Bulgarian football club Botev Plovdiv, the oldest football club in Bulgaria, has taken another step towards embracing Bitcoin and accelerating grassroots adoption of the digital currency in a strategic partnership with JAN3, a leading technology company focused on expanding access to Bitcoin. Botev Plovdiv aims to become the premier Bitcoin-native sports club, according to a press release sent to Bitcoin Magazine.
Embracing Bitcoin Innovation
"Bitcoin is central to our club's strategy," stated Botev owner Anton Zingarevich. "We're inspired by the global success stories of Bitcoin adoption and are excited to bring this innovation to Botev, our fans, and the city of Plovdiv. JAN3's cutting-edge tools are instrumental in this journey."
Integrating Bitcoin into Club Operations
This collaboration introduces innovative measures to integrate Bitcoin into the club's operations and engage with its fan base. The AQUA Wallet, developed by JAN3, also introduces "Botev Mode," aiming to make transactions more accessible and efficient for fans and the local community.
Driving Bitcoin Adoption
JAN3 told Bitcoin Magazine that with the integration of their AQUA wallet, the idea is for the club to introduce discounts or even a cashback program for paying in bitcoin, and that "the club will also aim to educate Bulgarian fans that take an interest in Bitcoin, teaching them how to use it not only for team purchases but also integrate it into their daily lives."
Bridging Sports and Bitcoin
As part of the partnership, Botev Plovdiv's team jerseys will feature JAN3's logo. The integration of the AQUA wallet into the club's ecosystem marks a significant milestone in bridging the gap between professional sports and Bitcoin.
Global Impact and Fan Engagement
"Very few things in life are as universal as football and Bitcoin," commented JAN3 CEO Samson Mow. "With this partnership, we hope to bring Bitcoin closer to football, and the billions of football fans around the world closer to Bitcoin. We have already seen what Bitcoin can do for companies and countries, now imagine what it can do for your favorite team."
Pioneering Bitcoin-Focused Initiatives
This partnership between Botev Plovdiv FC and JAN3 sets the stage for more pioneering Bitcoin-focused initiatives, solidifying the club's status as a beacon for Bitcoin adoption and achieving greater success in UEFA competitions.
Frequently Asked Questions
What are the pros and disadvantages of a gold IRA
An Individual Retirement Plan (IRA) has a major advantage over regular savings accounts. It doesn't tax any interest earned. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. However, there are also disadvantages to this type of investment.
To give an example, if your IRA is withdrawn too often, you can lose all your accumulated funds. You may also be prohibited by the IRS from making withdrawals from an IRA after you turn 59 1/2. If you do withdraw funds, you'll need to pay a penalty.
Another problem is the cost of managing your IRA. Many banks charge between 0.5% and 2.0% per year. Other providers charge monthly management costs ranging from $10-50.
Insurance will be required if you would like to keep your cash out of banks. In order to make a claim, most insurers will require that you have a minimum amount in gold. You may be required by some insurers to purchase insurance that covers losses as high as $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. Some providers limit the amount of gold that you are allowed to own. Some providers allow you to choose your weight.
It is also up to you to decide whether you want to purchase physical gold or futures. Physical gold is more costly than gold futures. Futures contracts allow you to buy gold with more flexibility. They allow you to set up a contract with a specific expiration date.
You'll also need to decide what kind of insurance coverage you want. Standard policies don't cover theft protection, loss due to fire, flood or earthquake. The policy does not cover natural disasters. If you live near a high-risk region, you might want to consider additional coverage.
Apart from insurance, you should consider the costs of storing your precious metals. Storage costs are not covered by insurance. Safekeeping costs can be as high as $25-40 per month at most banks.
If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians are not allowed to sell your assets. They must instead keep them for as long as you ask.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. Information about your investments such as stocks and bonds, mutual fund, or real property should be included in your plan. Also, you should specify how much each month you plan to invest.
After filling in the forms, please send them to the provider. After reviewing your application, the company will send you a confirmation mail.
If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
How much tax is gold subject to 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 is not income. If you sell it later you will have a taxable profit if the price goes down.
For loans, gold can be used to collateral. Lenders seek to get the best return when you borrow against your assets. For gold, this means selling it. This is not always possible. They might keep it. They might decide to sell it. The bottom line is that you could lose potential profit in any case.
To avoid losing money, only lend against gold if you intend to use it for collateral. Otherwise, it's better to leave it alone.
How much is gold taxed under a Roth IRA
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Taxes are only charged on capital gains or dividends earned, which only apply to investments longer than one calendar year.
Each state has its own rules regarding these accounts. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. Massachusetts allows you up to April 1st. New York offers a waiting period of up to 70 1/2 years. To avoid penalties, plan ahead so you can take distributions at the right time.
How to open a Precious Metal IRA
It is important to decide if you would like an Individual Retirement Account (IRA). To open the account, complete Form 8606. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. You must complete this form within 60 days of opening your account. Once this is done, you can start investing. You can also choose to pay your salary directly by making a payroll deduction.
For a Roth IRA you will need to complete Form 8903. Otherwise, the process is identical to an ordinary IRA.
To be eligible for a precious metals IRA, you will need to meet certain requirements. The IRS states that you must be at least 18 and have earned income. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. Contributions must be made on a regular basis. These rules apply whether you're contributing through an employer or directly from your paychecks.
You can invest in precious metals IRAs to buy gold, palladium and platinum. But, you'll only be able to purchase physical bullion. This means you won't be allowed to trade shares of stock or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. Some IRA providers offer this option.
However, there are two significant drawbacks to investing in precious metals via an IRA. First, they are not as liquid or as easy to sell as stocks and bonds. It is therefore harder to sell them when required. Second, they don't generate dividends like stocks and bonds. So, you'll lose money over time rather than gain it.
Should You Invest in Gold for Retirement?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you are unsure of which option to invest in, consider both.
Not only is it a safe investment but gold can also provide potential returns. Retirees will find it an attractive investment.
Although most investments promise a fixed rate of return, gold is more volatile than others. Its value fluctuates over time.
This does not mean you shouldn’t invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another benefit to gold is its tangible value. Gold is more convenient than bonds or stocks because it can be stored easily. It's also portable.
As long as you keep your gold in a secure location, you can always access it. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
A portion of your savings can be invested in something that doesn't go down in value. Gold usually rises when stocks fall.
Another benefit to investing in gold? You can always sell it. Just like stocks, you can liquidate your position whenever you need cash. You don't even need to wait for your retirement.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Also, don't buy too much at once. Begin by buying a few grams. Then add more as needed.
It's not about getting rich fast. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
Statistics
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
External Links
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 90 – WSJ
- How do you keep your IRA Gold at Home? It's Not Exactly Lawful – WSJ
investopedia.com
bbb.org
irs.gov
How To
The growing trend of gold IRAs
As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.
Gold IRA owners can now invest in physical gold bullion or bars. It is tax-free and can be used by investors who aren't concerned about stocks and bond.
An investor can use a gold IRA to manage their assets and not worry about market volatility. The gold IRA can be used to protect against inflation or other potential problems.
Investors also benefit from physical gold's unique properties, such as durability and portability.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
Investors looking for financial security are increasingly turning to the gold IRA.
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By: Nik Hoffman
Title: Oldest Football Club Bulgaria Adopts Bitcoin Lightning and Liquid Wallet In New Partnership
Sourced From: bitcoinmagazine.com/business/oldest-football-club-bulgaria-adopts-bitcoin-lightning-and-liquid-wallet-in-new-partnership
Published Date: Thu, 22 Feb 2024 18:02:22 GMT
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