Bitcoiners should make use of existing systems for enacting change in order to foster adoption.
This opinion editorial is by Mark Shut. Shut is a founder of a startup, an educator, and a content creator.
Conversations around economic policy, regulatory changes and outdated money standards are rooted in freedom through the new Bitcoin standard. Political involvement is necessary for freedom and essential for revolutions that demand fundamental changes in the monetary system.
Organizations that promote Bitcoin and positive policies that give citizens greater freedoms are at the forefront of this revolution. They seek to rectify the inefficiencies and corruptions that currently dominate the United States' monetary system.
Bitcoin was created to allow people to participate in a decentralized financial system. Responsible financial systems are the only way to create this new currency. This starts with responsible legislation.
Lee Bratcher, president and CEO of the Texas Blockchain Council, spoke with Bitcoin advocates Bruce Fenton, Dennis Porter and Jimmy Song about their involvement in pro-Bitcoin legislation.
The Texas Blockchain Council is a regulatory body whose mission it is to foster innovation in Bitcoin.
Bratcher, author of "Bitcoin, the American Dream" stated that "Bitcoin miners" are trying to get regulators and policymakers to adopt Bitcoin mining to bring in jobs, investment (and) innovation.
Bruce Fenton is a Senate candidate in New Hampshire. He strongly supports Bitcoin and emphasizes the importance of seperating money from the state. Many people are suffering from high inflation rates due to the current fiat standard. "The root cause of many of the problems around the globe, very serious problems. Bad broken money is the root cause. You know what? I even go as far as to call it evil. Fenton said, "You know that I believe it's really bad."
Fenton believes that America can be transformed by new blood. This will bring power back to the people. Fenton asks the question "What makes good money?" Bitcoin refers to economic freedom, liberty, and growth. Everyday citizens have more control over their currency with this decentralized monetary system. Fenton claims that Bitcoin is a better alternative to corrupt fiat money.
Education is the first step towards a society in which Bitcoin is the dominant currency. The Satoshi Action Fund, a non-profit educational institution, is dedicated to educating legislators and policymakers about the importance of Bitcoin mining and how it can support other public policy goals. Dennis Porter, the Chief Executive Officer of the Satoshi Action Fund, believes that education policymakers about the benefits of Bitcoin mining will be crucial to creating an innovative and productive regulatory environment.
Porter warns about the possible consequences of not actively working to support the Bitcoin standard. He cites states like Texas and Wyoming that are gradually adopting the Bitcoin standard. "But we can also see what happens if we don't get involved enough." States like New York are moving in the opposite direction.
The fund's ultimate goal is to reach as many policymakers as possible to help them see the benefits of Bitcoin mining. This will bring in investment, jobs, and innovation, as well as other benefits. We can make real changes in the country with legislators like Bruce Fenton, and organizations such as the Texas Blockchain Council. Bitcoin challenges us to make an impact and bring back liberty and freedom to all people.
You can make an impact by standing up for what you believe in and remaining vocal. Jimmy Song is a Bitcoin developer, educator, and entrepreneur who believes lobbying is the best way to achieve this. Lobbying can help us achieve a more hands-off government that allows for natural innovation.
Song educates people and, through Bitcoin, secures their economic thoughts. He stresses the importance of being prepared to face the next economic crisis. Song says, "From my point of view, we must be prepared with concrete actions that we can take."
A new economic order is emerging with Bitcoin and cryptocurrency. It calls for decentralization which direct takes power from the federal and state governments and gives it back to the people. Song states that it is important to "show that we are a force and that we have many votes so that we can affect things and show our political muscle."
Individuals must be politically active in order to create a government that doesn't restrict people's freedoms. People can use Bitcoin to fight an old corrupt system that relied on fiat. We need to elect policymakers who are committed to the people and create legislation that will allow us to effect real change.
Bitcoin is a way to create economic independence and jobs. A less hands-off government encourages natural growth, innovation, and natural growth. These leaders are at the forefront of the battle to separate state and money. This will give people more economic freedom. Bitcoin holds great potential to revolutionize the monetary and economic system.
