Wallet of Satoshi's Departure from the U.S. Market
Wallet of Satoshi (WoS), a leading provider of Lightning Network payment services, recently announced its decision to cease operations in the United States. The Australian-based company, founded by Daniel Alexiuc in 2018, offers an application for managing bitcoin (BTC) and Lightning Network transactions on iOS and Android devices.
The announcement from WoS stated, "We've made the difficult decision to remove our app from the U.S. Apple and Google app stores, and will not serve U.S. customers going forward." Although the company did not provide specific reasons for this move, it emphasized its commitment to providing a secure, user-friendly, and compliant platform globally.
While this news may disappoint U.S. users, WoS expressed hope that future developments will allow them to revisit and possibly resume their operations in the country. However, this decision was made with the safety and interests of their customers and the company in mind.
Record-breaking Month for WoS
Interestingly, WoS's departure from the U.S. market comes at a time when the company was experiencing tremendous growth. According to Kevin Rooke, WoS was on track to process over 1.1 million Lightning payments in November, making it a potential record-breaking month for the company. Rooke attributed this surge in transactions to effective Lightning advertising.
As WoS bids farewell to its U.S. customers and removes its apps from the Google Play and Apple App Store, it raises questions about the impact this will have on bitcoin users. Let's explore some potential implications:
Impact on U.S. Bitcoin Users
For U.S. users who were relying on WoS's app to manage their bitcoin and Lightning Network transactions, this departure means they will need to find an alternative wallet solution. Fortunately, there are numerous options available in the market, offering similar features and functionalities.
However, it is important for U.S. bitcoin users to carefully consider the security, user-friendliness, and compliance of any alternative wallet they choose. The safety of their funds and personal information should be a top priority.
Exploring Future Possibilities
Although WoS's decision to leave the U.S. market appears final, the company expressed hope for future developments that may allow them to reconsider. It remains to be seen whether regulatory changes or other factors will create an opportunity for WoS to resume operations in the country.
In the meantime, U.S. bitcoin users can explore other wallet options, stay informed about the latest developments in the cryptocurrency industry, and adapt to changes in the landscape. The evolution of technology and regulations often presents new opportunities and solutions.
Share Your Thoughts
What are your thoughts on Wallet of Satoshi's departure from the U.S. market? Are you a U.S. bitcoin user who relied on their app? Share your opinions and experiences in the comments section below.
Frequently Asked Questions
What is the tax on gold in 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 isn't considered income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.
Loans can be secured with gold. Lenders seek to get the best return when you borrow against your assets. This usually involves selling your gold. The lender might not do this. They might just hold onto it. They might decide to sell it. In either case, you risk losing potential profits.
To avoid losing money, only lend against gold if you intend to use it for collateral. If you don't plan to use it as collateral, it is better to let it be.
What are some of the benefits of a gold IRA
The best way to invest money for retirement is by putting it into an Individual Retirement Account (IRA). It's not subject to tax until you withdraw it. You control how much you take each year. There are many types of IRAs. Some are better suited for college students. Others are intended for investors seeking higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. The earnings earned after they withdraw the funds aren't subject to any tax. This type account may make sense if it is your intention to retire early.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
Another benefit of owning gold through an IRA is that you get to enjoy the convenience of automatic withdrawals. This eliminates the need to constantly make deposits. To make sure you don't miss any payments, you can also set up direct deductions.
Finally, gold remains one of the best investment options today. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even in times of economic turmoil gold prices tend to remain stable. It is therefore a great choice for protecting your savings against inflation.
Is buying gold a good retirement plan?
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.
Physical bullion bars are the most popular way to invest in gold. There are many ways to invest your gold. It is best to research all options and make informed decisions based on your goals.
If you don’t need a safe place for your wealth, then buying shares of mining companies or companies that extract it might be a better alternative. If you require cash flow, gold stocks can work well.
You can also put your money in exchange traded funds (ETFs). These funds allow you to be exposed to the price and value of gold by holding gold related securities. These ETFs may include stocks that are owned by gold miners or precious metals refining companies as well as commodity trading firms.
What Does Gold Do as an Investment Option?
Supply and demand determine the gold price. It is also affected negatively by interest rates.
Gold prices are volatile due to their limited supply. Additionally, physical gold can be volatile because it must be stored somewhere.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- 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)
External Links
irs.gov
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
cftc.gov
bbb.org
How To
How to keep physical gold in an IRA
The best way of investing in gold is to purchase shares from companies that produce gold. But this investment method has many risks as there is no guarantee of survival. Even if they survive, there's always the risk that they will lose money due fluctuations in gold prices.
You can also buy gold directly. You'll need to open a bank account, buy gold online from a trusted seller, or open an online bullion trading account. 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's also easier to see how much gold you've got stored. You will receive a receipt detailing exactly what you paid. You're also less susceptible to theft than investing with stocks.
There are also some drawbacks. You won't be able to benefit from investment funds or interest rates offered by banks. It won't allow you to diversify any of your holdings. Instead, you'll be stuck with what's been bought. Finally, the taxman may ask you about where you have put your gold.
BullionVault.com has more information about how to buy gold in an IRA.
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By: Jamie Redman
Title: Wallet of Satoshi Halts U.S. Operations: What Does This Mean for Bitcoin Users?
Sourced From: news.bitcoin.com/wallet-of-satoshi-exits-us-market-amidst-record-breaking-month-leaving-customers-to-seek-alternatives/
Published Date: Fri, 24 Nov 2023 17:30:14 +0000
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