is dedicated to educating legislators and policymakers about the importance of Bitcoin mining and how it can support other public policy goals. Dennis Porter, the Chief Executive Officer of the Satoshi Action Fund, believes that education policymakers about the benefits of Bitcoin mining will be crucial to creating an innovative and productive regulatory environment.
Porter warns about the possible consequences of not actively working to support the Bitcoin standard. He cites states like Texas and Wyoming that are gradually adopting the Bitcoin standard. "But we can also see what happens if we don't get involved enough." States like New York are moving in the opposite direction.
The fund's ultimate goal is to reach as many policymakers as possible to help them see the benefits of Bitcoin mining. This will bring in investment, jobs, and innovation, as well as other benefits. We can make real changes in the country with legislators like Bruce Fenton, and organizations such as the Texas Blockchain Council. Bitcoin challenges us to make an impact and bring back liberty and freedom to all people.
You can make an impact by standing up for what you believe in and remaining vocal. Jimmy Song is a Bitcoin developer, educator, and entrepreneur who believes lobbying is the best way to achieve this. Lobbying can help us achieve a more hands-off government that allows for natural innovation.
Song educates people and, through Bitcoin, secures their economic thoughts. He stresses the importance of being prepared to face the next economic crisis. Song says, "From my point of view, we must be prepared with concrete actions that we can take."
A new economic order is emerging with Bitcoin and cryptocurrency. It calls for decentralization which direct takes power from the federal and state governments and gives it back to the people. Song states that it is important to "show that we are a force and that we have many votes so that we can affect things and show our political muscle."
Individuals must be politically active in order to create a government that doesn't restrict people's freedoms. People can use Bitcoin to fight an old corrupt system that relied on fiat. We need to elect policymakers who are committed to the people and create legislation that will allow us to effect real change.
Bitcoin is a way to create economic independence and jobs. A less hands-off government encourages natural growth, innovation, and financial security. These leaders are at the forefront of the battle to separate state and money. This will give people more economic freedom. Bitcoin holds great potential to revolutionize the monetary and economic system.
This guest post is by Mark Shut. These opinions are not necessarily those of BTC Inc.
Frequently Asked Questions
How is gold taxed in an IRA?
The fair market value of gold sold is the basis for tax. Gold is not subject to tax when it's purchased. It is not income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
Loans can be secured with gold. Lenders will seek the highest return on your assets when you borrow against them. This often means selling gold. This is not always possible. They may keep it. They may decide to resell it. The bottom line is that you could lose potential profit in any case.
So to avoid losing money, you should only lend against your gold if you plan to use it as collateral. If you don't plan to use it as collateral, it is better to let it be.
Should you Invest In Gold For Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. You can invest in both options if you aren't sure which option is best for you.
Not only is it a safe investment but gold can also provide potential returns. It is a good choice for retirees.
Most investments have fixed returns, but gold's volatility is what makes it unique. As a result, its value changes over time.
This doesn't mean that you should not invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit to gold is its tangible value. Gold is much easier to store than bonds and stocks. It's also portable.
Your gold will always be accessible as long you keep it in a safe place. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. It's a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
Also, you'll reap the benefits of having some savings invested in something with a stable value. Gold usually rises when the stock market falls.
Another advantage to investing in gold is the ability to sell it whenever you wish. You can easily liquidate your investment, just as with stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all your eggs on one basket.
Also, don't buy too much at once. Start with a few ounces. Then add more as needed.
The goal is not to become rich quick. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
And while gold might not be the best investment for everyone, it could be a great supplement to any retirement plan.
What is a Precious Metal IRA (IRA)?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This ensures that you will receive dividends each and every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, you pay a small percentage tax on the gains. Additionally, you have access to your funds at no cost whenever you need them.
Is it a good retirement strategy to buy gold?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
Physical bullion is the most popular method of investing in gold. There are many ways to invest your gold. The best thing to do is research all options thoroughly and then make an informed decision based on what you want from your investments.
If you don’t have the funds to invest in safe places, such as a safe deposit box or mining equipment companies, buying shares of these companies might be a better investment. If you need cash flow from an investment, purchasing gold stocks is a good choice.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
What does gold do as an investment?
The supply and demand for gold affect the price of gold. It is also affected by interest rates.
Because of their limited supply, gold prices can fluctuate. There is also a risk in owning gold, as you must store it somewhere.
Can I hold a gold ETF in a Roth IRA?
Although a 401k plan might not provide this option, you should still consider other options like an Individual Retirement Account (IRA).
Traditional IRAs allow contributions from both the employer and employee. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
A Individual Retirement Annuity (IRA), is also available. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs don't have to be taxable
How much is gold taxed under a Roth IRA
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
If you place the money in a traditional IRA, 401(k), or other retirement plan, there is no tax when you take it out. Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
Each state has its own rules regarding these accounts. Maryland's rules require that withdrawals be taken within 60 days after you turn 59 1/2. You can delay until April 1st in Massachusetts. New York has a maximum age limit of 70 1/2. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
- 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)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 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)
- (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)
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement plans
The growing trend of gold IRAs
Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.
The gold IRA allows owners to invest in physical gold bullion and bars. This IRA can be used to grow your wealth tax-free and is an alternative option to stocks and bonds.
Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
All this means that the gold IRA is becoming increasingly popular among investors seeking a haven during financial uncertainty.
By: Mark Shut
Title: Jimmy Song, Lee Bratcher And Dennis Porter On Why Bitcoiners Must Be Politically Involved
Sourced From: bitcoinmagazine.com/culture/bitcoiners-must-be-politically-involved
Published Date: Sat, 24 Sep 2022 02:00:00 GMT