Established in 1930, Tooting Market in South London holds the distinction of being the UK's first food market and an iconic indoor market.
Recognition and Accolades
Tooting Market has received accolades such as the Best Small Indoor Market at the 2017 Great British Market Awards. Additionally, Tooting has been recognized as one of Lonely Planet’s ‘Favorite Lesser-Known Neighborhoods In The World's Greatest Cities.'
Introduction of Bitcoin Payments
Bitcoin payments have been successfully introduced at Tooting Market by local Bitcoin enthusiasts, spearheaded by a pseudonymous figure known as Hashley Giles. This initiative has been supported by Bridge 2 Bitcoin, a UK-based Bitcoin circular economy builder. Eight merchants at the market, including restaurants, bars, and a vinyl record store, started accepting Bitcoin on June 18, 2024.
Community Support and Participation
The introduction of Bitcoin payments at Tooting Market saw active participation from notable members of the Bitcoin community and organizations such as CommerceBlock, Mercury Layer, CoinShares, Civkit, Bitcoin Core developers, Pleb Underground, and Lightning Network developers.
Impact and Future Implications
Local traders have embraced the simplicity and permissionless nature of Lightning payments. These payments offer a solution to banking challenges faced by cash-based businesses. Nicholas Gregory, lead at Mercury Layer & Civkit, emphasized the potential impact of such initiatives on Bitcoin adoption in the UK.
Bitcoin Adoption Potential
This move could mark a significant milestone for Bitcoin adoption in the UK. With more traders accepting Bitcoin, there is a growing push for the state to recognize it as a legitimate form of payment. This, in turn, could enhance its usage from a tax efficiency standpoint.
UK's Bitcoin Beach Moment
Tooting Market's adoption of Bitcoin could herald the UK's own 'Bitcoin Beach' moment, akin to the success witnessed in El Zonte, El Salvador. The transformation of El Zonte into a Bitcoin adoption hub ultimately led to Bitcoin being accepted as legal tender in El Salvador.
Driving Bitcoin Adoption
Tooting Market has the potential to emerge as a focal point for Bitcoin adoption in the UK, fostering broader acceptance and usage of the cryptocurrency across the country. This convergence of tradition and modern innovation showcases how local communities can spearhead the adoption of innovative technologies like Bitcoin.
This unique blend of historical charm and cutting-edge finance at Tooting Market could serve as a blueprint for markets in other regions, setting a new standard for embracing digital currencies.
Frequently Asked Questions
How is gold taxed in an IRA?
The fair market price of gold when it is sold determines the tax due on its sale. When you purchase gold, you don't have to pay any taxes. It's not considered income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.
As collateral for loans, gold is possible. Lenders will seek the highest return on your assets when you borrow against them. This often means selling gold. The lender might not do this. They might keep it. Or they might decide to resell it themselves. Either way you will lose potential profit.
You should not lend against your gold if it is intended to be used as collateral. It's better to keep it alone.
Can the government seize your gold?
The government cannot take your gold because you own it. It's yours, and you earned it by working hard. It is yours. There may be exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. Additionally, your precious metals may be forfeited if you owe the IRS taxes. However, even if taxes are not paid, gold is still your property.
What is the cost of gold IRA fees
Six dollars per month is the fee for an Individual Retirement Account (IRA). This includes the account maintenance fees and any investment costs associated with your chosen investments.
To diversify your portfolio you might need to pay additional charges. These fees can vary depending on which type of IRA account you choose. Some companies offer free checking accounts, but charge monthly fees to open IRA accounts.
A majority of providers also charge annual administration fees. These fees can range from 0% up to 1%. The average rate per year is.25%. These rates can be waived if the broker is TD Ameritrade.
What is a Precious Metal IRA?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Bullion is often used to refer to precious metals. Bullion refers simply to the physical metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. You'll get dividends each year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you pay a small percentage tax on the gains. Additionally, you have access to your funds at no cost whenever you need them.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.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)
External Links
irs.gov
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- How do you keep your IRA Gold at Home? It's not exactly legal – WSJ
investopedia.com
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
How To
Tips to Invest in Gold
Investing in Gold remains one of the most preferred investment strategies. This is because there are many benefits if you choose to invest in gold. There are several options to invest in the gold. Some people purchase physical gold coins. Others prefer to invest their money in gold ETFs.
You should consider some things before you decide to purchase any type of gold.
- First, find out if your country allows gold ownership. If the answer is yes, you can go ahead. Otherwise, you can look into buying gold from abroad.
- Second, it is important to know which type of gold coin you are looking for. There are many options for gold coins: yellow, white, and rose.
- Thirdly, it is important to take into account the gold price. Start small and move up. It is important to diversify your portfolio whenever you purchase gold. Diversifying your portfolio should be a priority, including stocks, bonds and real estate.
- Remember that gold prices are subject to change regularly. Therefore, you have to be aware of current trends.
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By: Nicholas Gregory
Title: Bitcoin Integration at South London's Tooting Market
Sourced From: bitcoinmagazine.com/culture/bitcoin-now-accepted-at-south-londons-tooting-market
Published Date: Wed, 19 Jun 2024 16:48:00 GMT
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