Introduction
The Bitmap Theory initiative, launched just last summer, is swiftly gathering momentum. Its objective is to integrate a digital realm, often referred to as the metaverse, within the Bitcoin blockchain. Through the innovative use of Ordinal inscription technology, Bitmap enables individuals to claim ownership of segments of the Bitcoin blockchain. Currently, Bitmap boasts a market capitalization close to $235 million, marking a significant increase of over 5,500% in the last two months.
Bitcoin's New Frontier
In the dynamic world of non-fungible token (NFT) markets, on Magic Eden, the Bitmap collection stands as a formidable contender, currently second only to the Bitcoin Frogs series in trading volume. Over the recent week, approximately 125.27 BTC or $5.48 million has been traded in Bitmap, with the latest 24-hour volume reflecting around $34,370, according to data from coingecko.com.
The Vision of Bitmap Theory
Bitmap's current floor value is noted at approximately 0.00680 BTC or $296.71, with a market valuation soaring to $235 million, and even touching over $300 million as recently as Dec. 21, 2023. Conceived by the X user Blockamoto, Bitmap Theory is an innovative open-source standard, still in its nascent stages, with a vision to morph Bitcoin blocks into integral parts of the metaverse.
This initiative allows participants to claim and inscribe ownership of Bitcoin blocks through Ordinals and Bitmap, heralding a decentralized method of embedding these blocks into a digital universe. While in its early phases, Bitmap believers think it embodies a pioneering strategy to leverage Bitcoin's framework for a prospective 'Bitcoin Metaverse.'
Bitearth: Augmented Reality for Bitmap
Moreover, an initiative named Bitearth recently revealed its mission to create "immutable augmented reality for Bitmap," ensuring every Bitmap owner possesses a designated slice of the earth. The website bitearth.io links these pieces to a map and has incorporated 3D Bitcoin-orange structures. Fundamentally, Bitmap serves as a Bitcoin-centric counterpart to platforms like Sandbox and Decentraland, with enthusiasts asserting its potential to rival or even surpass these giants.
Carving a Niche in the Metaverse
As Bitmap carves its niche in the metaverse with a $235 million market cap, it stands at a crossroads of innovation and speculation. While its rapid ascent and pioneering technology suggest a bright future, the volatile nature of digital realms and evolving blockchain landscapes leave its destiny intriguingly uncertain, beckoning watchers with a theoretical yet potentially revolutionary horizon.
What do you think about Bitmap? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
What is a Precious Metal IRA (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 metals are great investments and can help protect your financial future from economic instability and inflation.
Precious metals are sometimes called “bullion.” Bullion is the physical metal.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This allows you to receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, your gains are subject to a small tax. 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.
The best form of investing is physical bullion, which is the most widely used. You can also invest in gold in other ways. You should research all options thoroughly before making a decision on which option you prefer.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. If you require cash flow, gold stocks can work well.
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.
Can I buy Gold with my Self-Directed IRA?
You can purchase gold with your self-directed IRA, but you must first open an account at a brokerage firm like TD Ameritrade. You can also transfer funds from an existing retirement fund.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals may contribute up to $1,000 ($2,000 if married, filing jointly) directly into a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contract are financial instruments that depend on the gold price. These financial instruments allow you to speculate about future prices without actually owning the metal. But physical bullion refers to real gold and silver bars you can carry in your hand.
How is gold taxed in Roth IRA?
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
If you place the money in a traditional IRA, 401(k), or other retirement plan, there is no tax when you take it out. Taxes are only charged on capital gains or dividends earned, which only apply to investments longer than one calendar year.
The rules that govern these accounts differ from one state to the next. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. Massachusetts allows you to delay withdrawals until April 1. New York allows you to wait until age 70 1/2. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- 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)
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
cftc.gov
irs.gov
bbb.org
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Legal – WSJ
How To
How to Hold Physical Gold in an IRA
The best way to invest in Gold is by purchasing shares of companies that produce it. But this investment method has many risks as there is no guarantee of survival. Even if the company survives, they still face the risk of losing their investment due to fluctuations in gold's price.
Another option is to purchase physical gold. This means that you will need to open an account at a bank, bullion seller online, or purchase gold from a trusted seller. This option is convenient because you can access your gold when it's low and doesn't require you to deal with stock brokers. It is easier to view how much gold has been stored. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. There's also less chance of theft than investing in stocks.
However, there are disadvantages. There are some disadvantages, such as the inability to take advantage of investment funds and interest rates from banks. You won't have the ability to diversify your holdings; you will be stuck with what you purchased. Finally, the tax man might ask questions about where you've put your gold!
Visit BullionVault.com to find out more about gold buying in an IRA.
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By: Jamie Redman
Title: The Rise of Bitmap Theory: Carving the Bitcoin Metaverse
Sourced From: news.bitcoin.com/bitmap-theorys-meteoric-rise-pioneering-a-bitcoin-metaverse-with-a-235-million-valuation/
Published Date: Fri, 22 Dec 2023 15:30:16 +0000
