Excitement in the Cryptocurrency Market
EchoLink's latest Launchpad project on LBank has generated significant excitement in the cryptocurrency market. The project began trading on January 26, 2024, at a price of $0.01. In a remarkable turn of events, within just the first 30 minutes, the price surged to $0.0763, experiencing a staggering 763% increase from its Launchpad starting price.
Impressive Participation and Investments
The Launchpad drew the attention of an impressive number of participants, with a total of 74,164 individuals investing over 130 million US dollars. This overwhelming response showcases the high level of interest and confidence in the EchoLink project. It has also proven to be a profitable venture for early investors, emphasizing the importance of understanding both the Launchpad event and the EchoLink project.
Advancing the Web3 Sphere
EchoLink's innovation marks a significant advancement in the Web3 sphere, particularly in the DePIN IoT device sector. As an IoT oracle for DePIN IoT devices deployed on Solana, EchoLink has quickly become the talk of the crypto community, solidifying its position as a highlight in today's digital landscape.
Launchpad Pricing Details
On January 17, 2024, LBank introduced a subscription quota to ensure fair participation for all investors. The Launchpad had a hard cap, with participants who reached the maximum allowed subscription investing 50,000 EchoLink tokens.
Tokenomics and Use Cases
EchoLink tokens have a total initial supply of 1 billion, with a distribution strategy that includes allocations for IEO, marketing, team, ecosystem operation, and more. These tokens serve various purposes, including governance, staking, and accessing advanced features within the EchoLink ecosystem.
Fair and Equitable Access
The EchoLink Launchpad on LBank implemented well-designed participation rules to ensure fair and equitable access. Over a 7-day period from January 17 to January 24, 2024, LBank carefully monitored user balances across different accounts and established investment quotas based on these averages. To be eligible, users were required to engage in at least one trade on LBank during this period.
About EchoLink
EchoLink is an innovative DePIN-oriented IoT oracle deployed on Solana. It is specifically designed for the growing world of DePIN IoT devices. EchoLink offers a comprehensive toolkit that combines software SDK and hardware design, aiming to become the infrastructure for more DePIN projects.
About LBank
LBank is a prominent cryptocurrency exchange that has earned a reputation as a reliable and innovative platform catering to the diverse needs of traders and investors worldwide. The exchange is known for its commitment to excellence, transparency, and user-centric features. LBank continues to shape the digital asset exchange landscape by facilitating seamless transactions, staying at the forefront of market trends, and providing users with unparalleled opportunities and a secure trading environment.
For media inquiries, please contact:
Eddy Wang
PR Manager, LBank
Email: eddy.wang@lbank.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Frequently Asked Questions
Can I buy gold with my self-directed IRA?
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. You can also transfer funds from an existing retirement fund.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contract are financial instruments that depend on the gold price. You can speculate on future prices, but not own the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
How does a Gold IRA account work?
People who wish to invest in precious metals can use Gold Ira accounts as a tax-free investment vehicle.
You can purchase physical bullion gold coins at any point in time. You don’t have to wait until retirement to start investing in gold.
An IRA allows you to keep your gold 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. It is not required that you include your gold in the final estate report because it remains outside your estate.
First, an individual retirement account will be set up to allow you to open a golden IRA. Once you’ve done so, you’ll be given an IRA custodian. This company acts like a middleman between the IRS and you.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reporting.
Once you’ve established your gold IRA, you’ll be able to purchase gold bullion coins. Minimum deposit required is $1,000 If you make more, however, you will get a higher interest rate.
You will pay taxes when you withdraw your gold from your IRA. If you’re withdrawing the entire balance, you’ll owe income taxes plus a 10 percent penalty.
Even if your contribution is small, you might not have to pay any taxes. However, there are some exceptions. You’ll owe federal income tax and a 20% penalty if you take out more than 30% of your total IRA assets.
It is best to not take out more than 50% annually of your total IRA assets. Otherwise, you’ll face steep financial consequences.
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. An IRA is a great way to save money and not have to pay taxes on the interest you earn. However, there are disadvantages to this type investment.
For example, if you withdraw too much from your IRA once, you could 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. A penalty fee will be charged if you decide to withdraw funds.
You will also need to pay fees for managing your IRA. Many banks charge between 0.5%-2.0% per year. Others charge management fees that range from $10 to $50 per month.
