Technical Challenges Couldn't Stop the Sale
The sale of Taproot Wizards Quantum Cats non-fungible tokens (NFTs) has proven to be a remarkable success, with a total of 268.3 bitcoin, equivalent to $11.3 million, collected so far. Despite facing initial technical difficulties that caused a delay in the sale, 2,681 Quantum Cat NFTs have already been sold.
A Delayed Start, but a Strong Finish
Bitcoin.com News previously reported on the Taproot Wizards Quantum Cats NFT sale, highlighting the technical challenges that led to its postponement. Finally, on February 5, 2023, the sale commenced, and a significant number of these unique collectibles were quickly purchased even before the general public had a chance to participate.
Initially, access to the collection was limited to whitelisted individuals for a specific period of time. Only after this duration did the opportunity open up to the wider public. During the whitelist period, the project announced the creation of 2,600 cats. The official whitelist mint concluded at 5 p.m. Eastern Time (ET) on Monday, followed by a one-hour delay before the public mint started. As of now, a total of 2,680 Quantum Cats have been minted.
Impressive Sales Figures
The sale has already secured an impressive 268.3 BTC, equivalent to $11.3 million, with each Quantum Cat priced at 0.1 BTC. As the whitelist period came to an end, slightly over 300 cats are still available for purchase by the wider public, with the exception of U.S. residents. The sale terms specify that Taproot Wizard inscriptions are not offered to, and cannot be purchased by, individuals residing within U.S. territories.
The Future Value of Quantum Cats NFTs
It remains to be seen whether the value of Quantum Cats NFTs will increase, maintain their initial price, or potentially decline below the 0.1 BTC benchmark on secondary markets. This sale takes place amidst a surge of interest in unique collectibles within the NFT realm, with Bitcoin ranking as the second-largest platform for NFT sales, boasting a total volume of $2.25 billion in NFT sales to date.
What are your thoughts on the Taproot Wizards Quantum Cats NFT sale? Share your opinions in the comments section below.
Frequently Asked Questions
Can I buy Gold with my Self-Directed IRA?
While you can purchase gold from your self-directed IRA (or any other brokerage firm), you must first open a brokerage account such as TD Ameritrade. Transfer funds from an existing retirement account are also possible.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contract are financial instruments that depend on the gold price. These contracts allow you to speculate on future gold prices without actually owning it. However, physical bullion is real gold or silver bars you can hold in your hands.
How much should I contribute to my Roth IRA account?
Roth IRAs let you save tax on retirement by allowing you to deposit your own money. You can't withdraw money from these accounts before you reach the age of 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, you can't touch your principal (the initial amount that was deposited). This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you take out more than the initial contribution, you must pay tax.
The second rule says that you cannot withdraw your earnings without paying 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. The remaining $6,500 is yours. You can only take out what you originally contributed.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
There are two types of Roth IRAs: Traditional and Roth. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. A traditional IRA can be withdrawn up to the maximum amount allowed.
Roth IRAs do not allow you to deduct your contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal limit, unlike traditional IRAs. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.
What precious metals could you invest in to retire?
Gold and silver are the best precious metal investments. Both can be easily bought and sold, and have been around since forever. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: One of the oldest forms of currency, gold, is one of mankind's most valuable. It is very stable and secure. This makes it a good option to preserve wealth in uncertain times.
Silver: Silver has always been popular among investors. It is an excellent choice for investors who wish to avoid volatility. Silver tends instead to go up than down, which is unlike gold.
Platinium: Platinum is another form of precious metal that's becoming increasingly popular. It's resistant to corrosion and durable, similar to gold and silver. It is however more expensive than its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used for jewelry making. It's also relatively inexpensive compared to other precious metals.
Palladium: Palladium has a similarity to platinum but is more rare. It's also much more affordable. For these reasons, it's become a favorite among investors looking to add precious metals to their portfolios.
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).
A traditional IRA allows contributions from both employee and employer. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
An Individual Retirement Annuity (IRA) is also available. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions made to IRAs are not taxable.
Can I have physical gold in my IRA
Gold is money. Not just paper currency. People have used gold as a currency for thousands of centuries to preserve their wealth and keep it safe from inflation. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. The S&P 500 declined 21 percent during the same period. Gold prices increased nearly 100 per cent between August 2011 – early 2013. Gold was one asset that outperformed stocks in turbulent market conditions.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. You still have your shares even if your stock portfolio falls. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, the liquidity that gold provides is unmatched. This means you can easily sell your gold any time, unlike other investments. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
What is the best precious metal to invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. Gold is a traditional haven investment. However, it is not always the most profitable. If you are looking for quick profits, gold might not be the right investment. 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 may be a better option for investors who want long-term steady returns.
How much do gold IRA fees cost?
A monthly fee of $6 for an Individual Retirement Account is charged. This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.
If you wish to diversify your portfolio, you may need to pay additional fees. These fees can vary depending on which type of IRA account you choose. Some companies offer free checking, but charge monthly fees for IRAs.
Many providers also charge annual management fees. These fees range from 0% to 1%. The average rate is.25% per year. These rates can be waived if the broker is TD Ameritrade.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- 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)
External Links
investopedia.com
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1989 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Lawful – WSJ
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement funds
How To
Guidelines for Gold Roth IRA
Start saving as soon as possible to save for your retirement. It is best to start saving for retirement as soon you can (typically at age 50). It is important to invest enough money each and every year to ensure you get adequate growth.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles permit you to make contributions, but not pay any tax until your earnings are withdrawn. They are a great option for those who do not have access to employer matching money.
The key is to save regularly and consistently over time. If you don't contribute the maximum amount, you will miss any tax benefits.
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By: Jamie Redman
Title: Tapping into Success: Taproot Wizards Quantum Cats NFT Sale Rakes in Over 268 Bitcoin
Sourced From: news.bitcoin.com/taproot-wizards-quantum-cats-nfts-leap-past-technical-glitches-to-amass-11-3m-in-bitcoin/
Published Date: Mon, 05 Feb 2024 23:30:18 +0000
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