Bitcoiners should make use of existing systems for enacting change in order to foster adoption.
This opinion editorial is by Mark Shut. Shut is a founder of a startup, an educator, and a content creator.
Conversations around economic policy, regulatory changes and outdated money standards are rooted in freedom through the new Bitcoin standard. Political involvement is necessary for freedom and essential for revolutions that demand fundamental changes in the monetary system.
Organizations that promote Bitcoin and positive policies that give citizens greater freedoms are at the forefront of this revolution. They seek to rectify the inefficiencies and corruptions that currently dominate the United States' monetary system.
Bitcoin was created to allow people to participate in a decentralized financial system. Responsible financial systems are the only way to create this new currency. This starts with responsible legislation.
Lee Bratcher, president and CEO of the Texas Blockchain Council, spoke with Bitcoin advocates Bruce Fenton, Dennis Porter, Jimmy Song, and Jimmy Song about their involvement in the promotion pro-Bitcoin legislation.
The Texas Blockchain Council is a regulatory body whose mission it is to foster innovation in Bitcoin.
Bratcher, author of "Bitcoin, the American Dream" stated that "Bitcoin miners" are trying to get regulators and policymakers to adopt Bitcoin mining to bring in jobs, investment (and) innovation.
Bruce Fenton is a Senate candidate in New Hampshire. He strongly supports Bitcoin and emphasizes the importance of seperating money from the state. Many people are suffering from high inflation rates due to the current fiat standard. "The root cause of many of the problems around the globe, very serious problems. Bad broken money is the root cause. You know what? I even go as far as to call it evil. Fenton said, "You know that I believe it's really bad."
Fenton believes that America can be transformed by new blood. This will bring power back to the people. Fenton asks the question "What makes good money?" Bitcoin is about economic freedom, liberty, and growth. Everyday citizens have more control over their currency with this decentralized monetary system. Fenton claims that Bitcoin is a better alternative to corrupt fiat money.
Education is the first step towards a society in which Bitcoin is the dominant currency. The Satoshi Action Fund, a non-profit educational institution, is dedicated to educating legislators and policymakers about the importance of Bitcoin mining and how it can support other public policy goals. Dennis Porter, the Chief Executive Officer of the Satoshi Action Fund, believes that education policymakers about the benefits of Bitcoin mining will be crucial to creating an innovative and productive regulatory environment.
Porter warns about the possible consequences of not actively working to support the Bitcoin standard. He cites states like Texas and Wyoming that are gradually adopting the Bitcoin standard. "But we can also see what happens if we don't get involved enough." States like New York are moving in the opposite direction.
The fund's ultimate goal is to reach as many policymakers as possible to help them see the benefits of Bitcoin mining. This will bring in investment, jobs, and innovation, as well as other benefits. We can make real changes in the country with legislators like Bruce Fenton, and organizations such as the Texas Blockchain Council. Bitcoin challenges us to make an impact and bring back liberty and freedom to all people.
You can make an impact by standing up for what you believe in and remaining vocal. Jimmy Song is a Bitcoin developer, educator, and entrepreneur who believes lobbying is the best way to achieve this. Lobbying can help us achieve a more hands-off government that allows for natural innovation.
Song educates people and, through Bitcoin, secures their economic thoughts. He stresses the importance of being prepared to face the next economic crisis. Song says, "From my point of view, we must be prepared with concrete actions that we can take."
A new economic order is emerging with Bitcoin and cryptocurrency. It calls for decentralization which direct takes power from the federal and state governments and gives it back to the people. Song states that it is important to "show that we are a force and that we have many votes so that we can affect things and show our political muscle."
Individuals must be politically active in order to create a government that doesn't restrict people's freedoms. People can use Bitcoin to fight an old corrupt system that relied on fiat. We need to elect policymakers who are committed to the people and create legislation that will allow us to effect real change.
