Recent news of Binance discontinuing its services in Nigeria by March 8 came as a shock to many Nigerians. Despite regulatory challenges leading up to this decision, questions linger on how the world's largest crypto exchange could exit the fastest-growing market for Bitcoin adoption. As the founder of NoOnes, a peer-to-peer Bitcoin trading platform in the Global South, my foresight into the industry's challenges led me to establish this platform. Anticipating this move three years ago, my prior experience as the CEO of a US-based Bitcoin company exposed me to financial disparities and regulatory hurdles firsthand.
Understanding the Root Issues
The disparaging treatment of Africans by American regulators, evident in regulations favoring Western interests, fueled my decision to create a platform catering to the Global South. The departure of Binance from Nigeria underscores the regulatory complexities faced by businesses in the region. However, solely blaming governments isn't the solution. It's imperative to empathize with the challenges our leaders encounter to pave a collaborative path forward.
The Financial System Battlefield
Central to this struggle is the battle for financial autonomy and control over monetary transactions. Entrepreneurs in the Global South find themselves constrained within their markets, impeding cross-border transactions and expansion. With Binance's exit, local businesses are left pondering their next move, highlighting the urgency for sustainable solutions.
Cultivating Growth for Global South Entrepreneurs
To unlock the potential of entrepreneurs in the Global South, fostering a conducive environment is paramount. Advocating for free trade and fluid financial systems is essential for nurturing businesses and fostering growth. While the journey ahead is arduous, it necessitates tough decisions and strategic relocations to realign with these objectives.
Localized Solutions for Sustainable Impact
Operating on the ground is vital for identifying challenges and tailoring solutions to the region's specific needs. NoOnes' localized approach, employing African moderators and prioritizing community partnerships, embodies a commitment to sustainable growth rather than exploitation.
Empowering Nigerian Entrepreneurs through Bitcoin
By liberating Nigerian entrepreneurs from the constraints of the global financial system, Bitcoin and platforms like NoOnes offer newfound opportunities for economic empowerment. By providing a level playing field, these entrepreneurs can unleash their potential and drive local economic growth.
Paving the Way for Prosperity in the Global South
Despite the void left by Binance's exit, NoOnes stands poised to support Nigerian entrepreneurs seeking to embrace Bitcoin and partake in the region's economic resurgence. The challenges may be formidable, but the prospects for growth in the world's fastest-growing continent are unparalleled.
Frequently Asked Questions
What is the value of a gold IRA
A gold IRA has many benefits. It's an investment vehicle that allows you to diversify your portfolio. You control how much money goes into each account and when it's withdrawn.
You can also rollover funds from other retirement accounts to a gold IRA. This will allow you to transition easily if it is your decision to retire early.
The best thing about investing in gold IRAs is that you don’t need any special skills. They are offered by most banks and brokerage companies. Withdrawals can happen automatically, without any fees or penalties.
There are also drawbacks. Gold is historically volatile. So it's essential to understand why you're investing in gold. Are you seeking safety or growth? Is it for security or long-term planning? Only after you have this information will you make an informed decision.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. One ounce doesn't suffice to cover all your needs. You could need several ounces depending on what you plan to do with your gold.
A small amount is sufficient if you plan to sell your gold. You can even manage with one ounce. These funds won't allow you to purchase anything else.
What is the tax on gold in an IRA
The fair market value at the time of sale is what determines how much tax you pay on gold sales. When you purchase gold, you don't have to pay any taxes. It is not considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
As collateral for loans, gold is possible. Lenders look for the highest return when you borrow against assets. For gold, this means selling it. It's not guaranteed that the lender will do it. They might keep it. They may decide to resell it. Either way, you lose potential profit.
To avoid losing money, only lend against gold if you intend to use it for collateral. It's better to keep it alone.
What is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These are “precious metals” because they are hard to find, and therefore very valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Precious metals often refer to themselves as “bullion.” Bullion refers actually to the metal.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. You'll get dividends each year.
Precious metal IRAs have no paperwork or annual fees. You pay only a small percentage of your gains tax. You can also access your funds whenever it suits you.
How much of your portfolio should you hold in precious metals
First, let's define precious metals to answer the question. Precious metals refer to elements with a very high value relative other commodities. This makes them very valuable in terms of trading and investment. Today, gold is the most commonly traded precious metal.
However, many other types of precious metals exist, including silver and platinum. The price for gold is subject to fluctuations, but stays relatively stable in times of economic turmoil. It also remains relatively unaffected by inflation and deflation.
The general trend is for precious metals to increase in price with the overall market. They do not always move in the same direction. 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.
In contrast, when the economy is strong, the opposite effect occurs. Investors favor safe assets like Treasury Bonds, and less precious metals. These precious metals are rare and become more costly.
You must therefore diversify your investments in precious metals to reap the maximum profits. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
What are the fees for an IRA that holds gold?
$6 per month is the Individual Retirement Account Fee (IRA). This includes account maintenance and any investment costs.
If you wish to diversify your portfolio, you may need to pay additional fees. The fees you pay will vary depending on the type of IRA that you choose. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
Most providers also charge an annual management fee. These fees range from 0% to 1%. The average rate is.25% per year. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement account
bbb.org
wsj.com
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not legal – WSJ
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads, Example and Risk Metrics
How To
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 is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
An investor can use a gold IRA to manage their assets and not worry about market volatility. Investors can protect themselves from inflation and other possible problems by using the gold IRA.
Investors also benefit from physical gold's unique properties, such as durability and portability.
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.
This is why the gold IRA has become increasingly popular with investors looking to provide financial security during times of financial uncertainty.
—————————————————————————————————————————————————————————————–
By: Ray Youssef
Title: The Impact of Binance's Exit on Nigerian Crypto Entrepreneurs
Sourced From: bitcoinmagazine.com/culture/noones-helping-nigeria-after-binance-exit-
Published Date: Fri, 29 Mar 2024 18:00:03 GMT
