Sriram Bhargav Karnati believes that top-notch security and usability are not mutually exclusive when it comes to managing your bitcoin. So, he and his co-founders at Theya have built a multisig bitcoin vault — a mechanism that requires multiple participants to sign off on a Bitcoin transaction — that users can conveniently manage from their mobile devices.
Empowering Self-Custody for All
"Our mission is to make self-custody easy for everybody," said Karnati. He emphasizes the need for a product that is user-friendly without requiring users to have specialized technical knowledge, drawing a parallel to big tech companies like Apple, Google, and Facebook.
From Silicon Valley to Bitcoin Innovation
With a background in consumer product development at major companies like Google and Robinhood, Karnati is well-equipped to bring multisig Bitcoin vaults to the masses. His experience in scaling products to billions of users has prepared him for the challenge of simplifying Bitcoin self-custody.
Theya's Innovative Approach
Theya’s vaults employ a 2-of-3 multisig setup, ensuring added security for users. Unlike traditional multisig solutions, Theya's approach does not require a hardware wallet, making it more accessible to newer bitcoin users.
Y Combinator Backing and Mission Alignment
Theya received funding from Y Combinator, recognizing the team's expertise and commitment to simplifying self-custody. Y Combinator was drawn to Theya's unique mission in an industry focused on quick profits and token creation.
Bitcoin: A Personal Conviction
Karnati's belief in Bitcoin stems from his firsthand experience in transacting with the cryptocurrency and recognizing its potential for revolutionizing financial systems. His focus on Bitcoin as a store of value led to the creation of Theya's secure storage solution.
Future Vision for Theya
Beyond multisig vaults, Theya aims to expand into payment solutions for merchants and subscription services. While not prioritizing Lightning integration, the team plans to introduce an exchange feature for seamless bitcoin purchases and storage.
Theya's commitment to providing both convenience and top-notch security highlights their dedication to making Bitcoin accessible to all users.
Frequently Asked Questions
Do you need to 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 are no ways to recover the money you lost in an investment. All your investments can be lost due to theft, fire or flood.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items can be lost because they have real value and have been around for thousands years. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and products. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
You won't get any returns until you retire if you open an account. So, don't forget about the future!
What does a gold IRA look like?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can purchase gold bullion coins in physical form at any moment. You don’t have to wait to begin investing in gold.
You can keep gold in an IRA forever. Your gold holdings won't be subject to taxes when you pass away.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. It is not required that you include your gold in the final estate report because it remains outside your estate.
To open a IRA for gold, you must first create an individual retirement plan (IRA). After you do this, you will be granted an IRA custodian. This company acts as an intermediary between you and IRS.
Your gold IRA custodian can handle all paperwork and submit 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. Minimum deposit is $1,000 A higher interest rate will be offered if you invest more.
You will pay taxes when you withdraw your gold from your IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
Even if your contribution is small, you might not have to pay any taxes. There are some exceptions, though. If you take out 30% of your total IRA assets or more, you will owe federal income taxes and a 20 percent penalty.
It is best to not take out more than 50% annually of your total IRA assets. If you do, you could face severe financial consequences.
How much of your IRA should include precious metals?
When investing in precious metals, the most important thing to know is that they aren't just for wealthy people. It doesn't matter how rich you are to invest in precious metals. In fact, there are many ways to make money from gold and silver investments without spending much money.
You may consider buying physical coins such as bullion bars or rounds. Stocks in companies that produce precious materials could be purchased. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You can still get benefits from precious metals regardless of what choice you make. Although they aren’t stocks, they offer the possibility for long-term gains.
Their prices rise with time, which is a different to traditional investments. You'll probably make more money if your investment is sold down the line than traditional investments.
Statistics
- 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)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
finance.yahoo.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Lawful – WSJ
bbb.org
irs.gov
How To
Investing in gold vs. investing in stocks
This might make it seem very risky to invest gold as an investment tool. The reason behind this is that many people believe that gold is no longer profitable to invest in. This belief stems from the fact that most people see gold prices being driven down by the global economy. They believe they would lose their money if they invested gold. There are many benefits to investing in gold. Here are some examples.
One of the oldest forms known of currency is gold. Its use can be traced back to thousands of years ago. People around the world have used it as a store of value. As a means of payment, South Africa and many other countries still rely on it.
Consider the price per gram when you decide whether you should invest in or not. When looking into buying gold bullion, you must decide how much you are willing to spend per gram. You can always ask a local jeweler what the current market rate is if you don't have it.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. So, although gold prices have declined in recent years, the cost of producing it has not changed.
You should also consider the amount of your intended purchase when considering whether you should buy or not. If you plan to buy enough gold to cover your wedding rings then it is probably a good idea to wait before buying any more. However, if you are planning on doing so for long-term investments, then it is worth considering. You can profit if you sell your gold at a higher price than you bought it.
We hope this article has given you an improved understanding of gold investment tools. It is important to research all options before you make any decision. Only then will you be able to make an informed decision.
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By: Frank Corva
Title: Revolutionizing Bitcoin Security and Usability with Theya's Multisig Vault
Sourced From: bitcoinmagazine.com/business/google-robinhood-veteran-aims-to-bring-bitcoin-multsig-to-the-masses-with-theya
Published Date: Wed, 31 Jul 2024 13:58:42 GMT
