Theya, a maker of multisig bitcoin vaults, made an announcement yesterday regarding the launch of a new feature that will allow US users to purchase bitcoin directly through their app. Users can have the purchased bitcoin sent directly to self-custody via hardware wallets such as Ledger, Trezor, Foundation, and ColdCard or through its multisig vaults.
Game-Changing Bitcoin Purchase Feature
Theya has introduced a much-requested feature that revolutionizes the way US-based users can buy Bitcoin. With this feature, users can buy Bitcoin directly into self-custodial vaults, providing them with low fees and eliminating the complexity of transfers from exchanges.
Instant Funding and Low Fees
This unique feature not only offers instant funding and low fees but also simplifies the process of moving bitcoin from an exchange to self-custody. Sriram Bhargav Karnati, co-founder of Theya, expressed excitement about the new feature, emphasizing how it enables direct bitcoin purchases into self-custodial storage, offering users unparalleled flexibility in acquiring and storing their Bitcoin.
Key Benefits of the Feature
Aside from instant funding and low fees, the new feature streamlines the identity verification process for quick and secure bitcoin purchases. Additionally, it eliminates the need for address whitelisting, which involves obtaining permission from an exchange to send bitcoin to a specific address.
Payment Options and Partnerships
Currently, the new feature utilizes the ACH payment system for bitcoin purchases. However, Theya plans to introduce a wire transfer option for larger transactions. To facilitate ACH transfers, Theya has partnered with Cybrid, a regulated payment platform registered as a Money Service Business (MSB) in the US. Cybrid manages the Know Your Customer (KYC) process, ensuring fast and secure transactions without the need for Theya to handle customers' personal information.
Empowering Users with Choices
Karnati highlighted that the new feature represents a significant advancement in making Bitcoin acquisition accessible and secure. By providing users with options in managing their Bitcoin, Theya is dedicated to developing tools that make self-custody simple, robust, and user-friendly.
For more insights on Theya and Karnati, refer to our Founders piece on the company and its co-founder.
Frequently Asked Questions
What is a gold IRA account?
The Gold Ira Accounts are tax-free investment options for those who want to make investments in precious metals.
You can buy physical gold bullion coins at any time. To invest in gold, you don't need to wait for retirement.
An IRA allows you to keep your gold forever. You won't have to pay taxes on your gold investments when you die.
Your heirs will inherit your gold, and not pay capital gains taxes. Your gold is not part of your estate and you don't have to include it in the final estate report.
First, an individual retirement account will be set up to allow you to open a golden IRA. Once you've completed this step, an IRA administrator will be appointed to your account. This company acts as a mediator between you, the IRS.
Your gold IRA custodian is responsible for handling all paperwork and submitting the required forms to the IRS. This includes filing annual reporting.
After you have established your gold IRA you will be able purchase gold bullion coin. Minimum deposit required is $1,000 However, you'll receive a higher interest rate if you put in more.
Taxes will be charged on gold you have withdrawn from an IRA. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
If you only take out a very small percentage of your income, you may not need to pay tax. However, there are exceptions. For example, taking out 30% or more of your total IRA assets, you'll owe federal income taxes plus a 20 percent penalty.
It is best to not take out more than 50% annually of your total IRA assets. You'll be facing severe financial consequences if you do.
How to open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it's something you want. Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. You will then need to complete Form 5204 in order to determine which type IRA you are eligible. This form should be filled within 60 calendar days of opening the account. Once you have completed this form, it is possible to begin investing. You may also choose to contribute directly from your paycheck using payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. Otherwise, the process will look identical to an existing IRA.
To be eligible to have a precious metals IRA you must meet certain criteria. The IRS stipulates that you must have earned income and be at least 18-years old. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. Additionally, you must make regular contributions. These rules apply whether you're contributing through an employer or directly from your paychecks.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. However, you can't purchase physical bullion. This means you won't be allowed to trade shares of stock or bonds.
You can also use your precious metallics IRA to invest in companies that deal with precious metals. This option can be provided by some IRA companies.
However, there are two significant drawbacks to investing in precious metals via an IRA. First, they aren't as liquid than stocks and bonds. They are therefore more difficult to sell when necessary. They also don't pay dividends, like stocks and bonds. Therefore, you will lose money over time and not gain it.
Which precious metals are best to invest in retirement?
Silver and gold are two of the most valuable precious metals. They are both easy to trade and have been around for years. They are a great way to diversify 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 been a favorite among investors for years. It's a good choice for those who want to avoid volatility. Silver, unlike gold, tends not to go down but up.
Platinium is another precious metal that is becoming increasingly popular. It's like silver or gold in that it is durable and resistant to corrosion. It's also more expensive than the other two.
Rhodium. Rhodium is used as a catalyst. It's also used in jewelry making. It is also very affordable in comparison to other types.
Palladium: Palladium has a similarity to platinum but is more rare. It's also more accessible. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
How is gold taxed within an IRA?
The fair market value at the time of sale is what determines how much tax you pay on gold sales. You don't have tax to pay when you buy or sell gold. It's not considered income. If you sell it after the purchase, you will get a tax-deductible gain if you increase the price.
Gold can be used as collateral for loans. Lenders try to maximize the return on loans that you take against your assets. This usually involves selling your gold. The lender might not do this. They might just hold onto it. Or they might decide to resell it themselves. 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. You should leave it alone if you don't intend to lend against it.
How much is gold taxed under a Roth IRA
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
You don't pay tax if you have the money in a traditional IRA/401k. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
These accounts are subject to different rules depending on where you live. Maryland requires that you withdraw funds within 60 business days after reaching the age of 59 1/2. You can delay until April 1st in Massachusetts. New York allows you to wait until age 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
Statistics
- 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)
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
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 Legal – WSJ
finance.yahoo.com
bbb.org
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement plans
How To
The best way online to buy gold or silver
First, understand the basics of gold. Precious metals like gold are similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins are designed for circulation in a country. They often have denominations like $1 or $5 or $10.
Bullion coin are not intended for investment. However, their value will increase with inflation.
They cannot be used in currency exchanges. For example, a person who buys $100 worth or gold gets 100 grams. This gold has a $100 price. Every dollar spent on gold purchases, the buyer receives one gram of gold.
You should also know where to buy your gold. There are several options available if your goal is to purchase gold from a dealer. First, your local currency shop is a good place to start. You can also go to a reputable website such as eBay. You may also be interested in buying gold through private sellers online.
Private sellers are individuals who offer gold for sale, either at wholesale prices or retail prices. Private sellers typically charge 10% to 15% commission on each transaction. You would receive less money from a private buyer than you would from a coin store or eBay. This option is often a great one for investors in gold, as it gives you greater control over the item's value.
You can also invest in gold physical. Physical gold is much easier to store than paper certificates, but you still have to worry about storing it safely. Physical gold must be kept safe in an impassible container, such as a vault.
If you are looking to purchase gold on your own, you have two options: a bank or an pawnshop. A bank will be able to provide you with a loan for the amount of money you want to invest in gold. Customers can borrow money from pawnshops to purchase items. Banks often charge higher interest rates then pawnshops.
A third way to buy gold? Simply ask someone else! Selling gold can be as easy as selling. Set up a simple account with GoldMoney.com and you will start receiving payments instantly.
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By: Frank Corva
Title: Theya Introduces Direct-To-Wallet Bitcoin Purchases
Sourced From: bitcoinmagazine.com/business/theya-introduces-direct-to-wallet-bitcoin-purchases-
Published Date: Wed, 21 Aug 2024 14:32:43 GMT