This guest post is by Mark Shut. These opinions are not necessarily those of BTC Inc.
Frequently Asked Questions
How much money should I put into my Roth IRA?
Roth IRAs let you save tax on retirement by allowing you to deposit your own money. The account cannot be withdrawn from until you are 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, you cannot touch your principal (the original amount deposited). This means that you can’t take out more money than you originally contributed. If you take out more than the initial contribution, you must pay tax.
The second rule states that income taxes must be paid before you can withdraw earnings. Withdrawing your earnings will result in you paying taxes. Let’s take, for example, $5,000 in annual Roth IRA contributions. In addition, let’s assume you earn $10,000 per year after contributing. Federal income taxes would apply to the earnings. You would be responsible for $3500 So you would only have $6,500 left. You can only take out what you originally contributed.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. You’d also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
Two types of Roth IRAs are available: Roth and traditional. A traditional IRA allows you to deduct pre-tax contributions from your taxable income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. You can withdraw as much as you want from a traditional IRA.
Roth IRAs won’t let you deduct your contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. There is no minimum withdrawal limit, unlike traditional IRAs. You don’t need to wait until your 70 1/2 year old age before you can withdraw your contribution.
Can I hold a gold ETF in a Roth IRA?
You may not have this option with a 401(k), however, you might want to consider other options, like an Individual retirement account (IRA).
A traditional IRA allows contributions from both employee and employer. You can also invest in publicly traded businesses by creating an Employee Stock Ownership Plan (ESOP).
An ESOP provides tax advantages because employees share ownership of company stock and profits the business generates. 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. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions to IRAs can be made without tax.
How do I open a Precious Metal IRA
The first step is to decide if you want an Individual Retirement Account (IRA). Open the account by filling out Form 8606. To determine which type of IRA you qualify for, you will need to fill out Form 5204. This form should be filled within 60 calendar days of opening the account. Once you have completed this form, it is possible to begin investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. Otherwise, the process is identical to an ordinary IRA.
To qualify for a precious-metals IRA, you’ll need to meet some requirements. The IRS stipulates that you must have earned income and be at least 18-years old. For any tax year, your earnings must not exceed $110,000 ($220,000 for married filing jointly). And, you have to make contributions regularly. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
You can use a precious-metals IRA to purchase gold, silver and palladium. However, physical bullion will not be available for purchase. This means you can’t trade shares of stock and bonds.
Your precious metals IRA can be used to directly invest in precious metals-related companies. This option can be provided by some IRA companies.
There are two major drawbacks to investing via an IRA in precious metals. First, they don’t have the same liquidity as stocks or bonds. It’s also more difficult to sell them when they are needed. They don’t yield dividends like bonds and stocks. So, you’ll lose money over time rather than gain it.
Statistics
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
bbb.org
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
irs.gov
How To
Three ways to invest in gold for retirement
It’s important to understand how gold fits in with your retirement plan. There are several options to invest in precious metals if your employer has a 401k. You may also want to consider investing in gold outside of your workplace. One example is opening a custodial accounts at Fidelity Investments if an IRA (Individual Retirement Account), if you already own one. You may also want to purchase precious metals from a reputable dealer if you don’t already have them.
These are three easy rules to remember if you invest in gold.
- Buy Gold with Your Money – You don’t need credit cards, or to borrow money to finance your investments. Instead, instead, transfer cash to your accounts. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. The reason is that it’s much easier to sell physical gold coins than certificates. There are no storage fees for physical gold coins.
- Diversify your Portfolio. This is how you spread your wealth. You can invest in different assets. This helps to reduce risk and provides more flexibility when markets are volatile.
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By: Mark Shut
Title: Jimmy Song, Lee Bratcher And Dennis Porter On Why Bitcoiners Must Be Politically Involved
Sourced From: bitcoinmagazine.com/culture/bitcoiners-must-be-politically-involved
Published Date: Sat, 24 Sep 2022 02:00:00 GMT
