Established in 1930, Tooting Market in South London stands as an iconic indoor market and holds the title of being the UK's first food market. The market has received prestigious accolades, including the Best Small Indoor Market at the 2017 Great British Market Awards. Furthermore, Tooting has been recognized on Lonely Planet's list of 'Favorite Lesser-Known Neighborhoods In The World's Greatest Cities.'
Bitcoin Integration at Tooting Market
Recently, a group of local Bitcoin enthusiasts, spearheaded by a pseudonymous individual known as Hashley Giles, successfully introduced bitcoin payments at Tooting Market. This initiative received support from Bridge 2 Bitcoin, a UK-based Bitcoin circular economy builder, leading to the adoption of bitcoin payments by eight merchants within the market. These merchants include restaurants, bars, and even a vinyl record store, all of which began accepting Bitcoin on June 18, 2024.
The introduction of bitcoin payments at Tooting Market garnered participation from prominent figures and organizations within the Bitcoin community. Notable attendees included CommerceBlock, Mercury Layer, CoinShares, Civkit, Bitcoin Core developers, Pleb Underground, and Lightning Network developers.
Impact and Future Outlook
This move towards Bitcoin adoption at Tooting Market could mark a significant turning point for cryptocurrency acceptance in the UK. Local traders have embraced the simplicity and decentralized nature of Lightning payments, offering a solution to the banking hurdles faced by cash-based businesses.
Nicholas Gregory, who leads Mercury Layer & Civkit, emphasized the potential impact of this initiative. "Local initiatives like this play a crucial role in advancing Bitcoin adoption," Gregory stated. "Increased merchant acceptance of Bitcoin can drive official recognition of it as a legitimate payment method, enhancing its usability from a tax efficiency standpoint."
Bitcoin Revolution in the UK
This development at Tooting Market could signify a 'Bitcoin Beach' moment for the UK, reminiscent of the success witnessed in El Zonte, El Salvador. Bitcoin Beach transformed El Zonte into a prominent Bitcoin adoption center, ultimately leading to the recognition of Bitcoin as legal tender in El Salvador.
Tooting Market has the potential to become a prominent hub for Bitcoin adoption in the UK, fostering wider acceptance and usage of Bitcoin throughout the country. Positioned at the intersection of traditional values and modern innovation, Tooting Market showcases how local communities can drive the adoption of innovative technologies such as Bitcoin.
This unique blend of historical significance and cutting-edge financial solutions could establish a blueprint for markets in various other regions to follow suit.
Frequently Asked Questions
How much of your portfolio should be in precious metals?
First, let's define precious metals to answer the question. Precious metals have elements with an extremely high worth relative to other commodity. They are therefore very attractive for investment and trading. Gold is currently the most widely traded precious metal.
There are also many other precious metals such as platinum and silver. The price volatility of gold can be unpredictable, but it is generally stable during periods of economic turmoil. It is also relatively unaffected both by inflation and deflation.
The general trend is for precious metals to increase in price with the overall market. That said, they do not always move in lockstep with each other. For instance, gold's price will rise when the economy is weak, while precious metals prices will fall. This is because investors expect lower interest rates, making bonds less attractive investments.
The opposite effect happens when the economy is strong. Investors favor safe assets like Treasury Bonds, and less precious metals. Since these are scarce, they become more expensive and decrease in value.
Therefore, to maximize profits from investing in precious metals, you must diversify across multiple precious metals. It is also a good idea to diversify your investments in precious metals, as prices tend to fluctuate.
Is gold a good IRA investment?
Anyone who is looking to save money can make gold an excellent investment. It is also an excellent way to diversify you portfolio. But gold has more to it than meets the eyes.
It's been used as a form of payment throughout history. It is often called “the most ancient currency in the universe.”
Gold is not created by governments, but it is extracted from the earth. It is very valuable, as it is rare and hard to create.
Gold prices fluctuate based on demand and supply. The economy that is strong tends to be more affluent, which means there are less gold miners. As a result, the value of gold goes up.