Insurance is necessary if you wish to keep your money safe from the banks. In order to make a claim, most insurers will require that you have a minimum amount in gold. Insurance that covers losses upto $500,000.
If you choose to have a gold IRA you will need to establish how much gold to use. Some providers restrict the amount you can own in gold. Others let you pick your weight.
You’ll also need to decide whether to buy physical gold or futures contracts. Gold futures contracts are more expensive than physical gold. Futures contracts allow you to buy gold with more flexibility. Futures contracts allow you to create a contract with a specified expiration date.
You’ll also need to decide what kind of insurance coverage you want. The standard policy doesn’t include theft protection or loss due to fire, flood, or earthquake. The policy does not cover natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
In addition to insurance, you’ll need to consider the cost of storing your gold. Storage costs will not be covered by insurance. For safekeeping, banks typically charge $25-40 per month.
To open a IRA in gold, you will need to first speak with a qualified custodian. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians can’t sell assets. Instead, they must retain them for as long and as you require.
Once you have chosen the right type of IRA to suit your needs, it is time to fill out paperwork defining your goals. The plan should contain information about the types of investments you wish to make such as stocks, bonds or mutual funds. It is also important to specify how much money you will invest each month.
You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. After receiving your application, the company will review it and mail you a confirmation letter.
If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. A financial planner is an expert in investing and can help you choose the right type of IRA for you. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
What are the benefits of a Gold IRA?
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It’s not subject to tax until you withdraw it. You have total control over how much each year you take out. There are many types to choose from when it comes to IRAs. Some are better suited for people who want to save for college expenses. Some are better suited for investors who want higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. The earnings earned after they withdraw the funds aren’t subject to any tax. This account is a good option if you plan to retire early.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA’ is similar to any other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn’t require you to worry about taxation while you wait to get them. For people who would rather invest than spend their money, gold IRA accounts are a good option.
Another benefit of owning gold through an IRA is that you get to enjoy the convenience of automatic withdrawals. It means that you don’t have to remember to make deposits every month. You could also set up direct debits to never miss a payment.
Finally, gold is one of the safest investment choices available today. Its value is stable because it’s not tied with any one country. Even during economic turmoil, gold prices tend to stay relatively stable. Gold is a good option for protecting your savings from inflation.
Can I have a gold ETF in a Roth IRA
This option may not be available in a 401(k), but you should look into other options such as an Individual Retirement account (IRA).
A traditional IRA allows contributions from both employee and employer. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The money you invest in the ESOP will be taxed at a lower rate than if it were directly held by the employee.
A Individual Retirement Annuity is also possible. An IRA allows for you to make regular income payments during your life. Contributions to IRAs can be made without tax.
Is the government allowed to take your gold
Your gold is yours and the government cannot take it. It is yours because you worked hard for it. It belongs exclusively to you. This rule could be broken by exceptions. You can lose your gold if you have been convicted for fraud against the federal governments. Your precious metals can also be lost if you owe tax to the IRS. However, if you do not pay your taxes, you can still keep your gold even though it is considered property of the United States Government.
Statistics
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- You can only purchase gold bars at least 99.5% purity. (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)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
External Links
cftc.gov
bbb.org
finance.yahoo.com
investopedia.com
- Do You Need a Gold IRA to Get Retirement?
- What are the Options? Types, Spreads. Example. And Risk Metrics
How To
Gold Roth IRA guidelines
You should start investing early to ensure you have enough money for retirement. Start saving as soon and as often as you’re eligible (usually around 50 years old) and keep going until retirement. It is essential to save enough money each year in order to maintain a steady growth rate.
Also, you want to take advantage tax-free options such as a traditional 401k, SEP IRA or SIMPLE IRA. These savings vehicles enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. These savings vehicles can be a great option for individuals who don’t qualify for employer matching funds.
Savings should be done consistently and regularly over time. You will lose any potential tax advantages if you don’t contribute enough.
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By: Media
Title: EchoLink’s Launchpad on LBank Witnesses Over 763% Surge within the First 30 Minutes
Sourced From: news.bitcoin.com/echolinks-launchpad-on-lbank-witnesses-over-763-surge-within-the-first-30-minutes/
Published Date: Fri, 26 Jan 2024 14:15:04 +0000