Bitcoin is a way to create economic independence and jobs. A less hands-off government encourages natural growth, innovation, and economic development. These leaders are at the forefront of the battle to separate state and money. This will give people more economic freedom. Bitcoin holds great potential to revolutionize the monetary and economic system.
This guest post is by Mark Shut. These opinions are not necessarily those of BTC Inc.
Frequently Asked Questions
Can I own a gold ETF inside 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. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
A Individual Retirement Annuity is also possible. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions made to IRAs are not taxable.
What's the advantage of a Gold IRA?
There are many benefits to a gold IRA. It is an investment vehicle that can diversify your portfolio. You control how much money goes into each account and when it's withdrawn.
Another option is to rollover funds from another retirement account into a IRA with gold. This is a great way to make a smooth transition if you want to retire earlier.
The best thing is that investing in gold IRAs doesn't require any special skills. They are offered by most banks and brokerage companies. You don't have to worry about penalties or fees when withdrawing money.
However, there are still some drawbacks. Gold has historically been volatile. It is important to understand why you are investing in gold. Are you looking for growth or safety? Are you trying to find safety or growth? Only after you have this information will you make an informed decision.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. A single ounce isn't enough to cover all of your needs. You may need several ounces, depending on what you intend to do with your precious gold.
You don't have to buy a lot of gold if your goal is to sell it. Even one ounce is enough. However, you will not be able buy any other items with those funds.
Can I keep physical gold in an IRA?
Not just paper money or coins, gold is money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Today, investors invest in gold as part a diversified portfolio. This is because gold tends do better in financial turmoil.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. It is possible to make money by investing in gold. However, it doesn't guarantee that you'll make a lot of money.
Gold has historically performed better during financial panics than other assets. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. Gold was one asset that outperformed stocks in turbulent market conditions.
One of the best things about investing in gold is its virtually zero counterparty risk. Your shares will still be yours even if your stock portfolio drops. However, if you have gold, your value will rise even if the company that you invested in defaults on its loans.
Gold provides liquidity. This means that you can sell gold anytime, regardless of whether or not another buyer is available. Gold is liquid and therefore it makes sense to purchase small amounts. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
What is a gold IRA account?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase physical gold bullion coins anytime. To invest in gold, you don't need to wait for retirement.
The beauty of owning gold as an IRA is you can hold on to it forever. Your gold assets will not be subjected tax upon your death.
Your heirs inherit your gold without paying 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 done that, you'll receive an IRA custody. This company acts like a middleman between the IRS and you.
Your gold IRA custody will take care of the paperwork and send the 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 required is $1,000 However, you'll receive a higher interest rate if you put in more.
When you withdraw your gold from your IRA, you'll pay taxes on it. If you take out the whole amount, you'll be subject to income taxes as well as a 10 percent penalty.
A small percentage may mean that you don't have to pay taxes. However, there are exceptions. You'll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
You should avoid taking out more than 50% of your total IRA assets yearly. A violation of this rule can lead to severe financial consequences.
Statistics
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- 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)
External Links
cftc.gov
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 accounts
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads, Example and Risk Metrics
How To
How to Buy Physical Gold in An IRA
The best way of investing in gold is to purchase shares from companies that produce gold. However, this method comes with many risks because there's no guarantee that these companies will continue to survive. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
Another option is to purchase physical gold. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It's easier to track how much gold is in your possession. You will receive a receipt detailing exactly what you paid. You are also less likely to be robbed than investing in stocks.
However, there can be some downsides. For example, you won't benefit from banks' interest rates or investment funds. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. The taxman might also ask you questions about where your gold is located.
If you'd like to learn more about buying gold in an IRA, visit the website of BullionVault.com today!
—————————————————————————————————————————————————————————————–
By: Mark Shut
Title: Jimmy Song, Lee Bratcher And Dennis Porter On Why Bitcoiners Must Be Politically Involved
Sourced From: bitcoinmagazine.com/culture/bitcoiners-must-be-politically-involved
Published Date: Sat, 24 Sep 2022 02:00:00 GMT
Leave a Reply