Generation Bitcoin has taken a significant step in uniting student groups globally with the launch of the Bitcoin Students Network (BSN). This initiative aims to educate and empower students in the Bitcoin space by providing logistical, educational, and financial resources through a comprehensive platform.
Connecting Students Globally
BSN's primary objective is to establish connections among students worldwide, encouraging collaboration and knowledge sharing among young individuals passionate about Bitcoin. The network supports the formation and expansion of student clubs dedicated to Bitcoin, offering them guidance and financial aid.
Empowering Students with Knowledge
Ella Hough, Co-founder and Project Lead at Generation Bitcoin, highlighted the significance of networking in the Bitcoin whitepaper, emphasizing Satoshi's intentional repetition of the term 'network.' The creation of BSN aims to empower students with knowledge and networking opportunities, urging them to engage in meaningful conversations within the Bitcoin community.
Building Bridges with Industry
BSN serves as a vital link between students and the broader Bitcoin industry, promoting communication and collaboration between educational institutions and industry stakeholders. By providing access to resources, job placements, and mentorship, BSN contributes to strengthening the social aspect of Bitcoin's human layer.
Core Values and Organizational Structure
BSN operates based on core values such as freedom through knowledge, open-source principles, proof of work, and first principles thinking. These values form the foundation of BSN's structured yet decentralized setup, with a dedicated founding team, industry advisors, and student advisors overseeing its activities.
Opportunities for Students
Students engaging with BSN can benefit from various opportunities, including initiating or expanding university Bitcoin clubs, accessing educational resources, job placements, and networking with like-minded individuals in the Bitcoin community.
Encouraging Industry Participation
Industry players are encouraged to actively engage with BSN by organizing events, providing financial backing, donating resources, offering mentorship, and sharing internship and job prospects with students.
By fostering collaboration, knowledge exchange, and industry connections, the Bitcoin Students Network is set to play a pivotal role in empowering the next generation of Bitcoin enthusiasts and professionals.
Frequently Asked Questions
How to Open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it’s something you want. To open the account, complete Form 8606. To determine which type of IRA you qualify for, you will need to fill out Form 5204. This form should not be completed more than 60 days after the account is opened. After this, you are ready to start investing. You may also choose to contribute directly from your paycheck using 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 to have a precious metals IRA you must meet certain criteria. The IRS says you must be 18 years old and have earned income. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. And, you have to make contributions regularly. These rules apply whether you’re contributing through an employer or directly from your paychecks.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. However, you won’t be able purchase physical bullion. You won’t have the ability to trade stocks or bonds.
To invest directly in precious metals companies, you can also use precious metals IRA. This option may be offered by some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they’re not as liquid as stocks or bonds. This makes it harder to sell them when needed. Second, they don’t produce dividends like stocks or bonds. So, you’ll lose money over time rather than gain it.
What are the pros & con’s of a golden IRA?
The main advantage of an Individual Retirement Account (IRA) over a regular savings account is that you don’t have to pay taxes on 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 also disadvantages to this type of investment.
You could lose all of your accumulated money if you take out too much from your IRA. 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.
Another problem is the cost of managing your IRA. Most banks charge 0.5% to 2.0% per annum. Other providers charge monthly management costs ranging from $10-50.
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. You may be required by some insurers to purchase insurance that covers losses as high as $500,000.
If you choose to go with a gold IRA, you’ll need to determine how much gold you want to use. Some providers limit the number of ounces of gold that you can own. Others let you pick your weight.
You’ll also need to decide whether to buy physical gold or futures contracts. Physical gold is more expensive than gold futures contracts. Futures contracts offer flexibility for buying gold. They allow you to set up a contract with a specific expiration date.
Also, you will need to decide on the type of insurance coverage you would like. The standard policy doesn’t include theft protection or loss due to fire, flood, or earthquake. It does provide coverage for damage from natural disasters, however. If you live in a high-risk area, you may want to add additional coverage.
