The Bitmap Theory initiative, launched just last summer, is quickly gaining momentum. Its goal is to integrate a digital realm, commonly known as the metaverse, within the Bitcoin blockchain. Through the innovative use of Ordinal inscription technology, Bitmap allows individuals to claim ownership of segments of the Bitcoin blockchain. Currently, Bitmap has a market capitalization of nearly $235 million, representing a significant increase of over 5,500% in the last two months.
Bitcoin's New Frontier — How Bitmap Theory is Carving Out Virtual Realms in the Crypto Space
In the dynamic world of non-fungible token (NFT) markets, on Magic Eden, the Bitmap collection is a strong contender, currently ranking second only to the Bitcoin Frogs series in terms of trading volume. Over the past week, approximately 125.27 BTC or $5.48 million worth of Bitmap has been traded, with the latest 24-hour volume reaching around $34,370, according to data from coingecko.com.
Bitmap's current floor value is approximately 0.00680 BTC or $296.71, with a market valuation reaching $235 million and even surpassing $300 million as recently as December 21, 2023. Created by the X user Blockamoto, Bitmap Theory is an innovative open-source standard that is still in its early stages, with the vision of transforming Bitcoin blocks into integral parts of the metaverse.
This initiative allows participants to claim and inscribe ownership of Bitcoin blocks through Ordinals and Bitmap, introducing a decentralized method of embedding these blocks into a digital universe. While still in its early phases, supporters of Bitmap believe it represents a pioneering strategy to leverage Bitcoin's framework for a potential 'Bitcoin Metaverse.'
In addition, a project called Bitearth recently unveiled its mission to create "immutable augmented reality for Bitmap," ensuring that every Bitmap owner possesses a designated slice of the earth. The website bitearth.io connects these pieces to a map and has incorporated 3D Bitcoin-orange structures. Fundamentally, Bitmap serves as a Bitcoin-centric alternative to platforms like Sandbox and Decentraland, with enthusiasts asserting its potential to rival or even surpass these established giants.
As Bitmap establishes its presence in the metaverse with a $235 million market cap, it finds itself at the intersection of innovation and speculation. While its rapid growth and pioneering technology suggest a promising future, the volatile nature of digital realms and evolving blockchain landscapes leave its destiny intriguingly uncertain, attracting attention with a theoretical yet potentially revolutionary horizon.
What are your thoughts on Bitmap? Feel free to share your opinions and insights on this subject in the comments section below.
Frequently Asked Questions
How much gold should you have in your portfolio?
The amount of capital required will affect the amount you make. A small investment of $5k-10k would be a great option if you are looking to start small. As you grow, it is possible to rent desks or office space. Renting out desks and other equipment is a great way to save money on rent. It's only one monthly payment.
It's also important to determine what type business you'll run. In my case, I run a website-creation company. Our clients pay us between $1000-2000/month and depending on their order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
Freelance work is not likely to pay a monthly salary. The project pays freelancers. You may get paid just once every 6 months.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I suggest starting with $1k-2k gold and building from there.
Should You Invest Gold in Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. Consider investing in both.
Gold offers potential returns and is therefore a safe investment. Retirement investors will find gold a worthy investment.
While many investments promise fixed returns, gold is subject to fluctuations. As a result, its value changes over time.
This doesn't mean that you should not invest in gold. This just means you need to account for fluctuations in your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Unlike stocks and bonds, gold is easier to store. It can be easily transported.
You can always access your gold as long as it is kept safe. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. As gold prices rise in tandem with other commodities it can be a good hedge against rising cost.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold usually rises when stocks fall.
Another advantage to investing in gold is the ability to sell it whenever you wish. You can easily liquidate your investment, just as with stocks. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. Don't put all of your eggs in one basket.
Don't buy too many at once. Begin by buying a few grams. Then add more as needed.
Don't expect to be rich overnight. Instead, the goal here is to build enough wealth to not need to rely upon Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Can I keep a Gold ETF in a Roth IRA
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
A traditional IRA allows for contributions from both employer and employee. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money in the ESOP can then be subject to lower tax rates than if the money were in the individual's hands.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions made to IRAs are not taxable.
What does a gold IRA look like?
Gold Ira accounts are tax-free investment vehicles for people who want to invest in precious metals.
You can purchase physical gold bullion coins anytime. You don't have to wait until retirement to start investing in gold.
The beauty of owning gold as an IRA is you can hold on to it forever. Your gold holdings won't be subject to taxes when you pass away.
Your gold will be passed on to your heirs, without you having to pay capital gains taxes. Because your gold doesn't belong to the estate, it's not necessary to include it on your final estate plan.
To open a IRA for gold, you must first create an individual retirement plan (IRA). Once you've done so, you'll be given an IRA custodian. This company acts as an intermediary between you and IRS.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reports.
Once you've established your gold IRA, you'll be able to purchase gold bullion coins. The minimum deposit required for gold bullion coins purchase is $1,000 The minimum deposit is $1,000. However, you will receive a higher percentage of interest if your deposit is greater.
When you withdraw your gold from your IRA, you'll pay taxes on it. If you are withdrawing your entire balance, you will owe income tax plus a 10% penalty.
You may not be required to pay taxes if you take out only a small amount. There are exceptions. There are some exceptions. For instance, if you take out 30% or more from your total IRA assets, federal income taxes will apply plus a 20 percent penalty.
It's best not to take out more 50% of your total IRA investments each year. Otherwise, you'll face steep financial consequences.
Statistics
- 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)
- (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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
irs.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 funds
investopedia.com
How To
A rising trend in gold IRAs
As investors seek to diversify their portfolios while protecting themselves from inflation, the trend towards gold IRAs is on the rise.
Owners of the gold IRA can use it to invest in physical bars and bullion gold. It can be used as a tax-free way to grow and it is an alternative investment option for people who are not comfortable with stocks or bonds.
Investors can manage their assets with a gold IRA 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.
All this means that the gold IRA is becoming increasingly popular among investors seeking a haven during financial uncertainty.
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By: Jamie Redman
Title: Bitmap Theory’s Meteoric Rise: Pioneering a Bitcoin Metaverse With a $235 Million Valuation
Sourced From: news.bitcoin.com/bitmap-theorys-meteoric-rise-pioneering-a-bitcoin-metaverse-with-a-235-million-valuation/
Published Date: Fri, 22 Dec 2023 15:30:16 +0000