The flip side is that people tend to save money when the economy slows. This leads to more gold being produced which decreases its value.
This is why both individuals as well as businesses can benefit from investing in gold. If you invest in gold, you'll benefit whenever the economy grows.
Also, your investments will earn you interest which can help increase your wealth. If gold's value falls, you don't have to lose any of your investments.
What's the advantage of a Gold IRA?
Many benefits come with a gold IRA. It can be used to diversify portfolios and is an investment vehicle. You decide how much money you want to put into each account, and when you want it to be withdrawn.
Another option is to rollover funds from another retirement account into a IRA with gold. This makes for an easy transition if you decide to retire early.
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 do not need to worry about fees and penalties when you withdraw money.
However, there are still some drawbacks. Gold has always been volatile. So it's essential to understand why you're investing in gold. Is it for growth or safety? Is it for security or long-term planning? Only then will you be able make informed decisions.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. One ounce won't be enough to meet all your needs. You could need several ounces depending on what you plan to do with your gold.
A small amount is sufficient if you plan to sell your gold. Even one ounce is enough. These funds won't allow you to purchase anything else.
Should You Open a Precious Metal IRA?
Precious metals are not insured. This is the most important fact to know before you open an IRA account. It is impossible to get back money if you lose your investment. This includes all investments that are lost to theft, fire, flood, or other causes.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items can be lost because they have real value and have been around for thousands years. These items are worth more today than they were when first produced.
Consider a reputable business that offers low rates and good products when opening an IRA. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
You won't get any returns until you retire if you open an account. Keep your eyes open for the future.
What are the pros & cons 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 a great choice for people who are looking to save money but don’t want to pay any tax on the interest earned. There are some disadvantages to this investment.
You could lose all of your accumulated money if you take out too much from your IRA. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. You will likely have to pay a penalty fee if you withdraw funds from an IRA.
You will also need to pay fees for managing your IRA. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management charges ranging anywhere from $10 to $50.
If you prefer to keep your money outside a bank, you'll need to purchase insurance. Insurance companies will usually require that you have at least $500,000. Some insurers may require you to have insurance that covers losses up $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers limit the number of ounces of gold that you can own. Others let you choose your weight.
It's also important to decide whether or not to buy gold futures contracts. Physical gold is more costly than gold futures. Futures contracts allow you to buy gold with more flexibility. They let you set up a contract that has a specific expiration.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy does NOT include theft protection and loss due to fire or flood. It does include coverage for damage due to natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
You should also consider the cost of storage for your gold. Insurance won't cover storage costs. For safekeeping, banks typically charge $25-40 per month.
If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian keeps track of your investments and ensures that you comply with federal regulations. Custodians are not allowed to sell your assets. Instead, they must maintain them for as long a time as you request.
After you've determined which type of IRA is best for you, fill out the paperwork indicating your goals. Your plan should include information about the investments you want to make, such as stocks, bonds, mutual funds, or real estate. Also, you should specify how much each month you plan to invest.
After completing the forms, send them along with a check or a small deposit to your chosen provider. The company will review your application and send you a confirmation letter.
When opening a gold IRA, you should consider using a financial planner. A financial planner can help you decide the type of IRA that is right for your needs. They can help you find cheaper insurance options to lower your costs.
Statistics
- (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)
- 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)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
irs.gov
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
investopedia.com
bbb.org
How To
Gold IRAs are a growing trend
Investors seek diversification and protection against inflation by using gold IRAs.
The gold IRA allows investors to purchase physical gold bars and bullion. It is a tax-free investment that can be used to grow wealth and offers an alternative investment option to those who are concerned about stocks or bonds.
A gold IRA allows investors to manage their assets without worrying about market volatility. The gold IRA can be used to protect against inflation or other potential problems.
Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.
Additional benefits of the gold IRA include the ability to quickly pass ownership to heirs. Additionally, the IRS does not consider gold a money or a commodity.
Investors who seek financial stability and a safe haven are finding the gold IRA increasingly attractive.
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By: Nicholas Gregory
Title: Bitcoin Integration at South London's Historic 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