Apart from insurance, you should consider the costs of storing your precious metals. Storage costs will not be 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 helps you keep track of your investments, and ensures compliance with federal regulations. Custodians are not allowed to sell your assets. Instead, they must hold them as long as you request.
After you’ve determined which type of IRA is best for you, fill out the paperwork indicating your goals. You must include information about what investments you would like to make (e.g. stocks, bonds and mutual funds). The plan should also include information about how much you are willing to 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. The company will then review your application and mail you a letter of confirmation.
If you are thinking of opening a gold IRA for retirement, a financial professional is a great idea. Financial planners are experts in investing and will help you decide which type of IRA works best for your situation. They can also help you lower your expenses by finding cheaper alternatives to purchasing insurance.
How much should I contribute to my Roth IRA account?
Roth IRAs are retirement accounts where you deposit your own money tax-free. These accounts cannot be withdrawn until you turn 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, your principal (the original deposit amount) cannot be touched. No matter how much money you contribute, you cannot take out more than was originally deposited to the account. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule is that you cannot withdraw your earnings without paying income taxes. You will pay income taxes when you withdraw your earnings. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. Let’s also assume that you make $10,000 per year from your Roth IRA contributions. This would mean that you would have to pay $3,500 in federal income tax. So you would only have $6,500 left. You can only take out what you originally contributed.
Therefore, even if you take $4,000 out of your earnings you still owe taxes on $1,500. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). So even though you received $7,000 in Roth IRA contributions, you only received $4,000.
There are two types of Roth IRAs: Traditional and Roth. Traditional IRAs allow you to deduct pretax contributions from your taxable income. You can withdraw your contributions plus interest from your traditional IRA when you retire. You have the option to withdraw any amount from a traditional IRA.
A Roth IRA doesn’t allow you to deduct your contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. There is no minimum withdrawal requirement, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
Statistics
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 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)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
External Links
forbes.com
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 90 – WSJ
- You want to keep gold in your IRA at home? It’s not exactly legal – WSJ
cftc.gov
investopedia.com
How To
The best way to buy gold (or silver) online
To buy gold, you must first understand how it works. Gold is a precious metallic similar to Platinum. It’s very rare, and it is often used as money for its durability and resistance. It is difficult to use so people prefer to buy jewelry made from it to gold bars.
There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins can be used for circulation within a country. These coins usually come in denominations such $1, $5 and $10.
Bullion coins can only be used as investment currency. They increase in value due to inflation.
They cannot be used in currency exchanges. A person can buy 100 grams of gold for $100. Each dollar spent earns the buyer 1 gram gold.
When you are looking to purchase gold, the next thing to know is where to get it. If you want to purchase gold directly from a dealer, then a few options are available. First, your local currency shop is a good place to start. You can also try going through a reputable website like eBay. You may also be interested in buying gold through private sellers online.
Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers typically charge 10% to 15% commission on each transaction. A private seller will usually return less money than a coin shop and eBay. This option is often a great one for investors in gold, as it gives you greater control over the item’s value.
An alternative option to buying gold is to buy physical gold. You can store physical gold much more easily than you can with paper certificates. However, it still needs to be safe. You need to make sure that your physical gold is safe by storing it in an impenetrable container like a vault or safety depositbox.
A bank or pawnshop can help you buy gold. A bank can offer you a loan for the amount that you need to buy gold. These are small businesses that let customers borrow money against the items they bring to them. Banks typically charge higher interest rates than pawn shops.
The final option is to ask someone to buy your gold! Selling gold can also be done easily. Set up a simple account with GoldMoney.com and you will start receiving payments instantly.
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By: Nik Hoffman
Title: Empowering Students through Bitcoin Students Network
Sourced From: bitcoinmagazine.com/business/generation-bitcoin-to-unite-student-groups-in-worldwide-network
Published Date: Mon, 04 Mar 2024 16:21:25 GMT
